Calculating And Evaluating Example For Free - Free Essay Example

Sample details Pages: 9 Words: 2836 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Corporate finance is the field of finance dealing with financial decisions that business enterprises make and the tools and analysis used to make these decisions. Corporate finance is one of the most important areas of finance which takes into account all the financial decision taken by corporate enterprises.The primary goal of corporate finance is to maximize corporate value while managing the firms financial risks. Although it is in principle different from managerial finance which studies the financial decisions of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms. Don’t waste time! Our writers will create an original "Calculating And Evaluating Example For Free" essay for you Create order It also deals with the tools and techniques used to make these decisions. One of the main objectives of corporate finance is to maximize the corporate value. Corporate finance also takes into account the financial risks faced by the firm while maximizing the corporate value. Corporate finance is different from managerial fianceacute;. Corporate finance deals only with the corporate whereas managerial finance deals with almost all the firms. Capital Investment Decisions: The goal of the corporate sector is to maximize return on investing in projects which have a positive Net Present Value. Capital investment decision is composed of : 1. Investment Decision 2. The Dividend Decision Working Capital Management: This type of corporate finance is used the management of the current assets of the company. It also deals with short term financing such that the cash flows and return are acceptable. Financial Risk Management: Financial Risk Management is vital for Corp orate Finance. It basically highlights the risks that are to be hedged by the use of different financial instruments. The financial instruments are changes in the commodity prices, interest rates, foreign exchange rates and stock prices. Derivatives like options, future contracts, forward contracts and swaps are used as instruments of financial risk management. Introduction to Corporate Finance is simply dealt with acquisition of resources and allocation of resources. Get an introductory part on Corporate Finance. Corporate Financial Services are mainly of asset based lending, cash flow lending and second lien loans. Corporate Financial Management is an important tool in managing the working capital of a company. Find the process of managing the corporate finance. PepsiCo The world leading firm in snack food industry and the second in the soft drink industry. It has more than 200 product available in the market in and around the world. It invents many ideas and designs to p romote and improve itself. The company is listed in the London stock exchange. The major competitor of pepsico is coca cola which is the leading brand in the soft drink industry and maintains a larger share than pepsico. 2.Net Debt Ratio of PEPSI CO L*= (D+PVOL-CMS)/ (NP+D+PVOL-CMS) D=Market value of Total Debt= $9453 PVOL=Present Value of Operating Lease (5 times the annual rental expense) =479*5= $2395 CMS=Cash and Marketable Securities=($1498*25%)+$1498= 1123.50 NP=No. Of common shares* common stock price=788*55.87=$44025.56 L*= (D+PVOL-CMS)/ (NP+D+PVOL-CMS) L*= (9453+2395-1123.50)/ (44025.56+9453+2395-1123.50) = 10724.50/ 54750.06 = 0.20 3.Ratio Calculation of PepsiCo and Comparable Firms Interest Coverage Ratio Interest coverage Ratio is used to analysis the firms debt-servicing ability. The ratio indicates the number of times the company can make the payment of the interest charges are available funds. A higher ratio is desirable for every company, but as the ratio increases the risk also increases for the company indicating conservative nature of the firm in using debt. A lower ratio indicates excessive use of debt or inefficient operations. Interest coverage  is a financial ratio which helps the company in providing a quick glance of companys ability to pay the interest charges on its debt. It also tells the company about the number of times the company can pay interest from the available earnings which acts as a safety margin for a particular period for the company. Pepsi Co Interest Coverage Ratio= Earning before Interest and Tax(EBIT)/ Interest = $3114/ $682 = 4.57 Cadbury Schweppes Interest Coverage Ratio= Earning before Interest and Tax (EBIT)/ Interest = $ 661/ $135 = 4.90 Coca- Cola Interest Coverage Ratio= Earning before Interest