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please solve the accounting problem that I attach below. please use Microsoft excel. and add brief explanation.
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regarding
Problem 18
Pat Mulhurn, the founder of Pat's Place, wants to analyze the year's operations for 20X2 by
comparing them with the 20X1 results. To aid him, prepare a comparative income statement
using the 20X1 and 20X2 information available.
OTTO
Pat's Place
Income Statement
For the years ending December 31, 20X1 and 20X2
$ 1,041,000
esto
20X120X2
sobom
lever.000 $ 976,000
604,000 626,000
50,000
1,630,000
1,719,000
Revenues
Rooms
Food
Gift Shop
Total
Direct Expenses
Rooms
Food
52,000
ograms
250,000
-476,000
68,000
836,000
264,000
507,000
68,000
880,000
000
165,000
30,000
65,000
69,000
XOS 101,000
Gift Shop
Total Operated Department Income
Undistributed Operating Expenses
Administrative and General
Information & Telecommunications Systems
Marketing
Property Operation & Maintenance
Utility Costs
Gross Operating Profit
Rent, Property Taxes, & Insurance
EBITDA
Interest
Depreciation and Amortization
Income Before Income Taxes
Income Taxes
Net Income
Required:
406,000
200,000
206,000
55,000
116,000
35,000
7,000
$ 28,000
175,000
31,000
68,000
68,000
102,000
436,000
201,000
235,000
52,000
116,000
67,000
17,000
$ 50,000
statement to conform to the format in Exhibit 11.
Prepare the comparative income statement for Pat's Place. Note: Rearrange the income
The Ru
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Explanation & Answer
Attached.
PAT'S PLACE
COMPARATIVE INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31 2021 AND 2022
REVENUE
FOOD
GIFT SHOP
TOTAL
DIRECT EXPENSE
ROOM
FOOD
GIFT SHOP
TOTAL OPE...
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