During the current year, Robby's Camera Shop had sales revenue of $170,000, of which $75,000 was on credit. At the start of the current year, Accounts Receivable showed a $16,000 debit balance, and the Allowance for Doubtful Accounts showed a $900 credit balance. Collections of accounts receivable during 2014 amounted to $60,000. Data during the current year follows: a. On December 31, an Account Receivable (J. Doe) of $1,700 from a prior year was delrmined to be uncollectible; therefore, it was written off immediately as a bad debt b. On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated bad debt losses on 1.5 percent of credit sales for the year.
Answers
a. The amount of uncollectible account written off as a bad debt on December 31 is $1,700. b. The estimated bad debt expense for the current year is $1,125.
a. On December 31, an Account Receivable (J. Doe) of $1,700 from a prior year was determined to be uncollectible and was written off immediately as a bad debt. This means that the company recognized the account as uncollectible and removed it from their accounts receivable balance. The amount of uncollectible account written off as a bad debt on December 31 is $1,700.
b. The accounting policy of the company is to base estimated bad debt losses on 1.5 percent of credit sales for the year. The total credit sales for the year were $75,000. To calculate the estimated bad debt expense, we multiply the credit sales by the percentage: $75,000 * 1.5% = $1,125. Therefore, the estimated bad debt expense for the current year is $1,125.
Based on the given information, Robby's Camera Shop wrote off an uncollectible account of $1,700 on December 31. Additionally, the estimated bad debt expense for the current year is $1,125, calculated as 1.5% of the credit sales for the year. These entries reflect the company's recognition of uncollectible accounts and the provision for potential bad debt losses based on their accounting policy.
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Related Questions
because researchers receive faster replies to surveys, the completion time for a project is shortened. as a result, a company using mobile research experiences
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If because researchers receive faster replies to surveys, the completion time for a project is shortened. as a result, a company using mobile research experiences cost savings.
What is research?Research can be defined as the process of collecting or obtaining data or information from a group of population so as to draw or reach a conclusion after analyzing and evaluating the data collected.
On the other hand cost saving can be defined as the way of reducing expenses by saving cost.
Based on the scenario making use of mobile research will help the researcher to save cost because the research do often receive fast or quick responses from people when carrying out survey which implies that the completion time for the survey is short thereby reducing the cost the researcher could have incur if were not making use of mobile research method.
Therefore the mobile research will help save cost.
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introduce national employment with its importance and examples
Answers
Answer:
national employment. Employment created and provided by a national employer, business, company, enterprise, organization or national unity government in various areas of a country. National employment is a vital part of an economic system.
Explanation:
Employment created and provided by a national employer, business, company, enterprise, organization or national unity government in various areas of a country. National employment is a vital part of an economic system.
Capital One is advertising a 60 month, 6.68% APR motorcycle loan. If you need to borrow $8,000 to purchase yout dream Harley Davidson, what will your monthly payment be? Your monthly payment will be s (Round to the nearest cent)
Answers
To purchase your dream Harley Davidson using a motorcycle loan from Capital One with a 60-month term and a 6.68% APR, your monthly payment will be calculated based on the loan amount of $8,000.
To calculate the monthly payment, we can use the loan amount, loan term, and the APR provided. The formula commonly used for calculating monthly payments on a loan is the amortization formula. It can be represented as:
Monthly Payment = (Loan Amount * Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate)^(-Number of Months))
In this case, the loan amount is $8,000, the loan term is 60 months, and the APR is 6.68%. To calculate the monthly interest rate, we need to convert the APR to a monthly rate by dividing it by 12 (number of months in a year).
Monthly Interest Rate = APR / 12 = 6.68% / 12 = 0.5567%
Now we can substitute the values into the formula to calculate the monthly payment:
Monthly Payment = (8,000 * 0.005567) / (1 - (1 + 0.005567)^(-60))
Calculating this equation will give you the monthly payment amount. Rounding the result to the nearest cent will provide the final answer for the monthly payment on your motorcycle loan.