and Tax(EBIT)/ Interest = $4600/ $272 = 16.91 Coca- Cola Entreprises Interest Coverage Ratio= Earning before Interest and Tax(EBIT)/ Interest = $471/ $ 326 = 1.44 McDonalds Interest Coverage Ratio= Earning before Interest and Tax(EBIT)/ Interest = $2509/ $ 340 = 7.38 Comparing the Interest coverage ratio of PepsiCo with other companies, PepsiCo has a good ratio which is neither high nor low, which indicates that the company is operating efficiently and is not conservative in using Debt. Fixed Charge Coverage Ratio A ratio that indicates a firms ability to satisfy fixed financing expenses, such as interest and leases. The fixed charge coverage ratio is especially important for firms that extensively lease equipment. EBIT, Taxes, and Interest Expense are taken from the companys income statement. Lease Payments are taken from the balance sheet and are usually shown as a footnote on the balance sheet. The result of the fixed charge coverage ratio is the number of times the company can cover its fixed charges per year. A Ratio which is higher to 1 indicates that the company is able to payoff its fixed expenses and lower ratio shows that the company is unable clear its fixed expenses. It is calculated as follows: EBIT + Fixed charge/ Fixed charge + Interest Pepsi co Fixed Charge Coverage Ratio = EBIT + Fixed charge/ Fixed charge + Interest = $ 3114+ $479/ $479+ $ 682 =$ 3593/ $ 1161 =$ 3.09 Cadbury Schweppes Fixed Charge Coverage Ratio = EBIT + Fixed charge/ Fixed charge + Interest = $ 661+$25/ $25+$ 135 = $686/$ 160 =$ 4.29 Coca- Cola Fixed Charge Coverage Ratio = EBIT + Fixed charge/ Fixed charge + Interest =$ 4600+$ 0/$0 +$ 272 =$ 16.91 Coca- Cola Enterprise Fixed Charge Coverage Ratio = EBIT + Fixed charge/ Fixed charge + Interest =$ 471+$ 31/$ 31+$ 326 =$ 502/ $ 357 =$1.41 McDonalds Fixed Charge Coverage Ratio = EBIT + Fixed charge/ Fixed charge + Interest =$ 2509+$ 498/$ 498+$ 340 =$ 3009/ $ 838 =$ 3.59 The ratios indicate that all the companies are showing a positive sign that they are able to payoff the fixed expenses which they incur every year. The companies with higher than 1 indicates the ability to pay the fixed charges that the company incur. Long Term Debt Ratio This ratio is calculated to determine the companys leverage. Here the companies long term debt and the shareholders equity is taken into consideration for the calculation. Long term debt ratio shows what proportion of debt and equity the firm is using to finance its assets to run the operation of the company. If the company uses more debt finance to run the operations of the business, the company can generate more earnings. Higher the ratio, higher is the companies leverage, but the companies with more long term debt are a liability to the company and therefore it is risky. It is calculated as follows: Long term debt / Shareholders Equity Pepsi Co Long Term Debt Ratio = Long term debt / Shareholders Equity = $ 8747/ $ 1498 = 5.84 Cadbury Schweppes Long Term Debt Ratio = Long term debt / Shareholders Equity =$ 864/$ 129 =6.70 Coca- Cola Long Term Debt Ratio = Long term debt / Shareholders Equity =$ 1141/$ 1315 =0.87 Coca- Cola Enterprises Long Term Debt Ratio = Long term debt / Shareholders Equity =$ 4138/$ 8 = 517.25 McDonalds Long Term Debt Ratio = Long term debt/ Shareholders Equity =$ 4258/$ 335 =12.71 Here the comparison indicates that the only PepsiCo has an average level leverage of the company, which is neither too risky nor safe. This can also said as ideal leverage level compared to the risk that other companies bare. This ratio also indicates the risk which the company face while using the debt financing for investment activities. If the company is not able to generate enough cash flows, its risk of bankruptcy is higher which with shatter the business of the company. Total debt to Adjusted Total Capitalisation The long term debt to total capitalisation ratio indicates the proportion of long term debt invested in the total asset of the company. For the calculation, the total long term debt and the shareholders equity are taken into consideration. A major difference from the traditional debt-to-equity ratio is that,  this ratio compares the proportion of a companys long-term debt compared to its available capital. With this ratio, investors can identify the  amount of leverage  utilized by the company and compare it  to others to help analyze the companys risk exposure. Companies  with a greater portion of their capital with the debt are considered riskier than those with lower leverage ratios. Total debt to adjusted total capitalization