Week 10 EOC: My Plan

Throughout this quarter we’ve focused on the fundamentals of accounting and different aspects of running a hospitality centered business. Though I am an advertising major, I feel that many of the aspects of this class apply to all majors. My plan for the future is to graduate from this school and be hired from an intern position. I hope to get an intern at a bigger ad agency, SKG or R&R, however if that is not possible I will try to intern at a smaller agency. From that point I would work my way up the ladder gaining as much experience as possible. If a better opportunity arises from another company at any point in time I will probably apply myself to that. After a good amount of time and a good amount of experience I will create a business plan for a potential graphic design/media applications company. If I feel confident about the company I will seek opportunities with investors. While all of this is happening I will still be working, or at least hope to still be working. Running my company has never been a thought of mine because of the amount of sacrifices it takes, however from taking these classes I have learned about the benefits of owning a business. I am still lenient towards not owning a business, however my thoughts may change when I get experience in the workforce. Before I have taken these classes I thought owning a business was easy, my opinion has changed so much. Now I know how much it takes to own a successful business, however I have also learned that all that sacrifice makes it that much sweeter.  Throughout this quarter we’ve focused on the fundamentals of accounting and different aspects of running a hospitality centered business. Though I am an advertising major, I feel that many of the aspects of this class apply to all majors. My plan for the future is to graduate from this school and be hired from an intern position. I hope to get an intern at a bigger ad agency, SKG or R&R, however if that is not possible I will try to intern at a smaller agency. From that point I would work my way up the ladder gaining as much experience as possible. If a better opportunity arises from another company at any point in time I will probably apply myself to that. After a good amount of time and a good amount of experience I will create a business plan for a potential graphic design/media applications company. If I feel confident about the company I will seek opportunities with investors. While all of this is happening I will still be working, or at least hope to still be working. Running my company has never been a thought of mine because of the amount of sacrifices it takes, however from taking these classes I have learned about the benefits of owning a business. I am still lenient towards not owning a business, however my thoughts may change when I get experience in the workforce. Before I have taken these classes I thought owning a business was easy, my opinion has changed so much. Now I know how much it takes to own a successful business, however I have also learned that all that sacrifice makes it that much sweeter.  

Week 9 EOC: Book Question

With Dan and Lorelai creating a partnership with the Watershed restaurant there will be fixed costs. “Some fixed costs include items such as property and income taxes, insurance, occupation costs (rent or mortgage), interest, and depreciation.” (203). Along with fixed costs, there will be variable costs, “a cost that increases as sales volume increases and decreases as sales volume decreases.” (487). Some variable costs include: hourly wages, labor costs, credit card fees, supply costs and commissions. I believe that Dan and Lorelai can run the restaurant and make profit, however they won’t be blown out of the water with profit immediately. They will both have to commit to one plan, but I believe that plan is to combine their ideas. For example, buying the restaurant at a good price isn’t guaranteed. If they do buy at a good price, great but I still believe they should increase the sales as well as reduce the cost. If they can do that they will make a slow but sure amount of money to make a profit. If Dan and Lorelai were able to get investors that would help them out immensely. However, “All stakeholders who are affected by a business’s profitability will care greatly about the effective operation of a hospitality business.” (65). This could help the restaurant’s business and profitability, however at the same time they would risk damaging the business operations. I would say this is a good idea for them to make only is they weren’t too dependent on investors for the long run.

Week 8 EOC: Quiz 8 Question 4.

a.    The total revenues in Oct 2009 was $545,000 and the total revenue in Oct 2010 was $583,000.Food and beverage revenues typically make up the largest portion of a hotel’s non-room revenue. (300).

b.  The GOP in dollars in 2009 was $162,000.  The GOP in dollars in 2010 was $184,550. Flow-through was created by managerial accountants to measure the ability of a hotel to convert increases in revenue directly to increases in GOP. (296).

c.    The GOP in percentage in 2009 was 29.72%.  The GOP in percentage in 2010 was 31.66%. Gross operating profit (GOP) is total hotel revenue less those expenses that are considered directly controllable by management. (298).

d.  The Flow-through percentage is 59.34%. The Flow -through is higher than 50% so it reflects efficiency in making more profits from additional revenue. 

