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7. Jaden Iman is completing the yearend comparative balance sheet for the Coolidge Hotel. The format of the balance sheet is designed to compare the
- 7. Jaden Iman is completing the yearend comparative balance sheet for the Coolidge Hotel. The format of the balance sheet is designed to compare the current year to the prior year and includes the amount of dollar and percentage change experienced by the operation. Much of the information for the balance sheet has been entered by Jaden but some is missing. Insert the missing information in the balance sheet. Then, answer the questions that follow.
Coolidge Hotel Balance Sheet
Current Year ($) Prior Year $ Change % Change ASSETS Current Assets Cash Cash in House Banks 34,500 4,500 15.0% Cash in Demand Deposits 430,000 Total Cash 484,750 ShortTerm Investments 250,000 150,000 100,000 66.7% Receivables Accounts Receivable 285,550 29,450 10.3% Notes Receivable 150,000 250,000 (100,000) 40.0% Total Receivables 465,000 535,550 (70,550) 13.2% Less Allowance for Doubtful Accounts (31,500) (28,555) (2,945) 10.3% Net Receivables 506,995 (73,495) 14.5% Due from Management Company 15,000 20,000 (5,000) 25.0% Food Inventories 72,500 69,750 2,750 3.9% Beverage Inventories 38,520 42,550 (4,030) 9.5% Gift Shop Inventories 6,255 6,950 Supplies Inventories 12,150 11,825 325 2.7% Prepaid Expenses 156,000 120,100 35,900 29.9% Deferred Income TaxesCurrent 48,000 35,000 13,000 37.1% Total Current Assets 93,505 Investments 272,500 274,150 (1,650) 0.6% Property and Equipment Land 3,000,000 3,000,000 0.0% Building 18,500,000 18,500,000 0.0% Leaseholds and Leasehold improvements 4,037,000 3,850,000 187,000 4.9% Furnishings and Equipment 3,288,000 3,105,000 183,000 5.9% Total Property and Equipment 28,825,000 28,455,000 370,000 1.3% Less Accumulated Depreciation and Amortization (2,975,000) 20.2% Net Property and Equipment 25,250,000 25,480,000 (230,000) 0.9% Other Assets Intangible Assets 100,000 100,000 0.0% Deferred Income TaxesNoncurrent 66,000 58,000 8,000 13.8% Operating Equipment 110,000 65,000 45,000 69.2% Restricted Cash 95,000 95,000 0.0% Total Other Assets 371,000 318,000 53,000 16.7% TOTAL ASSETS LIABILITIES AND OWNERS' EQUITY Current Liabilities Notes Payable Banks 17,500 16,250 1,250 7.7% Others 8,000 7,500 500 6.7% Total Notes Payable 25,500 23,750 1,750 7.4% Accounts Payable Accrued Expenses 45,000 42,500 2,500 5.9% Advance Deposits 45,500 42,250 3,250 7.7% Income Taxes Payable 85,000 78,000 7,000 9.0% Deferred Income TaxesCurrent 40,000 35,000 5,000 14.3% Current Maturities of LongTerm Debt 420,000 695,000 (275,000) 39.6% Other 50,000 58,000 (8,000) 13.8% Total Current Liabilities 881,175 1,095,250 (214,075) 19.5% LongTerm Debt, Net of Current Maturities Mortgage Note 16,850,000 6.4% Obligations Under Capital Leases 490,000 385,000 105,000 27.3% Total LongTerm Liabilities 17,340,000 18,385,000 (1,045,000) 5.7% Owners' Equity Common Stock 1,000,000 1,000,000 0.0% Paid in Capital 5,250,000 5,250,000 0.0% Retained Earnings 1,765,070 Total Owners' Equity 9,189,000 8,015,070 1,173,930 14.6% TOTAL LIABILITIES AND OWNERS' EQUITY
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