Problem 99 The manager of Ritzy Rooms, a small 40-room Saskatchewan roadside motel is seeking a $90,000 bank loan bearing a 10 per cent annual rate of interest. Mr Scroogy, the manager of the bank considering the motel to produce a budgeted income statement for next year, 20X1. Mr Scroogty requires this information to help him assess Ritrylooms' credit riski Ritryooms accountant has assembled the following schedule of information to facilitate preparation of 20x1's budgeted income statement Number of single rooms 10 Estimated occupancy of single rooms 70% Single rooms projected average room rate $50 Average contribution named on single rooms 855 Number of double rooms 30 Bated accupanty of double rooms 40 Double rooms projected average room rate 570 Awarenntribution camed on double rooms 9096 Operating fixed costs per annum (not including loan in $180.000 Tax rate levied on profit after deduction of interest expe 40% Required a) Assuming the model is open for 360 days in the year, prepare the budgeted Income statement for 20X1. Include the interest on the 590.000 loan in the budgeted statement ner Problem. Paint Problu 9. Points Type here to search O O R! 6C ENG 21 PM 2002-01-20 H 23.) Assuming the model is open for days in the year, prepare the bed income state for 20X1. vide the interest on the Sin the butter M 25 Answer Kitty Rooms Bed Income Sale ter the year 1 Desher XI 5 27 20 29 30 11 22 Remem Revme from dobrom To 14 15 Stroom costs 27 38 Donecos > 40 Sefore a profit Taxa 40162 16 Problemi o type here to see