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Problem 17: The Greenhill Hotels total revenue for 20X1 totaled $5,000,000, while total...

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Accounting

Problem 17:

The Greenhill Hotels total revenue for 20X1 totaled $5,000,000, while total expenses totaled $4,500,000. Assume the sources of its revenue and the distribution of its expenses were exactly like the lodging industry averages shown in Exhibit 1 of the chapter.

Required:

  1. What was the hotels net income for 20X1?
  2. What were the hotels room sales for 20X1?
  3. What were the hotels rentals and other income for 20X1?
  4. What were the hotels salaries, wages, and benefits for 20X1?

Exhibit 1:

Revenues

Rooms 69.5%

Food and beverage 24.8

Other operated departments 4.4

Rentals and other income 1.3

Total 100.0%

Costs and Expenses

Salaries, wages, and benefits 44.8%

Operating expenses 35.7

Cost of sales 8.5

Property taxes and insurance 6.5

Management fees 4.6

Total 100%

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