Lea Ray is the revenue manager at the 200-room Hilton Garden Inn. She tracks her occupancy and ADR on a daily basis. The following data represent her hotel's Thursday night performance for the past seven weeks. Thursday Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Occ. % 69.5 73.5 66.5 72.0 72.5 69.0 77.0 ADR $151.50 $145.95 $161.50 $178.50 $179.95 $129.95 $159.95 Using that historical data, calculate her Occupancy %, ADR, and RevPAR for these trailing periods:
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- The Lakeshore Hotel guest days of occupancy and custodial supplies expense over the last seven months were: Month Guest Days of Occupancy Custodial Supplies Expense March 4,000 $7,500 April 6,500 $8,250 May 8,000 $10,500 June…A saleslady in Fortuna mall receives a monthly salary of Ρhр 12,000.00 рlus 10 % on all sales for the month over Ρhр 25,000.00. At the end of the current month she sold Ρhр 42,856.00. What is the amount of her commission? What is her total gross рay for the month?The Lakeshore Hotel’s guest-days of occupancy and custodial supplies expense over the last seven months were: Month Guest-Daysof Occupancy CustodialSupplies Expense March 7,000 $ 10,200 April 6,500 $ 10,100 May 9,000 $ 10,600 June 10,500 $ 10,900 July 12,500 $ 11,300 August 11,500 $ 11,100 September 9,000 $ 10,600 Guest-days is a measure of the overall activity at the hotel. For example, a guest who stays at the hotel for three days is counted as three guest-days. Required: 1. Using the high-low method, estimate a cost formula for custodial supplies expense. (Round the Variable cost per guest-day to 2 decimal points.) 2. Using the cost formula you derived above, what amount of custodial supplies expense would you expect to be incurred at an occupancy level of 11,300 guest-days? (Do not round your intermediate…
- On January 12, 2018 Julie prepaid $1,600 for pet care services to be provided each Friday for 8 weeks for her Yellow Lab, Honey. Mookie The Beagle Concierge recorded the entire $1,600 as Sales. At the end of the accounting period on January 31, 3 weeks (01/12, 01/19, 01/26) of the pet care services had been provided to Honey, so 5 weeks of services or $1,000 ($1,600/8 = $200 per week) had not been earned as of the end of January. Since $1,000 had not been earned, the $1,000 is a liability because Mookie The Beagle Concierge has an obligation to provide the pet care services or return the $1,000 to the customer. So an adjusting entry is needed to bring the accounts up to date at January 31. What is the journal entry needed?For the month of September, Statewide Sales Inc. recorded gross pay of $59,750. The net pay for the month amounted to $57,000. The company decided to pay the salaries on October 5. What are the journal entries for the payment of salaries?Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per Hour Kuhl Laborer 45 50 Aileen Office Secretary 46 45 Jose Laborer 50 52 Jay Factory Supervisor 55 48 Richmond Sales agent 52 60 Edward Laborer 48 45 The following are to be deducted from the gross earnings of employees: Withholding taxes - 5% Social Security System contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. a. How much is the gross payroll? b. How much is the amount charged to Work in Process? c. How much is the amount charged to manufacturing overhead? d. How much is the total amount charged to Selling and Administrative expenses?
- Richard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour Kuhl Laborer 45 ₱50 Aileen Office Secretary 46 ₱45 Jose Laborer 50 ₱52 Jay Factory Supervisor 55 ₱48 Richmond Sales Agent 52 ₱60 Edward Laborer 48 ₱45 The following are to be deducted from the gross earnings of employees: Withholding Taxes - 5% Social Security System Contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40hours. Required: Prepare Journal Entries to record A. Payroll B. Labor distributionRichard Corp has the following data for the third week of December: Employee Name Classification Hours Worked Rate per hour Kuhl Laborer 45 ₱50 Aileen Office Secretary 46 ₱45 Jose Laborer 50 ₱52 Jay Factory Supervisor 55 ₱48 Richmond Sales Agent 52 ₱60 Edward Laborer 48 ₱45 The following are to be deducted from the gross earnings of employees: Withholding Taxes - 5% Social Security System Contributions - 3% Philippine Health Insurance - 1% Home Development Mutual Fund - 1% Richard Corp paid its employees one and half times the regular rate for hours worked in excess of 40 hours. Required: Compute the following: A. How much is the amount charged to the Work in Process account? B. How much is the amount charged to Manufacturing Overhead? C. What is the total amount charged to Selling and Administrative expenses?According to your studying of the Conceptual Framework, Discuss the following: 1. Selane Eatery operates a catering service specializing in business luncheons for large companies. Selane requires customers to place their orders 2 weeks in advance of the scheduled events. Selane bills its customers on the tenth day of the month following the date of service and requires that payment be made within 30 days of the billing date. Conceptually, when should Selane recognize revenue related to its catering service? 2. Mogilny Company paid $135,000 for a machine. The Accumulated Depreciation account has a balance of $46,500 at the present time. The company could sell the machine today for $150,000. The company president believes that the company has a “right to this gain.” What does the president mean by this statement? Do you agree? 3. Three expense recognition methods (associating cause and effect, systematic and rational allocation, and immediate recognition) were discussed in the chapter…
- ShadyPalms Hotel has 100 rooms. During the month of February, it had 500 guests, each staying 5 nights. The occupancy rate for ShadyPalms Hotel for the month of February (not a leap year) was closest to a.80% b.90% c.70% d.120%It is the last day of the month and fiscal year, your manager asks you to create an invoice for $10,000 (debiting Accounts Receivable and Crediting Sales) and send it to a specified customer. Normally invoices are sent to customers when products have been shipped or the service has been finished. You manager tells you that we will be shipping equipment and performing the setup services for this customer next month (as early as next week). How would the company’s financial statements (and the users of the financial statements) be affected if you record this entry?The following information summarizes various accounts of the Lefkosa Hotel for the year ended December 31, 2011. 1. Prepare a food department income statement from the following information: Revenue Grill room $153,100 Coffee garden 78,900 Banquets 298,400 Cost of sales, food 211,700 Employee meals 17,200 Salaries and wages 174,400 Employee Benefits 20,000 China and glassware 14,600 Laundry and linen expense 13,000 License expense 1,900 Printing and stationery 4,900 Supplies expense 6,200 2. Using the food department’s operating income from Problem 1. and the following additional information, prepare the hotel’s general income statement. Rooms department, operating income $482,700 Beverage department, operating income 143,600 Telephone department, operating loss 25,100 Miscellenous Income 40,300 Administrative and general expense 174,300 Marketing 83,600 Energy costs 62,000 Property operation and maintenance 74,900 Insurance 5,000 Property taxes 43,100 Interest 65,000…