In my not so distant future I hope to one day open a 1920’s themed restaurant that operates in Hollywood. In order to achieve this goal, I need to do a few things first. The first and primary thing is to make a name for myself in the culinary world. To do this I need to have great job that gets me in the view of people. With being a popular chef for the people, it will gain me a crowd that will be enticed to come to my restaurant. The other thing that I must accomplish is to build and find finical equity that could help give me a chance to get a loan from the bank. Once both of these things are accomplished I can start to look for a location in the area surrounding Hollywood. Once I find an area that I believe has good financial and foot traffic I will have to build the restaurant. While it is being built the menu can be tested out and messed with so that it will be profitable. Once the location is built I have planned to pay off my loan within 5 years.
Monday, December 5, 2016
1. Some fixed cost are: insurance payments, rent/leasing money, mortgage, taxes, management salaries, and benefits payments.
2. Some variable cost will be: food cost, beverage cost, utilities, repairs and maintenance, and marketing
3. While they are both great ideas I think that Loralei’s idea of doing both increase sales and lowering cost is a superb idea. First they need to break the breakeven point by having a high guest count to increase sales. “At the breakeven point, operational expenses are exactly equal to sales revenue. Stated in another way, when sales volume in a business equals the sum of its total fixed and variable costs, its breakeven point has been reached.” (Dopson, Lea R. Managerial Accounting for the Hospitality Industry. Wiley, 09/2008. [The Art Institutes].) Reducing the cost can also help, by increasing the contribution margin that will also help make a profit. “for the overall operation is defined as the dollar amount, after subtracting variable costs from total sales, that contributes to covering fixed costs and providing for a profit.” (Dopson, Lea R. Managerial Accounting for the Hospitality Industry. Wiley, 09/2008. [The Art Institutes].).
Monday, November 28, 2016
a. The total revenue of Oct. 2009 is $545000 and total revenue of Oct. 2010 is $583000
b. THe GOP of Oct. 2009and 2010 are $16200 ('09) and $184550 ('10). It is for shortcomings such as these that hoteliers now consider an analysis of a hotel’s GOPPAR to be of such importance. As you may remember, gross operating profit (GOP) is total hotel revenue less those expenses that are considered directly controllable by management.
c. The GOP percentage for OCt. 2009 and 2010 are 26.72% ('09) and 31.66% ('10). While GOPPAR is not really a new concept, it has recently been touted as an alternative to the RevPAR analysis method of evaluating the effectiveness of a hotel’s revenue generation ability. Gross operating profit per available room (GOPPAR) is simply defined as a hotel’s total revenue minus its management’s controllable expenses per available room.
d. The flow through of Santi's hotel is 59.34% this indecates an effeciency in managment. Flow-through is a concept that, while not directly connected to rooms pricing, is extremely helpful to understanding the pricing philosophy that is best used by a specific hotel. (Dopson, Lea R. Managerial Accounting for the Hospitality Industry. Wiley, 09/2008. [The Art Institutes].)
Monday, November 7, 2016
In the face of current ballot issues up for voting there are many issues that can have an impact on the labor force. One of the key issues lately has been the legalization marijuana. While many people are going to be debating whether to pass it or not, I do not. I wish to instead focus on the effects of marijuana use in the job force. First and foremost, if it is legalized for recreational use doe companies still have the right to terminate employees for using marijuana and testing positive on a drug test. The answer is yes; “In Colorado, in the matter of Coats v. Dish Network; Coats, the plaintiff was subject to a random drug test that showed the presence of marijuana in his system. The employer had a "zero tolerance" policy for the use of drugs and, therefore, terminated the plaintiff's employment. The trial court dismissed the employee's claim on the basis that the use of marijuana, even if legalized under state law, was not a legal activity. In June of 2015, the Colorado Supreme Court upheld the ruling of the trial court and ruled that an employer is still permitted to terminate an employee who engages in activity that violates federal law.” (http://www.naceweb.org/j022016/marijuana-drugs-in-the-workplace.aspx) This means that although you can recreationally use marijuana you can’t use it in jobs that still operate under federal drug testing due to marijuana being a schedule 1 drug. The following question after that is whether or not use of marijuana can cause impairment in the job force, “In May 2015, an article in the Journal of Occupational and Environmental Medicine concluded that there is a likely statistical association between illicit drug use, including marijuana, and workplace accidents. The drug impairs attentiveness, motor coordination, and reaction time and impacts the perception of time and speed. Studies from the National Institute on Drug Abuse have found that marijuana negatively impacts driving performance, and other researchers have found that acute use of the drug increases the risk of crashes and fatal collisions.” (https://ohsonline.com/Articles/2016/02/01/Marijuana-Use-and-Its-Impact-on-Workplace-Safety-and-Productivity.aspx?Page=1) This concludes that certain jobs that require attentiveness and full use of motor functions would be impaired or will suffer under performance by the use of marijuana.
