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Construction Accounting And Financial Management 3rd International Edition Stephen Peterson - Solutions

The General Manager of Eating Extravagance Ltd has approached you seeking advice on two competing investment opportunities that he has under consideration.Each investment requires an initial
Len, the head of general stores in a large Australian hotel complex, has been asked to defend his ‘gut feel’ that an upgrade in the currently used stores computerized information system is
Viking Hotels, a large international hotel chain, is structured according to seven geographically based divisions worldwide. Shortly after he joined the company, the Chief Executive of the European
(a) Imagine you are trying to find the IRR of an investment project that has increasing estimated future cash inflows in each of the next eight years. You have tried a discount rate of 12% and have
Edmonton’s Green Park Hotel is considering purchasing some new laundry equipment for $200,000. Currently the hotel is outsourcing its laundry activities. The hotel’s financial controller has
As part of its annual capital budgeting cycle, the Welsh Westmede hotel is deciding whether investment proposal A or investment proposal B is more financially justifiable. Investment proposal A
Given the following two sets of cash flows, determine whether A or B has the higher present value. Assume an interest rate of 12%. (Helpful hint: remember that the PVA table is compiled on the basis
(a) What is the value today of a stream of cash flows paying $500 at the end of each of the next 8 years? Assume an interest rate of 10%.(b) What is the value today of a stream of annual cash flows
Michael Johnson has been given the opportunity of investing in a financial security that will pay him $600 in five years’ time. Assuming similar risk investments earn an annual return of 8%, what
Le SlopeVerticale is a French skiing hotel complex offering accommodation, restaurant, bar, ski shop and equipment hire facilities. The complex has estimated it will have the following assets for the
Feast’N’Run provides a contract catering service to several university and college campuses. One of its main suppliers has offered trade discount terms of 1/10 net 40.In the past, Feast’N’Run
Johannesburg’s ‘MouthWatering’ Restaurant has approached you for assistance in determining whether it should take the 1/10 net 30 trade discount terms offered by its main food supplier. The
Toronto’s Roma Pizzeria sells a variety of pizzas. The largest inventory item held by Roma is cheese. The owner has approached you for advice in connection with the size of orders that should be
The laundry department of the Edinburgh hotel, TartanDays, orders concentrated laundry detergent in 10-kilogram boxes. Each box costs £32. It costs £20 to place, process and receive a laundry
A review of the accounts receivable records of Auckland’s CreatureComforts Hotel reveals the following year-end information.The credit manager believes that the report accurately shows the
The ShireLodge provides a residential convention service in England’s Yorkshire Dales. The lodge’s general manager is concerned about cash flow in the next few months particularly as insurance
Draw on your solutions provided to Problems 11.1 and 11.2 to prepare CrownJewel’s cash budget for October, November and December. It has been estimated that the hotel will have a positive cash
In connection with the CrownJewel sales estimates provided in Problem 11.1, experience has shown that room variable costs are 20% of room revenue. Sixty per cent of these variable costs are paid for
The marketing department of Singapore’s CrownJewel Hotel has projected the following sales in the last half of the current financial year.Most of CrownJewel’s room sales are made to corporate
Quebec’s BonVivant hotel has 200 rooms. It sets its room rates according to a policy of charging $120 per night to business clients and $90 per night for group bookings.It has found that most
Bristol’s Severn Bridge restaurant uses cost-plus pricing as an aid to determining what prices to charge for its menu items. Identified below are the findings of a recent analysis of the cost of
Hamilton’s Carvery restaurant has had a Sunday seat turnover of 5 while charging$40 per cover for its lunch to dinner ‘all you can eat roast’ special. The chef is considering increasing the
The manager responsible for pricing merchandise in a souvenir shop located in the foyer of a hotel is discussing pricing strategy with a shop assistant. The two have agreed on a policy of
The rooms manager of a new 90-room hotel in Texas has approached you seeking advice on what room rates should be charged. The hotel, which will be open for 365 days of the year, has the following
The following information relates to a family-owned Adelaide restaurant:Required •••(a) What sales revenue does the restaurant have to achieve in order to make its before-tax operating profit
Aberdeen’s Thrifty hotel has forty rooms and has historically achieved an average occupancy of 55%. The hotel’s assets have a book value of £450,000 and the owners believe the assets should
Explain what is meant by ‘benchmarking’ and how it can be used to improve performance.
