Index: hospitality news, hospitality accounting text, hospitality managerial accounting text, hotel accounting, restaurant accounting, accounting, finance Raymond Cote, Author of hospitality accounting textbooks provides this news website for educators, students, and professionals in the hospitality fields of accounting, management and operations fields. Cote’s textbook customers make this website possible. These texts are: Basic Hotel and Restaurant Accounting  (Click the Principles/System button at left of page) Accounting for Hospitality Managers  (Click the Managerial Acctg Text button at left of page)   BASIC HOTEL AND RESTAURANT ACCOUNTING is a hospitality principles and systems text; it also has several introductory managerial accounting chapters. Press the button at left of this page labeled Princples/System Text for complete information.    ACCOUNTING FOR HOSPITALITY MANAGERS is an advanced hospitality managerial accounting and financial management providing coverage for hotels, restaurants and casinos. Press the button at left of this page labeled Managerial Acctg Text for complete information.      A Special Message To My Customers Thank you !!! Merci !!! Gracias !!! dhanyavaad !!! Xie xie !!! To-sia !!! Dankie !!! Dank u !!! Danke !!! te, sekkurler !!! Efharisto !!! Obrigado !!! Havala !!! Tack Tanan !!! Mahalo!!! Toda !!! kob-khun !!! Grazie !!! Shokran !!! Diolch !!! Terima kashi !!! Go raibh maith agat !!! Kam-sa-ham-ni-da   General Interest International Accounting Standards Board (IASB) rejects EU’s request for a response to U.S. easing of fair value accounting rules. http://www.guardian.co.uk/business/feedarticle/8472150 Top 10 risks for any business: http://www.forbes.com/2009/04/15/biggest-business-risks-entrepreneurs-management-risk.html Prevention of employee theft: http://www.qsrmagazine.com/articles/operations/127/employee_theft-1.phtml Food & Wine’s Magazine top 5 cities to go for cutting-edge cuisine: http://www.msnbc.msn.com/id/30140688/ KFC is again trying grilled chicken. http://www.nytimes.com/aponline/2009/04/14/business/AP-Kentucky-Grilled-Chicken.html?_r=1 Gordon Ramsay, TV’s Gourmet Guru Revealed: http://www.npr.org/templates/story/story.php?storyId=103321043&ft=1&f=1008 Booming food service careers: http://www.msnbc.msn.com/id/29916749/ Troubled restaurant chain industry: http://www.nytimes.com/2009/04/04/business/04restaurant.html?_r=1 FTC’s consumer guide for buying a franchise: http://www.ftc.gov/bcp/edu/pubs/consumer/invest/inv05.shtm  Special Classroom Material:                            Flow of Cash Dividends on Corporate Stock: From Declaration to Payment A cash dividend has several meaningful dates, namely: Date of Declaration: Date a company’s board of directors declares a cash dividend to its stockholders. Date of Record: Stockholder must be registered in the company’s records on or before that date for the right to get a declared dividend. Ex-Dividend Date: Once the company sets the record date, the stock exchanges or the National Association of Securities Dealers, Inc. establish the ex-dividend date, which for stocks is two business days before the record date. To get the current declared dividend, the stock must be purchased before its ex-dividend date. The purchaser of a stock on or after its ex-dividend date will not get the dividend; instead the seller gets the dividend. Sellers of stock before the ex-dividend date relinquish the right to the cash dividend. Dividend Payable Date: The date on which a company pays the cash dividend to its shareholders of record. Here is an example:      Declaration Date: 7/27/2009 Record Date: 8/10/2009 Ex-Dividend Date: 8/06/2009 Payable Date: 9/10/2009 On July 27, 2009, the ETOC Company declares a dividend payable on September 10, 2009 to its shareholders of record on the company's books on or before August 10, 2009. (Note: The stock is ex-dividend two business days before the record date; in this case 8/9 Sunday, 8/8 Saturday, 8/7 Friday, 8/6 Thursday). The record date of 8/10/2009 is on a Monday. Excluding weekends and holidays, the ex-dividend is set two business days before the record date or the opening of the market. Therefore, in this case the ex-dividend date is on the previous Thursday (8/6). Anyone who bought the stock on Thursday (8/6) or after would not get the dividend. Those who purchased before the ex-dividend date of 8/6 receive the dividend.  