Hamburger - United States Essay Example for Free

Hamburger United States Essay A company that finds major success in one country won’t necessarily catch on in another. There are a number of fast-food chains that succeeded in America, but have failed globally. One example is the widely popular Wendy’s. Wendy’s is the third largest burger chains in the U.S. However, according to the article Wendy’s to Exit Japan, Wendy’s has recently declared that they â€Å"will not renew its agreement with its Japanese franchisee, Zensho Co Ltd, after both of them failed to reach an amicable solution on the development of Wendy’s brand in Japan. † This will result in the closure of 71 outlets located in and around Tokyo, Japan. Despite being one of the leading quick-service restaurant companies in America, Wendy’s has struggled to understand and expand internationally. It seems that they were being consistently beaten by the business that McDonald’s generates. Japan is McDonald’s largest market outside of the United States. It has nearly 4,000 restaurants there. The closure of Wendy’s marks the end of a 29-year presence in Japan, and is clearly a testament to the different tastes of the Eastern and Western countries. In October, Wendy’s attempted one final marketing strategy when they launched a $75 million campaign titled, â€Å"When It’s Real.† However, the campaign failed to boost sales and actually declined 4%. That appeared to be the last straw for the franchise. It’s difficult to succeed in the restaurant industry during a recession. People are more careful with their money so they tend to eat more at home. However, fast-food chains continue to thrive during these tough economic times because of their affordability. I do feel that what happened to Wendy’s could have been prevented. After all, McDonald’s is still succeeding in Japan, so why couldn’t Wendy’s. It’s important to remain innovative, especially during a recession. If they could have been creative and developed catchy marketing strategies during these tough times, I think they could have swung back into more prosperous times. References Schaefer, R.T. (2009) Sociology: A brief introduction (8th ed.) New York, NY: McGraw Hill. Zacks Investment Research (2009). Wendy’s to Exit Japan. Retrieved Jan. 9, 2010 from: http://www.istockanalyst.com/article/viewarticle/articleid/3711374

Essay on the Angel of a Woman in The Birthmark -- Birthmark Essays

Angel of a Woman in â€Å"The Birthmark†Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚      Nathaniel Hawthorne’s short story, â€Å"The Birthmark,† contains a wonderful example of the perfect wife. This essay will develop that theme.    In the opening paragraph of â€Å"The Birthmark† the narrator introduces Aylmer as a scientist who â€Å"had made experience of a spiritual affinity more attractive than any chemical one.† Hawthorne’s description of the scientist’s love for Georgiana is apt, for love is just that – spiritual. And the theme of this tale is a spiritual one. Through the course of the story Aylmer declines spiritually, while Georgiana advances spiritually.    Even after Aylmer has â€Å"persuaded a beautiful woman to become his wife,† he is not capable of loving her properly, unselfishly, because he â€Å"had devoted himself, however, too unreservedly to scientific studies ever to be weaned from them by any second passion.† The narrator seeks to justify this error or lack in Aylmer by explaining that â€Å"it was not unusual for the love of science to rival the love of woman in its depth and absorbing energy.† Already at the outset of the tale, the reader perceives that Georgiana is going to be shortchanged in this marriage. She is exposed to the problem initially when her husband asks whether â€Å"it never occurred to you that the mark upon your cheek might be removed?'' Aylmer is in quest of physical perfection in his wife; unfortunately he discounts her inner, spiritual value so clearly manifested in her comment: ``To tell you the truth it has been so often called a charm that I was simple enough to imagine it mi ght be so.'' In using the word â€Å"simple† she is being honest and not sarcastic; she is being humble and respectful of others’ (parents?) evaluation of herself. T... ...dab: â€Å"Laugh, thing of the senses! You have earned the right to laugh.'' But there is no success, for with great tenderness and concern for her husband’s happiness, Georgiana softly says, â€Å"I am dying!† The narrator’s beautifully poetic way of expressing the demise of the wife is memorable: â€Å"The fatal hand had grappled with the mystery of life, and was the bond by which an angelic spirit kept itself in union with a mortal frame.† The soul of this angelic, loving woman, â€Å"lingering a moment near her husband, took its heavenward flight.† A true angel of womankind is ascending to heaven.    WORKS CITED    Hawthorne, Nathaniel . The Birthmark Electronic Text Center, University of Virginia Library http://etext.lib.virginia.edu/etcbin/toccer-new2?id=HawBirt.sgm&images=images/modeng&data=/texts/english/modeng/parsed&tag=public&part=1&division=div1      

Fedex and UPS Essay

