sales and franchise fees. The sales they record are by company-operated restaurants. McDonald’s records these sales using a cash basis system. This system means that the accountants record revenues when the company receives cash‚ and it records expenses when it pays cash. By using a cash basis‚ McDonald’s does not have to estimate what it will not receive in its sales. McDonald’s “presents sales net of sales tax and other sales-related taxes” (McDonald’s Annual Report‚ 44). Franchise fees are for
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McDonald’s Corporation is the world’s largest fast food chain restaurant‚ primarily selling hamburgers‚ chicken‚ french fries and carbonated drinks. The business was begun in 1940‚ with a restaurant opened by siblings Dick and Mac McDonald in San Bernardino‚ California. Their introduction of the "Speedee Service System" in 1948 established the principles of the modern fast-food restaurant. The present corporation dates its founding to the opening of its first franchised restaurant by Ray Kroc‚ in
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BUSINESS OWNERSHIP Compare forms of business ownership. Three basic forms of business ownership Sole proprietorship Partnership Corporation Sole proprietorship A business owned and operated by one
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and Maurice McDonald at 1398 North E Street at West 14th Street in San Bernardino‚ California * In 1948 they reorganized their business as a hamburger stand using production line principles * Businessman Ray Kroc joined the company as a franchise agent in 1955 and subsequently bought it. * McDonald’s restaurant is operated by either a franchisee‚ an affiliate‚ or the corporation itself * McDonald’s primarily sells hamburgers‚ cheeseburgers‚ chicken‚ frenchfries‚ breakfast items‚ soft
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XXXXX‚ Inc. Franchise Opportunities (Insert Graphic) Improving your outlook Executive summary Introduction XXXX XXXXX‚ Inc. franchises provide professional commercial and residential window cleaning‚ blind cleaning‚ gutter cleaning‚ and power washing services to commercial and residential customers in your‚ and potentially surrounding counties. Your potential clients are businesses and homeowners who want to maintain sparkling storefronts and hygienic homes. Franchises are granted
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Kentucky Fried Chicken‚ better known by its acronym KFC‚ is a franchise of fast food restaurants specializing in fried chicken‚ which belongs to Yum! Brands. The origin of the group dates back to 1939 when Harland D. Sanders began preparing crispy chicken at a restaurant in North Corbin (Kentucky) from a recipe with eleven spices and aromas. However‚ it was not until 1952 when he opened the first KFC franchise in Salt Lake City (Utah). Today‚ KFC is the second largest fast food restaurant in the
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2008) Franchising is considered a powerful tool for economic development. It creates thousands of enterprises as well as millions of jobs. It also helps fuel the growth of entrepreneurship. Samie Lim‚ chairman emeritus of the Philippine of the franchise Association and also a chairman of francorp Philippines‚ shares that here are three major reasons why franchising works. Franchising he says‚ uses three of the most limited resources to expand one’s business. These are other people’s money‚ time
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concepts. Franchising first took hold in Vietnam in the 1990’s with the appearance of well-known foreign fast food chains like KFC‚ Lotteria‚ and Jollibee. With the passage of several franchise laws and decrees‚ franchising businesses have become more widespread in recent years‚ with a number of foreign and domestic franchise brands operating in the market. And while Vietnam’s entry into the World Trade Organization in 2007 heralded the opening of the retail sector to foreign investment‚ the slow and bureaucratic
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552 TEXTBOOK ON THE PHILIPPINE CONSTITUTION Sec. 10 Regulation of Foreign Investment. (1) Sources of investments. – Generally‚ they are: domestic savings‚ government expenditures‚ grants‚ local and foreign investments‚ and foreign loans. Investment is expenditure. In economics‚ it is also called “capital formation”. (2) Kinds of investments. –It is either direct or indirect in the forms of loans. Direct investments maybe made by a foreigner by: (a) buying stocks or bonds in a local company
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travel Industry. HWT is Australia’s leading retail travel franchise group with financial strength and business transparency unparalleled in the franchise sector. HWT extensive franchising experience‚ technological leadership‚ travel expertise and purchasing power enable them to deliver significant market advantage to their franchise network. Growing their franchise system is integral to their strategic vision. Importantly‚ a HWT franchise permits one to be in business by themselves but having a strong
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