Prepare a summary income statement for the Meijer Motel for 2086 in accordance with Exhibit 4 in this chapter. Problem 12 The Salazar Sunset Inn (SSI) has three major operated departments: rooms, food, and beverages. The following information is supplied to you as of December 31, 20X6: Account Account Balance Insurance (fire) 20,000 Rooms department-salaries and wages 150,000 Food department-salaries and wages 160,000 Beverage department-salaries and wages 40,000 Management fees 50,000 Supplies--food department 40,000 Cost of food sold 180,000 Cost of beverages sold 60,000 Room sales 1,000,000 Dividend income 15,000 Interest expense 85,000 Food sales 540,000 Beverage sales 200,000 A&G-wages 80,000 Supplies - beverage department 15,000 Advertising 30,000 Maintenance-contract 40,000 Information & telecom. systems-contract 20,000 Depreciation 50,000 al Heat 40,000 Franchise fees 25,000 Power and lights 30,000 Amortization of initial franchise fee 5,000 Supplies & other-rooms department 80,000 Property taxes 50,000 A&G-other expense 40,000 Room-allowances 2,000 Required: Prepare a summary income statement (see Exhibit 4). The SSI chooses to show food a beverage as two separate departments. Assume an average tax rate of 25 percent. Problem 13 The general ledger of Ramsey's, a 100-seat restaurant, as of December 31, 20X3, inclu- revenue and expense accounts as follows