CENT 1400 Accounting and Financial Management : Use to Earn Additional
a) Calculate the budgeted payroll for the event. b) After the wedding records indicated the event actually required 430 hours of labour at a total cost of $6,665. Analyze total payroll for cost and quantity variances.
Answer:
Introduction:
Financial Management is about preparing, directing and managing the money activities of a company such as buying, sel
ling and using money to its best results to maximise wealth or produce best value for money. It is basically applying general management concepts to the cash of the company. Financial Management can also be defined as – The management of the finances of a business / organisation in order to achieve financial objectives
“Financial management is concerned with raising financial resources and their effective utilisation towards achieving the organisational goals” Dr. S. N. Maheshwari
“Financial management is the process of putting the available funds to the best advantage from the long term point of view of business objectives” Richard A. Brealey
1: The total number of estimated guests is 500. We require one server for every 10 guests.
Thus, the total no. of servers required = 500/10 = 50 servers. The servers are working for a 8 Hour shift @ $14 per hours.
Thus, the total budgeted hour for all servers = 50 servers * 8 hours * $14 per hour = $5,600.
It is further given that the actual was 430 hours at a total cost of $6,665. Based on this the total cost variance is $1,065 unfavourable and $420 is the unfavourable quantity variance.
2: There is a 90 room hotel with 70% occupancy percentage. We have the fixed and variable costs information as well. We can calculate the break even occupancy percentage by first calculating the break even room.
- Break even room is calculated at 6,682 rooms and the occupancy percentage is 20.34% against the sales revenue of $4,38,339.
- The level of sales to achieve a profit of $3,63,166 is calculated at $9,68,912.
- With increase of $6 in revenue, the new occupancy percentage is 39.66%.
3: In my opinion, option b is better where the owner can borrow $1,00,000 as the contribution in this case is lower by only $3,200 but the owner has $1,00,000 at disposal which he can use to earn additional interest.
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