helps in measuring the performance of a company on a risk-adjusted basis calculation. This ratio helps the company in showing the financial leverage. This ratio is the variation of Long term debt ratio or the traditional debt-equity ratio. Tot al debt to adjusted total capitalization computes the proportion of companys total debt with its available capital. By using this ratio, investors can identify the  amount of leverage  utilized by a specific company and compare it  to others to help analyze the companys risk exposure. It is calculated as follows: Total Debt/ Total Debt + Common Stock Pepsi Co Total Debt to Adjusted Total Capitalisation= Total Debt/ Total Debt + Common Stock = $ 9453/ $9453+$ 1498 =$ 9453/ $ 10951 =0.86 Cadbury Schweppes Total Debt to Adjusted Total Capitalisation= Total Debt/ Total Debt + Common Stock =$ 1490/ $ 1490+ $ 129 =$ 1490/ $ 1619 =0.92 Coca-Cola Total Debt to Adjusted Total Capitalisation= Total Debt/ Total Debt + Common Stock =$ 1693/ $ 1693+ $1315 =$ 1693/ $ 3008 =0.56 Coca- Cola Enterprises Total Debt to Adjusted Total Capitalisation= Total Debt/ Total Debt + Common Stock =$ 4201/$ 4201 + $ 8 =$ 4201/ $ 4209 =1 McDonalds Total Debt to Adjusted Total Capitalisation= Total Debt/ Total Debt + Common Stock =$ 4836/ $ 4836+$ 335 =$ 4836/ $ 5171 =0.94 The ratios of the companies are having the same position with Cadbury with the ratio in highest position with 0.92 and Coca Cola with 0.56 as the lowest. It indicates that Coca Cola is the lowest riskier company among all in the list. Ratio of Cash Flow to Long- term Debt Ratio of Cash flow to long term debt indicates the available fund with the company payoff the companies long term debts. Higher is the ratio, higher will be the ability of the company to pay the total debt with the cash generation with its operations. A lower ratio will indicate debt or a weak cash flow generation of the company. This has to be investigated by the company to know the factor the low ratio and this ratio can be compared with the historic data so that the root cause can be found. It is calculated as follows: Cash Flow/ Long Term Debt Pepsi Co Ratio of cash flow to long term debt=Cash Flow/ Long Term Debt =$ 3742/ $ 8747 =0.43 Cadbury Schweppes Ratio of cash flow to long term debt=Cash Flow/ Long Term Debt =$ 492/ $ 864 =0.57 Coca-Cola Ratio of cash flow to long term debt=Cash Flow/ Long Term Debt =$ 3115/ $ 1141 =2.73 Coca- Cola Enterprises Ratio of cash flow to long term debt=Cash Flow/ Long Term Debt =$ 644/ $ 4138 = 0.16 McDonalds Ratio of cash flow to long term debt=Cash Flow/ Long Term Debt =$ 2296/ $ 4258 =0.54 The ratios indicates that the company need to investigate on the cause behind the lower ratio. other companies are also indicating a low ratio. This can be a serious issue for the companys in the future if this is not rectified in the initial stage of occurrence. The company are facing this situation for more year have to identify the cause with comparative study using the historical data of the company so as to get a clear picture of the scenario. The Ratio of Cash Flow to Total Debt Ratio of cash flow to total debt indicates the companys ability to pay the total debt with the cash available from its yearly operations. Total debt is the sum of short term and long term debt of the company. Higher is the ratio, higher will be the ability of the company to pay the total debt with the cash generation with its operations. A lower ratio will indicate debt or a weak cash flow generation of the company. This has to be investigated by the company to know the factor the low ratio and this ratio can be compared with the historic data so that the root cause can be found. It is calculated as follows: Cash Flow/ Total Debt Pepsi Co The Ratio of cash flow to total debt=Cash Flow/ Total Debt =$ 3742/ $ 9453 = 0.40 Cadbury Schweppes The Ratio of cash flow to total debt=Cash Flow/ Total Debt =$ 492/ $ 1490 =0.33 Coca-Cola The Ratio of cash flow to total debt=Cash Flow/ Total Debt =$ 3115/ $ 1693 =1.84 Coca- Cola Enterprises The Ratio of cash flow to total debt=Cash Flow/ Total Debt =$ 644/ $ 4201 =0.15 McDonalds The Ratio of cash flow to total debt=Cash Flow/ Total Debt =$ 2296/ $ 4836 =0.47 The ratios indicate that the company with lower ratio need to investigate on the cause behind the lower ratio. There are other companies also which have low ratio. This can be a serious issue for the companys in the future if this is not rectified in the initial stage of occurrence. Net Debt Ratio of PEPSI CO L*= (D+PVOL-CMS)/ (NP+D+PVOL-CMS) D=Market value of Total