The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Sa (2024)

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) $ ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested $30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were $5,000 and $4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled $500 and $3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was $36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2.

Submitted by Maricel B. The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (2) Jun. 19, 2024 The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (3) 06:52 p.m.

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (4) The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (5) The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (6)

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (7)

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (9)

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (10)

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (11)Ace Chat

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (12)Ask Our Educators

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (13)Notes & Exams

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Best Matched Videos Solved By Our Expert Educators The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (14) The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (15) The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (16) The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (17) The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (18)

00:01 BEST MATCH The Manes Company has two products. Product 1 is manufactured entirely in department X. Product 2 is manufactured entirely in department $Y$. To produce these two products, the Manes Company has two support departments: A (a materials-handling department) and B (a power-generating department) An analysis of the work done by departments $A$ and $B$ in a typical period follows:The work done in department A is measured by the direct labor-hours of materials-handling time. The work done in department B is measured by the kilowatt-hours of power. The budgeted costs of the support departments for the coming year are as follows:The budgeted costs of the operating departments for the coming year are $\$ 1,500,000$ for department $X$ and $\$ 800,000$ for department $Y$Supervision costs are salary costs. Depreciation in department $\mathrm{B}$ is the straight-line depreciation of power-generation equipment in its 19 th year of an estimated 25 -year useful life; it is old, but wellmaintained…
01:38 Bob and Melissa Grant are married and live in Lexington, Kentucky. The Grants have 17-year-old twin daughters. The Grants would like to file a joint tax return for the year. The following information relates to the Grant's tax year:Bob's Social Security number is 987-45-1234Melissa's Social Security number is 494-37-4893Jane's Social Security number is 412-32-5690Anna's Social Security number is 412-32-6940The Grants' mailing address is 95 Hickory Road, Lexington, Kentucky 40502.Jane and Anna are tax dependents for federal tax purposes.Bob Grant received the following during the year:EmployerGross WagesFederal Income Tax WithholdingState Income Tax WithholdingUniversity of Kentucky$117,450$22,000$6,000Melissa Grant received the following during the year:EmployerGross WagesFederal Income Tax WithholdingState Income Tax WithholdingJensen Photography$20,500$2,450$1,025All applicable and appropriate payroll taxes were withheld by the Grants' respective emp…
08:16 Various cost-behavior patterns. (CPA, adapted) Select the graph that matches the numbered manufacturing cost data (requirements 1-9). Indicate by letter which graph best fits the situation or item described.The vertical axes of the graphs represent total cost, and the horizontal axes represent units produced during a calendar year. In each case, the zero point of dollars and production is at the intersection of the two axes. The graphs may be used more than once.1. Annual depreciation of equipment, where the amount of depreciation charged is computed by the machine-hours method.2. Electricity bill-a flat fixed charge, plus a variable cost after a certain number of kilowatt-hours are used, in which the quantity of kilowatt-hours used varies proportionately with quantity of units produced.3. City water bill, which is computed as follows:The gallons of water used vary proportionately with the quantity of production output.4. cost of direct materials, where direct material cost per …
00:01 Target operating income, value-added costs, service company. Calvert Associates prepares architectural drawings to conform to local structural-safety codes. Its income statement for 2017 is as follows: Assume administrative and support costs vary with professional-labor costs. Consider each requirement independently.1. How much of the total costs in 2017 are value-added, non-value-added, or in the gray area between? Explain your answers briefly. What actions can Calvert take to reduce its costs?2. What are the consequences of misclassifying a non-value-added cost as a value-added cost? When in doubt, would you classify a cost as a value-added or non-value-added cost? Explain briefly.3. Suppose Calvert could eliminate all errors so that it did not need to spend any time making corrections and, as a result, could proportionately reduce professional-labor costs. Calculate Calvert's operating income for 20174. Now suppose Calvert could take on as much business as it could complete, bu…
10:17 Alicia Soft Drink Company Limited uses a hybrid cost system. The preparation, cooking, and packaging departments are part of its production department, where the FIFO inventory method has been applied. The following information is available for the month of December:Preparation department: All production costs accrue uniformly throughout the process.Beginning WIP: 5,000 units (Stage of completion: 70%)Direct Materials: $26,000; Direct Labor: $10,900; Factory Overhead: $7,100Units commenced in December: 2,000 unitsCompletion of units in December: 1,500 unitsEnding WIP (60% complete as to conversion): 500 unitsDirect material introduced in December: $74,000Direct Labor cost: $137,000 and Factory Overhead cost: $100,000 added inCooking department: Raw materials are introduced initially at the commencement of the process. Conversion costs accrue uniformly throughout the process. A zero-defect policy has been announced. A quality assessor performs at a stage of completion of 40%…

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Salaries and Wages 60,000 Supplies and Other - Food Department Food Purchases 20,000 65,000 Room Sales Interest Income ? Cost of Food Sold ? Food Sales 250,000 Administrative and General - Salaries 60,000 Advertising 12,000 Maintenance - Contract 40,000 Depreciation 40,000 Electricity 15,000 Heating Oil 12,000 Property Taxes Franchise Fees Room - Allowances Amortization of Intangible Assets Supplies and Other - Rooms Department Administrative and General - Other Expenses 5,000 30,000 15,000 15,000 ? 1,000 Other information is as follows: 1. The KM invested30,000 on July 1, 20X2, in Daytona Aircraft Bonds. The funds were invested at an a nnual interest rate of 12 percent. 2. The beginning and ending inventories of food were 5,000 and4,000, respectively. Food consumed by the food and rooms department employees during the year (free of charge) totaled 500 and3 00, respectively. 3. Fringe benefits and payroll taxes for all employees, inclusive of employee meals, are 20 percent of gr oss salaries and wages. 4. The KM pays an average of 30 percent of its pretax income to the various governmental units in the f orm of income taxes. 5. The management fee to be paid to the management company is 2 percent of net room sales and 6 percent of total income before management fees and fixed charges. 6. Fire insurance protection was secured on June 1, 20X1, for a two-year period of coverage from July 1, 20X1, through June 30, 20X3. The two-year premium was 36,000. 7. Franchise fees (a marketing expense) is paid to Best Eastern Corporation at a rate of 3 percent of net room sales and 2 percent of net food sales. Required: Prepare the modified income statement for 20X2. (29)

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The Kaminski Motel (KM) has two major operated departments: rooms and food. The follo wing information is supplied to you as of December 31, 20X2. Account Account Balance Insurance (fire) ? Rooms Department - Salaries and Wages 90,000 Food Department - Sa (2024)

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