Did the Financial Accounting Standards Board (FASB) let Congress influence it? FASB is now allowing banks to use independent judgment in valuing their estimated book value of $2 trillion in toxic assets. Mark-to-market accounting would force billions of dollars in write-downs, but that may now change and possibly boost bank profits. FASB stated it would not force banks to assess any transaction as distressed just because the asset’s market is inactive. Twisting the intent of the mark-to-market rule might allow banks higher valuations without forcing a sale. Critics, including former St. Louis Fed president William Poole, said the rule change would let banks hide reality from investors and could "increase reported bank earnings by 20%."     Chains' Bargain Priced Menus The Cheesecake Factory Inc. sells 16-item small plate menu. Examples: Hand-Battered Onion Rings and Ahi Tartare priced from $3.95 to $6.50. Burger King mini hamburgers called BK Burger Shots are sold in two-pack and six-pack packages priced at $1.39 and $4.09, respectively. Quiznos recently introduced a $4 "Toasty Torpedo" sandwich (smaller than Subway’s $5 Footlongs), P.F. Chang's China Bistro Inc. last year introduced $2 mini desserts such as banana splits, "Great Wall of Chocolate" cake and apple pie. Chipotle's is testing its new menu items priced from $2.25 to $6.35 in Denver-area restaurants; featuring "Low Roller" items such as single tacos and soup and salad sides, a kids' menu and new additions such as Chicken Pozole soup and a Carnitavore burrito bowl. Chili's Grill & Bar is offering smaller portions at a lower price to revive sales volume with its new "10 under $7" program (often are smaller versions of existing menu items). TGI Friday’s offers 10 items for $5.99 to $9.99.   New Menu Items McDonald’s is testing its new 1/3 pound Angus burger in California, New York, and Columbus, Ohio. It’s $4 price competes with the premium burgers at Burger King (Steakhouse Burger) and Wendy's (Baconator). Domino’s Pizza has added pasta to its menu; a new line called BreadBowl Pastas, served in a bread bowl and priced from $4.99 to $6.99. BreadBowl Pastas includes Italian sausage marinara, chicken carbonara, three-cheese macaroni-and-cheese, pasta primavera and a build-your-own pasta. The menu item’s name is derived from its presentation: the pasta is served in a hand-formed bread bowl that is cooked simultaneously with the pasta. The new pasta menu offering will compete with Pizza Hut’s new line of Tusacani pastas introduced last year.    State of Fast Food Industry Leaders Yum Brands (KFC, Pizza Hut, Taco Bell, LJS and A&W) first-quarter profit fell 14%, net income of $219 million, (46 cents a share) compared with net income of $256 million ( 50 cents a share) a year ago. Revenue slipped to $2.4 billion from $2.4 billion. U.S. same-store sales fell 2%. Worldwide same-store sales rose 1%, helped by expansion into China. McDonald's first-quarter earnings rose 3.5% on 9.6% lower revenue. Comparable store sales worldwide rose 4.3%. Net income reached $979.5 million (87 cents a share) compared to $946.1 million (81 cents) in the year-earlier period. Revenue fell to $5.08 billion from $5.61 billion. U.S. Sales increased 4.7%; Europe 3.2%; 5.5% in Asia-Pacific, Middle East and Africa. Sales in China were weaker. Brinkers (Chili's, Border Mexican Grill & Cantina, Maggiano's, Romano's) announced a very significant improvement in earnings: $35 million in the third quarter ended March 25 compared to the loss of $38.8 million last year for that period. However, there was a 5.6 percent drop in same-store sales largely due to a 10 percent decrease in customer traffic. In addition to same-store sales drop, sales were affected by the closure of 47 restaurants since last year and the sale of 198 locations, 189 of these locations sold were Romano's Macaroni Grill chain (however, Brinker retained a minority interest).    