Appendix Pro-Forma Financial Statements
The Gold Bay Hotel is in the process of developing a master budget and pro-forma financial statements for 1999.The beginning balance sheet for the fiscal year 1999 is estimated to be:
Gold Bay Hotel
Estimated Balance Sheet
1/1/99 During the year the hotel expects to rent 30,000 rooms.Rooms rent for an average of $90 per night.The hotel expects to sell 40,000 meals during the year at an average price of $20 per meal.The variable cost per room rented is $30 and the variable cost per meal is $8.The fixed costs not including depreciation is expected to be $2,000,000.Depreciation is expected to be $500,000.The hotel also expects to refurbish the kitchen at a cost of $200,000,which is capitalized (included in the facility account).Interest of the note payable is expected to be $50,000 and $100,000 of the note payable will be retired during the year.The ending accounts receivable amount is expected to be $40,000 and the ending accounts payable is expected to be $30,000.
Prepare pro-forma financial statements for the end of the year.

Question

Appendix Pro-Forma Financial Statements
The Gold Bay Hotel is in the process of developing a master budget and pro-forma financial statements for 1999.The beginning balance sheet for the fiscal year 1999 is estimated to be:
Gold Bay Hotel
Estimated Balance Sheet
1/1/99  During the year the hotel expects to rent 30,000 rooms.Rooms rent for an average of $90 per night.The hotel expects to sell 40,000 meals during the year at an average price of $20 per meal.The variable cost per room rented is $30 and the variable cost per meal is $8.The fixed costs not including depreciation is expected to be $2,000,000.Depreciation is expected to be $500,000.The hotel also expects to refurbish the kitchen at a cost of $200,000,which is capitalized (included in the facility account).Interest of the note payable is expected to be $50,000 and $100,000 of the note payable will be retired during the year.The ending accounts receivable amount is expected to be $40,000 and the ending accounts payable is expected to be $30,000.
Prepare pro-forma financial statements for the end of the year.

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The Answer of Appendix Pro-Forma Financial Statements
The Gold Bay Hotel is in the process of developing a master budget and pro-forma financial statements for 1999.The beginning balance sheet for the fiscal year 1999 is estimated to be:
Gold Bay Hotel
Estimated Balance Sheet
1/1/99  During the year the hotel expects to rent 30,000 rooms.Rooms rent for an average of $90 per night.The hotel expects to sell 40,000 meals during the year at an average price of $20 per meal.The variable cost per room rented is $30 and the variable cost per meal is $8.The fixed costs not including depreciation is expected to be $2,000,000.Depreciation is expected to be $500,000.The hotel also expects to refurbish the kitchen at a cost of $200,000,which is capitalized (included in the facility account).Interest of the note payable is expected to be $50,000 and $100,000 of the note payable will be retired during the year.The ending accounts receivable amount is expected to be $40,000 and the ending accounts payable is expected to be $30,000.
Prepare pro-forma financial statements for the end of the year.