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Download Hospitality Management Accounting by Martin G. Jagels PDF

By Martin G. Jagels

The luck of each company within the hospitality depends upon maximizing sales and minimizing bills. This Ninth Edition keeps its time-tested presentation of basic recommendations and analytical innovations which are necessary to taking keep an eye on of real-world accounting platforms, comparing present and previous operations, and successfully handling funds towards elevated gains. It deals hands-on insurance of desktop purposes and sensible decision-making abilities to effectively arrange readers for the more and more advanced and aggressive hospitality undefined.

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Determine the amount of supplies used and journalize the adjusting entry. 9 Equipment was purchased for $70,468. The equipment is estimated to have a serviceable life of 8 years and a residual value of $2,500. Using straight-line depreciation, answer the following: a. What is the amount of depreciation expense per month and per year? b. Give the journal entry to record the depreciation expense for one year. 10 A new van was purchased for $40,000 and was estimated to have a life of 4 years or 110,000 miles; trade-in (residual) value is estimated to be $4,800.

F. If a hotel estimated expenses to be higher than they actually might be, this reduces the hotel’s profit and conforms to the ________________ ________________ principle. g. A hotel purchased a box of 100 pencils for office use. 50. The remaining pencils are not included as inventory on the balance sheet because of the ________________ concept. 2 Write a short explanation of the following terms: a. Operating income c. Net income e. Net loss b. Sales revenue d. Gross margin f. 4 Write the abbreviated linear equation for the balance sheet and income statement.

The account is named to identify its purpose and is called accumulated depreciation. It has a credit balance. Each depreciable asset has a specific creditbalanced, accumulated depreciation account assigned by name and ledger account number. The balance of the accumulated depreciation account is used to determine the book value of a depreciable asset in the event the asset is disposed of. The book value is used to determine whether a gain or loss has occurred on the disposal of a depreciable asset.

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