Debt= $9453 PVOL=Present Value of Operating Lease (5 times the annual rental expense) =479*5= $2395 CMS=Cash and Marketable Securities=($1498*25%)+$1498= 1123.50 NP=No. Of common shares* common stock price=788*55.87=$44025.56 L*= (D+PVOL-CMS)/ (NP+D+PVOL-CMS) L*= (9453+2395-1123.50)/ (44025.56+9453+2395-1123.50) = 10724.50/ 54750.06 = 0.20 or 20% PepsiCo measures a good financial leverage on the above ratios. Here, the company has a net debt ratio of 20% which states that the organization is maintaining a handle on their finances in a good manner which help them maintain a proper financial control of the activities. PepsiCos objective to maintain a single A debt rating for the net debt ratio is satisfactory and reasonable since the standard is set in and between 20-25% and the net debt ratio falls in 20% for the firm. 4. Conclusion A firm should maintain the corporate financial activities of the firm in the controllable and satisfactory manner so that the company is able to plan and workout its future activites in the current situations and plan which help the firm to carry out the activities. The interest coverage ratio, the calculation indicates that coca cola is using higher level of their earnings for their operations. Though higher ratio is desirable but this also indicates that the company is conservative in using debt, which is a narrow idea or notion that the company has about itself. In the fixed charge coverage ratio, the ability of the company or firm to clear its yearly fixed expenses that the company incur are to be cleared, here the ratios shows that coca cola enterprise is not able to pay off its expenses when compared to other four firms and the higher ability to payoff the expenses is coca cola with 16.91, which is highly a positive sign when compared with other companies. The company w ith the ratio in between the coca cola and coca cola enterprise are maintaining a kind of equilibrium with the expenses. In the long term debt, the ratios show the company leverage, here the company leverage for the coca cola enterprise is with a risk that the company is having too many long term debt which is a risk for the firm operation. Company with lower long term debt indicates the higher leverage level for them to carryout the firms operations and also without any risk of bankruptcy. Total debt to total capitalisation ratio indicates the total debt in the capitalisation of the company, the higher the portion will be the higher risk to the company. Here, the calculation shows that the coca cola is with lower risk of total debt to capitalisation. The higher portion is shared by the coca cola enterprises, which is a sign of risk to the company. The company should investigate the root cause of the problem so that the company can sustain itself from the risk in the market. T he company take the historical data to calculate the cause and come out with solution for the risk. Ratio of cash flow to long term debt shows the availability of the cash with the company to clear the long term debt of the company. Here in the calculation the coca cola is 2.73 ratio which indicates that the company is having sufficient amount of cash flow with which it an clear the long term debt of the company. And the lower ratio is shown by the coca cola enterprise, which is indeed at risk as the company will not be able to pay the older debt and will accumulate more of debt for running the operation. The company need to be careful about the new debt which they are going to take from the financial institutions etc. Ratio of cash flow total debt indicates the ability to pay the total debt of the company with the cash flow from its operations. Here in the calculation, coca cola enterprise is making a ratio of 0.15, which indicates that the company is not able to pay its tota l debt with the cash generated from the yearly operation. The company needs to restructure its financial activities so that the company will be able to function properly and successfully. The coca cola company is making a higher ratio in the available firms which indicates the company is able to pay its total debt with the cash they generate every year. Here the ratio shows the company is handling the financial activities in the right manner and controlling the activities. All the ratios calculated are in the average which shows that the ratios are average and companies are functioning with the single A debt rating which makes the investment decision in the right direction and also minimum with high returns.

Part 1 Exemplars Math Rubric And Exemplars Reading Rubric.