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As you can tell from the title, Rebecca Skloot has written a biography of Henrietta Lacks, a person many people have never heard of but offered an incredibly important contribution to health sciences. There are many victims in this story, and many people who behaved unethically. I want you to structure your paper like this. First, pick a theme, like racism, poverty, or social stratification, and use this to conduct a sociological analysis of what happened to Henrietta Lacks and her family. While I want you to bring in specific details from the book, you do not need to completely "retell the story." Instead, use the theme to guide your review of The Immortal Life of Henrietta Lacks. Begin with a clearly stated thesis/argument. In this case, in a paragraph, explain why the theme you chose is appropriate. Do more than just mention your theme. Briefly explain why it is appropriate. irch Then expand this paragraph into a discussion of Henrietta Lacks and her family based on the theme you have chosen. Based on your theme, how would a sociologist analyze what happened to Henrietta Lacks and her family? Include in your discussion at least one specific example of when your theme directly mic & influenced Henrietta Lacks and/or her family. Be sure to talk about the consequences of what happened. port In your concluding paragraph, describe things that might be done in terms of public policy that would prevent or make sure that what happened to the Lacks family will or will not happen to others. Please note, what happened does not have to have been "bad." be done "What Should We Do"? agement There are multiple book reviews and other commentaries on The Immortal Life of Henrietta Lacks. I strongly recommend not looking at any of them, even to ent 'get ideas" Just don't do it! Taking one word-for-word sentence from one of these reviews is plagiarism and will result in an F for the assignment. beral Arts You will receive two grades on the book review. The first grade will involve content and will be worth 20 points. You will be graded on the quality of your pplement presentation and the examples you present. The second grade will assess the quality of your writing and will be worth 10 points. One point will be deducted for every typo, word misspelled, run-on sentence, failure to properly indent a paragraph, etc. This is a 2-3 page paper, double spaced. Use Times and a 12 point font, and use Word.
Answers
The Immortal Life of Henrietta Lacks is a biography written by Rebecca Skloot that explores the theme of social stratification. Public policy measures can be implemented to prevent similar injustices from occurring in the future.
The Immortal Life of Henrietta Lacks by Rebecca Skloot centers around the theme of social stratification. This theme is appropriate because it allows for a sociological analysis of the circumstances surrounding Henrietta Lacks and her family.
By examining their experiences through the lens of social stratification, we can understand how inequalities in access to healthcare, education, and opportunities affected their lives. For instance, the lack of informed consent and exploitation of Henrietta's cells for medical research highlight the power dynamics and vulnerabilities faced by marginalized communities.
By considering the consequences of these actions, we can identify the need for public policy measures that address issues of equity, informed consent, and protection of individual rights.
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On October 1, 2022, Bramble Company issued an $841000,12%,9-month interest-bearing note. If the Bramble Company is preparing financiai statements at December 31, 2022, the adjusting entry for accrued interest will include a: a) debit to Interest Expense of $25230 b) credit to Notes Payable of $25230. c) credit to Interest Payable of $50460. d) debit to Interest Expense of $37845.
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On October 1, 2022, Bramble Company issued an $841000,12%,9-month interest-bearing note. If the Bramble Company is preparing financial statements at December 31, 2022, the adjusting entry for accrued interest will include a debit to Interest Expense of $25230.
Adjusting entries are journal entries made at the end of an accounting period to adjust income and expense accounts to account for transactions that have not been recorded in the accounts. The adjusting entry for accrued interest will be made to recognize the interest expense incurred for the three months between October 1 and December 31, 2022, because the interest-bearing note has a nine-month maturity date. Here, the annual interest rate is 12%, which means the interest rate per month is 1% (12%/12 months).
Therefore, the interest accrued for three months can be calculated as follows:Interest expense = $841,000 × 12% × 3/12= $30,120This amount will be the company's accrued interest as of December 31, 2022. Since the entry requires a debit to the Interest Expense account, the answer is option a) debit to Interest Expense of $25230.
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How did common law develop?
