A capital budget will reflect expenses to re-paint the guest room corridors, this is done annually to make sure the floors look well maintained. True False
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A capital budget will reflect expenses to re-paint the guest room corridors, this is done annually to make sure the floors look well maintained.
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- Given the information below, answer questions 1-3. • Assume you are working on budgeting for the room department of your hotel. • Assume the hotel’s ‘Room Revenue (Sales)’ was $1,640,000 during 2019. Based on the lodging forecast report, you expect the ‘Room Revenue (Sales)’ to increase by 3.7% next year. • Assume the ‘Guest Supplies’ expenses (variable costs) from the room department was $246,000 during 2019. For 2020, this variable cost will remain at the same percentage of the Room Revenue (Sales) as experienced in 2019. • Assume the ‘Salaries’ expenses (fixed costs) from the room department was $280,000 during 2019. For 2020, this fixed cost will increase by 2% due to the expected increase in living expenses in this area. 1. What will be the budgeted ‘Room Revenue (Sales)’ for 2020 ($)? Note: The Answer field only accepts numbers. Thus, do not include $ or commas when you type your answer. Type your answer as a whole number (e.g., 200000).1. Identify the specific type of budget • Long-range Annual Achievement that would best address each of the following questions a full-service hotel manager would like to answer. (a) (b) (c) (d) (e) (h) (i) (j) Question How much will we spend for front desk agents next Tuesday night? What will be our labor costs in the third quarter of next year? What will be my rooms renovation costs in four years when all guest room furniture must be replaced? What is our best estimate of next year's rooms revenue? How much sales tax will we collect next week? What will be the amount of our guest room supplies purchases next year? How many guest rooms will we sell next year? How many guest rooms will we sell next week? What will be the cost of replacing the hotel's HVAC (heating/ventilation and air conditioning) system five years from now? What is our best estimate of next year's food and beverage revenue? Type of BudgetYou are a Maintenance Manager at a new facility without any prior records. How would you go about developing a budget for the coming year?
- Please write a budget plan and IMC Gantt chart for an event that involves selling zongzi on Dragon Boat Festival and donating the proceeds to stray animals for three weeks, Wednesday, Thursday and Friday of each week.Mary Sullivan, capital outlay manager for Waxy Widgets, has been instructed to establish a contingency fund to cover the expenses over the next two years (24 months) associated with repairing defective widgets from a new production process. Waxy Widget’s controller wants to make equal monthly cash deposits into this fund. If Mary faces the following monthly repair costs and has $1 million to start the fund today, what will be her monthly payments into the fund in order to assume that all repair costs will be covered? Mary will make her first payment one month from today, and the fund will earn a nominal rate of 6 percent, compounded monthly. Months Repair Costs per month 1-4 $500,000 5-12 $250,000 13-24 $100,000You have been awarded a project to start in the next six months. One of your tasks is to determine a budget based on the scope of works provided. State four (4) benefits of Budgeting to Management?
- 2. What will be the budgeted ‘Guest Supplies’ expenses for 2020 ($)? • Assume you are working on budgeting for the room department of your hotel. • Assume the hotel’s ‘Room Revenue (Sales)’ was $1,640,000 during 2019. Based on the lodging forecast report, you expect the ‘Room Revenue (Sales)’ to increase by 3.7% next year. • Assume the ‘Guest Supplies’ expenses (variable costs) from the room department was $246,000 during 2019. For 2020, this variable cost will remain at the same percentage of the Room Revenue (Sales) as experienced in 2019. • Assume the ‘Salaries’ expenses (fixed costs) from the room department was $280,000 during 2019. For 2020, this fixed cost will increase by 2% due to the expected increase in living expenses in this area. Note: The Answer field only accepts numbers. Thus, do not include $ or commas when you type your answer. Type your answer as a whole number (e.g., 200000).Haysbert Company provides management services for apartments and rental units. In general, Haysbert packages its services into two groups: basic and complete. The basic package includes advertising vacant units, showing potential renters through them, and collecting monthly rent and remitting it to the owner. The complete package adds maintenance of units and bookkeeping to the basic package. Packages are priced on a per-rental unit basis. Actual results from last year are as follows: Haysbert had budgeted the following amounts: Required: 1. Calculate the contribution margin variance. 2. Calculate the contribution margin volume variance. 3. Calculate the sales mix variance.Silly Serrano Inc. has decided to purchase new capital equipment costing $450,000 cash in the next fiscal year. They also intend on selling their old equipment for $30,000 cash. Prepare the capital budget for Silly Serrano Inc. for their upcoming year-end (January 31, 2019).Do not enter dollar signs or commas in the input boxes.Use the negative sign for values that must be subtracted. Silly Serrano Inc.Capital Budget for year-ending January 31, 2019 Capital Expenditures $Answer Sale of Capital Assets $Answer Total Capital Expenditures $Answer
- Part 2. David works for Woolgarments Company as a production manager. He often participates in the annual budgeting process of the company. David is requested by the Chief Executive Officer Linda to submit his department’s budgeted production for the following year. Linda reviews and typically adds 10 percent to the production budget provided by David. The new amount becomes David’s target production level for the following year. David can receive a cash bonus if his department exceeds the projected production level. Required: a. Explain any incentive that David might have to be dishonest with Linda about the production level he thinks the department can achieve.Click or tap here to enter text.b. Explain the impact David’s inaccurate production estimates could have on other company departments or employees. Click or tap here to enter text.c. Suggest what should be done to prevent a manager from providing inaccurate budgets which can easily achieved.Each fall and spring, the youth group puts together a yard clean-up day to help community members with leaf raking, tree mulching. and miscellaneous other outside chores. The group works hard to fundraise so that it can cover the transportation cost to and from each location; transportation costs of gas and mileage for the group's large-capacity van average about $8 per trip. This year, the group anticipates serving 55 locations on its fall clean-up day. Besides transportation costs, the only other costs are for depreciation on yard equipment like leaf blowers, which amounts to $390 for this fall season. (a) In order to just cover the costs to service these locations, how much does the group need to fundraise? The youth group will need to raise $Complete the following Itemized Budget Analysis for a hypothetical program/project for a community mental health program that is opened 24 hours. My hypothetical program is a mental health center in a rural area that is available to public/community for 24hr help. You can call in and talk about the problems you are having, if you want a face to face meeting someone can drive to the patient, the nurse cars are unmarked for privacy, and if police or an ambulance needs to be called this can be assessed by the worker that visits the household. So it acts like a mobile mental health program. Many people living in rural areas may not have rides to the city to see a counselor or go to hospital and therefore they just self medicate.Please include all the following components: Operational Expenses (salaries, OT, supplies, etc) Capitol (equipment, property..etc) Revenues and ExpensesThese are “estimated” costs only.