(This question draws partially on material covered in the previous chapter)Val Dizzy Air is a hotel complex located in a well-known ski resort in Queenstown, New Zealand. The town’s population
The kitchen of Sydney’s Deluxe Hotel makes large meat pies for sale in one of the hotel’s restaurants and also to a local meat pie retailer. It makes the pastry and also the meat sauce that goes
The kitchen of the Ambience Hotel in Australia’s Gold Coast has developed a strong local reputation for its pastries. It sells the pastries to carefully chosen bakeries and also through one of its
In the face of increasing local competition, the financial director of a large Canadian hotel complex convened a task force with the express purpose of identifying potential cost-saving initiatives.
Tiff’s Bordeaux restaurant serves breakfasts, lunches and dinner. In June it was budgeted that 500 covers would be served. The budgeted revenue and variable cost per cover is presented in Schedule
With respect to the previous problem concerned with the Curbside Motor Lodge, imagine you have conducted a detailed review of accounting records and found the following.The budgeted wage rate was
Karen Brady, the general manager of the Curbside Motor Lodge in Central England, has approached you for advice in connection with her most recently quarterly performance report. The summarized
The manager of Ritzy Rooms, a small 40-room Saskatchewan roadside motel, is seeking a $90,000 bank loan bearing a 10% annual rate of interest. Mr Scroogy, the manager of the bank considering the loan
One of the kitchens in a large Las Vegas hotel complex produces fresh local fruit jam.The jam is placed into expensive jars moulded with the hotel’s logo, a depiction of tumbling dice. The jam is
The Sea Breeze is a 200-room family resort hotel in Blackpool, Northern England that is open 7 days per week. It has one restaurant and restaurant sales are only made to hotel guests. During the next
As part of a consulting assignment you have been asked to review the appropriateness of a hotel’s responsibility accounting system. In the course of conducting your review, you become aware of a
The ‘Dreaming of Stars’ company owns a chain of large hotels. Its hotel located on America’s eastern seaboard is its largest and comprises a casino, four restaurants, extensive conference
Joe Smith is the stores and purchasing manager for the Pristine Waters hotel and golfing complex located on one of Australia’s Whitsunday Islands. Joe receives purchase requisitions from other
Describe the way in which a responsibility accounting system is closely linked to an organization’s budgeting system.
Saturn Ltd, a large American hotel organization, has purchased a small rooming house on a property adjacent to one of its main hotels. The acquisition was made with a view to demolishing much of the
Mercury Hotel, a large hotel complex that operates a divisionalized management structure, is located in South East Queensland, Australia. The director of accommodation has been called into the
Vermont’s PineCrest hotel has a restaurant and 90 double rooms and 60 single rooms. The average room rate for double rooms is $88 and the variable cost per double room night sold is $8. Single room
Tim Stokes recently invested $325,000 to acquire the RockOyster, a restaurant on Vancouver Island. RockOyster meals sell for an average of $30 and the average variable cost per meal is $8. Tim
A 60-room hotel near Land’s End in Cornwall incurs annual fixed costs of £360,000.The hotel is open for 365 nights in the year and charges an average room rate of £68.The variable costs
Paul Hulse, the owner of the Hulsey Restaurant in West Auckland, recently attended a management training seminar in which he was shown the benefits of using the contribution format to prepare profit
(a) Describe the benefits that derive from preparing a profit and loss statement using the contribution margin format.(b) In what ways might a manager use cost–volume–profit analysis?
What is meant by incremental and sunk costs.
What is meant by fixed and variable costs
Methods that can be used to allocate indirect costs to departments
What is meant by direct and indirect costs
What is meant by an opportunity cost
How the range of decision making and control situations confronted by managers results in many different cost classifications
A manager of a 120-seat Singaporean restaurant is interested in comparing the sales performance of two recent years. In 20X1, the restaurant achieved an average lunch spend per head of $15 and a
Imagine you are the rooms manager of Will’sWooms an 80-room hotel located in Stratford upon Avon. Demand for hotel rooms is significantly affected by the tourist season and the popularity of plays
Imagine you are head of the food and beverage department in a large Los Angeles hotel complex. One of the hotel’s restaurants is currently earning an annual ROI of 14% on the $200,000 of assets
The following financial information highlights the profitability and financial stability in the last three years of FlyingFood, one of Heathrow Airport’s restaurants:Required •••Using the
A friend who owns a Sydney restaurant has presented the following information to you and asked you to comment on the restaurant’s performance in 20X2.Required ••• (a) For both years calculate
In the last financial year London’s Enwad Hotel group achieved a revenue of £28.75 million and a gross profit margin of 40%. Its end-of-quarter inventory balances were as follows:Required
How it is important that an analyst develops the ability to tailor ratios with due regard to the nature of the hotel under investigation.
