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SITXFIN004 - Prepare and monitor budgets

   

Added on  2020-04-29

10 Pages1384 Words182 Views
Running head: PREPARE AND MONITOR BUDGETPrepare and Monitor BudgetName of the Student:Name of the University:Authors Note:

PREPARE AND MONITOR BUDGET1Table of ContentsTask 1:........................................................................................................................................21. Preparing the income statement.............................................................................................22. Commenting on the expected budget performance:...............................................................5Task 2: Preparing the Budget for different quarters...................................................................5Task 3: Depicting the 4 budget deviation that could be occurred from hospitality context......7Part B:.........................................................................................................................................71. Identifying the number of rooms occupied............................................................................72. Identifying the occupancy rate...............................................................................................83. Calculating the product cost %:.............................................................................................94. Calculating the work cover %:...............................................................................................95.1 Food $ sales value:...............................................................................................................95.2 Food purchase $ figure:........................................................................................................95.3 Alcohol beverage purchase $ figure:..................................................................................105.4 Rent $ figure:......................................................................................................................106. Depicting the corrective action that needs to be conducted to rectify the situation andimprove sales back to budget:..................................................................................................10Reference and Bibliography:....................................................................................................12

PREPARE AND MONITOR BUDGET2Task 1: 1. Preparing the income statementRestaurant 2013/2014Actual salesJulyOctoberJanuaryAprilTotalFood sales 135,455.63 135,455.63 135,455.63 135,455.63 541,822.50 Beveragesales 75,367.68 75,367.68 75,367.68 75,367.68 301,470.73 Total 210,823.31 210,823.31 210,823.31 210,823.31 843,293.23 Restaurant 2013/2014Profit/loss statementJulyOctoberJanuaryAprilTotalRevenueItemFood sales 135,455.63 135,455.63 135,455.63 135,455.63 541,822.50 Beverage sales 75,367.68 75,367.68 75,367.68 75,367.68 301,470.73 Total 210,823.31 210,823.31 210,823.31 210,823.31 843,293.23 CostsItemFood cost 46,583.32 46,583.32 46,583.32 46,583.32 186,333.28 Beverage cost 30,597.09 30,597.09 30,597.09 30,597.09 122,388.38 Total 77,180.41 77,180.41 77,180.41 77,180.41 308,721.66 Gross profitFood 88,872.30 88,872.30 88,872.30 88,872.30 355,489.22 Beverage 44,770.59 44,770.59 44,770.59 44,770.59 179,082.36 Total 133,642.89 133,642.89 133,642.89 133,642.89 534,571.58 Less expenseWages 55,21 56,728. 56,728. 56,728. 225,397.

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