Answers
| Ans. | The Cougar Hotel | |||||||
| Condensed Balance Sheet | ||||||||
| 20X1 | 20X2 | Changes | ||||||
| $ | % | $ | % | $ | % | |||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash | $305,124 | 1.54% | $159,000 | 0.85% | -$146,124 | -47.89% | ||
| Accounts receivable | $522,417 | 2.64% | $456,377 | 2.45% | -$66,040 | -12.64% | ||
| Inventory | $199,000 | 1.00% | $247,000 | 1.33% | $48,000 | 24.12% | ||
| Prepaids | $52,000 | 0.26% | $49,000 | 0.26% | -$3,000 | -5.77% | ||
| Total current assets | $1,078,541 | 5.45% | $911,377 | 4.89% | -$167,164 | -15.50% | ||
| Investments | $1,000,000 | 5.05% | $1,000,000 | 5.37% | $0 | 0.00% | ||
| Property and equipment: | ||||||||
| Land | $1,618,000 | 8.17% | $1,618,000 | 8.69% | $0 | 0.00% | ||
| Building | $18,328,000 | 92.55% | $18,328,000 | 98.40% | $0 | 0.00% | ||
| Equipment | $5,896,022 | 29.77% | $6,755,640 | 36.27% | $859,618 | 14.58% | ||
| Accumulated depreciation | -$8,118,000 | -40.99% | -$9,987,560 | -53.62% | -$1,869,560 | 23.03% | ||
| Net Property and Equipment | $17,724,022 | 89.50% | $16,714,080 | 89.74% | -$1,009,942 | -5.70% | ||
| Total assets | $19,802,563 | 100.00% | $18,625,457 | 100.00% | -$1,177,106 | -5.94% | ||
| Liabilities and Owner's Equity: | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $325,699 | 1.64% | $338,790 | 1.82% | $13,091 | 4.02% | ||
| Accrued expense | $507,353 | 2.56% | $308,765 | 1.66% | -$198,588 | -39.14% | ||
| Advanced deposits | $200,561 | 1.01% | $250,970 | 1.35% | $50,409 | 25.13% | ||
| Total current liabilities | $1,033,613 | 5.22% | $898,525 | 4.82% | -$135,088 | -13.07% | ||
| Mortgage payable | $5,734,700 | 28.96% | $5,249,800 | 28.19% | -$484,900 | -8.46% | ||
| Common stock | $3,000,000 | 15.15% | $3,000,000 | 16.11% | $0 | 0.00% | ||
| Retained earnings | $10,034,250 | 50.67% | $9,477,132 | 50.88% | -$557,118 | -5.55% | ||
| Total liabilities and owner's equity | $19,802,563 | 100.00% | $18,625,457 | 100.00% | -$1,177,106 | -5.94% | ||
| Amount is percentage from assets side (20 X 1) = Particular amount from assets side (20 X 1) / Total assets (20 x 1) * 100 | ||||||||
| Amount is percentage from liabilities side (20 X 1) = Particular amount from liability side (20 x 1)/ Total liabilities and owner's equity (20 X 1) * 100 | ||||||||
| Amount is percentage from assets side (20 X 2) = Particular amount from assets side (20 X 2) / Total assets (20 x 2) * 100 | ||||||||
| Amount is percentage from liabilities side (20 X 2) = Particular amount from liability side (20 x 2)/ Total liabilities and owner's equity (20 X 2) * 100 | ||||||||
| Change in amount ($) = Particular amount of current year 20 X 2 - Particular amount of previous year 20 X 2 | ||||||||
| Change in percentage (%) = Change in amount / particular amount of base (20 x 1) or previous year * 100 | ||||||||
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