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Hot Shoppes, Inc., 1961 Annual Report
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Marriott Hot Shoppes. Hot Shoppes, Inc., 1961 Annual Report - Image 7. 1961. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 24, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/522/show/512.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Marriott Hot Shoppes. (1961). Hot Shoppes, Inc., 1961 Annual Report - Image 7. Annual Reports from the Hospitality Industry Archives. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. Retrieved from https://digital.lib.uh.edu/collection/hiltonar/item/522/show/512

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Marriott Hot Shoppes, Hot Shoppes, Inc., 1961 Annual Report - Image 7, 1961, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 24, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/522/show/512.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Compound Item Description
Title Hot Shoppes, Inc., 1961 Annual Report
Creator (LCNAF)
  • Marriott Hot Shoppes
Publisher Marriott Hot Shoppes
Date 1961
Description Hot Shoppes, Inc. Annual Report for the fiscal year ending on July 30, 1961.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Marriott Hot Shoppes
Genre (AAT)
  • annual reports
  • business records
Language English
Type (DCMI)
  • Text
  • Image
Original Item Location Marriott Hotels Collection
Digital Collection Annual Reports from the Hospitality Industry Archives
Digital Collection URL http://digital.lib.uh.edu/collection/hiltonar
Repository Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston
Repository URL http://www.uh.edu/hilton-college/About/hospitality-industry-archives
Use and Reproduction No Copyright - United States
File Name index.cpd
Item Description
Title Image 7
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_032_007.jpg
Transcript LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current Portion of Mortgages and Notes Payable (Note 1] Accounts Payable Construction Contract Accruals Accrued Salaries, Wages, and Bonuses Provision for Income Taxes Other Accrued Taxes Accrued Rent, Utilities, Insurance, etc Total Current Liabilities 1961 1960 $ 361,696 $ 270,229 2,284,940 1,970,039 215,080 1,133,070 1,901,630 1,499,897 845,251 1,228,891 483,014 344,209 733,798 563,755 $ 6,825,409 $ 7,010,090 LONG-TERM DEBT (Excluding Current Portion Above) Mortgages Payable Notes Payable Total Long-Term Debt (Note 1) RESERVE FOR DEFERRED INCOME TAXES (Note 2). . . Total Liabilities $ 984,026 712,500 $ 1,696,526 $ 1,173,099 $ 9,695,034 $ 4,820,421 2,525,000 $ 7,345,421 $ 817,013 $15,172,524 STOCKHOLDERS' INVESTMENT Capital Stock—$1 Par Value Common—3,000,000 Shares Authorized; outstanding.... Class B Common—750,000 Shares Authorized; outstanding. Total Capital Stock Capital Surplus (Note 3) Earned Surplus (Notes 2 and 4) Unrestricted Restricted as to Cash Dividends Total Stockholders' Investment TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT $ 1,416,116 451,997 $ 1,868,113 5,363,082 6,103,433 813,072 $14,147,700 $23,842,734 675,125 221,126 $ 896,251 4,477,262 4,492,276 2,589,479 $12,455,268 $27,627,792 (2) The companies have retroactively changed from an accelerated method of providing for depreciation to the straight line method. Accelerated depreciation will continue to be used for tax purposes. Net income for fiscal 1960 and prior years has been recalculated on the basis of straight line depreciation and retroactive adjustments are reflected in the accompanying financial statements. The effect of such adjustments, after providing for deferred income taxes, has been to increase reported net income for 1960 by $265,537 and aggregate net income for years prior to 1960 by $552,268. The income taxes deferred by using accelerated depreciation for tax purposes have been retroactively recorded in a Reserve for Deferred Income Taxes. (3) The increase of $885,820 in Capital Surplus during the year ended July 30, 1961, represents: Excess of fair market value over par value of 69,663 shares of capital stock issued as a dividend $ 1,706,744 Amount transferred to capital stock account representing par value of 899,225 shares issued as a 100% stock dividend to effect 2:1 stock split (899,225) Excess of proceeds over $1 par value on sale of 2,974 shares of capital stock 78,301 Net increase $ 885,820 (4) Under the terms of an equipment rental agreement, dividends, distributions, and payments on capital stock shall be paid only from consolidated net income accumulated subsequent to July 28, 1957, and then only if consolidated net current assets equal at least $1,000,000 after giving effect to such proposed dividend or distribution. (5) The companies operate the properties and equipment at a substantial number of locations under renewable leases of various terms ranging, to a maximum of thirty-one years with an average of fourteen years. Minimum average annual rental payments amount to approximately $3,400,000.