commonly responsible 1 Consider the table below that lists finance-related tasks for which hospitality managers are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
commonly responsible 1 Consider the table below that lists finance-related tasks for which hospitality managers are responsibility. Branches of Accounting: Auditing Cost Financial Managerial Tax Test Your Skills 21 Branch of Accounting Area of Management Responsibility Recording financial transactions Identifying and controlling costs Compating taxes due Verifying accounting data and procedures Making management decisions using accounting information 2. Match the branch of accounting that would be best used to answer the following questions. Question Branch of Accounting How should I record transactions associated with cash, payroll, and short-term debt How much does it cost to pay for maintenance for my swimming pool this year? What occupancy tax is owed by the hotel this month? How should I record transactions associated with revenue, expenses, and profit? How much sales tax should we have collected this month? Are all food purchases made this month documented with legitimate invoices? IFI wanted to achieve a profit of $10,000 in the month of April, how many pizzas will I need to sell? Are all bomuses paid to managers supported by documented revenue performance measures? What were the total costs of salaries and wages incurred by the restaurant this month? Would it be more profitable if I made my potato salad from scratch or purchased it preprepared? 3 Kelly Pratt is the general manager of the Cherry Hill Hotel. Last month, Kelly's operation generated $85,000 in room sales revenue and $5000 in non-rooms revenue. The expenses required to generate her rooms revenue last month was $71,000 and the expenses incurred to generate a $5000 in non-rooms revenue were $1500 as summarized below, Use this information to determine the total amount of profit generated by the Cherry Hill Hotel last month? Cherry Hill Hotel: Last Month Room sales revenue $85.000 $5,000 Non-rooms revenue Room expenses Non-rooms expenses $71,000 $1,500 Cherry Hill Hotel: Last Month Profit Revenue Expenses Profit formulas so that Richard has a good idea about his current profit situation. Chapter 1 Hospitality Industry Accounting 22 Profit/Loss ($) Expenses ($) 1258.75 Week Revenue ($) 956.34 1687.54 2 2286.45 2563.87 2678.91 4. 1378.95 1875.23 Month a. In which week did Richard have the most profit? b. Did Richard show a profit for alL four weeks? If not, which week(s) did he experience a loss? C. As the owner, Richard wanted a profit of $1000 for the month. Did he reach his goal? commonly responsible 1 Consider the table below that lists finance-related tasks for which hospitality managers are responsibility. Branches of Accounting: Auditing Cost Financial Managerial Tax Test Your Skills 21 Branch of Accounting Area of Management Responsibility Recording financial transactions Identifying and controlling costs Compating taxes due Verifying accounting data and procedures Making management decisions using accounting information 2. Match the branch of accounting that would be best used to answer the following questions. Question Branch of Accounting How should I record transactions associated with cash, payroll, and short-term debt How much does it cost to pay for maintenance for my swimming pool this year? What occupancy tax is owed by the hotel this month? How should I record transactions associated with revenue, expenses, and profit? How much sales tax should we have collected this month? Are all food purchases made this month documented with legitimate invoices? IFI wanted to achieve a profit of $10,000 in the month of April, how many pizzas will I need to sell? Are all bomuses paid to managers supported by documented revenue performance measures? What were the total costs of salaries and wages incurred by the restaurant this month? Would it be more profitable if I made my potato salad from scratch or purchased it preprepared? 3 Kelly Pratt is the general manager of the Cherry Hill Hotel. Last month, Kelly's operation generated $85,000 in room sales revenue and $5000 in non-rooms revenue. The expenses required to generate her rooms revenue last month was $71,000 and the expenses incurred to generate a $5000 in non-rooms revenue were $1500 as summarized below, Use this information to determine the total amount of profit generated by the Cherry Hill Hotel last month? Cherry Hill Hotel: Last Month Room sales revenue $85.000 $5,000 Non-rooms revenue Room expenses Non-rooms expenses $71,000 $1,500 Cherry Hill Hotel: Last Month Profit Revenue Expenses Profit formulas so that Richard has a good idea about his current profit situation. Chapter 1 Hospitality Industry Accounting 22 Profit/Loss ($) Expenses ($) 1258.75 Week Revenue ($) 956.34 1687.54 2 2286.45 2563.87 2678.91 4. 1378.95 1875.23 Month a. In which week did Richard have the most profit? b. Did Richard show a profit for alL four weeks? If not, which week(s) did he experience a loss? C. As the owner, Richard wanted a profit of $1000 for the month. Did he reach his goal?
