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Seneca College *

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Course

440

Subject

Accounting

Date

Nov 24, 2024

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pdf

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3

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11/21/23, 2:09 AM Chapter 6 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4684699&cmid=1260518&page=4 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 6 - Budgeting / Chapter 6 Post-Class Homework
11/21/23, 2:09 AM Chapter 6 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4684699&cmid=1260518&page=4 2/3 Question 5 Correct Mark 9.00 out of 9.00 Take me to the text The following is Beta Hotel's income statement for the year ended February 28, 2020. Beta Hotel Income Statement For the Year Ended February 28, 2020 Revenues $760,000 Expenses: Administrative Costs $29,000 Marketing $14,000 Variable Wages $268,000 Management Salaries $85,000 Rent $167,000 Utilities $27,000 Total Expenses $590,000 Net Income $170,000 Beta Hotel is a limited-service hotel with 18 rooms and no food and beverage operations. Management does not intend to spend a lot of time and money on budgeting. The manager has determined the 2021 budgeted income statement should simply reflect the following predicted changes from the 2020 income statement: Revenues will increase by 3.5% Marketing costs will decrease by 7% Management salaries will increase by 3% Variable wages will remain consistent as a percentage of revenue Utilities will increase by 2% Administrative costs and rent will remain the same Do not enter dollar signs or commas in the input boxes. Prepare the budgeted income statement for the year ending February 28, 2021 using the incremental budgeting approach. Beta Hotel Budgeted Income Statement For the Year Ended February 28, 2021 Revenue $ 786600 Expenses Administrative Costs $ 29000 Marketing $ 13020 Variable Wages $ 277380 Management Salaries $ 87550 Rent $ 167000 Utilities $ 27540 Total Expenses $ 601490 Net Income $ 185110 Explanation Beta Hotel Budgeted Income Statement For the Year Ended February 28, 2021 Revenue $786,600
11/21/23, 2:09 AM Chapter 6 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4684699&cmid=1260518&page=4 3/3 English (en) English (en) Français - Canada (fr_ca) Français (fr) Expenses Administrative Costs $29,000 Marketing $13,020 Variable Wages $277,380 Management Salaries $87,550 Rent $167,000 Utilities $27,540 Total Expenses $601,490 Net Income $185,110 Correct Marks for this submission: 9.00/9.00.
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