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Answer:
Origin of common law
The English common law originated in the early middle ages in the King's court. It did not have substantive rights but it consisted of procedural remedies. Until the 19th century, the English common law continued to be developed primarily by the judges rather than the legislature.
Assume a company's Income Statement for Year 12 is as follows:_______.
Income Statement Data Year 12 (in 000s)
Net Revenues from Footwear Sales $ 600,000
Cost of Pairs Sold 370,000
Warehouse Expenses 55,000
Marketing Expenses 100,000
Administrative Expenses 15,000
Operating Profit (Loss) 60,000
Interest Income (Expense) (12,000)
Pre-tax Profit (Loss) 48,000
Income Taxes 14,400
Net Profit (Loss) $ 33,600
Based on the above income statement data and the formula for calculating the interest coverage ratio described in the Help section for p. 5 of the Footwear Industry Report, the company's interest coverage ratio is:_____.
a. 2.80.
b. 50.0.
c. 3.00.
d. 4.00.
e. 5.00.
Answers
Based on the above income statement data and the formula for calculating the interest coverage ratio, the company's interest coverage ratio is e. 5.00.
What is the interest coverage ratio?The interest coverage ratio measures how easily a company can pay interest on its outstanding debt using its operating profit. The operating profit is the earnings before interest expenses and taxes (EBIT).
Data and Calculations:Operating profit = $60,000
Interest Expense = $12,000
Interest coverage ratio = Earnings before interest and taxes/Interest expense = 5 ($60,000/$12,000)
Thus, the company's interest coverage ratio is e. 5.00.
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FIRST ANSWER WILL BE NAMED BRAINLIEST
Which action would effectively and appropriately address a budget deficit?
A. reduce income
B. reduce expenses
C. apply for bankruptcy
D. apply for new credit
Answers
Answer:
It is letter B
Explanation:
Reducing expenses would effectively and appropriately address a budget deficit. Thus option B is correct.
What is the budget?A budget is a financial plan that projects future earnings and costs. A budget, put simply, forecasts future finances in addition to anticipated revenues and expenditures. Calculating the company's earnings and costs for a set period of time is the procedure for creating a budget.
Increasing tax rates while decreasing government expenditures are the two apparent ways to minimize a budget deficit. the reduction of government spending and/or the raising of taxes, which results in either a rise in the primary surplus or a decrease in the budget deficit. greater taxes and less funding by the government. If public spending is lower than tax receipts, a budget surplus results.
Therefore, option B is the correct option.
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In the following equation, Qroses refers to quantity of roses sold (in dozens), Proses and Pcarnation refer to average wholesale price of roses and carnation respectively ($/dozens) : log(Qroses ) = 8.95 – 1.75 log(Proses ) + 1.2 log(Pcarnation ). Which of the following statements is then true?
A: If Qroses increases by 1%, Proses increases by 1.75%, holding Pcarnation constant
B: If Qroses increases by 1%, Proses decreases by 1.75%, holding Pcarnation constant
C: If Proses increases by 1%, Qroses increases by 1.20%, holding Pcarnation constant
D: If Proses increases by 1%, Qroses decreases by 1.75%, holding Pcarnation constant
Answers
The correct answer is D: If Proses increases by 1%, Qroses decreases by 1.75%, holding Pcarnation constant.
How to solveThe equation given is log(Qroses) = 8.95 – 1.75 log(Proses) + 1.2 log(Pcarnation).
The coefficient of log(Proses) is -1.75. This indicates that the elasticity of Qroses with respect to Proses is -1.75.
In other words, a 1% increase in Proses is associated with a 1.75% decrease in Qroses, holding Pcarnation constant.
This is because the negative sign shows the inverse relationship between Qroses and Proses.
When Proses goes up, Qroses goes down, and the magnitude of this effect is 1.75%.
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a laptop computer is purchased for . after each year, the resale value decreases by . what will the resale value be after years?
Answers
If the resale value of a laptop decreases by 20% each year, it means that its value at the end of the first year will be 80% of its original value,
i.e., $1000 x 0.8 = $800.
