The Hart Theater, owned by Paul Hart, will begin operations in March. The Hart will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Hart showed No. 101 Cash $8,000, No. 140 Land $22,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $10,000, No. 157 Equipment $8,000, No. 201 Accounts Payable $6,000, and No. 311 Common Stock $42,000. During the month of March, the following events and transactions occurred.
Mar. 2 Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,500; $1,000 was paid in cash and $2,500 will be paid on March 10.
3 Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $260 per night.
9 Received $4,000 cash from admissions.
10 Paid balance due on Indiana Jones movies rental and $900 on March 1 accounts payable.
11 Hart Theater contracted with D. Sarazan to operate the concession stand. Sarazan is to pay 15% of gross concession receipts (payable monthly) for the right to operate the concession stand.
12 Paid advertising expenses $450.
20 Received $5,400 cash from customers for admissions.
20 Received the Lord of Rings movies and paid the rental fee of $2,600.
31 Paid salaries of $2,500.
31 Received statement from D. Sarazan showing gross receipts from concessions of $5,000 and the balance due to Hart Theater of $750 ($5,000 3 15%) for March. Sarazan paid one-half the balance due and will remit the remainder on April 5.
31 Received $9,000 cash from customers for admissions.
In addition to the accounts identified above, the chart of accounts includes No. 112 Accounts Receivable, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, No. 729 Rent Expense, and No. 726 Salaries and Wages Expense.
Instructions
(a) Enter the beginning balances in the ledger. Insert a check mark (ü) in the reference column of the ledger for the beginning balance.
(b) Journalize the March transactions.
(c) Post the March journal entries to the ledger. Assume that all entries are posted from page 1 of the journal.
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(d) Prepare a trial balance on March 31, 2019.
In: Accounting
Case study Hotel owners and operators recognize that while we are currently living in a world of scant lodging demand, talk of reopening the country is the necessary precursor to a recovery in travel and the need for hotel accommodations. Just like cities and states need to plan, closed hotels must plan the "how" and "when" of their reopening. As in any business decision, the costs and benefits of remaining closed versus resuming operations must be weighed. During a time when travel is restricted and little can be done to stimulate demand, the primary objective is to limit operating losses through cost containment. At the same time, hotel owners and managers must prepare for an eventual recovery in demand and the reopening of their property. Touch base with your competitors to see when they plan on reopening. It may or may not make sense to reopen when they do, depending on the anticipated depth of demand at that time. Beyond their timing, are your competitors shifting their mix of business and/or distribution strategy? How has their pricing changed since prior to the crisis? Online research or market research providers will help you determine shifts in their marketing or positioning, or lack thereof, potentially providing you with alternate opportunities. Drive-to locations such as regional resorts are more likely to benefit, as well, due to the pent-up demand for vacations and weekend staycations. While urban destinations have historically attracted drive-in demand during a recession because consumers save money, compared with the costs of flying, city centers may have less appeal in this downturn until the fear of group mingling and dense locations diminish. Urban hotels, particularly those with a group orientation, will have to find ways to adapt creatively to this new environment. Government lodging contracts for first responders, medical professionals, and quarantined individuals are helping many urban hotels survive this period of low demand. Another consideration is the hotel's historical transient vs. group mix, which will often parallel the amount of meeting and function space relative to the number of guestrooms. The more the hotel is dependent on group demand, the more it will be critical to see clear indications from planners of the intent to book in order to identify when to reopen. Transient travelers, whether they be corporate, leisure, or any other sub-segment, can make and implement travel decisions quickly, whereas the lead time for group demand is longer than that for the transient segment, making the lead time for reopening necessarily longer, as well. Another factor to consider when weighing when to reopen is the weekly volatility of demand. Will you be opening to accommodate infrequent events that generate high occupancy temporarily and then be faced with abnormally low occupancy that caused you to close in the first place? Having to carry the ongoing costs of an open hotel may only be worthwhile if an adequate level of steady demand is sustainable. If this is a risk, opening just parts of the hotel, such as wings/floors or only certain outlets, could mitigate the financial exposure. As a member of a leading 5’star hotel in Sri Lanka and a under graduate how would you find answers / give alternatives for the below questions.
1. Based on the given case study identify when receiving goods/raw material to the hotel?
2. Identify temperature checks for the staff and guests?
3. Based on the given case study how are you going to promote
adventure tourism to the local
market?
4.Based on the given case study identify Why do you need to
monitor the competition for
Arugambay?
5.Based on the given case study identify What health and safety
measures you are going to
implement for tourists who are going to visit Sri Lanka from 1st of
August after Covid – 19
6.EpidemicsEvent management can generate a lot of revenue
comparatively in a short period of
time. Plan an event for 1750pax in your hotel by providing an event
sheet an appropriate menu with
vegetarian choices and a sample budget (generic fixed and variable
costs). Please elaborate your
answer with appropriate examples.
7.Why emerging tourism trends are playing a vital role in terms
of revenue generation? How can
we promote destinations within the island to create a niche market
for this demand? Please explain
your answer with appropriate examples.
In: Operations Management
In 2016 the Better Business Bureau settled 80% of complaints they received in the United States. Suppose you have been hired by the Better Business Bureau to investigate the complaints they received this year involving new car dealers. You plan to select a sample of new car dealer complaints to estimate the proportion of complaints the Better Business Bureau is able to settle. Assume the population proportion of complaints settled for new car dealers is 0.80, the same as the overall proportion of complaints settled in 2016.