Monday, October 31, 2016
There are very few times one can say that they have had the greatest or grandest moment in their life, however there are places where the environment or the actual experience of being in that location is so great it lays within our memories forever. For me one such moment occurred while I lived in Iceland. Every summer during the week of the solstice in the city of Hafnarfjörður at a place called the Viking village, “The Viking Village is small and personal family business in the restaurant and hotel business. It is located in Hafnarfjörður a lovely town by the sea and our facilities have ocean front views” (http://fjorukrain.is/en/about-us-3/), they celebrate by recreating what life was like during the time of the first settlers of Iceland called Viking Festival in English. (at least they did while I lived there). While visiting the festival my family went to the restaurant that is located just adjacent to the festival called Fjörugarðurinn, here the food was prepared and presented to the best recreated style of the first settlers, one of the items on the menu is Íslandsdiskur höfðingjans með hákarli, harðfisk, síld, rúgbrauði og súrmat (Þorramatur) (http://fjorukrain.is/matsedill/) which translated is Viking starter with shark, dried haddock, herring, ray bread, assorted whey pickled food (Thorri food) and taste of Black death. On top of the recreated foods they had minstrels sining traditional Icelandic songs and telling traditional stories. One of the more memorable moments was when one of the people dressed up came to our table and threw his knife into the table in front of my brother and told him he would eat his vegetables. This restaurant experience is also the greatest one for me due to the fact that when I asked how they made the food they had the cook come out and explane hoe some of the more traditional foods where made.
Monday, October 17, 2016
a. The accounting method that shows a higher net profit is Lisa's accrual accounting method; this is due to the fact that it records all amounts of money no matter when they are collected or payed out.
b. The accounting method that most accurately the amount of cash on hand to pay bills is Laura's cash accounting method, "The major advantage to using a cash accounting system is... simply by looking at the current balance in your checking account you will know how much money you have left to spend."
c. The accounting method that most accurately shows the revenues generated regardless of when they were paid is Lisa's accrual method, "In an accrual accounting system, revenue is recorded when it is earned, regardless of when it is collected"
d. The Which accounting method which most accurately shows the expenses incurred regardless of when they were paid is Lisa's accrual method, "In an accrual accounting system, and expenses are recorded when they are incurred, regardless of when they are paid."
e. The accounting method most accurately shows actual cash inflows and outflows is Lauras cash method.
f. The accounting method that shows the most accurate reflection of their restaurant’s true profitability is Lauras accrual method.
Monday, October 10, 2016
a. Is it legal?
If the company she works for does not have any form of policy for kickbacks or gifts it would not be illegal to accept it but it may be immorale. "You must also consider whether or not it is permissible within the guidelines established by the company for which you work. In this case, violation of a stated or written company policy may subject you to disciplinary action or even the termination of your employment."
b. Does it hurt anyone?
It is possible that at some level someone is being hurt. The gift of hot dogs is ment for the company not for personal use for Laurie. The hurt that is being incurred can be on the be half of the Restaurant aand the supplier."Discounts, rebates, and free products are the property of the business, not the manager."
c. Am I being honest?
Can she in the future fairly and objectivly look at the bids from other suppliers. If she has a responsibility in which she has to interact with other suplliers can she be objective or would she now have a bias. As well how would accepting the gift of hot dogs reflect on her professional career.
d. Would I care if it happened to me?
If she was thge owner would she like to have one of her employees accept and personally use a gift. if she wouldnt than she should not accept the hot dogs.
e. Would I publicize my action?
Would she like to have her actions show up in the company newsletter, if she would not it would be indicative of the fact that she is doing something wrong.
f. What should be done with the two cases of hot dogs?
The hot dogs should be used for a comapny wide event, or she should inquire with her boss on how to handle the free gift.