the black beach motel has three operated departments rooms, food, and gift shop. the following information is supplied to you as of december 31, 20x1

Account

Insurance (fire) 20,000

Rooms departments - salaries and wages 100,000

Food department - salaries and wages 80,000

Gift shop - salaries and wages 5,000

Supplies - food department 30,000

Food purchases 80,000

Room sales 600,000

Interest Income ?

Internet Expense 50,000

Cost of food sold ?

Food sales 300,000

A&G - wages 40,000

Advertising 8,000

Maintenance - contract 25,000

Information & telecommunications systems - contract 15,000

Depreciation 60,000

Heat 15,000

Power and lights 12,000

Supplies and other - rooms department 40,000

Property taxes 12,000

A&G - other expenses 20.000

Gift shop sales 16,000

Gift shop - cost of sales 10,000

Gift shop - other expenses 3,000

Management fee ?

Marketing - wages 20,000

Rent 5,000

Other information

1. The BBM invested $100,000 on April 1, 20X1, in a certificate of deposit earning an annual rate of 8 percent.

2. The beginning and ending inventories of food were $4,000 and $6,000 respectively. Food consumed by the department employees during the year (free of charge) was as follows:

Rooms $600

Food 1,000

A&G 300

3. Benefits and payroll taxes for all employees, excluding free food, are 25 percent of gross salaries and wages.

4. The BBM pays an average of 30 percent if its pretax income to the various governmental units in the form of income taxes.

5. The management fee to be paid to the management company is 5 percent of total sales and 8 percent of total income before management fees and fixed charges.

Required

Make a summary income statement for 20X1 for the Black Beach Motel based on the format of Exhibit 4.