Part 1: Exemplars Math Rubric and Exemplars Reading Rubric How does the Exemplars criteria for both math and reading rubrics follow a top-down or bottom-up approach? How do you know? Exemplars scoring rubrics are excellent tools for assessing student work. One clear thing about the rubrics is that both math and reading rubrics follow a top-down approach in assessing students. In math, for instance, the strategy is chosen first (Brookhart, 2013). â€Å"Exemplars math material comprises standards-based rubrics, which define what work meets a standard, and allows teachers (and students) to distinguish between different performance levels.† Students’ work are already predetermined and the teaching style provide them with a large view of the†¦show more content†¦The practitioners are given an opportunity to classify students from novice to expert, which enables the practitioner to work well and design instruction to every student (or group) based on their performance level. In your opinion, what are the values placed on using the terminology for mastery (Novice, Apprentice, Practitioner, and Expert)? In other words, how effective do you believe this terminology is and why? This terminology is actually very effective to both the instructor and the student. For one, it is a clear indication of the student’s level of performance which helps the instructor know where to begin from and helps the student to not only gauge his/her abilities but move along well with the practitioner. Moreover, this give the teacher an easy time in measuring the need to assess the student performance equivalent to standards, which makes assessments less stressful. Part 2: Explain the position Brookhart argues in Chapter 2 against rubrics that merely summarize the requirements of the task, as opposed to rubrics that describe evidence of learning. In chapter two of the book, Brockhart (2013) comments on different feedback types with classroom examples. 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Aids 3 Essay Example For Students

Aids 3 Essay In 1918 the United States experienced one of the worst epidemics in its history. With 500,000 dead in a matter of 6 months, the Spanish influenza left its mark. With approximately 11.7 million dead worldwide, Acquired Immune Deficiency Syndrome(AIDS) is still leaving its mark. It is a pandemic the likes of which the world has always feared to see. The HIV virus comes in several varieties, yet they kill basically the same. Our understanding of this virus and how it works is essential to finding its cure, and to preventing its spread. Who it affects and the reasons for its spreading are also important to fight against it. And finally, what can be done to treat and prevent it is essential. According to the World Health Organization we began to see what AIDS truly was in the late 1970s to early 80s, mostly in men and women with multiple sex partners located in East and Central Africa, but also in bisexuals and homosexuals in specific urban areas of the Americas, Ausrtalasia and Western E urope. Aids was and is spread still through infected hypodermic needles which drug abusers are affected by, but also through transfusion of the blood and its components. And sadly, whenever a mother is infected, the unborn child will almost positively receive the virus before, during, or after the pregnancy. The viruses which cause AIDS, otherwise known as Human Immunodeficiecy Viruses(HIV) were first discovered in 1983 cooperatively by Dr. Robert Gallo of the National Cancer Institute and Dr. Luc Montagnier of the Pasteur Institute in France. Aids is caused mainly by the HIV-1 virus, while the HIV-2 virus is less pronounced among those infected. Scientists are puzzled as to why this dominant HIV-1 virus has 10 different genetic subtypes, some think that it is so the virus will survive no matter what. HIV is part of a group of viruses called retroviruses. This category basically describes how the virus transmits and reproduces itself. Which is to say that upon entering the body the virus attaches itself to a T-4 cell(T-Helper cell), which is the type of cell that marks the bad things in our body so that another cell, the B-lymphocyte, can activate the production of antibodies, which are what would normally kill the virus. So, after attaching itself to this cell it then injects its viral replicating DNA in, which then copies itself on to the cells DNA, thus changing the whole function of the cell from killing the foreign agents which enter our body, to producing more of the virus that will eventually lead to the death of our body, because the cell is then used as a manufacturing plant for the virus. The one cell that entered your body is thus turned into 500, which then turns into 25,000, then 12,500,000. The virus is not strong merely because it replicates, however, it is strong because of what it replicates on, which is the helping cell of your immune system. But the most bizarre thing of the whole virus is that it doesnt kill you. It only weakens your immune system so other viruses and even bacteria can finish the job. The first set of symptoms are called AIDS-related complex(ARC). These symptoms include fever, diarrhea, weight loss, and fatigue. These are only signs