exactly like the lodging industry ava Required: 1. What was the hotel\'s net inc

Question

exactly like the lodging industry ava Required: 1. What was the hotel's net income for 20x1? me t Pre 3. What were 4. What were the hotel's salaries, wages, and benefits for 20X1? 2 What were the hotel's room sales for 20X1? the hotel's rentals and other income for 20X1? Problem 18 The Hornet Catering Company's trial balance prior to makin of 20X3 is as follows: at Hornet Catering Company Trial Balance December 21, 20x3 DR $10,500CR Cash 1,000 500 25,000 Food Inventory Prepaid Insurance Equipment Accumulated Depr, Equipment Accounts Payable W. H. Hornet, Capital Catering Revenue Wages $5,000 1,000 3,100 160,000 60,000 60,000 10,000 3,000 1,100 8,000 $179,100 Food Expense Supplies Expense Utilities Insurance Expense Advertising Total $179,100

Explanation / Answer

Solution 18:

Worksheet for Adjusted Trial Balance - Hornet Catering Company
For year ended December 31, 20X3 Account Unadjusted balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash $10,500.00 $10,500.00 Food Inventory $1,000.00 $500.00 1 $500.00 Prepaid Insurance $500.00 $100.00 2 $400.00 Equipment $25,000.00 $25,000.00 Accumulated Depreciation - Equipment $5,000.00 $2,000.00 4 $7,000.00 Accounts Payable $1,000.00 $1,000.00 W. H. Hornet Capital $13,100.00 $13,100.00 Catering Revenue $160,000.00 $160,000.00 Wages $60,000.00 $1,000.00 3 $61,000.00 Food Expenses $60,000.00 $500.00 1 $60,500.00 Supplies Expense $10,000.00 $10,000.00 Utilities $3,000.00 $3,000.00 Insurance expense $1,100.00 $100.00 2 $1,200.00 Advertising $8,000.00 $8,000.00 Wages Payable $1,000.00 3 $1,000.00 Depreciation Expense $2,000.00 4 $2,000.00 Total $179,100.00 $179,100.00 $3,600.00 $3,600.00 $182,100.00 $182,100.00

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