The Belview hotel has two major operated department: rooms and food. The following information is supplied to you as of December 31, 20X2.
Account	Account Balance
Insurance	7,000
Rooms Department Salaries and Wages	80,000
Interest Income ?	?
Interest Expense	20,000
Food Sales	175,000
A&G Salaries	60,000
Advertising	9,000
Maintenance Contract	30,000
Depreciation	18,000
Heat	15,000
Information & Telecommunication, systems - contract	30,000
Power & Light	13,000
Franchise Fee	22,000
Supplies and other - rooms department	30,000
Property taxes	12,000
A&G other expenses	10,000
Cost of Food Sold ?	?
Food Department Salaries and Wages	60,000
Supplie Food department	20,000
Room Sales	375,000
1. Benefits and payroll taxes for all employees are 22% of gross salaries and wages, including employee meals.
2. The Belview Hotel pays an average of 21% of its pretax income to the various governmental units in the form of income taxes.
3. The management fee to be paid to the management company is 3% of net room revenue and 7% of GOP
4. The food purchases totaled $55,000 during 20X2. Food inventory was $19,000 and $17,000 at the beginning and the end of the year, respectively. The cost of employee meals totaled $3,000 for the year.
5. $100,000 was invested in a two-year certificate of deposit on October 1, 20X1. The annual rate of interest is 5%.
6. Franchise fees should be included in sales and marketing expenses.
Required:
Prepare a summary income statement for the Belview hotel for 20X2 in accordance to the USALI.