Question: Prepare an income statement for Arizona Hotel Inc. at the close of 2019.

Arizona Hotel Inc. got the following financial data at the close of 2019. Sales from the bar: $16,500, Sales from the restaurant: $14,000, Sales from hotel rooms (Lodging): $25,400, Inventory of drinks and groceries that were costed at $10,500 were all sold during the period. Salaries of $16,500, utilities of gas, electricity, water, and internet with telephoning were all paid cash for $10500. Taxes were paid for $4,500. Depreciation charges of all hotel equipment were recognised at $5,500. The hotel is all equity financed with no interest costs.