(a)
Suppose you select a sample of 180 complaints involving new car dealers. Show the sampling distribution of
p.
A bell-shaped curve is above a horizontal axis labeled p.
A bell-shaped curve is above a horizontal axis labeled p.
A bell-shaped curve is above a horizontal axis labeled p.
A bell-shaped curve is above a horizontal axis labeled p.
(b)
Based upon a sample of 180 complaints, what is the probability that the sample proportion will be within 0.04 of the population proportion? (Round your answer to four decimal places.)
(c)
Suppose you select a sample of 470 complaints involving new car dealers. Show the sampling distribution of
p.
A bell-shaped curve is above a horizontal axis labeled p.
A bell-shaped curve is above a horizontal axis labeled p.
A bell-shaped curve is above a horizontal axis labeled p.
A bell-shaped curve is above a horizontal axis labeled p.
(d)
Based upon the larger sample of 470 complaints, what is the probability that the sample proportion will be within 0.04 of the population proportion? (Round your answer to four decimal places.)
(e)
As measured by the increase in probability, how much do you gain in precision by taking the larger sample in part (d)?
In: Finance
LimeBike is a start-up founded in 2017 located in San Mateo, California. Its mission is to make shared bicycles accessible and affordable. The company has taken the basic idea of shared bicycles and eliminated the need to return the bike to a docking station, which may not be near the cyclist’s destination.
LimeBike charges $1 per 30 minutes of riding. Students receive a discounted rate of $0.50 per ride.
To use LimeBike, you first use the LimeBike app to locate one of the citrus-colored bikes near your location. Once you are at the bike, you scan the QR code on the bike or enter the bike’s plate number into the app to unlock the bike. When you are finished using the bike, you park the bike by a bike rack or post – anywhere that is legal and visible. Once you press down the back wheel lock, the trip is finalized and your payment is processed – all within the LimeBike app.
LimeBike operates the bicycle networks within cities, eliminating the need for cities to maintain the bikes or deal with other logistics. The shared bicycle network is not dependent on government funding, making it appealing to cities with tight budgets.
LimeBike just raised $12 million in funding from investors to expand its operations. It is set to begin operating in as-of-yet undisclosed cities in April or May of 2017.
You are one of the only accountants in LimeBike headquarter's office.
The company’s CEO, Toby Sun, has tasked you with forming the company's the company’s accounting policies.
For the discussion post, write an email to the company CEO and address all of the following typical company scenarios and whether each item should be expensed or capitalized at LimeBike:
The cost of customized bikes. This includes the bike's purchase price, shipping, assembly and sales tax.
Development costs of the smart phone app for locating, paying, and returning bikes. (Resource: Accounting for Software Development)
Salary of the salesperson who works to get cities to adopt the Lime Bike program.
Replacement tires for bikes.
Routine bike maintenance including chain lubrication, brake pad replacement, and drive train cleaning
Electricity and other utilities in administrative offices
Somewhere in your email, also address why this classification is important. Be sure to include how these decisions would impact the company’s balance sheet and income statement.
In: Accounting
In: Finance
The management of the Mojito Theme hotel estimated that they can generate $180,000 and $190,000 in room revenues in 2011 and 2012, respectively, by using some other forecasting methods. However, the total room revenues were actually $185,000 and $200,000 in 2011 and 2012, respectively. The management team wants to come up with a robust forecasting report and they want to see the forecasting results with exponential smoothing model. Therefore, based on the information given, if the management would like to sell 2,500 rooms in 2012, what is the forecasted average daily rate (ADR) in 2012 based on the exponential smoothing model?
In: Finance
The manager of the Hilton Resort Hotel stated that the mean guest bill for a weekend is $600 or less. A member of the hotel’s accounting staff noticed that the total charges for guest bills have been increasing in recent months. The accountant will use a sample of future weekend guest bills to test the manager’s claim. a. Which form of the hypotheses should be used to test the manager’s claim? b. What conclusion is appropriate when ?0 cannot be rejected? c. What conclusion is appropriate when ?0 can be rejected? d. What is the Type I and Type II errors in this situation?
In: Statistics and Probability
The following information for the next 2 questions Davison Corporation, which has only one product , has provided the following data concerning its most recent month of operations: Selling price 95 ,Units in beginning inventory 0 ,Units produced 5000, Units sold 4,900, Units in ending inventory 100.
Variable costs per unit
Direct materials. 26 ,Direct labor 40 , Variable manufacturing overhead 1, Variable selling and administrative expense 4,
Fixed costs
Fixed manufacturing overhead $40,000, Fixed selling and administrative expense $73,500 What is the total period cost for the month under variable costing? A) S133,100 B) $113,500 C) $40,000 D) $93,100
In: Accounting
If a representative firm with the total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by ??=1,400−40? and ??=−400+20?, the number of firms operating in the short run will be:
a. 140
b. 200
c. 280
d. 100
In: Economics
A contractor is interested in the total cost of a project for which he intends to bid. He estimates that materials will cost P25000 and that his labour will cost P900 per day. The contractor then formulates the probability distribution for completion time (X), in days, as given in the following table. Completion time in days (X) 10 11 12 13 14 P(X=x) 0.1 0.3 0.3 0.2 0.1 a) Determine the total cost function C for the project. b) Find the mean and variance for completion time X. c) Find the mean, variance and standard deviation for the total cost C.
In: Statistics and Probability