Question

Given the information below find net profit/loss in dollars for the month of June

Guest Hotel Inc.

Income Statement

for the period ending June 30, 2019

Sales

Food 193,864

Beverage 87,408

Total Sales -

Cost of Sales

Food 74,381

Beverage 28,467

Total cost of goods sold -

Gross Profit -

Controllable Expenses

Salaries & Wages 112,112

Occupancy 36,875

Office & General 14,642

Utilities 9,170

Transportation 7,472

Kitchen supplies 5,715

Professional fees 5,257

Advertising 8,088

Insurance 10,673

Vehicle 5,724

Total Controllable Expenses -

Net Profit / Loss -

Your Answer:

Answer 1

Computation of Net profit/loss of Guest hotel Inc

Particulars	$	$
Revenue:
Sales of beverage	87,408
Sales of Food	193,864
Total sales		281,272
cost of goods sold:
Beverage cost of goods sold	28,467
Food cost of goods sold	74,381
Less total cost of goods sold		102,848
Gross profit		178,424
other expenses:
Advertising expenses	8,088
Office and general expense	14,642
Occupation	36,875
Vehicle	5,724
Utilities	9,170
Transportation expense	7,472
Professional fees	5,257
Insurance expenses	10,673
Kitchen supplies expense	5,715
Salaries and wages expense	112,112
Less Total expenses		215,278
Net loss		(36,854)

Guest hotel net loss is $36,854

Total controllable expenses of Guest hotel Inc is 215,278. Gross profit of Guest hotel Inc is $178,424. Other expenses are greater than Guest hotel Inc gross profit. Kitchen supplies is an expenses of $5,715

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