Saved Help Save & E Su Problem 13-59 (Algo) Prepare Budgeted Financial Statements (LO 13-6,7) HomeSuites is a chain of all-suite, extended-stay hotel properties. The chain has 21 properties with an average of 200 rooms in each property in year, the occupancy rate (the number of rooms filled divided by the number of rooms available) was 75 percent, based on a 365-day year. The average room rate was $210 for a night. The basic unit of operation is the night which is one room occupled for one night The operating income for year 1 is as follows Operating Incom Yes Sales revenue Lodging $261, 447.500 Food beverage 39,091,500 Miscellaneous 11,497. See Total revenues $292,036,500 Labor Tood bedrage Miscellaneous $ 79,673,50 22.995.000 23,797, 2,509,000 37.500.000 20. See.ee Utilities Depreciation 17 12 Next > Home Help Save & Edit Suomi 12 Operating incom You Lodging 5241,449.50 Food Beverage 39,091,50 Misc 11497.500 Totale 5193,036,500 bor $ 79,73,50 23.05,000 Halland 13,197, 2,500,000 Utilities at 10,000 Depreciation 10,500,000 Martin 16.500.000 the cost 3,200.000 Totalco S124 Operating 504 12.000 In year 1, the wverage fired labor Cort was $409.000 per property The remaining labor cost was variable with respect to the number of nights. Food and beverage cost and miscellaneous cost are all variable with respect to the number of nights Lines and deprecaro are forced for each property. The remaining costs management, marketing and other couts are fred for them At the beginning of year 2 HomeSuites will open for new properties with no change in the average number of rooms per property 1 om ed Help Save & E 12 in year the average fixed labor cost was $409.000 per property. The remaining labor cost was variable with respect to the number on - Food and beverage cost and miscellaneous cost are all variable with respect to the number of rights Unities and depreciation ore fed for each property. The remaining costs (management, marketing, and other costs) are fixed for the form At the beginning of year 2. HomeSuites will open fout new properties with no change in the average number of roome per property The occupancy rate is expected to remain at 75 percent Management has made the following additional assumptions for year 2. The average room rate will increase by 5 porcent Food and beverage revenues per night are expected to decline by 20 percent with no change in the cost The labor cost (both the need per property and variable portion is not expected to change The miscellaneous cost for the room is expected to increase by 25 percent with no change in the miscellaneous revendes per room Utilities and depreciation costs (per property) are forecast to remain unchanged. Management costs will increase by a percent, and marketing costs will increase by 10 percent . Other costs are not expected to change Required: Prepare a budgeted Income statement for year 2 (Round your per unit average cost calculations to 2 decimal places) Homework 19 Help 12 07 5 0 Operating income Year 2 Sales reven Lodging Food & beverage Miscellaneous Total revenue Costs Labor Food & beverage Miss Management boc Depreciation Marketing Onecos Totalous Operating polit $ Saved Help Save & E Su Problem 13-59 (Algo) Prepare Budgeted Financial Statements (LO 13-6,7) HomeSuites is a chain of all-suite, extended-stay hotel properties. The chain has 21 properties with an average of 200 rooms in each property in year, the occupancy rate (the number of rooms filled divided by the number of rooms available) was 75 percent, based on a 365-day year. The average room rate was $210 for a night. The basic unit of operation is the night which is one room occupled for one night The operating income for year 1 is as follows Operating Incom Yes Sales revenue Lodging $261, 447.500 Food beverage 39,091,500 Miscellaneous 11,497. See Total revenues $292,036,500 Labor Tood bedrage Miscellaneous $ 79,673,50 22.995.000 23,797, 2,509,000 37.500.000 20. See.ee Utilities Depreciation 17 12 Next > Home Help Save & Edit Suomi 12 Operating incom You Lodging 5241,449.50 Food Beverage 39,091,50 Misc 11497.500 Totale 5193,036,500 bor $ 79,73,50 23.05,000 Halland 13,197, 2,500,000 Utilities at 10,000 Depreciation 10,500,000 Martin 16.500.000 the cost 3,200.000 Totalco S124 Operating 504 12.000 In year 1, the wverage fired labor Cort was $409.000 per property The remaining labor cost was variable with respect to the number of nights. Food and beverage cost and miscellaneous cost are all variable with respect to the number of nights Lines and deprecaro are forced for each property. The remaining costs management, marketing and other couts are fred for them At the beginning of year 2 HomeSuites will open for new properties with no change in the average number of rooms per property 1 om ed Help Save & E 12 in year the average fixed labor cost was $409.000 per property. The remaining labor cost was variable with respect to the number on - Food and beverage cost and miscellaneous cost are all variable with respect to the number of rights Unities and depreciation ore fed for each property. The remaining costs (management, marketing, and other costs) are fixed for the form At the beginning of year 2. HomeSuites will open fout new properties with no change in the average number of roome per property The occupancy rate is expected to remain at 75 percent Management has made the following additional assumptions for year 2. The average room rate will increase by 5 porcent Food and beverage revenues per night are expected to decline by 20 percent with no change in the cost The labor cost (both the need per property and variable portion is not expected to change The miscellaneous cost for the room is expected to increase by 25 percent with no change in the miscellaneous revendes per room Utilities and depreciation costs (per property) are forecast to remain unchanged. Management costs will increase by a percent, and marketing costs will increase by 10 percent . Other costs are not expected to change Required: Prepare a budgeted Income statement for year 2 (Round your per unit average cost calculations to 2 decimal places) Homework 19 Help 12 07 5 0 Operating income Year 2 Sales reven Lodging Food & beverage Miscellaneous Total revenue Costs Labor Food & beverage Miss Management boc Depreciation Marketing Onecos Totalous Operating polit $