Problem 11 The financial statements of The 10,000 Lakes Caf are as follows: The 10,000 Lakes Caf Income Statement For the year ended December 31, 20X5 Revenue Food Allowances Net Revenue Cost of Food Sold Total Departmental Profit Operating Expenses Payroll Payroll Taxes and Employee Benefits Laundry and Dry Cleaning $1,800,000 10,000 1,790,000 500,000 1,290,000 600,000 80,000 21,000 Analysis and Interpretation of Financial Statements 545 Operating Supplies Advertising Utilities Repairs and Maintenance Other Operating Expenses Total Operating Expenses Gross Operating Profit Non-Operating Expenses 50,000 20,000 38,000 19,000 40,000 868,000 422,000 Rent Property Taxes Insurance Interest Depreciation Total Non-Operating Expenses Income Before Income Taxes Income Taxes Net Income 20,000 10,000 5,000 80,000 20,000 135,000 287,000 101,000 186,000 Balance Sheets December 31, 20X5 and December 31, 20X4 Assets Current Assets 20X4 Cash A $ 36,500 Accounts Receivable 3,400 Food Inventory 5,000 Prepaid Expenses 2,600 Total Current Assets 47,500 Property and Equipment Land $ 30,000 Building 960,000 Furniture and Equipment 248,000 Less Accumulated Depreciation 35,000 China, Glassware and Silver 18,000 Net Property and Equipment $1,221,000 Total Assets $1,268,500 20X5 $ 34,000 4,000 5,500 2,000 45,500 $ 30,000 960,000 262,000 40,000 19,000 $1,231,000 $1,276,500 Liabilities Current Liabilities Accounts Payable Accrued Expenses Current Portion of Long-Term Debt Total Current Liabilities Long-Term Liabilities et Mortgage Payable, Net of Current Portion $ 25,000 7,000 16,000 48,000 old I hostinoa 940,000 21,000 9,000 16,000 46,000 934,000 Complete Problem 11 in Chapter 18 for YEAR 20X5 only: answer the questions below to 2 decimals 1. Current Ratio 98 2. Acid-Test 3. Debt-Equity 4. Food Inv.Turnover 5. A/R Turnover 6. Avg. Collection period days 7.L/T Debt to Total Capital. 20x5 8. Asset Turnover 9. Return on Assets (express as % to 2 decimals xx.xx) 10. Return on Equity (express as % to 2 decimals xx.xx) Problem 11 The financial statements of The 10,000 Lakes Caf are as follows: The 10,000 Lakes Caf Income Statement For the year ended December 31, 20X5 Revenue Food Allowances Net Revenue Cost of Food Sold Total Departmental Profit Operating Expenses Payroll Payroll Taxes and Employee Benefits Laundry and Dry Cleaning $1,800,000 10,000 1,790,000 500,000 1,290,000 600,000 80,000 21,000 Analysis and Interpretation of Financial Statements 545 Operating Supplies Advertising Utilities Repairs and Maintenance Other Operating Expenses Total Operating Expenses Gross Operating Profit Non-Operating Expenses 50,000 20,000 38,000 19,000 40,000 868,000 422,000 Rent Property Taxes Insurance Interest Depreciation Total Non-Operating Expenses Income Before Income Taxes Income Taxes Net Income 20,000 10,000 5,000 80,000 20,000 135,000 287,000 101,000 186,000 Balance Sheets December 31, 20X5 and December 31, 20X4 Assets Current Assets 20X4 Cash A $ 36,500 Accounts Receivable 3,400 Food Inventory 5,000 Prepaid Expenses 2,600 Total Current Assets 47,500 Property and Equipment Land $ 30,000 Building 960,000 Furniture and Equipment 248,000 Less Accumulated Depreciation 35,000 China, Glassware and Silver 18,000 Net Property and Equipment $1,221,000 Total Assets $1,268,500 20X5 $ 34,000 4,000 5,500 2,000 45,500 $ 30,000 960,000 262,000 40,000 19,000 $1,231,000 $1,276,500 Liabilities Current Liabilities Accounts Payable Accrued Expenses Current Portion of Long-Term Debt Total Current Liabilities Long-Term Liabilities et Mortgage Payable, Net of Current Portion $ 25,000 7,000 16,000 48,000 old I hostinoa 940,000 21,000 9,000 16,000 46,000 934,000 Complete Problem 11 in Chapter 18 for YEAR 20X5 only: answer the questions below to 2 decimals 1. Current Ratio 98 2. Acid-Test 3. Debt-Equity 4. Food Inv.Turnover 5. A/R Turnover 6. Avg. Collection period days 7.L/T Debt to Total Capital. 20x5 8. Asset Turnover 9. Return on Assets (express as % to 2 decimals xx.xx) 10. Return on Equity (express as % to 2 decimals xx.xx)