HMD 221 HW 3

School: University of Nevada, Las Vegas - Course: HMD 221 - Subject: Accounting

Cost of food used i.e., Consumption : Beginning food inventory$ 10,500 $ 24,000 Transfers from Beverages Dept.$ 100 $ 150 Physical food inventory at the end$ 8,400 Food used$ 26,050 Cost of food sold : Cost of food used$ 26,050 Add: Cost of employee meals$ 500 Cost of promotional meals$ 300 Cost of food sold$ 26,850 SOUTHWEST HOTEL Statement of Retained earnings For the year ended on December 31, 2002 Retained earnings, December 31, 2001$150,000 Add: Net income (for the year 2002)$70,000 $220,000 Less: Dividend$20,000 Retained earnings, December 31, 2002$200,000 Retained earnings, December 31, 2002$200,000 $10,000 $190,000 $30,000 Retained earnings, December 31, 2003$160,000 booksTaxes Pre-depreciation income$200,000 $200,000 Depreciation expense$50,000 $100,000 Taxable income$150,000 $100,000 Tax rate0.250.25 Taxes$37,500 $25,000 Icome Tax Expense$37,500 Imcome Tax Payable$25,000 Deferred Income Taxes$12,500

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