By Martin G. Jagels
The luck of each enterprise within the hospitality is determined by maximizing sales and minimizing bills. This Ninth Edition maintains its time-tested presentation of primary thoughts and analytical suggestions which are necessary to taking keep an eye on of real-world accounting platforms, comparing present and earlier operations, and successfully dealing with funds towards elevated earnings. It bargains hands-on assurance of laptop functions and sensible decision-making abilities to effectively arrange readers for the more and more complicated and aggressive hospitality undefined.
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Extra info for Hospitality Management Accounting
Explain why. 16. Under what circumstances might the individual account balances not be correct even though a trial balance is in balance? E T H I C S S I T U A T I O N A restaurant manager has a contract with the restaurant’s owner that he is entitled to eat meals in the restaurant without charge when on duty. The manager lives in a rented apartment above the restaurant with his wife and two children. Generally, the family members eat their meals in the restaurant every day of the week. No sales checks or other records make note of the consumed meals.
Net income (NI) An economic result of operations when total sales revenue is greater than total costs after income taxes. Net loss (NL) An economic result of operations when total sales revenue is less than total costs. Note that because gross margin equals sales revenue minus cost of sales, the income statement can be restated this way: Gross margin ؊ Expenses ؍Operating income or Operating loss Sales revenue is earned when cash is received or when credit is extended, creating a receivable.
10). The purpose is to verify that the Texana Restaurant ledger is in balance. 11 is prepared for Texana Restaurant from information given in the adjusted trial balance using the following format: Sales revenue ؊ Cost of sales ؍Gross margin ؊ Expenses ؍Operating income (before tax) The last step in moving through the accounting cycle is to create closing entries, bringing the temporary accounts balances to zero. Closing the temporary accounts will transfer sales revenue and operating expenses to the income summary account.