Following is information for the Rooms Department for the Ocean Front Hotel for the first six periods of the year. Room Revenue $8,713,000 Transient Rooms Sold 83,730 Group Rooms Sold 16,270 Total Rooms Sold 100,000 Operating Expenses Linen $31,100 Cleaning Supplies $24,000 Guest Supplies $104,800 Outside Services $24,000 Laundry $80,500 Concierge Expense $60,000 Office Supplies $19,200 Reservation Expenses Reservation Department $150,000 Fixed Res Center Cost $180,000 Variable Reser. Center Cost at $6 per transient res. $251,200 Total Reservation Expense $581,200 All other Expense $120,000 Total Operating Expenses $1,044,800 Total Operating Expense Percentage 12.0% Use the table above to answer Use the following formulas to calculate each one of the line items. They will be used to prepare the annual budget for next year. Round the average cost per period to whole dollars, round the cost per occupied room to whole cents, and round the percentage of sales to two decimals (i.e 0.33%). Use the laundry and reservation information as supplied. Guest Supplies - What is the average guest supplies cost per occupied room, for the first 6 months? $0.15 per occupied room $0.48 per occupied room $0.98 per occupied room $1.05 per occupied room

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Following is information for the Rooms Department for the Ocean Front Hotel for the first six periods of the year. Room Revenue $8,713,000 Transient Rooms Sold 83,730 Group Rooms Sold 16,270 Total Rooms Sold 100,000 Operating Expenses Linen $31,100 Cleaning Supplies $24,000 Guest Supplies $104,800 Outside Services $24,000 Laundry $80,500 Concierge Expense $60,000 Office Supplies $19,200 Reservation Expenses Reservation Department $150,000 Fixed Res Center Cost $180,000 Variable Reser. Center Cost at $6 per transient res. $251,200 Total Reservation Expense $581,200 All other Expense $120,000 Total Operating Expenses $1,044,800 Total Operating Expense Percentage 12.0% Use the table above to answer Use the following formulas to calculate each one of the line items. They will be used to prepare the annual budget for next year. Round the average cost per period to whole dollars, round the cost per occupied room to whole cents, and round the percentage of sales to two decimals (i.e 0.33%). Use the laundry and reservation information as supplied. Guest Supplies - What is the average guest supplies cost per occupied room, for the first 6 months? $0.15 per occupied room $0.48 per occupied room $0.98 per occupied room $1.05 per occupied room

Definition Definition Capital reserves held by banks or financial institutions over and above the reserves that are required to be maintained by the regulator toward its liabilities and for internal controls. For commercial banks, excess reserve is the amount over the standard reserve as decided by the central bank. These excess reserve funds are available in the form of cash and cash equivalents.

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