How an aged schedule of accounts receivable can assist the management of receivables
How operational ratios can be used as an aid to monitoring the operating performance of hotels
How an analysis of a hotel’s short-term and long-term financial stability can be achieved through ratio analysis
How a systematic analysis of a hotel’s profit performance can be conducted through the use of ratios
How insights can be gained from dissecting ROI(return on investment) into its two underlying elements: profit margin and asset turnover
Given the following year-end account balances for Boston’s Johnson Hotel, prepare:(a) A profit and loss statement for the period ended 30/6/20X1(b) A balance sheet as at 30/6/20X1. Cash at bank
Given the following information for Ottawa’s Capital Hotel, prepare relevant adjusting entries. Assume that 30 June is the year-end.(a) On 1 June the hotel received $4,000 in advance for services
The accounting manager at Antwerp’s TranquilStay Hotel has prepared the following profit and loss statement that pertains to the most recent accounting year.The accounting manager is uncertain how
Marlow’s WatersEdge Hotel operates a periodic inventory system with respect to its cleaning supplies. A year-end stock-take has identified a balance of £4,200 cleaning supplies held on 31 December
On 30 November, account balances relating to the accounts receivable management function of Minnesota’s CitySlickers Hotel were as follows:The following transactions occurred in December:1 Cash
Given the following information for Dunedin’s CityCentre Hotel, post relevant adjusting entries to CityCentre’s general ledger. Assume 30 June is the year-end.(a) The telephone account of $500
The following transactions occurred during the first month of operations for ‘Oz Hinterland’, a hotel proprietor’s new business located in the Australian Kimberleys:a Owner invested $80,000 of
(a) Using ‘T-accounts’, record debit and credit entries for each of the following transactions that all occurred in January 20X1 for a San Francisco restaurant.The T-accounts you will need are:
Dublin’s BlarneyStone Pub opened on 1 April and the following six transactions occurred in its first week of business. Record the transactions in appropriately headed T-accounts for the
What is the difference between fixed assets and current assets?
Describe whether we can say that a debit to an account signifies that something beneficial has happened for the business concerned.
above, prepare the following:(a) The MacNoodle restaurant’s profit and loss statement for April 20X1.(b) The MacNoodle restaurant’s statement of owners’ equity for April 20X1.(c) The MacNoodle
In connection with the information provided in problem
In April 20X1, Jock MacNoodle opened the MacNoodle Italian Restaurant in Glasgow.Identified below are the restaurant’s financial transactions in its first month of business.Required •••Using
The Johnson Hotel is located in Perth, Western Australia. Identified below are the account balances for the Johnson Hotel following its commercial activities through the month of December
Identified below are a set of transactions for the SerenitySleep Hotel which commenced business in Wellington, New Zealand on 1 June.June 1 Owner commenced business by depositing $20,000 in a new
Describe the difference between a profit and loss statement and a balance sheet.
Give one example of how a particular financial management tool or technique might be drawn upon in the context of a particular hospitality management function.
(a) Describe the manner in which hotel activities tend to be labour intensive.(b) Describe the accounting implications arising from the high labour intensity of hotel activities.
Describe the factors causing hotels to have a high proportion of fixed costs.
Your company has $200,000 to invest and has identified the following three investments: Investment A requires an initial investment of $130,000 and has an annual rate of return of 12%. Investment B
Your company has $100,000 to invest and has identified the following three investments: Investment A requires an initial investment of $70,000 and has an annual rate of return of 15%. Investment B
Determine the rate of return for Problem 18.Should your company purchase the loader?
Determine the rate of return for Problem 17.Should your company purchase the dump truck?
Determine the annual equivalent for Problem 18.Should your company purchase the loader?
Determine the annual equivalent for Problem 17.Should your company purchase the dump truck?
Determine the future worth for Problem 18.Should your company purchase the loader?
Determine the future worth for Problem 17.Should your company purchase the dump truck?
Determine the incremental net present value for Problem 20.Which track hoe should your company choose?
Determine the incremental net present value for Problem 19.Which track hoe should your company choose?
Your company needs to purchase a truck and has narrowed the selection to two pieces of equipment. The first truck costs $70,000 and has an hourly operation cost of $13.00 and a useful life of six
Your company needs to purchase a track hoe and has narrowed the selection to two pieces of equipment. The first track hoe costs $100,000 and has an hourly operation cost of $31.00 and a useful life
Your company needs to purchase a new track hoe and has narrowed the selection to two pieces of equipment.The first track hoe costs $100,000 and has an hourly operation cost of $31.00 and a $35,000
Your company needs to purchase a new track hoe and has narrowed the selection to two pieces of equipment.The first track hoe costs $100,000 and costs $32.00 per hour to operate. The second track hoe

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