week 8 - 13-1 Hoof and Fin RestaurantsYou are required to...

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Unformatted text preview: 13-1 Hoof and Fin RestaurantsYou are required to play the role of David Green, and develop an analysis and a one-half page memo to Mr. Gregson which explains your performance for the year end December 31, 2008.To: Marv GregsonChief Financial OfficerHoof and Fin RestaurantsFrom: David GreenManager Hoof and Fin, Waco, TXDate: January 1, 2010Subject: Performance Year Ended December 31, 2008For the performance year which ended on December 31, 2008 the Hoof and Fin Restaurant located in Waco, Texas fell below the budget that has been set. The budget showed that the company should make a profit of $86,300. The restaurant only made a profit of $34,143. Therefore they are short by $52,157. The profit is lower than the projections, because the sales of steak dinners have substantially decreased. Although the seafood dinner sales increased which created an opportunity for a slight increase in price, it still was not enough to reach the goals of the budget. One of the things that had a large affect on the profit in the budget was the projected amount for the taxes. In the budget, there is $6,500 that is allotted for taxes, and the actual cost for the taxes was $9,220. Unfortunately the taxes are a variable cost as with all bills, and there was no way for me to control those costs. Advertising and miscellaneous expenses were also was no way for me to control those costs....
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This note was uploaded on 03/16/2012 for the course ACC 571 taught by Professor Wills during the Spring '09 term at Strayer.

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week 8 - 13-1 Hoof and Fin RestaurantsYou are required to...

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