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An 80-room motel forecasts its average room rate to be $68.00 for next year at 75% occupancy. The rooms department has a fixed wage cost of $186,000. Variable wage cost for housekeeping is $9.00 an hour; it takes one-half hour to clean a room. Fringe benefits are 18% of total wages. Linen, laundry, supplies, and other direct costs are $2.75 per occupied room per day. The motel also has a 50-seat, limited-menu snack bar. Breakfast revenue is derived solely from customers staying overnight in the motel. On average, 40% of occupied rooms are occupied by two persons and, on average, 80% of overnight guests will eat breakfast. Average breakfast check is $6.50. Lunch seat turnover is 1.5, with an average check of $8.95. The average dinner check is $10.95 and there are 2.0 seat turns for dinner. The snack bar is open 365 days a year for all three meals. Direct costs for the snack bar are 78% of total snack bar revenue. Indirect costs for the motel are estimated at $580,800 for next year. a. Calculate the budgeted contributory income statement for each department and a consolidated total motel departmental income statement to determine operating income. b. Assume that at the end of next year, actual revenue was on 21,700 rooms occupied at an average rate of $68.40; actual housekeeping wages (before employee fringe benefits) were $108,208. Analyze room revenue for price and sales volume variances and housekeeping wages for cost, quantity, and sales volume variances; assume it took 32 minutes to clean each room actually occupied (sold).
The Good Life Insurance Co. wants to sell you an annuity which will pay you $770 per quarter for 25 years. You want to earn a minimum rate of return of 6.2 percent. What is the most you are willing to pay as a lump sum today to buy this annuity?
Create a diagram of the U.S. banking system and the Federal Reserve System. Include special financial services of the banking system in your diagram. Be creative in this activity. Pretend you have been asked to teach the structure and interrelationsh..
Which celebrity would you use to endorse Diet Pepsi in attempts to reach a ‘different’ target group? Who might you use for regular Pepsi? Diet Coke? Coke Classic? Sprite? Explain and justify your choice for each.
What is the present value of $3,525 per year, at a discount rate of 10 percent, if the first payment is received 7 years from now and the last payment is received 25 years from now?
Beam inc bonds are trading today at $470.01. the bond pays annual coupons with a coupon rate of 2.5% and the next coupon is due in 1 year. the bond has a yield to maturity of 7.83%. how many years until the bond matures?? round to nearest whole numbe..
Mexmagnet is introducing a new game system that promises to never become outdated. Mexmagnet will sell the systems for $225, and it will accrue $150 in variable costs to produce. If cash fixed expenses are $30 million per year and the depreciation an..
What is the net profit/loss of the following options? A call option written on FB has an exercise price of $60 with a premium of $5. Currently FB is trading at $70 per share. A call option written on BAC has an exercise price of $20 with a premium of..
Consider a currency swap for $10 million and SF15 million.- The current period has 181 days. Calculate the next payment each party makes.
What is the best estimate of the price (in CHF) you can recommend that management charge if it wants to just cover its costs and profit objectives?
A U.S. bank has made £50 million in Britain and has £40 in deposits. The bank's currency trading desk has also contracted to buy £20 million and has short positions of £15 million. What is the bank's net exposure? If the bank has exposures in euros a..
The market price of risk for copper is 0.5, the volatility of copper prices is 20% per annum, the spot price is 80 cents per pound, and the 6-month futures price is 75 cents per pound. What is the expected percentage growth rate in copper prices o..
Stock A has a standard deviation equal to 20% and an expected return of 11%. Stock B has a standard deviation equal to 25% and an expected return of 14%. The correlation coefficient of the returns on Stock A and Stock B is 50%. How much must you inve..
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