Week 7 EOC: Trump and Small Business

“Business owners are divided about which candidate will provide the most beneficial support…”(INC). This quote explains a lot about the decisions America has made on the presidential election. Many business owners were and still are skeptical about both Clinton and Trump’s impact on their businesses. As the president elect, Trump brings a business aspect to the white house, which is one of the most appealing things that business owners see in Trump. “Many business owners feel like the country needs the fresh, non-political perspective of Trump, given the state of the current economy.” (INC). I agree that Trump can do well for businesses, however, it is still too early to form an opinion on Trump’s future actions because he is so unpredictable. Small business owner Brian Smith says that Hilary is more suited for the job. “He told CNBC that he believes Clinton's proposals will make it easier to allow business owners like himself to secure capital for expansions.” (INC). This view is very important because the small business industry’s main issue is lack of cash flow. The lack of cash flow is the number one reason a lot of small business are not successful. Along with their political views I find that Hilary focuses on the small business of America which are the minority of revenue just like she focuses on the ethnic minorities of America. As for Trump, I find he focuses on big successful business that bring in a majority of revenue. Since Trump has been elected, I predict that he will have a negative impact on the small minority businesses and positively affect the big majoritarian businesses, just like his racial views

Week 6 EOC: Weed in the Work Place

In my opinion recreational marijuana use should not be tolerated by an employer, however the use of medical marijuana should be tolerated but only with a legitimate document that proves the need of medical marijuana. “If an employee tests positive for marijuana, the employer should ask the worker to verify that he is a participant in a recognized medical marijuana program. The employer conducts further evaluation of the employment situation.” (SHRM). If an employee does not need pot for a medical use, then he should not be hired for safety reasons due to the “under the influence” factor on the job. “Marijuana use has been linked to an increase in job accidents and injuries…” (ohsonline). There should be insurance forms and a scheduled time for the employee to smoke. The reason I say this is because I know people who qualify for medical marijuana cards even though they have no medical reasons that prove they need pot. There should be more documents that state they need pot besides a medical card. For the exact reason that they can just get a medical card so easily. As of now, a positive test can be vital. “The penalty for a positive test is often a refusal to hire or, for those who are already employees, discipline up to and including termination.” (ohsonline). A law should be legalized that can determine the necessity of the drug to the user. As an employer I would follow the law of not hiring anybody that tests positive for marijuana use, however if the law (determining the necessity and having legal documents to prove otherwise) was passed I would not refuse the opportunity for the employee.

Week 5 EOC: Quiz 5, Question 2

a. The change in Cash reflects a Use of funds. $14,000. Cash is an outflow of money therefore represents a use, where as inflows of money would represent a fund, for example

investors. "Sources represent inflows and uses represent outflows of funds for the hospitality business." 147.

b. The change in Net Receivables reflects a Use of funds. $30,000, because it is owed to the business. "Net receivables (the term net means that something has been subtracted out) are those monies owed to the business after subtracting any amounts that may not be collectible." 123. Because the Net receivables are owed to the business it is subtracted from any collectible income.

c. The change in Notes Payable reflects a Source of funds. $44,000. Notes payable are short term loans that can be payed back for a use funds, if not borrowed and payed back then it is a source. " Notes payable are short-term loans (less than a year). If you decrease notes payable by paying back money you borrowed, this is a use of funds for you." 151.

d. The change in Retained Earning reflects a Use of funds. $80,000. Retained earnings are the accumulated profits over a span of time, showing the profit that has not been distributed to dividends.

Week 4 EOC: Quiz 4, Answer 3.

a. Rachel's cash % is 4.5% and the chains % is 6.7%. It is higher.This may Rachel is spending more money on services to help the restaurant and has less Cash assets than the chain. It is important for Rachel to know the different percentages. "there are a variety of important reasons why managers must be able to read and analyze their own balance sheets to determine items such as the current financial balances of cash, accounts receivable etc." (117)

b. Rachel's Inventory percentage is 2.7% and the chain's is 1.3%, which is higher,  this goes along with the fact Rachel may be spending more money on things such on inventory for her restaurant. " In most hospitality industry situations, the value of an inventory item will equal the amount the business paid for it." 124.

c. Rachels accounts Payable percentage is 11.3% and the chains is 10.50%. This is higher. This could mean that Rachel is also buying more inventory (produce and ingredients) than the chain average, so she owes more money to her suppliers. "Accounts 

payable represents the amount of money owed by the business to others (such as suppliers), and as a result is considered to be one of that business’s liability accounts." 37.

d. Rachel's Notes Payable %  is 2.5%, the chain’s % is 1.5%. This is higher. This means that Rachel has more company liabilities than the chain average.

