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.