Sunday, October 30, 2016

Week 4 EOC: Chapter 5 Quiz Question 2

a. Did the change in Cash reflect a Source or a Use of funds? What was the amount of that change?
b. Did the change in Net Receivables reflect a Source or a Use of funds? What was the amount of that change?
c. Did the change in Notes Payable reflect a Source or a Use of funds? What was the amount of that change?
d. Did the change in Retained Earnings reflect a Source or a Use of funds? What was the amount of that change?
e. What was the total amount of Sources and Uses of Funds?
Answers: 
a.  It was a Use of Funds in the amount of $14,000.
Cash on the balance sheet represents an account in the bank. When you withdraw money from the bank (decrease the cash account), you have a source of funds (MGT,149).

b.  It was a Use of Funds in the amount of $30,000. Accounts receivable represents money that guests owe you for products or services that you have provided (MGT, 149).

c.   It was a Use of Funds in the amount of $44,000. 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 (MGT, 152).

d.  It was a Source of Funds in the amount of $104,000, Retained earnings represent the accumulated account of profits over the life of the business that have not been distributed as dividends. If your retained earnings increases, that means you have increased your net income for the year, thus providing a source of funds (MGT, 152).

e.  Total amount of Sources is $743,000 and the Total amount of Uses is $743,000.
Sources and uses of funds are the inflows and outflows of money affecting the cash position (MGT, 147).

Week 4 EOC: Quiz Chapter 4 Question 3

a. Compare Rachel’s Cash % with the chain’s %.  Is it higher or lower?  What might this mean?
b. Compare Rachel’s Inventories % with the chain’s %.  Is it higher or lower?  What might this mean?
c. Compare Rachel’s Accounts Payable % with the chain’s %.  Is it higher or lower?  What might this mean?
d. Compare Rachel’s Notes Payable % with the chain’s %.  Is it higher or lower?  What might this mean?

Answers:
a. Rachel's cash % is higher at 18.9% because her restaurant has more of its assets in the  form of cash.

b. Rachel's inventories % is higher at 11.4% because her restaurant has more of its assets in the form of inventories.

c. Rachel's accounts payable % is higher at 11.3% because the chain has less that it owes to others.



d. Rachel's notes payable % is higher at 2.5% She owes more than the chain.

Thursday, October 20, 2016

Week 3 EOC: Best Restaurant Experience

Carol Wilson, a member of the Food Writer’s Guild once stated “food isn't the only ingredient of an enjoyable dining experience.” For me this is very true, not only does the food have to be good, but the ambiance, cleanliness and overall service are all elements that ultimately will make me want to return. Some of my most memorable dining experiences were actually in Japan. I taught English there and became really good friends with my students Junko and Yoko. One thing we loved to do regularly was go to dinner after class. One night Junko decided she wanted to take us to this restaurant called “Goose,” this particular restaurant specialized in Italian cuisine so I was very excited and intrigued.  A good restaurant should have one or more unique features that stand out in a customer’s mind (smallbusiness.com, 2016). The restaurant was uniquely and beautifully decorated. Each table was different with its very own bell (we had a gong, which was used to call our server). The restaurant also had beautiful light fixtures that gave off just the right amount of ambient lighting, it was cozy and I loved it. We ordered many things off the menu, however my favorite part of the meal was the giant meatball. It was served in a small pot and came out steaming and swimming in the most fragrant and delicious red sauce I have ever tasted and to make it even better there was a layer of melted cheese on top! I am salivating as I type by the way. This restaurant was by no means fancy but the food was just that good and you could tell the dishes were made to order and from fresh ingredients. As the lovely Julia Childs would say… You don't have to cook fancy or complicated masterpieces - just good food from fresh ingredients.”

Monday, October 10, 2016

Week 2 EOC: Chapter 2 Question 4

Answers:
a. Lisas's Accrual accounting method shows the higher profit because "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." So in conclusion it will show the big picture once all accounts are reconciled.

b. The accounting Method that best shows the amount of cash on hand would be the accrual method.

c. The Accrual Method "instructs accountants to record expenses when they are incurred regardless of when they are paid."

d. The accounting method that most accurately shows the expenses incurred regardless of when they are paid is the Accrual accounting system.

e. The Cash accounting system would show actual cash inflows and outflow because "the system is a method that records revenue as being earned when it is actually received."


f. The accounting method that shows the most accurate reflection of the restaurants true profitability is the Accrual accounting system.

Monday, October 3, 2016

Week 1 EOC: Question 3

Laurie Tenk is a purchasing agent for a restaurant chain.  One of her suppliers has
been late on deliveries the past two weeks.  She has discussed this with the salesperson,
and he assures her that the problem will be solved.  In an effort to "make things right" the
salesperson delivers two cases of hot dogs to her office for "sampling".  
She plans to have a back yard barbecue this weekend for her neighbors. 

From an ethical point of view, how should she handle this situation?
Explain your decision making process and defend your answer. 
Use the five Ethical Guidelines in this chapter as a basis for your answer to explain what should be 
done with the hot dogs.
Answers:
a. Is it legal?
If there are no company policies forbidding the acceptance of "gifts", then it is probably legal for 
Laurie to take the hot dogs home. "Any course of action that violates written law or company policies
and procedures is wrong."
b. Does it hurt anyone? Laurie would personally benefit from utilizing the two cases of hot dogs.
 "Discounts, rebates, and free products are the property of the business, not the manager."
c. Am I being honest? No it is not honest, because the product does not belong to her,
 it belongs to the company. She may not be able to professionally handle future problems 
with the supplier. Especially if she feels that the supplier will "reward" her again for future mistakes.
d. Would I care if it happened to me? As a business owner I would care, because product
 is being withheld from my company and being used for personal use. How would I feel 
about my purchasing manager accepting gifts.
e. Would I publicize my action? No, I would not. If I am not comfortable telling people
 about it, it is because I know it is unethical. "If you wouldn’t want your action to be read 
aloud in a court of law (even if your action is legal), you probably shouldn’t do it."
f. What should be done with the two cases of hot dogs?
1. Laurie should return the hot dogs to the supplier expressing her gratitude, however it is 
not company policy to accept gifts from suppliers.
2. Laurie could return the two cases of hot dogs to the company for the company Christmas party
3. Laurie could donate the hot dogs to charity.

Week 1 EOC: My Voice


Fashion is a form of art in which an individual can express themselves without actually touching pen to paper or paint to canvas. I believe it is an expression of one’s true self, their personal style, and bold creativity. What you choose to dress like on that day can make you feel sexy, confident, or just chill. My idea of fashion is not necessarily subscribing to the season latest and greatest, but whatever makes you feel good. Sometimes it is you that sets the trend. One of my favorite things to do is people watch, I find that the first thing I look at is what a person is wearing, their shoes, and even how they styled their hair.  As a fashion buyer it is important to follow current fashion designers and understand market trends. However, understanding and being able to relate to the consumer is an even more vital part of the industry. Looking to them for inspiration and guidance is what fuels and drives a store or company to be successful. Upon graduation I hope to take the knowledge I have gained and my overall experience to establish a career with a high end fashion company. It is my desire to not only empower myself, but those around me and ultimately make a personalized impact on the evolving world of fashion.