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business
management in the hospitality industry

Questions and Answers of Management In The Hospitality Industry

What are the different career options available within the hospitality industry for those wishing to explore a career involving IT? How do these options and the skills required vary across industry
What does it mean to be a boundary spanner?
Define and develop what you would consider to be the “ideal” career path for you. What steps will you need to take to achieve your goals?
What are the key points you take away from Professor Connolly's story? How can you apply them to your own career?
Give at least three examples of businesses within hospitality that rely heavily upon technology. For each example, discuss the role technology plays relative to how the business functions.
The Saimoldstuff Restaurant chain is considering building a specialty restau- rant that will feature a new menu line designed for health-conscious diners. (The menu line will consist primarily of a
Mr. Y. Taekachance is considering investing in a new restaurant that will spe- cialize in “haute cuisine fast foods,” such as take-out beef Wellington and Peking duck wing dings. He estimates
The One-Period Motel is planning on going out of business exactly one year from now. At that time, each of its shares of stock will pay a liquidating dividend. The liquidating dividend has the
Harold Rim is thinking about purchasing a share of stock in the Redwood Hotel. Redwood is expected to stay in business only one period, at the end of which it will pay a liquidating dividend. Mr. Rim
You have the opportunity to invest in one of three restaurants: A, B, or C. You have estimated the rate of return each restaurant will earn under the assump- tions of a bad, normal, and good economic
Assume that a risk-averse individual is interested in investing in only one of the following assets:Restaurant A 10% 15%Restaurant B 15% 40%Required: -1. Assume that the risk-free rate is 9%. Use
A restaurant is considering expanding its operations. If the current risk-free rate is 9%, the expected return on the market portfolio is 17%, and the beta is 1.5, calculate the owner’s required
Calculate the expected rate of return from the probability distribution below:Event Probability Return A allis) = 2 B 225 .00 GC 30 the D .20 .20 E 10 day
How does the correlation coefficient (/;,,) of an asset’s return with the market portfolio’s return relate to the amount of the asset’s risk that can be diversified away when that asset is
What is the behavioral characteristic known as risk aversion? How does it apply to financial investments?
In estimating the components of the SML, how is R; determined? How is kn approximated?
What is the importance of the security market line (SML)?
What does beta measure? What does it mean when a project or stock has a beta of 1.0?
What are two ways by which an individual can own a “piece” of the market portfolio?
Whatis the relationship between the borrowing /lending line and the market portfolio?
How does diversification in a portfolio reduce risk? What happens to the risk of a portfolio containing a few assets as more and more assets are added to it? Why?
What is a normal distribution? Why is the standard deviation necessary in addition to the expected value when measuring the range of possible out- comes of a distribution?
What are two major components of the owner’s required rate of return?
The owner of the Gatti Motel and Eatery has asked you to prepare an income statement and balance sheet based on the following:1. Accounts receivable = $15,000 2. Accounts payable = $20,000 3. Current
The Blue Water Eatery has the following information for 20X1—20X3:20X1 20X2 20X3 Current Ratio iVe2, eS at A/R turnover 15 16 iby Asset turnover 2 Dail 2.2 Profit margin 7% 7.5% 8%EPS $2.20 $2.30
The Brown Place’s condensed balance sheets for December 31, 20X1, and 20X2, and its income statement for 20X2 are shown below:Brown Place Condensed Balance Sheets December 31, 20X1 and 20X2 20X1
The Bouknight Hotel has financial ratios calculated from its annual financial statements for the past four years as follows:Ratio Years 1 2 3 4 Current ratio 1.04 ae: 1.08 1.20 Food inventory
The Rusty Inn commenced operations on January 1, 20X1, and has been operating for two years. Assume you are the new assistant manager and desire to gain some insight into financial relationships of
Bondy’s Place has selected financial ratios for 20X1-20X3 as follows:20X1 20X2 20X3 Current ratio Ves 1.15 12 Accounts receivable turnover 13 12 11 Inventory turnover 24 Os) 22 Asset turnover uF)
Lorann Andrews is planning to open a restaurant. She needs your assistance in forecasting the balance sheet using the following information. Round all projections to the nearest thousand. Assume
The condensed income statements for years 20X1 and 20X2 for the Ruhf Inn are shown below:20X1 20X2 Room revenue $2,500,000 $3,000,000 Room—labor costs 400,000 500,000 Room—other expenses 300,000
The Royce Lodge, a 300-room hotel, has provided you with the following data for the months of January and February.January February Single rooms sold 2,500 2,480 Double rooms sold 4,400 4,200
The Rainbow Motor Motel is a 50-room facility with a restaurant to accom- modate its guests. The motel is open 365 days a year, even on leap years: as Lurena Boucha, the proprietor, closes down the
The following information is taken from Fields Restaurant:Cash $ 5,000 Accounts receivable 80,000 Food inventory ?Prepaid expenses 3,000 Total sales 1,000,000 Net income 50,000 Cost of food used
Indicate the effects of the transactions listed below on each of the following:total current assets (CA), working capital (CA — CL), and the current ratio. Indi- cate an increase with >, a decrease
John’s Cookies has the following ratios for 20X4:Profit margin = 10 Asset turnover = 1.5 ROE = 20%In addition, total sales for 20X4 were $1,000,000.Requtred:1. What is its ROA?2. What was its net
Jerry Peter’s small town cafe has a loyal following and he wants to expand his operation. He can rent an adjoining building and convert the space to a banquet room. The expected expansion costs,
The Wilson Club has annual sales (all on credit) of $10,000,000 a year. Assume its accounts receivable turnover is 8 times.Required:1. What is the average accounts receivable balance?2. What is the
Why is the operating efficiency ratio the preferred ratio for measuring management's overall performance?
What is the major weakness of the paid occupancy ratio? What ratio may be used to overcome this weakness?
In what way is the fixed charge coverage ratio an improvement over the number of times interest earned ratio?
Which user group is most interested in solvency ratios?
