Use the information from problem 9 to prepare an income statement that would be sent to stockholders. Management for a 500 room lodging operation predicts the following statistics for August next year: 95 percent occupancy, $89 average room rate, and the operation will be open 31 days. Forecast the room sales amount for August next year. Forecast the food sales for the current (30-day) month. The restaurant serves lunch and dinner each day. The following statistics are available: Seats Turnover Average Check Lunch 125 5.2 $ 9.75 Dinner 150 4.2 17.62
- Prepare a Summary Operating Statement according to the format shown in the chapter. Following is the general ledger information for a small hotel. Not all information may be necessary to prepare the statement.
Room sales $ 1,050,000
Food and beverage sales 525,000
Rentals and other income 20,000
Payroll and other expenses: Rooms 335,000
Cost of food sales 175,000
Payroll and other expenses: F & B 250,000
Administrative and general 165,000
Marketing 67,000
Property operation and maintenance 62,000
Utilities 45,000
Management fees 20,000
Rent 28,000
Property taxes 45,000
Insurance (property & liability) 7,000
Interest 195,000
Amortization 6,000
Income tax expense 12,000
Note: The company has estimated its replacement reserve for the period to be $15,000
- Use the information from problem 9 to prepare an income statement that would be sent to stockholders.
- Management for a 500 room lodging operation predicts the following statistics for August next year: 95 percent occupancy, $89 average room rate, and the operation will be open 31 days.
Forecast the room sales amount for August next year.
- Forecast the food sales for the current (30-day) month. The restaurant serves lunch and dinner each day. The following statistics are available:
Seats Turnover Average Check
Lunch 125 5.2 $ 9.75
Dinner 150 4.2 17.62
- Management is planning to increase sales volume 3.75 percent and leave menu prices the same. Forecast food sales for months 1-3 this year by using the following historical information:
Month Sales Volume Last Year
Month 1 $140,000
Month 2 175,000
Month 3 190,000
Step by step
Solved in 2 steps with 2 images
