Week 4 EOC: Chapter 5, Question 2

Answers: 

a. The change in Cash resulted in a Use of Funds because the dollar amount increased on the balance sheet from what you started with. "When you deposit the cash into your bank account (increase in the cash account), you do not have the money in your hand to spend. In effect, the bank is “using” your money, so it is a use of funds." (Pg. 148, Managerial Accounting for the Hospitality Industry.) The amount of that change was increased by $14,000.

b. The change reflected a Use of Funds in Net Receivables."Net Receivables represents money that guests owe you for products or services that you have provided. If it increases, then that means that more people owe you money. Since you have provided products or services without being paid, this is a use of funds." (Pg. 148, Managerial Accounting for the Hospitality Industry.) The amount of that change was a $30,000 increase.

c. Notes Payable reflected a Use of Funds. Notes payable are loans or money you borrowed. "If you decrease notes payable by paying back money you borrowed, this is a use of funds for you," (Pg. 151, Managerial Accounting for the Hospitality Industry.) because you no longer have that money. The amount of the change was decreased by $44,000.

d. Retained Earnings reflected a Source of Funds for the business. "Retained earnings represent the accumulated account of profits over the life of the business that have not been distributed as dividends. If your retained earnings increases, that means you have increased your net income for the year, thus providing a source of funds." (Pg. 152, Managerial Accounting for the Hospitality Industry) The amount of Retained earnings was increased by $104,000.

e. "Sources and Uses of Funds are the inflows and outflows of money affecting the cash position." (Pg. , Managerial Accounting for the Hospitality Industry) The total amount of Sources and Uses of Funds was $743,000.

Week 4 EOC: Chapter 4, Quiz Question 3

Answers:

a. The chains % for cash is 6.70%. Rachel's cash % is lower with 4.5%. "the term cash refers to the cash held in cash banks, money held in checking or savings accounts, or electronic fund transfers from payment card companies." (Pg. 123, Managerial Accounting for the Hospitality Industry.) Which means that the cash she has available compared the chains is lower.

b. Rachel's Inventories % of 2.7% was higher than the Chains Inventories %. "inventories will include the value of the food, beverages, and supplies used by a restaurant, as well as sheets, towels, and the in-room replacement items, used by a hotel." (Pg. 124, Managerial Accounting for the Hospitality Industry) Which just means Rachel's Inventories have a value greater than the chains.

c. Rachel's % in Accounts Payable is higher with 11.3% compared to the chains 10.50%. "Accounts payable represents money that you owe to your suppliers for products or services that you have received." (Pg. 151, Managerial Accounting for the Hospitality Industry) Therefore, Rachel owes more money than the chain does.

d. Rachel's 2.5% in Notes Payables is higher than the Chains %. Which means Rachel borrowed more money this year than the Chain did. 

Week 3 EOC: Greatest Restaurant Experience

My greatest restaurant experiences would have to be when I was a child. When choosing my greatest restaurant experience, I chose the one that showed consistently good friendly service and great food. I chose Denny’s because there was always a friendly face to greet us, and a nice aroma throughout; I felt welcomed. My family and I would always go to Denny’s for breakfast; on Birthdays, Special days, or because mom didn’t want to cook. We lived within walking distance of a Denny’s, and every time we went we always sat where we had the same server each time; she was friendly and always had something new to talk about. Good conversation and good company is a plus while you’re enjoying your meal. Denny’s food was always so good, and their Strawberry milkshakes were the best... I always had to get one as soon as we were seated. My favorite item on the menu to get was the Grand Slamwich; it contained crispy bacon, fluffy eggs, sausage, shaved ham and cheese between two deliciously toasted pieces of potato bread with a side of golden hasbrowns. Another item on their menu I would get was their hush puppies. They were not an item that was on the menu daily, so when it was available I made sure to get it. I walked out always full and happy. Now as an adult, I’m glad I get to still eat at the same Denny’s as I did when I was younger. And I still order a Strawberry milkshake every time I go. Even though Denny’s isn’t a fine dining restaurant, but a casual diner, having servers who know good customer service will have your customers coming back for more. 

Week 2 EOC: Chapter 2, Question 4

Answers:

a. Lisa's accrual accounting shows a higher net profit of $10,750.

b. Lisa's cash accounting shows the most accurate amount on hand because, "a cash accounting system is a method that records revenue as being earned when it is actually received." (pg. 49 Managerial Accounting for the Hospitality Industry.) It works like a checking account. When money is deposited it adds to your current cash balance. When money is withdrawn it decreases your current cash balance.

c. "In an accrual accounting system, revenue is recorded when it is earned, regardless of when it is collected, and expenses are recorded when they are incurred, regardless of when they are paid." (pg. 49 Managerial Accounting for the Hospitality Industry.)

d. Lisa's accrual accounting most accurately shows her expenses of $34,250 incurred regardless of when they were paid.

e. An accrual account would be best used to show actual cash inflow and outflows. This allows you to spread your money out and see where it is going to be used regardless of when you pay/paid it.

f. "If an accrual system is used then the business should consistently report its financial information. As a result, a restaurant will be able to see a more accurate idea of its true profitability." (pg. 50 Managerial Accounting for the Hospitality Industry.)

Week 1 EOC: My Voice

          Food is my passion and being able to create a dish that people love is everything. I am a Culinary Professional who has traveled to different countries to gain knowledge about a variety of cuisines and ingredients. Most of my time traveling, I spent south of the U.S. visiting places such as; Argentina, Brazil, and Mexico City. I was able to see how other dishes from other countries are brought together. Once I settled, I worked in a few different kitchens before opening my food truck. I gained experience and learned skills from my peers and mentors. But before working in professional kitchens I was making holiday dinners in my kitchen. Cooking has always been a big part of my life since I was a little girl. It was a way to bring people to together to enjoy a good meal, and forget about our troubles. Cooking is universal: It is evolving and there’s always something new to be done. Liquid Nitrogen for example, you can see it used for many desserts and even freezing alcohol. It is always best to experience new things, and try new ways. In being able to learn from other chefs it made me better as a chef. I am hardworking and creative in the kitchen. 

Week 1 EOC: Chapter 1, Question 3

Answers:

a. Is it legal?

If there was a policy in place forbidding to accept "gifts." See if there are laws/policies about accepting certain gifts in your state. "Sometimes it may not be clear whether an actual course of action is illegal or simply wrong." (pg. 18 Managerial Accounting for the Hospitality Industry.)

b. Does it hurt anyone? Yes, it hurts her reputation. Even though it was never said the free hot dogs were meant for the restaurants purpose.

c. Am I being honest? No, Laurie shouldve said something and been honest about the hot dogs she received.

d. Would I care if it happened to me? Yes, if laurie was the owner she wouldnt want her purchasing managers to accept gifts like that.

e. Would I publicize my action? No. Laurie used them for a BBQ that she probably wouldnt want her boss to find out about.

f. What should be done with the two cases of hot dogs? Kept for restaurant purposes. (Fundraiser) shouldnt be sold, since they are for sampling.