Similarly, at the end of the second year, its value will be
80% of $800, i.e., $640. At the end of the third year, its value will be 80% of $640, i.e., $512. Therefore, after 3 years, the resale value of the laptop will be $512. It's important to keep in mind that the actual resale value may vary based on market conditions, demand for the specific laptop model, and other factors.
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--The complete Question is, If a laptop computer is purchased for $1000, and after each year, the resale value decreases by 20%, what will the resale value be after 3 years? --
Why does this occur?
Answers
This has to be asked in context.
The steps in the budgeting process are
Answers
Determine and track your expenses
Set financial goals
Create a plan to get to those goals
Monitor your progress
a recent research signified the large health benefits of eating cooked tomatoes. holding other things constant, this will cause a. the demand curve for tomatoes to shift to the right b. the demand curve for tomatoes to shift to the left c. the supply curve for tomatoes to shift to the right d. the supply curve for tomatoes to shift to the left
Answers
The recent research highlighting the health benefits of eating cooked tomatoes would likely cause the demand curve for tomatoes to shift to the right. Option a is correct.
This is because the increased awareness of the health benefits would lead to a higher demand for tomatoes, as more people would be inclined to consume them. However, it would not affect the supply curve for tomatoes, as the supply is determined by factors such as production and availability, which are not directly influenced by health benefits.
Therefore, the correct answer would be option A, the demand curve for tomatoes would shift to the right.
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7.
Why must private ownership of property be guaranteed before a free market economy will work?
The government will retain too much power if there is a guarantee.
Entrepreneurs need to be assured that they will benefit from a successful project.
Without such a guarantee, criminals can steal the profits from a good business.
Unemployment will be too high for the private ownership to work without the guarantee.
Answers
Answer:
I think it would be either B or C
I can't tell between those too I'm sorry
Which of the following is a reason that your company might not want to increase its market share? A. The market saturation for your product is low. B. Many of your company's competitors have bad reputations. C. Your company has a limited capacity for producing your product. D. The price of your product is very competitive. Please select the best answer from the choices provided
Answers
Answer:
C. Your company has a limited capacity for producing your product.
Explanation:
Increasing the market share will result in an increased demand for the company's products. The company will sell its products to more customers. Its sales volume will most likely go up. If a company lacks the capacity to produce more goods, then it might not want to increase its market share. Should be company fail to meet the market demand for its products, its risks damaging its reputation.
Answer:
c-Your company has a limited capacity for producing your product.
Explanation:
got it right on edge
PLEASE HELP I'LL GIVE THE BRAINLIEST
Select the correct answer. Which of the following correctly matches the banking term with the appropriate definition?
A. A deposit is the total amount of money you have in the bank.
B. A withdrawal is an amount of money you take out of the bank.
C. Your balance is the money you put into the bank.
D. All of the above
Answers
Answer:
its answer is B a withdrawal is an amount of money you take out of the bank
A project manager has two engineers assigned to the project and does not have access to more even if the result means extending the completion date on the project. The project manager is managing a(n) ________.
Answers
The project manager is managing a Resource-constrained project.
Resource-constrained project is one where the availability of assets is restricted. If the resources are not able to complete on time, the project gets delayed and there is no opportunity to get additional resources. The resource can be machine, device, human, etc. In this situation, as the handiest engineers are available, it is a resource-constrained project.
Humans, substances, and devices are all considered resource constraints. If any of these are restricted in that there aren't sufficient to finish the activities they're scheduled for in the amount of time given, the timing and collection of sports inside the assignment network can be impacted.
The shortage of resources finally ends up determining how you pass about your work, which generally leads to resource overloading. essentially, this means you spend an excessive amount of time working on these projects and stretch out your workdays to compensate for the resource constraints.
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how has the right to education addressed to differently able persons?How far is it appropriate to keep such provision with view of justice?Present your logics.