1. Accounting Treatments Capital Lease -Lessee Initially, the lessee recognizes the asset under his property, plant and equipment. The amount that should be debited is the Lower of asset’s fair value and present value of minimum lease payments. The present value is determined by discounting minimum lease payments using interest rates implicit in the lease. Also, initial direct cost that the lessee incurs in relation to the lease is added to the cost of recognized asset. On the credit side of the entry should be lease liabilities, which is in fact, some kind of a loan. The lease liabilities should be split into current and noncurrent liabilities as some payments are made within 12 months while others are made after 12 month of the reporting date. Subsequently, there are two things we must take care of. First, we must depreciate the lease asset over the economic life, not over the lease term because that doesn’t necessarily need to be the same. The entry is to debit depreciation expense in profit or loss and credit th e accumulated depreciation account. Secondly, we need to allocate the lease liability or minimum lease payments paid to the lessor into two parts; reduction of lease liability and finance charge or interest. IAS 17 requires the finance charge to be allocated so as to produce a constant periodic rate of interest (interest rate implicit in the lease) on the remaining balance sheet liability. (Refer to appendix A for journal entries Capital lease-Lessor The lessor is a finance provider, and therefore records lease receivables as the debit side of the entry. The lease receivable is the net investment in the lease, which is the total of minimum lease payments and unguaranteed residual value. Total of these two figures is gross investment in the lease and we need to discount it to present value using discount rate implicit in the lease and all this must be equal to fair value of the asset plus initial direct cost. The credit side to this entry is simply cash given out by the lessor. Subsequently, we have to split minimum lease payments received from the lessee between reduction of finance lease receivable and finance income similar to what the lessee would do. (Finance income should reflect a constant periodic rate of return on the lessor’s net  investment in the lease.) (Refer to appendix A for journal entries) Operating Lease-Lessee In an operating lease, the lessee does not recognize any asset. The lease payments are recognized as rent expense in profit or loss on a straight-line basis. The journal entries would include a debit to rent expense and credit to cash or accounts payable. (Refer to appendix A for journal entries) Operating -lessor Lease payments received from the lessee are recognized as revenue in profit or loss on a straight-line basis. The lessor keeps the asset on his financial statement and depreciates it in line with its fixed asset accounting policy. (Refer to appendix A for journal entries) Advantages of Operating Lease In an operating lease, the lessee is considered to be renting the equipment and thus the lease payment is recorded as rental expense. No assets or liabilities are recorded on the balance sheet (Off-balance sheet financing). This is beneficial for companies because it will result in a lower asset base, therefore creating a higher ROA. Operating lease will also display more desirable solvency ratios such as lower debt to equity. This off balance sheet method of recording will also produce better debt covenant ratios for the company to show its debt lenders. Moreover, some companies associate management bonuses to certain ratios such as return on capital, which would be more optimal looking if recorded under operating lease. Another major benefit of operating leases is the potential tax benefits. An operating lease may allow the company to deduct payments as operating expenses during the period in which they are paid. If the company purchases equipment, they may be able to deduct the in terest, as well as the cost of the depreciation. 2. Under current Financial Accounting Standards Board regulations, what business arrangements might FedEx have made in order to account for leases as operating leases rather than capital leases? An operating lease is usually coined as anything that is not classified as a finance lease.  Factors that an operating lease may include are: 1. If a lease does not significantly transfer all the risks and rewards, associated with ownership of an asset the lease 2. If the ownership of the asset is more likely to go back to lessor at the end of the term 3. The lessee does not have the option to buy the asset at a cost significantly below the fair value of the asset → ie. a bargain price. The term of the lease is not a major part of the economic life of the lease item. IAS 17 does not explicitly say how much is a major portion however ASPE states that 75% and above is a major portion. 5. If there is little or no risk to the lessee; all major risks are borne by the lessor. An example wo uld be cancellation costs. 6. The leased asset is of common nature; not specialized and can only be used by the lessee. 