Assignment: Analyzing the Property Revenues

by | Apr 12, 2022 | Business

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Assignment: Analyzing the Property Revenues
The following Course Outcome is assessed in this assignment:
TH206-3: Analyze revenue and support centers.
Introduction:
For a hotel to remain solvent, management must maintain a clear and accurate picture of its financial status by regularly monitoring the daily operations. To make a profit, the rooms must be priced to sell and once sold, revenue must be collected and balanced daily. Read the scenario regarding Faraway Inn in which your advice is solicited by the new family owners.
Scenario: Faraway Inn has been operating in the state of Massachusetts for over 50 years. Run by successive generations of the Adopolis family, the inn has prided itself on providing top-quality accommodations at a comfortable seaside retreat.
Since the former owner’s daughter, Teresa, and her husband Peter, have taken over the management, they have realized there might be some problems with the accounting system. Neither Teresa or Peter are accountants so they ask their friend (you) to review their current system as they know you have taken a course in hotel management and operations. They would appreciate any advice you could offer.
You let them know you are not an accountant but will at least look at the situation and try to discern at least initially if there are indeed some problems and what those might be.
On September 10, 2019, you review the attached Adopolis family accounting ledger or as seen below, that is the original family icon’s personal accounting system that has been passed down to the current owners. It has the following columns:
The Adopolis Family Ledger:
Ledger based on the hotel room costing $350 per night:
Paid:
Owed:
Room: Roberts (2)
Deposit for 12/5 for 2 adults — $150 cash
Dates: Aug. 22–28, departure Aug. 29
$1,650
Food: 2 lunches @ $47.00
Gifts: one toothbrush ($6.25)
one silk scarf ($45.00), one shirt ($72.00)
Room Service: 8/25 — breakfast for 2 @ $36.57 $36.57 (added 20% gratuity on 8/28 — M. Adopolis).
Note: Credit card rejected on 8/29. Follow up with the client.
The front desk manager updates the ledger daily after receiving the handwritten receipts and updates in the ledger from the desk clerk. The gift shop and room service department send in their receipts by posting an email to the front desk clerk who prints off the charges and posts them by hand to each guest account in the ledger each morning.
Disclaimer: The organization and characters depicted in this exercise are fictional. Any resemblance to real organizations or individuals is purely coincidental.
Read the scenario and respond to the checklist items.
Checklist:
Examine the accounting procedures at the hotel. What procedures do you find to be a problem? Explain why.
Analyze the current hotel accounting system. Explain in general what they could improve concerning the system in use.
Explain how the Faraway Inn can increase in-house sales and improve the overall office operation.
Respond in a minimum of a 350–500-word, APA styled and formatted paper

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