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Extracted text: The Mantle Inn commenced operations on January 1, 20X1, and has been operating for two the Inn's financial condition. Balance sheets and condensed income statements for the first Problem 21 insight into 294 Chapter 5 years. Assume that you are the new assistant manager and desire to gain some ; Balance Sheets Mantle Inn December 31, 20X1 and 20X2 20X1 two years are as follows: 20X2 15,000 50,000 60,000 12,000 $ 10,000 -0- (dbor $ Assets Current Assets: Cash 55,000 10,000 Marketable Securities Accounts Receivable Inventories 137,000 75,000 Total Current Assets 100,000 1,900,000 200,000 2,200,000n Property and Equipment: Land 100,000 1,950,000 240,000 2,290,000 $2,365,000 Building (net) Furniture & Equipment (net) Total Property & Equipment ond $2,337,000 Total Assets dee) Liabilities and Owners' Equity $ 55,000 1,300,000 $ 60,000 1,250,000 1,310,000 2$ Current Liabilities Long-Term Debt 1,355,000 Total Liabilities Owners' Equity Common Stock 1,000,000 10,000 1,000,000 Retained Earnings 27,000 Total Owners' Equity Total Liabilities and Owners' Equity 1,010,000 $2,365,000 1,027,000 $2,337,000 Condensed Income Statements Mantle Inn0S For the years ended December 31, 20X1 and 20X2 20X1 Sales 20X2 Operated Department Expense Operated Department Income Undistributed Operating Expenses $1,200,000 $1,400,000 700,000 620,000 580,000 380,000 700,000 400,000 Gross Operating Profit Non-Operating Expenses Income Taxes 200,000 185,000 300,000 200,000 45,000 55,000 Net Income 5,000 2$ $ 10,000 %24 %24
Extracted text: Required: 1. Calculate the following ratios for both years: a. Current ratio b. Solvency ratio c. Profit margin d. Operating efficiency sld 2. Calculate for 20X2 the following ratios: a. Property and equipment turnover ratio b. Total assets turnover ratio C. Accounts receivable turnover ratio d. Number of days accounts receivable outstanding Return on total assets e. f. Return on owners' equity Problem 22 f four hotels. The corporation's