Casino News Monarch Casino & Resort (the "Atlantis") reported results for the quarter ended March 31, 2009. When compared to the prior year's first quarter 2008: Net revenue of $32.6 million was down from $34.3 million. Quarterly income from operations of $1.9 million decreased 41.0%. EPS of $0.06 decreased 50%. Revenue generated in the casino, food and beverage, and hotel operating units decreased by 4.0%, 1.7% and 7.7%, respectively. Harrah's Entertainment, Inc. (a private company) had a $5.1 billion loss for 2008 and the company’s debt was more than $24 billion at the end of 2008. Interest costs alone were almost $2 billion last year. The company has grown through development of new properties, expansions and acquisitions, and now owns or manages casino resorts on four continents The company's properties include Harrah’s, Caesars Palace, Bally's and Paris Las Vegas and other brand names. Harrah's also owns the London Clubs International family of casinos and the World Series of Poker. On January 28, 2008, Harrah’s Entertainment was acquired by affiliates of private-equity firms TPG Capital and Apollo Global Management. MGM Mirage lost $1.15 billion in the fourth quarter of 2008 and $855 million for all of 2008; net revenue from non-gaming activities accounted for 59% of 2008 revenues; long-term debt at end of 2008 was $12.5 billion. MGM’s Las Vegas trademark properties are Bellagio, Mandalay Bay and the Mirage. MGM’s operations include all or part of 19 casinos in Nevada, Michigan, Mississippi, New Jersey, Illinois and Macau, the Chinese gambling enclave. In addition to its debt position, MGM is being sued by Dubai World over the management of a $8.7 billion luxury condominium community project on the Las Vegas Strip. Dubai World, a holding firm of the Dubai government, owns 8.5% of the corporate stock of MGM. As of December 2008, Tracinda Corp., wholly owned by Kirk Kerkorian, held 54% of MGM’s common shares. Boyd Gaming Corp. made another proposal to buy some or all of the assets of troubled Station Casinos Inc. (a private company) for $950 million in cash. Boyd states that "Station has not engaged in any discussion regarding the company's proposal, nor has it provided any information that would enable Boyd Gaming to consider submitting a binding proposal." Previous to this recent offer, Station said that it's been working with lenders and bondholders to pursue a plan of reorganization, but we will evaluate the terms of Boyd Gaming's proposal but then sent a letter to Boyd, rejecting takeover talks. The top 5 U.S. casino markets measured by annual gross sales are Las Vegas Strip $6.750 billion, Atlantic City, NJ $4.921 billion, Chicagoland, Ind./Ill. $2.602 billion, Connecticut $1.685 billion, and Detroit $1.335 billion.    New Openings/New Markets International expansions: See France, Poland, United Arab Emirates Emeril Lagasse will open Emeril's Chop House, part of the new Sands Casino Resort in Bethlehem, Pa. His restaurant ventures now total 11. The restaurant's menu will include items from other properties, such as the dry-aged beef at his steakhouses in New Orleans and Las Vegas. The menu also includes signature dishes such as barbecue shrimp and crabcakes. Papa Gino’s is introducing a smaller version of its established Papa Gino's restaurants called Papa Gino's Pronto in Amherst, MA. The Pronto stores will feature pizza slices and chicken wings; a favorite of college students (Amherst is a college town). "Papa Gino’s is testing its new Pronto concept before adding more locations. Dunkin' Donuts enters the lodging market with the opening at the Great Wolf Lodge in Concord, North Carolina. Dunkin' Donuts is seeking more entries in this market by offering many customized store models to suit any lodging property, including full retail shops, gift shops, kiosks, and self-serve hot coffee stations.    Other Business News Marble Slab Creamery is switching from plastic containers to paper containers, a boost for the environment. April 21, 2009 (Associated Press) — WASHINGTON – "Only $109.6 billion in resources remain in the government's $700 billion financial rescue fund."    Accounting/Tax /Personal Finance News Checking Background of Securities Brokers FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm 2009 Tax Return Credit for 2009 Home Purchase The credit that will be allowed on 2009 tax returns applies to a home purchased after January 1, 2009 and before December 1,2009. The date of purchase for newly built homes requires special attention: A principal residence that is being constructed by the taxpayer is treated as having been "purchased" on the date the owner first occupies the house. However, for newly constructed homes bought from a homebuilder, eligibility for the tax credit is determined by the settlement date. Only first time homebuyers are eligible for the credit. A first time homebuyer is defined " as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse." Taxpayers can claim 10 percent of the purchase price up to $8,000 ($4,000 for married individuals filing separately). The amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $150,000 (joint filers) or $75,000 (single/head of household). The 2009 first-time homebuyer credit is $8,000 for purchases made in 2009 before Dec. 1. The credit can be claimed even if the taxpayer has little or no federal income tax liability to offset; the government will send to the taxpayer a check for a portion up to 100% of the tax credit. The credit does not have to be paid back unless the home terminates to be the taxpayer's main residence within a three-year period after the purchase. 