ABC International Hotel is a 10 story, 350 room hotel situated in Adelaide.

The ABC International Hotel's business results for one day in February were:

Budget Information

F and B revenue budgeted at $12000

Food & Beverage dept. total department costs are 35% of F and B revenue

Room Occupancy budgeted at 95%

ADR set at $140

Rooms Division total department costs are 60% of Room revenue

EBIT is budgeted at 30.02% of total revenue

The budgeted Other (Operating expenses) is 15% of total revenue,

Income Tax paid at 30% of earnings before tax

Actual Results Rooms

1. Achieved RevPAR of $110.00
2. Rooms Division COGS were 48% of Room revenue

Actual results F and B

1. Food & Beverage revenue is $10 000
2. Food & Beverage dept. COGS were 30% of F and B revenue
3. Actual Other (Operating expenses) are $9250.

Other information

• Loan Interest actually paid $2 000
• Total owners' equity $100 000
• Total Assets $148 000 Including: Current Assets $65 000 and Non-Current Assets $83 000
• Total liabilities $48 000 Including: Current liabilities $26 000 and non-Current liabilities $22 000

Rounding instructions

• All occupied rooms are rounded DOWN

• All percentage calculations to be rounded to two decimal places

• All dollar figures round to whole dollars

Complete the missing information

	Income Statement
	Actual		Budget		Variance
	$	%	$	%	$	%
Room revenue		100%		100%
Cost of Goods Sold				60%
Gross Profit
F&B Revenue	10 000	100%	12 000	100%	(2000)	(16.67)
Cost of Goods Sold				35%
Gross Profit
Total Revenue		100%		100%
Total Cost of Goods Sold
Total Gross Profit
Other Operating Expenses	9 250			15%
Earnings Before Interest and Tax				30.02%
Interest	2 000			0%
Earning Before Tax
Income Tax
Net Profit				21.02%