that you might have the virus HIV, and are not the full-fledged symptoms of AIDS. The two most common infections seen in AIDS patients are Pneumocystiscarinii Pneumonia(PCP), which is a parasitic infection of the lungs, and Karposis Sarcoma(KS), which is a type of cancer. The purplish dots on the skin that are usually associated with AIDS are from KS. Other common infections are non-Hodgekins lymphoma, primary lymphoma of the brain, severe infections with yeast, zytomegalovirus, herpes, and parasites such as taxoplasma or cryptosporidia. Some neurological disorders are: chronic aseptic meningitis,focal deficits, hallucinations, and progressive dementia. So as one can see any way it can open you up to an infection, is a bad way. The full-blown AIDS patient is usually very fragile and weak, having to be placed in hospital care because they find it hard to breathe. The slightest breeze, sometimes sets their whole body into a shiver that might not go away

The Ice Age Essays - Pleistocene, Mammoth, Permafrost, Tundra

The Ice Age Twenty thousand years ago during the time of the last ice age period, many colossal mammals roamed North America. They survived during the times when much of the earth was covered by immense large bodies of ice that buried forests, fields, and mountains, but rapidly became extinct after the ice began to retreat and melt. Since then the human race has introduced many different theories to explain the extinction of these large mammals. One theory stands above all and explains the truth of this mysterious disappearance. The Paleo Indians that entered North America from Asia, the climate change, soil, vegetation and water levels were all major factors in this extinction. The results of these factors left the biggest impact on the food chain of these animals. The domino-effect of all these factors is responsible for the extinction of the ice age mammals. Animals, like all other living organisms have a tendency to adapt to the environment in which they live. A cold climate favors large animals, since large animals have more body fat and lose heat at a slower rate then do smaller animals. That is why many of the mammals that lived during the ice age were enormous. These large animals consisted of ground sloths and armadillos which came northward from South America, and horses, saber-toothed cats, mammoths, antelopes, and muskoxen that crossed over the land bridge from Asia into North America. For the longest time fossils from many parts of North America were the only evidence that many of these large beasts had once roamed the land, but in the spring of 1846 an unbelievable event happened that brought the world a step closer to the mystery of this great extinction. A Russian explorer Benkendorf and his survey team from Russia were heading for the mouth of the Indigirka River in Siberia. When they reached the spot of their destination, the land had disappeared and everything had changed. Left behind was two miles wide of torn up land, and wild waters carrying rapidly masses of peat and loam. In the mixture of the mess they seemed to notice what was once one of the mammoths who roamed the earth during the ice ages. (Chorlton 53) Our patience was tried. At last, however, a huge black horrible mass bobbed up out of the water. We beheld a colossal elephants head, armed with mighty tusks, its long trunk waving uncannily in the water, as though seeking something it had lost. Breathless with astonishment, I beheld the monster hardly 12 feet away, with the white of his half-open eyes showing. 'A mammoth! A mammoth!' someone shouted. (Chorlton 54) An elephant with a body covered with thick fur about thirteen feet in height and fifteen in length with tusks eight feet long that curved outward at the end. It had a trunk six feet long and colossal legs one and a half feet thick. The beast was fat and well grown. The outer hair was like wool, very soft, warm and thick, it was definitely well protected from the cold.(Chorlton 54) Unfortunately the mammoth soon began to decay and was swept away by the rapid waters. This dramatic find brought the world face to face with one of the great mysteries of the ice age, the sudden extinction of the great colossal mammals. These large mammals at one time lived in peace and survived gracefully for thousands of years, they adapted to the cold climate and tundra surrounding them. With an adequate food chain and nothing to affect it they were bound to survive forever, but because of simple changes that eventually triggered many other factors these animals are extinct and will never be on this earth again. When the massive continental glaciers locked up great quantities of water, the sea levels lowered which exposed parts of the shallow sea floor, therefore, the Bering Strait did not exist. Eleven thousand, years ago many Paleo Indians were able to cross the land bridge between Asia and North American which enabled them to populate North America. The great amount of large animals attracted these people to the frozen waste lands. In all hunting that ends with the extermination of a species, the motivation is never hunger. Money, and the greed for it, have been the incentive. The savage does not know these, he hunts to eat and so is unable to decimate the big game to any important extent (Cornwall 117) The large mammals of North American were never exposed