2009 Tax Return Special Credit for 2009 Car Purchase The stimulus package provides a federal income tax incentive for buying a new car. A special deduction (not a credit) is allowed for both the local and state sales tax paid on any new car purchase (domestic or foreign). The taxes paid are capped on a price of up to a $49,500 purchase price. Purchases must be after Feb. 16, 2009, and before Jan. 1, 2010. The credit can be taken regardless of the absence or presence of Schedule A because it is not an itemized deduction but is applied as a reduction of taxable income. The amount of the deduction will be reduced for taxpayers whose modified adjusted gross income falls between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. (Note: this special purchase credit reduces taxable income; it is not a refundable tax credit similar to that of a new home purchase.) (AARA) American Recovery and Reinvestment Act of 2009: Tax credit for low-speed or two- or three-wheel plug-in electric vehicles Vehicles, such as motor scooters, purchased after Feb. 17, 2009, and before Jan. 1, 2012 may qualify for 10 percent credit of the cost of the vehicle, up to a maximum credit of $2,500. A vehicle must be either of two types. A low-speed vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 4 kilowatt hours. Or be a two- or three-wheeled vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 2.5-kilowatt hours. Vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify. (EESA) Emergency Economic Stabilization Act of 2008: Tax credit for four wheel plug-in electric vehicles Vehicles that have at least four wheels and draw propulsion using a rechargeable traction battery with at least four-kilowatt hours of capacity qualify for a tax credit in 2009. The 2009 minimum credit is $2,500 and the credit tops out at $7,500 to $15,000, depending on the weight of the vehicle and the capacity of the battery. Vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify. AARA or EESA Credit For 2009, low-speed, four-wheeled vehicles manufactured primarily for use on public streets, roads and may qualify for either the EESA credit or, if purchased after February 17, 2009 qualify for the AARA credit for low-speed electric vehicles. A taxpayer may not claim both credits for the same vehicle. Vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify for either credit. More Energy Related Tax Credits and Information The American Recovery and Reinvestment Act of 2009 (ARRA) provides energy incentives for both individuals and businesses. These websites summarizes the key energy credits for vehicle purchases, renewable energy, and energy efficiency.  http://www.irs.gov/newsroom/article/0,,id=206871,00.html http://www.energystar.gov/index.cfm?c=products.pr_tax_credits#s8      INTERNATIONAL NEWS Canada 263-suite Embassy Suites - Loveland Hotel, Spa & Conference Center at 4705 Clydesdale Parkway in Loveland, Colo., is open for business, creating nearly 200 new jobs. Quebec sales tax, will be 8.5% beginning Jan. 1, 2011 Quebec’s minimum wage will be $9.00/hour on May 1; for employees earning tips the minimum wage will be $8.00. Saskatchewan has many changes affecting hospitality firms; these affect fines, wine recorking guidelines, maximum capacity, and hours of operations Wine re-corking must be available to all restaurant customers, where wine is sold by the bottle. Many fines under the Liquor Control Act have been increased: http://www.crfa.ca/news/2009/liquor_changes_on_the_way_in_saskatchewan.pdf Mandatory minimum for opening hours has been eliminated. Permittees are required to clearly display the hours of operation, visible from the outside of the establishment. Restaurants with a nightclub endorsement to convert to a nightclub operation by 8:00 p.m. Lounge capacities have changed; the 