Week 3 EOC: Best Restaurant Experience

When I was younger I would go to San Francisco quite often and while I was in the City I would always go to a restaurant. A restaurant my mom would take my sister when she was growing up, Goat Hill Pizza. Goat Hill Pizza was and still is a strong local pizzeria in San Francisco, it was known as a “neighborhood project” because of the help it needed from the neighborhood locals when it was first starting out. “Other family members and Potrero Hill friends made Goat Hill a neighborhood project.” That is what the pizzeria felt like, a family and friendly place were regulars come in and know the owners. Where there were specific waiters and waitresses that would wait to the same people every Thursday. My experience felt the same, I have never met the waitress but it felt like I did. Everyone there wanted to be there, customers and employees. My mother said that even since 1975 (when it first opened) to our visit, that the atmosphere stayed the same.  “While these are all obvious factors, one that is often overlooked in its importance as a contributing factor to long term profitability is the ambiance of the restaurant itself.” Besides the delicious pizza that had its San Francisco uniqueness, we went to Goat Hill so my mom and sister to have remembrance of their years of growing up in San Francisco and so they can share their childhood experiences with me. “Ambiance can affect if customers decide to return and more.” This pizza wasn’t the most delicious food I have ever eaten, however it was incredibly delightful. What makes this restaurant experience the best for me is the way it made me feel. I felt close to my family and almost like I myself grew up going to this small pizza joint.

http://goathill.com/about-us

https://www.signs.com/blog/how-restaurant-ambiance-affects-the-bottom-line/

Week Two EOC: Question Four

Answers:

a. Neither showed profit, however Laura is is less debt (7,850) compared to lisa (10,750).

b. Laura's cash accounting is more accurate becuase of the fact that this method is based on the cash on hand rather than before taxation and loss due to expenses.

c. Lisa's accrual accounting is most accurately shows the revenues generated regardless of when they were received, In an accrual accounting system, revenue is recorded when it is earned, regardless of when it is collected, and expenses are recorded when they are incurred, regardless of when they are paid.49.

d. Laura's cash accounitng most accurately shows the expenses incurred regardless of when they were paid, expenditures are recorded when they are actually paid, regardless of when they were incurred. 49.

e. Lisa's method most accurately shows actual cash inflows and outflows, it shows: Sales of products and services (including accounts receivable), Interest and dividend income, and Expenses related to the sales of products and services (including inventories and accounts payable). 157.

f. Lisa's method is the most accurate reflection of their restaurant’s true profitability because accrual accounting shows the raw income before the taxation and loss

Week One EOC: Question 3

1. Is it legal?

If there are no policies in her company agasint this process then it is legal for the Laurie to steal the company product for her own personal good.. You must also consider whether or not it is permissible within the guidelines established by the company for which you work. 19. Depending on whether the vendors company has specific guidlines for "sampling" will deterimine the legality of the vendors actoins.

2. Does it hurt anyone?

Discounts, rebates, and free products are the property of the business, not the manager. 19. The hot dogs are a product of the business so it does pass regulations on safe food handling, Laurie would be using the dogs for her own personal good not for personal gain.

3. Am I being honest?

Laurie is lying to her compnay by going behind their back by taking these hot dogs. Though her company cannot sell these hotdogs becuase of the sampling, if Laurie wouold be caught she could potentially lose her job and ruin her reputation. She may not be able to handle the future exchanges or problems with the supplying company.

4. Would I care if it happened to me?

If Laurie owned the restaurant change she would probably not want her employees going behind her back taking brides form vendors.

5. Would I publicize my action?

Laurie would not pblicize my actions for the sake of the saftey of the restuarant chain and her reputation. Your general manager would see it, other employees would see it, all of the other purveyors that you are going to do business with would see it, and even potential future employers would see it. 20.

6. What should be done with the two cases of hot dogs?

 I believe Laurie could take the hot dogs for her bbq or for the restaurant to use for a managment party.

My Voice

As an advertising professional, I make advertisements that are visually pleasing to the consumers eye. It's not so much manipulation; I open the door visually to help people understand a products purpose and hopefully persuade a viewer to become a consumer. I focus on originality, precision, and persistence in my work. My final products represent my hard work for perfection. The work I put out reflects the company but at the same time it has my own touch so that in every advertisement there is a hint of my own theme. I don’t settle for under quality work, and nor should the viewers of my advertisements. My goal as an advertising professional is to sell products in a high quality manner that is productive yet at the same time does not give out the sense of urgency or desperateness. I will be recognized for my work and I am determined to sell products in a creative and pleasing way. The viewers of my work will not be wasting time by looking advertisements. Instead, they will pleased, visually, in what they see and by chance be persuaded to purchase said item or product.