Domino’s Pizza, Inc. is the true definition of an American Success story. From the humble beginnings in a single store to tens of thousands of stores spanning the globe we will take a look at what it takes to build a $900 loan into a corporate juggernaut that grosses billions in sales annually. Domino’s story is one of perseverance, cunning, innovation and foresight. Thomas Monaghan’s history and methods of accounting practices is one that any entrepreneur looking to get into business ownership can look to for inspiration and motivation.
Type of Business or Service Provided
Domino’s Pizza is an international pizza delivery franchise corporation headquartered in Ann Arbor, Michigan. The company has grown to include over 10,000 franchise and corporate stores in over 70 countries. With annual sales of $2.22 billion and gross profit of $683.1 million, Domino’s is the second largest pizza corporation in the world. (AmigoBulls.com)
According to the article found online, “Domino 's Pizza Mission Statement: To be the leader in delivering off-premise pizza convenience to consumers around the world. As a team united throughout the world, we will accomplish our Mission by: 1. Being fanatical about product quality and service consistency; 2. providing product variety to meet all customer needs; 3. placing team member and customer safety and security above all other concerns; 4. creating an environment in which all team members feel valued, because they are; 5. building and maintaining relationships that reward franchisees and other partners for their contributions.” (Reference for Business.com)
Domino’s began with a simple plan of only offering delivery or carryout pizza with a very limi...
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...based company generates $8.9 billion in sales annually with 11,629 locations worldwide. (Pizza Today, 2015)
Methods of Accounting Inventory and Depreciation Procedures Used.
According to the information obtained from Hoovers website, Domino’s 10-k financial filings report for the fiscal year ending January 3, 2016 states, “Depreciation and amortization expense is provided using the straight-line method over the estimated useful lives of the related assets” (Hoovers.com). As far as their inventory, the method used is FIFO. As stated via the annual financial report, “Inventories are valued at the lower cost (on a first-in, first-out basis) or market” (Hoovers.com). Domino’s inventory consists of food and equipment and supplies. The costs of inventory at fiscal year ended January 3, 2016 was valued at $30,167 for food and $6,694 for equipment and supplies (Hoovers.com).
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