100-person capacity has been eliminated, however, a lounge cannot exceed 50 per cent of the total capacity and floor space of the entire premises. Requirement that restaurants can only serve beverage alcohol at a table has been removed, but the requirement that restaurant patrons can only be served alcohol as part of a meal continues; however, this requirement does not apply to a lounge or a banquet room area. Effective April 1, the federal government has increased the maximum loan guarantee to $350,000 and to $500,000 for loans used to acquire real property. Canada Small Business Financing: http://www.ic.gc.ca/eic/site/csbfp-pfpec.nsf/eng/h_la00007.html Caribbean Region Duane Vinson, a vice-president of Smith Travel Research stated that "Occupancy rates and discounted room rates compared to last year were slamming the hospitality industry's bottom line. Latest figures for this year showed a seven percent decline in occupancy rates this year, compared to a 1.4 percent gain in 2008. "The annual daily rate (ADR) had fallen 18.3 percent — with only Australia's Gold Coast and Brazil among regions surveyed offering bigger discounts. Latest figures show that the Caribbean region ADR has fallen to $172 from $200 in January 2008. The Related Group, a Miami based company, has purchased a 50 percent interest in a 900-acre peninsula on Eleuthra Island in the Bahamas. Nikki Beach Resort Turks & Caicos, recently rated the "#2 Hottest Caribbean Destination" by the Travel Channel, celebrated its successful first year. China Most of the March economic indicators were at the high end of expectations. S&P’s current GDP growth estimate for China is 6.3% to 6.8% for 2009. However, the Shanghai stock market might not have been encouraged, China issues dragged the Hong Kong stock market lower. However, selling can be expected after the recent rally. The H-shares, as measured by the Hang SengChina Enterprise Index, are up 15.8% year-to-date and up 84.3% from its intraday low on Oct. 27, 2008. For the year-to-date, Shanghai Composite Index is up 39%. March retail sales were up 14.7%. Guests will be able to negotiate with hotels on the checkout time and settlement method. If guests have not made any agreement on settlement with hotels, the hotel should have written details of any settlement rules and show these to guests for their approval when they are booking or registering for accommodation. Hotels should also offer a luggage storage service for guests after they checkout. Ramada Worldwide is constructing two new hotels in China with opening scheduled for December 2010. (1) The 1000-room Ramada Hotel & Suites Boao in the Hainan province will feature oversized rooms and suites, three full-service restaurants, a lobby bar, 1,150 square meters of meeting space, a swimming pool, gym and other recreational facilities. (2) The 548-room Ramada Huangshan in the Anhui province. An upscale 24-story all new construction hotel will feature oversized rooms and suites, three full-service restaurants, a lobby bar, 1,150 square meters of meeting space, a swimming pool, gym and other recreational facilities. Cyprus The 35-year ban on direct flights between UK airports and Northern Cyprus causes considerable inconvenience to those traveling between the two countries on family, business, or holiday visits. CTA and its UK tour operator, CTA Holidays Limited, are challenging the UK government's refusal of permission to operate direct flights between the two countries; the case goes to court in May 2009. France Autogrill SpA, an Italian company will open McDonald's outlets in its owned or managed motorways service stations under an exclusive agreement. Opportunities for more McDonald's outlets in France are possible because Autogrill operates airports, stations and prestige sites. The first French motorway outlet is expected in the autumn. French restaurants have experienced an income fall of between 20 and 50 per cent from January to March; the worst impact on the well-known Michelin and other top price establishments. The recession has caused the rich and tourists to economize; many tourists are opting for sandwiches. French restaurants offer menus at "crisis" prices to maintain clientele. For example, the Aventure Exclusive restaurant in the 18th arrondissement in northern Paris offers a two-course lunch menu at €4.90 (raw chopped vegetables with chicken and rice in mushroom sauce). About 6,000 restaurants closed last