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Ebook Hospitality financial accounting (2nd edition): Part 2

(BQ) Part 2 book "Hospitality financial accounting" has contents: Accounting for merchandising operations in hospitality, inventories and cost of goods calculation, internal control and cash, accounting for receivables and payables, sole proprietorships, partnerships, and corporations,.and other contents. | 15339_Weygandt_08.qxp 12/14/07 4:04 PM Page 232 ACCOUNTING FOR MERCHANDISING OPERATIONS IN HOSPITALITY THE NAVIGATOR ✔ • Understand Concepts for Review ❑ • Read Feature Story ❑ • Scan Study Objectives ❑ • Read Preview ❑ • Read text and answer Before You Go On p. 243 ❑ p. 245 ❑ p. 250 ❑ • Work Demonstration Problem ❑ • Review Summary of Study Objectives ❑ • Complete Assignments ❑ 8 C ONCEPTS FOR REVIEW Before studying this chapter, you should know or, if necessary, review: a. How to close revenue, expense, and dividend accounts. (Ch. 5, pp. 145–150) b. The steps in the accounting cycle. (Ch. 5, pp. 150–151) ✓ THE NAVIGATOR 15339_Weygandt_08.qxp 12/14/07 4:04 PM Page 233 F E A T U R E S T O R Y Selling Dollars for 85 Cents For most of the last decade, WalMart has set the rules of the retail game. Entrepreneur Scott Blum, founder and CEO of Buy.com, has a different game plan. He is selling consumer products at or below cost. Buy.com is trying to create an outlet synonymous with low prices—in the hope of becoming the leading ecommerce portal on the Internet. He plans to make up the losses from sales by selling advertising on the company’s Web site and in a magazine to be mailed to Buy.com customers. As if the idea of selling below cost weren’t unusual enough, Blum has added another twist to merchandising: Unlike Amazon.com, he doesn’t want to handle inventory. So he has wholesalers and distributors ship the products directly to his Web site customers. Buy.com’s slogan, “The lowest prices on earth,” may be the most eye-catching sales pitch ever. The company is ruthlessly committed to being the price leader—even if it means losing money on every sale. Its own computers search competitors’ Web sites to make sure that Buy.com has the lowest prices on the Internet. When Amazon.com, in June 2002, reduced its minimum-purchase order for free shipping to $49 (from $99), Buy.com one-upped that move a day later by offering free shipping with no .