7. The present value of the total amount of minimum lease payments do not equal or is close to the fair value of the asset leased. Other Additional Criteria can be: 8. Whether fluctuation in fair value at the end of the lease accrue to the lessor 9. If the lessee does not have the option to extend the lease for a secondary period at a â€Å"below the market† price Arrangements FedEx would have to make to disclose the operating lease would include disclosures about: the outstanding payments left for non-cancellable operating leases for the time periods: within one year within two to five years after more than five years the total future minimum sublease income for non-cancellable subleases the lease and sublease payments recognised in income for the period the contingent rent recognised as an expense  the general description of significant leasing arrangements, including contingent rent provisions, renewal or purchase options, and restrictions imposed on dividends, borrowings, or further leasing For operating leases, IAS 17 states that the total lease payments should be incurred as an expense and would appear on the income statement regularly with the amount on a straight-line basis over the entire lease term. Any enticements that the lessee may have received from the lessor to enter into the lease arrangement, must also be divided on a straight line basis to offset the  rental expense. 4. Lease Capitalization on Financial Variable and Ratios Unrecorded Lease Liability and Debt-to-Equity Ratio Based on the ratios and calculations performed there are many incentives for companies to report leases as operating leases rather than capitalize them. It can be concluded that the impact of lease capitalization on the financial statements is far greater for FedEx than UPS, however both companies are reaping benefits from reporting leases as operating leases. Capitalizing leases requires that leases are recorded as assets and liabilities on the balance sheet. The Unrecorded Lease Liability is 98.41% of existing liabilities for FedEx and 8.27% for UPS. Thus, by not capitalizing leases, firms are able to decrease their liabilities and present a more lower debt/equity ratio.The Debt/Equity ratio gives stakeholders an indication of the capital structure of the firm. The ratio for FedEx moves from 0.97 to 2.70, which indicates a more leveraged capital structure. UPS ratio moves from 0.87 to 1.28. The capitalization of leases would not a llow FedEx to maintain a debt-equity ratio below 1, which would change shareholder’s view on the financial flexibility of the firm. If FedEx wishes to maintain a relatively low debt-to-equity ratio on their financial statements it would be unfavourable to capitalize leases. Return on Asset The Return on Assets (ROA) is another key ratio that is affected when leases are capitalized due to the increase in assets that the company owns. When leases are capitalized there is a decrease in ROA for both FedEx and UPS by 1.69% and 0.32%, respectively. This is a relatively significant drop in efficiency and further motivates firms to record leases as operating leases. Interest Coverage Ratio The interest coverage ratio informs stakeholders of a company’s ability to pay back their interest. There is a significant drop of 17.26 in FedEx’s interest-coverage ratio and a drop of 9.2 in UPS’s interest coverage ratio. This means that a certain amount of profit is attributed to the fact that leases are not capitalized. In conclusion, it is clear from the variables and the ratios analyzed why companies prefer to record leases as operating leases rather than capitalize them. Operating leases are kept off the balance sheet and their main impact on the income statement is rent expense since the risks of ownership are not assumed. On the other hand, when leases are capitalized, the present value of payments including interest expense,  is treated as a liability on the balance sheet. These two accounting methods result in ratios to be more favourable for the firm when leases are recorded as operating leases rather than financial leases. 5. New Exposure Draft: A Contract-Based Approach Development of Contract-Based Approach Leasing is a critical activity in business as it is a means of gaining access to assets, obtaining finance and reducing an entity’s exposure to the risks of asset ownership. Some key advantages of leasing assets rather than purchasing assets are 100% financing, flexibility and the tax advantages. Therefore it is crucial that leases are appropriately accounted for and nature and duration of the lease agreement is considered. Current models require lessees and lessors to account for leases as either finance leases or operating leases. A recurring criticism of this approach is that lessees are not required to recognize assets and liabilities arising from operating leases. We can see the benefits of this in the financial statements and ratios of FedEx and UPS, as discussed above. In our opinion capitalizing leases provides stakeholders of a less aggressive view of a company’s financial statements. The contract based approach ensures th at companies recognise the right to use an asset along with the contractual liability on its balance sheet. Recognition and Measurement (Lessee) IASB and FASB are proposing a new approach to lease accounting that ensures entities record assets and liabilities arising from a lease. With this new approach, a lessee would recognize assets and liabilities for leases with a maximum possible term of more than 12 months. Under this contract-based approach, the asset is taken on by the lessee as the right to use to asset and not the asset itself. This a key difference between the contract-based approach and finance leases. When the lease is acquired, the lessee would recognise a lease liability. This would refer to the