HB 302 Lecture Notes - Lecture 4: Financial Statement, Retained Earnings, Gross Profit
8 Oct 2015
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Document Summary
The income statement, also called, the statement of earnings, the profit and loss (p&l) statement, the statement of operations and other names, reports the success of the hospitality property"s operations for a period of time. May be prepared on a weekly or monthly basis for management"s use and quarterly or annually for outsiders (owners, creditors, and governmental agencies). Revenues represent the inflow of asset, reduction of liabilities, or a combination of both resulting from the sale of good services. In hospitality, they include food sales, beverage sales, room sales, interest and dividends from investments, and rents received from leases of retail space. Expenses are defined as the outflow of assets, increase in liabilities, or a combination of both in the production of goods and services. Generally include cost of goods sold (e. g. , food and beverage), labor utilities, advertising, depreciation, and taxes.