Answers
Answer:
,
Explanation:
i think this is answer right
working in office or in a bank is an example of❔
Answers
Answer:
White collar jobs
Explanation:
This work is situated in an office
how have these principles most affected u.s. markets? aby stimulating consumer demand for products bby making business transactions costlier cby causing shortages of essential materials dby discouraging coordination among producers
Answers
The principles mentioned in the question refer to the economic policies adopted by the U.S. government.
These policies have had a significant impact on the U.S. markets.
Firstly, the principle of stimulating consumer demand for products has led to an increase in the consumption of goods and services. This has boosted economic growth and has helped businesses to expand and hire more workers. It has also resulted in higher profits for businesses and increased tax revenue for the government.
Secondly, making business transactions costlier, such as through taxes and regulations, has led to a reduction in profits for businesses. This can discourage investment and expansion, resulting in slower economic growth.
Thirdly, the principle of causing shortages of essential materials can lead to supply chain disruptions and higher prices for consumers. This can also result in businesses having to cut back on production and lay off workers.
Finally, discouraging coordination among producers can lead to increased competition and lower prices for consumers. However, it can also result in reduced innovation and a lack of cooperation within industries.
In summary, the principles mentioned in the question have had a mixed impact on the U.S. markets. They have stimulated demand for products, but also made business transactions costlier and caused shortages of essential materials.
They have also discouraged coordination among producers, which can have both positive and negative effects.
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_____ are the costs associated with the operating and marketing expenses of a company. _____ are the per-unit costs associated with the product.
Answers
Fixed costs are the costs associated with the operating and marketing expenses of a company. Variable cost are the per-unit costs associated with the product.
What are operating expenses?An operating expense is an expense a company takes through its usual company operations. Usually known as OPEX, operating expenses involves rent, equipment, inventory costs, marketing, payroll, insurance, step costs, and financial resources set aside for research and development.
Therefore, the correct answers are as given above. It can then be concluded that costs that relate with operation or market expenses of a company is fixed cost. And the variable cost is a cost per product.
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4 On 1 July 20-6 Mumtaz started a business. The following are her transactions for the first two weeks of trading:
Answers
Mumtaz started a commercial enterprise. the following are her transactions for the primary weeks of trading: can do economic transactions thru cellular banking using a smartphone.
Definition of transaction: something transacted specially: a trade or switch of goods, services, or funds digital transactions. b transactions plural: the often posted record of the meeting of a society or affiliation: an act, system, or example of transacting.
Examples of transactions are as follows: Paying a provider for offerings rendered or items added. Paying a seller with coins and notice so that you can attain ownership of belongings previously owned by means of the seller. Paying an employee for hours worked.
In accounting, a transaction in any financial commercial enterprise event impacts a commercial enterprise's monetary statements. because transactions include any occasion that has an economic effect on your monetary data, there are a whole lot of items that are transactions.
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Which of these can you select in the Billing details tab to view an itemized invoice? Select all that apply. PrintView PDFDownload CSVSend to email address
Answers
In order to view an itemized billing detail the option that you can select is view PDF.
What is the billing invoice?This is an invoice that shows the amount of money that a person has been charged for a service or a product.
In order to view this, the prompt would be to ask to view the PDF of it which can then be printed out.
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why must a monopoly supply a good or service that has no close substitute
Answers
Answer:
Because a monopoly is when one person or buisness provides a good or service that people can't get anywhere else so they can continue to make money.
Explanation:
True or false: HRM is just as important to a company as the company's finance, marketing, and accounting departments.
Answers
**True.** HRM (Human Resource Management) is just as important to a company as its finance, marketing, and accounting departments.
While each department plays a crucial role in the overall functioning of a company, HRM is equally significant in ensuring the success and effectiveness of the organization. HRM is responsible for managing the company's human capital, including recruitment, selection, training, performance management, employee engagement, and employee relations.
Effective HRM practices contribute to various aspects of a company's success. For instance, HRM plays a vital role in attracting and retaining top talent, which is crucial for driving innovation, productivity, and competitiveness. HRM also ensures compliance with labor laws and regulations, promotes a positive work culture, fosters employee development, and manages conflicts or issues within the workforce.
