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As a future leader in Hospitality and Tourism, you will use accounting to make better business decisions. Choose one type of Hospitality and Tourism business that you might manage, for example, hotel, restaurant, airline, event company, cruise company etc. Apply accounting decision-making concepts with your company to structure your Report:
1. Use the Balanced Score Card approach to present key business assumptions and justify your choices by research and analysis undertaken, including the management of all Triple Bottom Line initiatives. 2. Prepare a Sales budget for two (2) products, Direct materials budget, Direct labour budget, Overhead budget, Selling expenses budget and Administration expenses budget for your business based on the given numbers. 3. Prepare an Income Statement in appropriate format for your business. 4. Calculate and evaluate the Weighted Average Contribution Margin (WACM). 5. Calculate and evaluate the Contribution Margin Ratio (CMR). 6. Calculate and evaluate the sales volume in units and sales dollars at breakeven point. 7. Calculate and evaluate the Operating Leverage and Safety Margin, carefully explaining what this means in terms of the risk of your business. 8. Critically evaluate the best ways that your business can increase its profitability. Discuss critically key results that would impact on your future decision-making including a fully supported explanation of how you could improve this business by making any changes. Make recommendations to the proposed investors including ideas for the next steps to progress the business concept.