1. For the upcoming year, the Hotel Maritime banquet department expects to generate $3,577,500 of revenue. Based on historical trends, the company makes the most sales in the fourth quarter. As a result, it assumes that the fourth quarter will contribute 65% of the annual revenue. The remaining budgeted amount will be allocated equally between the other three quarters.

For each quarter, calculate the budgeted sales in dollars. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number.

Q1Q2Q3Q4Year$Answer$Answer$Answer$Answer$Answer

2. Flower Catering provides catering to downtown offices. The company estimated there will be $49,500 in food inventory at the beginning of December 2020 . Flower Catering wants to have half of that amount in its inventory at the end of December. Based on the forecast, cost of food sales in December will be $121,700.

Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values or values that must be subtracted. Prepare a purchases budget.

Flower Catering Purchases Budget Month Ending December 31, 2020Budgeted Cost of SalesAnswerRequired Ending InventoryAnswerBudgeted Beginning InventoryAnswerRequired PurchasesAnswer

3. Adrians Restaurant is a 57-seat restaurant open every day for lunch and dinner. For the month of May, it plans to turn over the restaurant 1.5 times at lunch and 2.5 times at dinner. Each server can handle 19 guests at a time. Lunch shifts are typically 3 hours and dinner shifts are typically 5 hours. Servers earn $16 per hour. Calculate the cost of server labour for lunch, dinner and in total for the month of May.

Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Lunch Labour Cost = $Answer Dinner Labour Cost = $Answer Total Labour Cost = $Answer

4. Jolly Jalapenos Inc. has decided to purchase new capital equipment costing $520,000 cash in the next fiscal year. They also intend on selling their old equipment for $33,000 cash.

Prepare the capital budget for Jolly Jalapenos Inc. for their upcoming year-end (September 30, 2020). Do not enter dollar signs or commas in the input boxes.

Jolly Jalapenos Inc. Capital Budget for year-ending September 30, 2020Capital Expenditures$Less: Sale of Capital Assets$Total Capital Expenditures$

5. The following is Beta Hotel's income statement for the year ended January 31, 2020.

Beta Hotel Income Statement For the Year Ended January 31, 2020Revenues $840,000 Expenses: Administrative Costs$24,000 Marketing$10,000 Variable Wages$336,000 Management Salaries$119,000 Rent$208,000 Utilities$30,000 Total Expenses $727,000Net Income $113,000

Beta Hotel is a limited-service hotel with 18 rooms and no food and beverage operations. Management does not intend to spend a lot of time and money on budgeting. The manager has determined the 2021 budgeted income statement should simply reflect the following predicted changes from the 2020 income statement:

• Revenues will increase by 3%
• Marketing costs will decrease by 4%
• Management salaries will increase by 3%
• Variable wages will remain consistent as a percentage of revenue
• Utilities will increase by 4%
• Administrative costs and rent will remain the same

Do not enter dollar signs or commas in the input boxes. Prepare the budgeted income statement for the year ending January 31, 2021 using the incremental budgeting approach.

Beta Hotel Budgeted Income Statement For the Year Ended January 31, 2021Revenue $Answer Expenses Administrative Costs$Answer Marketing$Answer Variable Wages$Answer Management Salaries$Answer Rent$Answer Utilities$Answer Total Expenses $AnswerNet Income $Answer

6. Super K Hotels expects $820,000 of total sales in February and $700,000 of total sales in March. Historically, the company collects 83% of its total sales in the month of sale and 17% in the following month.

Determine the amount of cash that the company expects to collect in the month of March. Do not enter dollar signs or commas in the input boxes.

Super K Hotels Cash Collections Budget For the Month Ending March 31, 2020 Collection of February Sales$AnswerCollection of March Sales$AnswerTotal cash to be collected$Answer