Expert Answer:
Answer rating: 100% (QA)
1 AREA OF MANAGEMENT RESPONSIBILITY BRANCH OF ACCOUNTING RECORDING FINANCIAL TRANSACTION FINANCIAL I... View the full answer
Related Book For
Management Fundamentals Concepts Applications & Skill Development
ISBN: 978-1483352268
6th edition
Authors: Robert N. Lussier
Posted Date:
Students also viewed these accounting questions
-
Kramp Group is Europes largest distributor of accessories and parts for motorized equipment, agriculture, and construction machines. That may not sound glamorous, but as IT manager Robert Varga...
-
Answer all the questions and write neat. Show work 11 During a thunderstorm, a lightning strike transfers 12 coulombs of charge in 2.0 10-3 second. What is the average current produced in this...
-
Choose the type of fund that would most likely be reported in the examples given. Example Fund a. Construction of public buildings. b. Costs of a central purchasing and warehouse function. c. Gifts...
-
[15] Which register transfer statement is equivalent to WRITE microopeation: a) DRAC b) DR M[AR] c) M[AR] DR d) AC DR
-
$754.30 is what percent less than $759.00?
-
Matilda Crone owns and operates a public relations firm called Dance Fever, Inc. The following amounts summarize her business on August 31, 2012: During September 2012, the business completed the...
-
Identify the most appropriate approach and then design. Provide a rationale as to why this approach and design would be most appropriate. Develop a hypothetical research scenario that would...
-
Selected financial data of Target and Wal-Mart for 2009 are presented here (in millions). Instructions(a) For each company, compute the following ratios.(1) Current. (2) Receivables turnover. (3)...
-
Give the steps required to use the Oracle Enterprise Manager to monitor the performance of the Oracle Database and identify any potential performance bottlenecks.
-
Can establishing a multinational corporation or a joint venture serve the principles of social entrepreneurship? Would some options lend themselves better to social entrepreneurship than others? What...
-
Chaitanya keeps her books under single entry system. Her assets and liabilities were as follows. Cash in hand Bills payable Sundry creditors Plant and machinery Sundry Debtors Stock 31-3-2018...
-
What is the difference between cultural anthropology and sociology? Explain
-
Solve T 2 4 4sec p SSS 00 0 2 pr sin p dp de de =
-
3. Compute the line integrals S P dx + Q dy where: (a) y is the straight line segment from 1 to i, P(z) = z and Q(z) = iz. (b) y is the straight line segment from 1 to i, P(z) = z and Q(z) = -iz. y...
-
Calculate the two regression equations on X on Y and Y on X from the data given below, taking deviations from a actual means of X and Y. Price (Rs) Amount Demanded 10 40 12 38 Estimate the likely...
-
A constant force of 2 5 N is applied as shown to a block which undergoes a displacement of 7 . 5 m to the right along a frictionless surface while the force acts. What is the work done by force?
-
Owen's Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of...
-
Tanaka Company's cost and production data for two recent months included the following: March April Production (units).........300................600 Rent.....................$1,800............$1,800...
-
Identify a specific manager, preferably one who is or was your boss, and explain what makes him or her successful or unsuccessful. Give examples.
-
Are smaller international companies at a disadvantage when competing with large MNCs?
-
Give an example of a poor decision made by a manager performing a management function. Explain the management function and the problem created by the poor decision.
-
Go to https://www.youtube.com/watch?v=Fp9m4GNwGng to view a brief video on the Brazilian Jet manufacturer Embraer and their use of Critical Chain Project Management for maintenance services. How has...
-
It is sometimes argued that state revenue generated by lotteries is different from tax revenue because people choose to buy lottery tickets. Compare three state revenue sources cigarette excise...
-
Suppose that the demand for personalized license plates and the marginal cost of production in a state is as shown in Figure 16.1. If all the profits go to the government and the state wants to...
Study smarter with the SolutionInn App