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THH3113 Cost and Performance Management for Tourism and Hospitality With Elegant Hotel Case Study - Accounting Assignment Help
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Assignment Task
Case study:
The Elegant Hotel was first opened as the Princes Hotel in 1888.
The Hotel was refurbished in 2020 and is comprised of a large public bar with full facilities, dining room, beer garden, bottle shop - the Valley Wine Shop, located on the corner of Brunswick & Wickham streets in Brisbane CBD Queensland Australia.
The owners of The Elegant Hotel Jack & Jill have successfully renewed their trading license for their hotel, and they have a lot of local competitors. JACK & JILL are very concerned about their business that they might succeed only if they cut done on their costs as they are also hit by the 2020 covid pandemic.
They want to compare their budgeted income and expenses with current year income statement and see how they have performed in the basis of cost and revenue management when compared. Jack and Jill is well aware of the surprises that this pandemic will bring , thus want to know what are their major cost drivers and how can they be reduced in future
They want to be proactive thus forecast and decide for any extra costs that they might incur in running their business. As their current revenue manager you are approached to evaluate factors affecting value perceptions in food services.
JACK & JILL are sure that you can help them to point out the cost drivers and evaluate management cost drivers that measure performance of the cost control
The extract of The Elegant Hotel is below which you should use for your analysis.
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Income & Expenses Statement for The Elegant Hotel for the year ended 30th June 2021 |
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Budgeted Income and Expenses |
Current INCOME & EXPENSES |
|
|
2020-2021 |
2020-2021 |
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|
INCOME |
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RESTAURANT Sales |
$218,750.00 |
$175,000.00 |
|
Sale from Bar |
$122,500.00 |
$125,000.00 |
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TOTAL SALE |
$341,250.00 |
$300,000.00 |
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Expenses |
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Advertising |
$1,476.57 |
$1,968.75 |
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Bank charges |
$405.00 |
$540.00 |
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Casual employee wages |
$70,312.50 |
$93,750.00 |
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Cleaning & cleaning products |
$607.50 |
$810.00 |
|
Credit card commission |
$5,096.25 |
$6,795.00 |
|
Electricity/Gas |
$18,562.50 |
$24,750.00 |
|
FOOD DELIVERY Vehicle service costs |
$1,518.75 |
$2,025.00 |
|
kitchen utensils hire |
$675.00 |
$900.00 |
|
Netflix subscription |
$506.25 |
$675.00 |
|
Permanent full-time employees Salary |
$157,500.00 |
$157,500.00 |
|
property insurance |
$590.63 |
$787.50 |
|
Public liability insurance |
$472.50 |
$630.00 |
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