year. The French government has won permission from Brussels to cut VAT on restaurant meals from 19.6 to 5.5 per cent to help the industry; however, this is not effective until next year. Guam Guam's Tourist Attraction Fund ended Fiscal Year 2008 with a loss of $1 million dollars, but less than the previous year's loss of $1.8 million. It is the major source of funding for the Guam Visitors Bureau. This year, more revenues have been collected from the hotel occupancy tax. India Accor’s Mercure brand is now in India with the opening of the Mercure Homestead Residences in Bangalore. The hotel will have business class serviced apartments, especially for people opting for long stays. The hotel also offers comprehensive leisure facilities and full services. IHG will develop 31 hotels to be opened across major metros and secondary cities across India over the next few years adding over 7,600 rooms. IHG's three brands will be in India: InterContinental Hotels & Resorts, Crowne Plaza Hotels & Resorts, and Holiday Inn Hotels and Resorts. IHG currently has 11 hotels in India. These newly planned hotels will be located in Tier I and Tier II cities such as New Delhi in the North, Bangalore, Chennai, and Cochin in the South, Kolkata in the East, and Mumbai and Pune in the West. Some of the partners IHG is working with include Amrapali Group, Riverbank Developers, Today Group, Emaar MGF, Kuwait Based KGA Group, L&T Arun Excello Commercial Projects Ltd, Brigade Group and others. Malaysia Tourism in Malaysia is a RM50bil business, bigger than palm oil. Malaysia and Singapore are currently promoting their medical tourism industry. 35 private hospitals in Malaysia have been identified as a medical tourism destination. Asian countries like Thailand, Singapore, Malaysia are favorites among medical tourists because of the significantly cheaper health care, but quality treatment id provided by medical experts trained in the US, UK and other western countries. The combined medical and travel costs are less expensive than treatments in the patient’s home countries. Many of Malaysia's 100 private hospitals are famous for both hospitality and medical treatments. Most of the 200,000 people who visit Malaysia annually for diagnoses and medical treatments are from Indonesia, more and more North Americans are electing the long flight. Netherlands Franchise owners of Golden Tulip hotels want to buy the Golden Tulip brand name after the hospitality group said it was going into voluntary receivership. Golden Tulip owns 60 hotels directly with an additional 720 franchised or affiliated across more than 50 countries. The franchisees own 72 of the 87 Golden Tulip hotels in the Netherlands. The owner of a small cafe in Breda has been found not guilty of breaking the ban on smoking. The court in Breda said the smoking ban treated the owners of cafes with and without additional personnel differently. The court ruling is the second to undermine the principle of the ban. The ban basically states: "Cafe owners with additional staff must have a smoke-free working environment, achieved, for example, by a ventilation system. However, cafes without personnel have to completely ban smoking on the premises." Poland Starbucks opened its first location in Poland; the chain now has stores in 50 countries. Saudi Arabia Hilton Garden Inn Riyadh Olaya, a 180-room hotel, is scheduled to open mid-2009. Hilton Garden Inn Riyadh Al Muroj, a 196-room hotel, is scheduled to open Q1 2010. Pizza Fusion, pioneer of the environmental and organic restaurant movements has a master franchise development agreement between Pizza Fusion Holdings, Inc. and Samir Food Co., Ltd., a Samir Group company. New locations include the first restaurant scheduled to open in Jeddah in late June and others planned for Jeddah, Riyadh City, and Kingdom wide. South Africa The Rezidor Hotel Group, a Brussels-based hotel management company, announces the opening of the Radisson Blu Hotel Sandton, Johannesburg, South Africa. The 290-key hotel features an Italian fine dining restaurant Vivace, an outdoor swimming pool, 9th floor sundeck, atrium overlooking the wine bar and lounge, and a 53,000-square-foot spa and fitness center from. For joggers, There is an indoor/outdoor course. United Arab Emirates Round Table Pizza has signed a long-term development agreement with United Arab Emirates partner Ghassan Wehbe who currently operates seven Round Table Pizza restaurants