Using the attached data (line items) for Topper Hotel, as of December 31, 2010, prepare an income statement and balance sheet for the end of the fiscal year - December 31, 2010. In an MS Excel document. Name your document (first, last name and upload to the assignment folder here). 1. MS Excel Template (to edit and save) (xlsx). D 2. Line items for your balance sheet and income statement assignment 3. Income statement and balance sheet examples For the income statement, complete the following in the spreadsheet above: (a) Rooms department income (loss)-year 2010 (b) Food department income (loss) - year 2010 (c) Telecommunications department income (loss) - year 2010 (d) Rentals and other income-year 2010 (e) Total operated departments income (loss)-year 2010 (f) Total undistributed operating expenses.,.--year 2010 (g) Income after Undistributed Operating Expenses-year 2010 [Topper Hotel] Balance Sheet Date: 12/31/2010 2010 Assets Current Assets Cash Accounts receivable Inventories Prepaid expenses Total current assets Fixed (Long-Term) Assets Land Building Furniture and equipment (Less accumulated depreciation) Total fixed assets Other Assets Investments Total Other Assets Total Assets Liabilities and Owner's Equity Current Liabilities Accounts payable Dividends Payable Income taxes payable Accrued expenses Long-Term Liabilities Bonds payable Total long-term liabilities Owner's Equity Common stock-$1 Par - 400,000 shares outstanding Retained earnings Total owner's equity Total Liabilities and Owner's Equity Common Financial Ratios Debt Ratio (Total Liabilities/Total Assets) Current Ratio (Current Assets / Current Liabilities) Working Capital (Current Assets - Current Liabilities) Assets-to-Equity Ratio (Total Assets / Owner's Equity) Debt-to-Equity Ratio (Total Liabilities / Owner's Equity) Net Revenue Cost of Sales Payroll & Related Expenses Other Expenses Income (Loss) Operated Departments Rooms Food Telecommunications Rentals Other Income Total Operated departments Undistributed Operating Expenses Administrative and General Marketing Transportation Property operation & maintenance Utility Costs Total Undistributed operating expenses Income after undistributed operating expenses $ 120,000 155,000 50,000 97,000 20,500 780,000 550,000 43,000 50,000 40,000 Accounts receivablenet of allowance for doubtful accounts of $3,000 Accounts payable General and Adm.-payroll and related expenses Generalother expenses Telecommunicationscost of sales Room sales Food sales Telecommunications sales Marketingother expenses Property operations and maintenance-payroll Property operations and maintenance- other expenses Utility costs Accumulated depreciation Investments Store rentals Interest expense Other income Roomspayroll Rooms-guest supplies Roomslinen and laundry Telecommunicationspayroll Telecommunicationsother expenses Transportation-other Depreciation Prepaid insurance Land Building Furniture and equipment Cash Loss on sale of land Income tax expense Insurance Real estate taxes Income taxes payable Bonds payable Bad debt expense Accrued expenses Inventories Common stock400,000 shares outstanding$1 par value Dividends payable (representing the only dividends declared during the year ended Dec. 31, 2010) Retained earnings-balance Jan 1, 2010 Food-cost of sales Food-payroll Foodother expenses $ 80,000 6,000 300,000 1,500,000 100,000 65,000 30,000 70,000 10,000 45,000 14,000 1,000,000 3,000 55,000 105,000 400,000 20,000 40,000 350,000 30,000 20,000 110,000 40,000 150,000 15,000 50,000 28,000 2,500 2,000 50,000 202,000 200,000 180,000 70,000 Using the attached data (line items) for Topper Hotel, as of December 31, 2010, prepare an income statement and balance sheet for the end of the fiscal year - December 31, 2010. In an MS Excel document. Name your document (first, last name and upload to the assignment folder here). 1. MS Excel Template (to edit and save) (xlsx). D 2. Line items for your balance sheet and income statement assignment 3. Income statement and balance sheet examples For the income statement, complete the following in the spreadsheet above: (a) Rooms department income (loss)-year 2010 (b) Food department income (loss) - year 2010 (c) Telecommunications department income (loss) - year 2010 (d) Rentals and other income-year 2010 (e) Total operated departments income (loss)-year 2010 (f) Total undistributed operating expenses.,.--year 2010 (g) Income after Undistributed Operating Expenses-year 2010 [Topper Hotel] Balance Sheet Date: 12/31/2010 2010 Assets Current Assets Cash Accounts receivable Inventories Prepaid expenses Total current assets Fixed (Long-Term) Assets Land Building Furniture and equipment (Less accumulated depreciation) Total fixed assets Other Assets Investments Total Other Assets Total Assets Liabilities and Owner's Equity Current Liabilities Accounts payable Dividends Payable Income taxes payable Accrued expenses Long-Term Liabilities Bonds payable Total long-term liabilities Owner's Equity Common stock-$1 Par - 400,000 shares outstanding Retained earnings Total owner's equity Total Liabilities and Owner's Equity Common Financial Ratios Debt Ratio (Total Liabilities/Total Assets) Current Ratio (Current Assets / Current Liabilities) Working Capital (Current Assets - Current Liabilities) Assets-to-Equity Ratio (Total Assets / Owner's Equity) Debt-to-Equity Ratio (Total Liabilities / Owner's Equity) Net Revenue Cost of Sales Payroll & Related Expenses Other Expenses Income (Loss) Operated Departments Rooms Food Telecommunications Rentals Other Income Total Operated departments Undistributed Operating Expenses Administrative and General Marketing Transportation Property operation & maintenance Utility Costs Total Undistributed operating expenses Income after undistributed operating expenses $ 120,000 155,000 50,000 97,000 20,500 780,000 550,000 43,000 50,000 40,000 Accounts receivablenet of allowance for doubtful accounts of $3,000 Accounts payable General and Adm.-payroll and related expenses Generalother expenses Telecommunicationscost of sales Room sales Food sales Telecommunications sales Marketingother expenses Property operations and maintenance-payroll Property operations and maintenance- other expenses Utility costs Accumulated depreciation Investments Store rentals Interest expense Other income Roomspayroll Rooms-guest supplies Roomslinen and laundry Telecommunicationspayroll Telecommunicationsother expenses Transportation-other Depreciation Prepaid insurance Land Building Furniture and equipment Cash Loss on sale of land Income tax expense Insurance Real estate taxes Income taxes payable Bonds payable Bad debt expense Accrued expenses Inventories Common stock400,000 shares outstanding$1 par value Dividends payable (representing the only dividends declared during the year ended Dec. 31, 2010) Retained earnings-balance Jan 1, 2010 Food-cost of sales Food-payroll Foodother expenses $ 80,000 6,000 300,000 1,500,000 100,000 65,000 30,000 70,000 10,000 45,000 14,000 1,000,000 3,000 55,000 105,000 400,000 20,000 40,000 350,000 30,000 20,000 110,000 40,000 150,000 15,000 50,000 28,000 2,500 2,000 50,000 202,000 200,000 180,000 70,000