obligation of the lessee to make recurring lease payments. Additionally, the lessee would recognize a right-of-use asset representing a lessee’s right to use the underlying asset for the lease term. The right-of-use asset would include the initial measurement of the lease liability, any lease payments made at or before commencement date and any initial direct costs incurred by the lessee. The proposal further categorizes the leases into Type A and Type B leases. Type A Lease Recognition Leased assets other  than property (such as equipment and vehicles) would be classified as a Type A lease. However, if the following two conditions are met, the lease would be classified as a Type B: if the lease term is an insignificant portion of the asset’s economic life and if the present value of the lease payments is insignificant relative to their fair value. Initial measurements for a Type A lease would include a right-of-use asset and a lease liability. The lease liability would be measured at the present value of the lease payments, measured at the rate charged by the lessor. If that rate cannot be immediately determined, the lessee uses the incremental borrowing rate. Subsequent measurements would recognize interest expense and the amortization of the right-of-use asset separately on the income statement and balance sheet. This would be accounted for separately from the amortization of the asset. Type B Lease Recognition Leased assets of property (such as land or a building) would be classified as Type B leases. Initial measurements would be parallel to the initial measurements of Type A assets. However, subsequent measurements would recognize a single lease cost. This cost would be a measurement of the interest expense as well as the amortization of the asset. This combined figure would be calculated on a straight-line basis. Effect on Existing Operating Lease Existing operating leases must be appropriately treated based on the a ccounting standards for leases. Leases that were previously reported as operating leases by lessees should be recognised using the new approach at the beginning of the earliest comparative period. The lessee should recognize the lease liability, which is the present value of the remaining lease payments. For Type A leases, a right-of-use asset is measured as a proportion of the lease liability. The proportion is based on the remaining lease term at the time of the earliest comparative period. Additionally, the right-of-use asset recorded should be adjusted for any previously recognised prepaid or accrued lease payments. On the other hand, for Type B leases, a right-of-use asset is measured at an amount that equals the lease liability. The asset is then adjusted for previously recognised prepaid or accrued lease payments.

Christianity and Paganism in the Epic of Beowulf Essay

Christianity and Paganism in Beowulf The story of Beowulf shows the effect of the spread of Christianity in the early Danish paganistic society that values heroic deeds and bravery above all else. The mythical creatures that Beowulf kills with his supernatural strength make the story into an epic celebrating the life of a great hero. However, blending in among Beowulfs triumphs against the three key creatures, we also see Christian virtues being instilled upon the listeners. The good qualities of loyalty, humility, sacrifice for the good of others, and sympathy for those less fortunate are seen woven into the text as well as the negative consequences from greed and pride. The characters of Grendel, his mother, and the dragon†¦show more content†¦Grendel is even described as an unhappy creature while the thanes are regarded as living in joy and blessed. (Tuso, 3) Heorot is a symbol of the victory of the thanes and it where they are merry, happy, social, and even play music, which particularly irks Grendel. Grend els jealousy and pain resulting from being an outcast explain his violent reaction to the thanes. These are very human emotions and it seems like one of the first Christian values is being instilled here; sympathy for those less fortunate. Later on, when Grendel retreats to his lair to die, his weakness and human side is again seen. Grendel is forced to flee because Beowulf mortally rips off his claw. The claw is a direct symbol of Beowulfs strength since it is from his hand to claw battle with Grendel. The awful monster had lived to feel pain in his body, a huge wound in his shoulder was exposed, his sinews sprang apart, his bone locks broke. Glory in battle was given to Beowulf. (Tuso, 15) Beowulf is depicted as the great hero who gains victory over a supernatural being, Grendel. This story of the underdog is similar to the story in the Old Testament about David triumphing over the giant Goliath. When the claw is hung up in Heorot, Beowulfs bravery is celebrated and it is obvious that this quality is highly respected among the thanes. However, the claw has a different meaning to Grendels mother who sees it as an extreme sign of disrespect to her dead son and isShow MoreRelatedChristianity And Paganism In Beowulf1005 Words   |  5 Pagesever wanted to be a savior? Well, that is every day for one epic hero named Beowulf. Beowulf is an epic poem about good versus evil written by an anonymous Christian monk. Paganism was the Geats first religion, and once Christianity became introduced, the