In: Accounting
Nilam Patel's Two Hotel's Balance Sheets
December 31 | Common Size | |||
90‐Room Property | 350‐Room Property | 90‐Room Property (%) | 350‐Room Property (%) | |
ASSETS | ||||
Current Assets | ||||
Cash | ||||
Cash in House Banks | $86,000 | |||
Cash in Demand Deposits | 85,000 | 330,250 | ||
Total Cash | 103,500 | 416,250 | ||
Short‐Term Investments | 56,000 | 165,000 | ||
Receivables | ||||
Accounts Receivable | 150,000 | 327,150 | ||
Notes Receivable | 35,000 | 136,250 | ||
Other | 750 | 30,800 | ||
Total Receivables | 185,750 | 494,200 | ||
Less Allowance for Doubtful Accounts | 19,250 | |||
Net Receivables | 166,500 | 431,900 | 1.4 | 1.1 |
Due from Management Company | — | 50,000 | 0.0 | 0.1 |
Food Inventories | 15,125 | 69,750 | 0.1 | 0.2 |
Beverage Inventories | — | 42,550 | 0.0 | 0.1 |
Gift Shop Inventories | 300 | 6,950 | 0.0 | 0.0 |
Supplies Inventories | 6,550 | 13,550 | 0.1 | 0.0 |
Prepaid Expenses | 56,000 | 120,100 | 0.5 | 0.3 |
Deferred Income Taxes—Current | 48,000 | 135,000 | 0.4 | 0.3 |
Total Current Assets | ||||
Investments | 72,500 | 274,150 | 0.6 | 0.7 |
Property and Equipment | ||||
Land | 2,000,000 | 8,450,000 | ||
Building | 6,500,000 | 18,500,000 | ||
Leaseholds and Leasehold improvements | 2,037,250 | 5,850,000 | ||
Furnishings and Equipment | 1,288,000 | 3,105,000 | ||
Total Property and Equipment | 11,825,250 | 35,905,000 | ||
Less Accumulated Depreciation and Amortization | 575,000 | 2,575,000 | ||
Net Property and Equipment | 11,250,250 | 38,480,000 | ||
Other Assets | ||||
Intangible Assets | — | 75,000 | 0.0 | 0.2 |
Deferred Income Taxes—Non‐current | 66,000 | 158,000 | 0.6 | 0.4 |
Operating Equipment | 35,100 | 111,000 | 0.3 | 0.3 |
Restricted Cash | 25,000 | 95,000 | 0.2 | 0.2 |
Total Other Assets | 126,100 | 439,000 | 1.1 | 1.1 |
TOTAL ASSETS | 100.0 | 100.0 | ||
LIABILITIES AND OWNERS' EQUITY | ||||
Current Liabilities | ||||
Notes Payable | ||||
Banks | 17,500 | 116,250 | 0.1 | 0.3 |
Others | 8,000 | 17,500 | 0.1 | 0.0 |
Total Notes Payable | 25,500 | 133,750 | 0.2 | 0.3 |
Accounts Payable | 2,500 | 125,100 | ||
Accrued Expenses | 45,000 | 42,500 | ||
Advance Deposits | 500 | 42,250 | ||
Income Taxes Payable | 15,000 | 78,000 | ||
Deferred Income Taxes—Current | 40,000 | 235,000 | ||
Current Maturities of Long‐Term Debt | 420,000 | |||
Other | 50,000 | 58,000 | ||
Total Current Liabilities | 598,500 | 2,399,600 | 5.0 | 5.9 |
Long‐term Debt, Net of Current Maturities | ||||
Mortgage Note | 24,383,030 | |||
Obligations Under Capital Leases | 18,000 | 385,000 | 0.2 | 0.9 |
Total Long‐Term Liabilities | 6,868,000 | |||
Owners' Equity | ||||
Common Stock | 500,000 | 2,000,000 | ||
Paid in Capital | 8,711,500 | |||
Retained Earnings | 879,325 | 2,765,070 | ||
Total Owners' Equity | 4,434,325 | 13,476,570 | ||
TOTAL LIABILITIES AND OWNERS' EQUITY | 100 | 100 |