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The Colonial Hotel asked you to help prepare income statement for 2019. The following infomration...

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The Colonial Hotel asked you to help prepare income statement for 2019. The following infomration is provided to you as of December 31, 2019. Account Tile Account Balance Insurance General Manager's Salary (Admin & Gen.) Salaries and Wages - Rooms Salaries and Wages - Food Supplies - Food $5,000 30,000 80,000 60,000 20,000 Food Purchase Room Sales Interest Income Interest Expense Cost of Food Sold 55,000 380,000 1,000 21,000 Food Sales Wages (Admin & Gen.) Advertising Property Operation & Maintenance (POM) Depreciation 180,000 25,000 10,000 30,000 30,000 Heat Power & Lights Supplies and Other - Rooms Property Taxes Other Expenses - Admin & Gen. 15,000 12,000 30,000 12,000 10,000 Other information is as follows: 1. The beginning and ending inventories of food were $2,000 and $3,000 respective 2. Fringe benefits and payroll taxes for all employees are 15% of salaries and wages 3. The Colonial Hotel pays an average of 25% of its pre-tax income to the various governmental units in the form of income taxes. Requied: Preparelan income statement for 2019 for the Colonial Hotel

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