Additionally, HRM plays a critical role in aligning the company's human resources with its strategic goals, facilitating organizational change, and promoting diversity and inclusion. Without effective HRM, companies may struggle to attract and retain talented employees, experience low employee morale, face legal and compliance risks, and hinder overall organizational performance.
Therefore, recognizing the importance of HRM as being on par with finance, marketing, and accounting departments is essential for organizations to thrive in a competitive business environment.
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Lucinda runs the advertising department for a local newspaper. An internal error resulted in all ads for the sunday edition running in black and white, not the full-color advertising paid for by clients. The newspapers have already been delivered. What should lucinda keep in mind as she writes to the affected advertisers?.
Answers
Lucinda should keep in mind that the clients will react in different ways to the mail, and she should be able to take the blame as she writes to the affected advertisers.
What is advertisement?Advertisement involves creating an awareness regarding a product.
It means making people know about a product to promote effective sales. A client could be a company or individual who wants his or her company advertised.
When an error occur internally the advertisement department should be ready to hold the result and present possible alternative or solution as the case may be.
Therefore, Lucinda should keep in mind that the clients will react in different ways to the mail, and she should be able to take the blame as she writes to the affected advertisers.
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Which is the first step in setting a financial goal?
a. setting aside leftover income
b. reducing your spending
c. tracking your spending
d. starting a second source of income
Answers
Answer:
All four actually.
Explanation:
In order to reach a financial goal you need to:
1. Save Money
2. Set and manage a budget (usually a monthly budget listing all your known expenses works)
3. Track your spending, and keep managing your budget.
4. Reduce your spending. If you are trying to reach a goal, a great line of thinking is “Only buy what you Need, Not what you Want”
5. If you are trying to reach a set financial goal quickly, then yes, it makes sense to find a secondary source of income, such as a part time job, or start a selling site on EBay, for items you don’t use anymore, etc.
Answer: B. reduce your spending.
Explanation: by not spending money this will allow you to save money for your financial goal.
how can only paying attention to the monthly payment benefit the lender
Answers
The whole cost of your loan is hidden if you only think about your monthly installments. You should consider the entire cost of borrowing when taking out any loan, not the monthly payment.
What is the advantage of monthly payment?They have immediate access to money when they need to pay an urgent bill, they get to pick their own pay dates so that they can meet their regular financial obligations, and they can manage their own pay processes without the aid of payroll.
Why do companies prefer monthly payments?Due to the benefits of a monthly billing cycle, customer acquisition costs are frequently cheaper as the sales cycle is shortened. You get the chance to interact with clients on a daily basis and find out if they use your items.
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_______are independent businesses that do not own the products they sell. They act as intermediaries to brinna
buyers and sellers together
Agents and brokers
Wholesalers
Retailers
Final consumers
Answers
Answer:
Agents and brokers
Explanation:
Agents and brokers connect buyers and sellers. They are contracted by either sellers or buyers to help them increase sales or find items to buy. Agents and brokers act on behalf of their clients.
Wholesalers and retailers take ownership of the goods they sell. They first buy the goods, which gives them title to the goods before selling to retailers or consumers. Agent and brokers do not buy goods. They look for buyers or sellers for their clients' merchandise.
I have this assignment on the movie The Founder, i need 6 marketing terms/techniques that were used in the movie, and the meaning. does anyone have any good marketing terms or techniques that were used in the founder? This assignment is due tomorrow.
Answers
The film offers fascinating insight into the early brand strategy that underpinned the legendary McDonald's brand. To the cost of the health of millions of people and the world, what director John Lee Hancock shows about Kroc's impact on our food system and food culture is a much wider story.
What good marketing terms or techniques that were used?Marketing is about values in my opinion. In this complex and chaotic environment, there is little likelihood that we will be remembered for very long. No business is. Therefore, we must be very explicit about what we want them to know about ourselves.
Therefore, The brothers improved the productivity of the restaurant by using an assembly line, a method that completely transformed the auto industry. It was known as the Speeder System.
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