Pacific Grove Summary Essays

Pacific Grove Summary Essays Pacific Grove Summary Essay Pacific Grove Summary Essay The Pacific Grove Spice Company is currently searching for a new business venture that will help relieve some of the current financial restraints put on the company by their bank. Pacific Grove sources funds through this large regional bank in the form of short-term notes payable (backed by the companys accounts receivable) and long-term debt supported by the firms other assets and earnings power. The bank has been willing to lend up to 81 % of the companys accounts receivable, an amount that Pacific Grove is constantly at the limit of, due to the fact that the company has been experiencing robust growth in sales and assets. Due to the financial crisis of 2008, banks were under constant pressure to limit possible losses on loans. Pacific Groves current total debt is $37. 172 million, which is equal to 62% of its total assets and 216% of owners equity, while the companys equity multiplier is 3. 47 and its times interest earned was only 2. 15 times. Because Pacific Groves total debt is so high, the bank isnt as comfortable with lending as it once was. The bank has made it clear that it would like to Pacific Groves total debt come down to 55%, while bringing the equity multiplier down to less than 2. Times by June 30, 2012. After performing a financial ratio analysis, the executive staff and finance department of Pacific Grove has projected that although it will not meet the banks terms by 201 2, it will meet them over the next four years through a combination of a slow down from previously robust sales growth, the stabilization of operating income and a new business venture. The business venture being cons idered by Pacific Grove is a television program that the company will both produce and sponsor.

Vision of Byzantine Art Essay Example | Topics and Well Written Essays - 750 words

Vision of Byzantine Art - Essay Example This particular piece was painted in the year 1293 and is also known as Cavallini’s masterpiece. Cavallini was considered to be a Roman naturalist and was quite influential to other aspiring artists. Pietro mainly remained in Rome and is said to have lived to have been a hundred years ol at his time of death. Certainly, Byzantine art is otherwise known as Christian or religious-bible based art often depicting Biblical characters including God, the devil and celestial beings such as angels. In the particular piece of Cavallini, the depiction of the concept of the â€Å"last judgment† is depicted. This is of course a Biblically based idea that all humans will stand before God as Saint Peter reads from the book of life to determine who will be admitted into heaven and who will be sentenced to hell for their life-long miss deeds. In much of Byzantine art, saints and important Biblical characters are depicted as wearing an ornate halo type headdress. This is often a symbol of one’s good standing in the Kingdom of God or as more rudimentarily, on the good side. Cavallini’s two individuals are in fact adorned with such halos.

Essay Example | Topics and Well Written Essays - 1250 words - 41

Essay Example However, as one might expect, these alternative views do not appropriately reflect the views of the author herself. Rather, notwithstanding the well-articulated counter arguments and the issue of freedom and legality that they necessarily entail, the author constructs an argument for the complete prohibition at worst and discouragement at best of the burqa within society. As a means of quickly seeking to jar the reader’s attention from the rhetorical strength of those individuals who have come out against legislation banning the veil, Berlinski shifts to the isolated cases of sexual violence that take place in the lawless suburbs of Paris. As a means of distraction this is an effective tactic due to the fact that it instantly congeals the reader’s impression of Islam as naturally given to sexual violence, rape specifically, and depicts the male adherents as little more than sexually deviant thugs who are more than willing to cast aside all decency that a host culture, such as France, may have gifted them as a means of punishing those who dare to show a bit of self expression and freedom of strict Islamic tradition. As a function of shifting the debate from the broad to the specific, the author is able to convince the reader that her specific point of view is the most rational. This rhetorical approach is not unique; however Berlinski ap plies it masterfully. Right after eviscerating Islamic European culture for being broken, immoral, and unrestrained, Berlinski states, â€Å"Yet the burqa must be banned. All forms of veiling must be, if not banned, strongly discouraged and stigmatized† (Berlinski 2). The argument deviates further from the subject matter when Berlinski brings in the topic of gynecological examinations of girls within many of the recent immigrant communities within Europe. Although it is not the function of this author to make a moral judgment with regards to whether or not such a fascination