How do the various user groups (investors, suppliers, and managers)differ regarding the desired current ratio?
What is the purpose of liquidity ratios?
What are the five different classes of ratios?
What are three ways to use common-size financial statements?
How do comparative financial statements differ from common-size finan- cial statements?
What information does horizontal analysis provide? How can vertical analysis give perspective to information derived from horizontal analysis?
Goran Blomberg is interested in investing in a new rooms-only lodging property. He needs some financial projections for the proposed operations. He provides the following:it, 6.Rooms salesa. Average
The Warwick Motel has two major operating departments—rooms and food. The following information is supplied to you as of December 31, 20X6:Account Title Account Balance Insurance (Fire) $ 5,000
Ron Rhoades, the owner of Rhoades Resort, has hired you to prepare the resort’s income statement for the year ending December 31, 20X4. He has provided you with the balances of each of the general
Robert Woods, the owner of Woods’ Place, has hired you to prepare the income statement for the year ending December 31, 20X1. He has provided you with the balances of each of the general ledger
David Bates has managed the Westside Inn for 30 years, and the books have always been kept ona cash basis. Now the Westside’s new owner is requiring that the books be maintained on an accrual
Fred Basel, owner of the Mid-East Diner, is confused about the differences between net income and cash flow from operations. His bookkeeper provides you with the following information for 20X3:A.
Jose Aguilar, owner of the Aguilar Inn, desires to have the inn’s income statement prepared in accordance with the USALI. Listed below is financial information for the Aguilar Inn for the year
Walter Adkins, manager of Adkins Foods, needs assistance in preparing the or- ganization’s balance sheet at December 31, 20X1. Financial information avail- able is as follows:Account Title Account
The Midwest Hotel issues a full set of financial statements annually to its stock- holders. Mike Greer, the chief accountant, has provided you with the follow- ing information:4 Retained earnings
Corrina Saldivar, owner of Sally’s Foods, provides you with a list of accounts and their balances as of December 31, 20X3, as follows:Account Title Account Balance Cash $ 3,000 Marketable
You have been hired by J. Smith, a successful entrepreneur, to assist in analyz- ing the balance sheet for his two-year-old hotel, the Chicago Inn. The follow- ing are the condensed balance sheets of
During 20X4, the McDonald Motel earned net income of $100,000. Included on its income statement was depreciation expense of $30,000. The current assets and current liabilities shown on its balance
Bernie Ramon purchased a range for his Mexicana Diner on January 1, 20X1.The cost was $3,000 and he estimated the life at ten years. On December 31, 20X8, he decided to sell the range. He has
Hee Lee, owner of the Korean Kafe, has requested your assistance in calculating the depreciation of a new delivery van. The van, purchased on January 1, 20X2, cost $35,000. It is expected at the end
The Frendt Foodservice Center (FFC) recognizes bad debt expenses as .25% of total sales. When accounts are considered to be uncollectible they are written off against the “allowance.”During 20X4,
What is the purpose of footnotes to financial statements?
What are the contents on the statement of retained earnings?
What are the major sections of the statement of cash flow?
How do the statement of cash flow and the balance sheet interrelate?
What are some of the major differences between net income from the income statement and cash flow from operations from the statement of cash flows?
What is the major difference between income statements prepared for internal and external use?
What are the major sections of the income statement prepared in accor- dance with the USALI (Uniform System of Accounts for the Lodging Industry)?
How do the balance sheet and income statement interrelate?
What are the major categories of assets and liabilities?
What is the purpose of the balance sheet?
Why would a hospitality firm be interested in the commodity futures market? What types of hospitality firms might be interested?
What are three major financial intermediaries? Briefly describe their roles.
How does trading take place in a secondary market such as the New York Stock Exchange?
How do primary markets differ from secondary markets?
What is “Fannie Mae” and in what market is it involved? How might its existence affect the availability of hospitality financing?
What are the differences between the two major types of securities traded in capital markets?
Name three securities that are traded in the money markets?
What are three major types of financial markets?
How do the financial markets facilitate the exchange of capital for financial claims?
What is the difference between real assets and financial assets? Give one example of each type of asset.
What is the “rate of return trap”?
Is it easier for hospitality managers to create value using the asset structure or the capital structure? Why?
How might managers create value for hospitality owners using the firm’s capital structure?
How might managers create value for hospitality owners using the firm’s asset structure?
What is the relationship between the amount of financial leverage used and the return on equity (ROE)?
What role do entry barriers play in the creation of value by hospitality firms? What are some examples of entry barriers in the hospitality indus- try and how do they create value?
What broad principle governs whether a firm should distribute or reinvest earnings?
What two options does a firm have in disposing of its earnings after tax?
What two claimants have priority over the owner’s claims to cash flows?
How are the investment decision and the financing decision different?
Why does focusing on the best interests of the owners benefit all of a firm’s suppliers of financial capital?
Why do people invest? How can hospitality managers act in the best interests of owners with different future (consumption) cash flow needs?
What basic relationship in finance is expressed by the equation W, = DIV, +Y,[DIV,]?
What three characteristics determine the value to an owner of all future dividends? How will changes in each of the characteristics affect V,[DIV,]?
Why must assets equal liabilities plus equity?
What are the two major categories of capital on the balance sheet? What is the difference between them?
What are the three major mechanisms that have evolved over the years to minimize owner-manager conflict? How do they operate?

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