in Dubai. Webbe now has rights to add 17 locations in the UAE. United Kingdom More consumers are buying their beer at the supermarket, where it costs about £1 ($1.49) a can, rather than about £3 for a pint at a local pub. A 2007 law banning smoking in pubs has also had a negative effect to pub business. Now the recession is also part of the reason for the contraction of pubs in the United Kingdom. Punch Taverns PLC and Enterprise Inns PLC own about one third of the UK’s 56,000 public houses; now these two of the country's biggest pub owners are selling or closing hundreds of location. The 2008 revenue for Punch and Enterprise decreased 8.2% and 4.5% respectively from 2007. For the pub industry as a whole, beer consumption in UK pubs was down 9.9% in December 2008, according to the British Beer and Pub Association. Beer consumption in UK pubs fell 10% last December.   Basic Hotel and Restaurant Accounting escalates hospitality accounting into the 21st century; presenting topics such as: Hospitality accounting principles Specialized hotel accounting Specialized restaurant accounting Systems and procedures Computer processing Internet Stores Merchant accounts Forecasting and budgeting Starting a hospitality business Click the Principles/System button at left of page for complete information.   Accounting for Hospitality Managers  is a managerial accounting/financial management text providing expert information and procedures for restaurants, hotels,  and casinos to analyze profit problems and targets, financial statement analysis, including accounting for payroll, tips, budgeting, forecasting, and more.  Example of topics include: Accounting Principles for Hotel Revenue, Expense, and Assets  Hotel Financial Statements plus Analysis and Interpretation (Corporate and Departmental) Casino Accounting and financial statements Statement of Cash Flows Interim and Annual Reports Budgeting Expenses,Forecasting Sales, plus Budgetary Reporting and Analysis Hospitality Payroll Accounting Financial Decision Making Cash Management and Planning Inventory Accounting Assorted Topics Feasibility Study Allocating service departments and fixed charges to revenue centers Fair Value Accounting (Mark to Market) Compound Value Present Value Compound Value of an Ordinary Annuity Compound Value of an Annuity Due Present Value of an Ordinary Annuity Click the Managerial Acctg Text button at left of page for complete information.     FREE ANCILLARIES AVAILABLE TO CUSTOMERS OF MY TEXTS AUTHOR’S PERSONAL CUSTOMER SERVICE: The only hospitality accounting author providing personal assistance to customers. This customer service includes inquiries, special requests, problem resolution, and alliance with the publisher. EDUCATIONAL MATERIALS: Special educational and research reports are available only to customers and are provided via email. AUTHOR’S PERSONAL TEST BANK: A test bank designed by the author and classroom tested under actual test conditions. Each chapter contains a minimum of 20 questions in multiple-choice format. Every question relates to end-of-chapter material and therefore is appropriate for the testing/grading process. PREP GUIDE: Chapter by chapter guide to assist instructor’s in converting their lecture notes from the previous edition to the current edition. AUTHOR’S CHAPTER OUTLINES: Listing of the major and sub-major topics in each chapter. Notice for canceling further receipt of this newsletter: This newsletter is distributed only to educators. Your email address is treated highly confidential and is not harvested, sold, or transferred in any manner to any other institution or individual. The main purpose of this newsletter is to provide hospitality news and research. The author of this letter does have a commercial interest in the sale of his texts, which may be displayed or described therein. Upon notice from you, you may opt out of receiving this newsletter. Please mention "Opt Out" in the subject portion of your email. Immediate removal from my files will follow. Sources of Information: Some of the information for this newsletter may be assembled, summarized, and re-tailored from many sources. For example, the National Restaurant Association, the American Hotel and Lodging Association, the Wall Street Journal, The Canadian Restaurant and Foodservice Association, Internal Revenue Service, QSR Magazine, Chain Leader, Hotel News Resource, Google, and numerous other professional sites.