religion slowly shifted from paganism to Christianity. Beowulf has successfully exhibited the transition from paganism to Christianity. The epic poem has a shift from Christianity to paganism throughout the poem. There are many symbolic examples thatRead MoreComparing Beowulf And The Epic Of Beowulf937 Words   |  4 Pagesthe Roman Empire. In the story Beowulf, his actions portray him, indeed be an epic hero. Both Christianity and Paganism are both portrayed throughout the epic Beowulf. Beowulf frequently speaks of God through out the story, while there are also many Pagan elements that are evident throughout the story as well. In addition, It s hard to ignore the Christian and Pagan elements in Beowulf. These types of elements are what define the heroic warrior in the epic Beowulf(Vengeance the Pagan and ChristianRead MoreTheme Of Christian And Pagan Elements In Beowulf978 Words   |  4 Pageselements Beowulf was written during the time that society was in the process of converting from Paganism to Christianity. Early Christianity developed in the Roman Empire, where many religions were practiced and formed into paganism. Paganism is commonly used to refer to various, largely unconnected religions and beliefs from that time period. Beowulf was written in England between the 8th and 11th century. The name of the author is unknown, but referred to as the Beowulf Poet. Beowulf is consideredRead MoreBeowulf : Christian Or Pagan Epic?865 Words   |  4 Pages2015 Beowulf: Christian or Pagan Epic? Believe it or not, Thor was not just a fictional superhero that appeared in comics created by Marvel. Ultimately stemming from Proto-Indo-European religion, Thor is a prominently mentioned god throughout the recorded history of Germanic mythology and paganism. Pagans, a member of a community observing a polytheistic religion, dominated Southern Europe society and literature until Christianity slowly drove out paganism around the 700s. Before Christianity spreadRead MoreTheme Of Paganism In Beowulf1179 Words   |  5 PagesThe longest epic poem ever written in the genre of Old English is â€Å"Beowulf†, it has been composed in the native language as spoken during the Anglo-Saxon reign in England, preceding the Norman Conquest. Beowulf is regarded as a classic tale which relates the defeat of evil and triumph of good. The poem is divided into three acts. Christian and Pagan Influences in Beowulf: The Pagan deities, rituals as well as pagan ideas influenced Beowulf, when it was being created, though the passing down ofRead MoreEssay about Pagan Aspects in Beowulf1573 Words   |  7 PagesScholars have argued about the religious stance of the epic poem Beowulf for centuries. Although the man who put the poem down on paper, known as the Beowulf poet, was a devout Christian, the actual poem itself is pagan. There are many clues in the epic that lead us to this conclusion such as the numerous references to pagan symbols, namely the symbol of fate. Also, the central idea of revenge in the poem opposes the ideas of Christianity. The poem also contains many breaches of the Ten CommandmentsRead More Beowulf: Christian Vs Pagan Influence Essay1652 Words   |  7 Pages The European epic, Beowulf, was written sometime in the eighth century in England. This time period provides us with an idea for the mixture of Christian and pagan elements because of an English society that was in the process of converting from Paganism to Christianity. Examples of Pagan and Christian traditions are presented all throughout literature. Many of the influences deal with what it going on in the world, when the piece is written. When Beowulf was written, St. Augustine had just comeRead MoreBeowulf: Christian vs Pagan Influence Term Paper1665 Words   |  7 PagesThe European epic, Beowulf, was written sometime in the eighth century in England. This time period provides us with an idea for the mixture of Christian and pagan elements because of an English society that was in the process of converting from Paganism to Christianity. Examples of Pagan and Christian traditions are presented all throughout literature. Many of the influences deal with what it going on in the w orld, when the piece is written. When Beowulf was written, St. Augustine had just comeRead MoreThe Epic Of Epic Poems1106 Words   |  5 Pages Epic poems played a significant role in maintaining historical events during the Middle Ages. With very little written records, epic poems were memorized and passed down as an oral communication for generations. Beowulf was an example of this type of story that may have existed for a century before it was documented. Unfortunately, due to this type of record keeping, there is no accurate account of the time frame that Beowulf was created or even by what author. It could be deduced that thisRead MoreAnglo Saxon Culture as Reflected in Beowulf Essay943 Words   |  4 Pagesas reflected in Beowulf Every culture has its own set of beliefs values and customs. Cultural beliefs, values, and assumptions are directly and indirectly acquired throughout a lifetime. A culture is the sum of a group’s way of life and this is no different with the ancient Anglo Saxon culture. Cultures usually have distinct figures that reflect their culture as a whole. The importance of religion, values, and heroes are reflected a great deal in the epic poem of Beowulf accurately showing