The following information applies to the Wills Wayside Inn, which is a 200-room lodging facility:
Current Ratio 1 to 1
Acid-test Ratio. .8 to 1
Accounts Receivable = $60,000
Operating efficiency ratio. = 30 percent
Total Current Liabilities. = $100,000
Accounts Receivable Turnover = $400,000
Assume the following:
1. The Accounts receivable turnover is based on CHARGE sales only, which represents 50 percent of total sales,
2. The balances of all balance sheet accounts did NOT change from the beginning to the end of the year.
REQUIRED:
Determine each of the following:
1. Quick Assets
2. Total Sales
3. Total Income after undistributed operating expenses
4. Labor cost percentage
5. During June, 4,500 rooms are sold. Assume two rooms are not available each say for legitimate business purposes; that is, they are not available for sale. What is the paid occupancy percentage?
6. If total assets equal $1,000,000 at the end of the year, what is the total assets turnover?
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