Investment Appraisal tools and techniques are used by many

Essays on Investment Appraisal tools and techniques are used by many organizations in the private and public sectors . Critically evaluate the differences and similarities in their use in both the private and public sectors Essay Investment Tools and Techniques An investment appraisal is the activity of calculating the effect of a problem, change or an incident on a business process. It involves assessing the viability of a given project and justifying the expenditure of the capital allocated to that project. There are various investment appraisal techniques used in the public and private sectors. They include the payback method, the average rate of return method and the net present value method. These are used by many organizations in the public and private sectors (Gotze, 2010, p. 9). The payback method is usually preferred by small businesses due to its simplicity. The payback period can be defined as the time taken for the machinery or equipment to generate sufficient net cash flow to pay for its costs. The average rate of return technique involves taking the total yield of an asset over its whole life into account. The net present value method involves taking into account the size of the inflow cash over the life of equipment, but it also makes adjustments for the timing of the cash (Erickson, 2013, p. 23). In view of these, an investment appraisal is done to determine whether an investment is worthwhile or not. Generally, businesses invest to increase their profits by making certain changes or improvements. These may include improving their operations, matching supply to demand, reducing manufacturing costs and increasing productivity and or efficiency in operations. This is common in both the public and private sectors. However, it is different for non-profit making organizations whose incentive to invest is driven by the need to improve efficiency, effectiveness and the economy of the organization. This provides value for money (Lumby, 1998, p. 31). There are some key considerations that are looked into by firms before investing. These considerations are what determines the differences between the public and private sectors. These considerations include the simplicity required, the degree of accuracy required, and the extent to which future cash flows can be measured accurately. They also consider the extent to which future interest rates can be factored in, and the necessity of factoring in the effects of inflation (Langdon, 2002, p.27). The public and private sectors consider the simplicity required due to the implementation of the project. However, the public sector is different in that they have more capital base as compared to the private sector. The public sector mostly relies on tax paid therefore they have a continuous flow of cash. On the other hand, the private sector has limited capital and so they have to factor in the simplicity in terms of implementation and cash flow. The degree of accuracy required is both in the public and private sectors. This is because most of the investments require a high degree of accuracy to ensure that the expected returns are gained (Dayananda, 2002, p. 25). Since most business investments require huge sums of cash, it is important to know the facts related to an investment and the risks involved. These require a high degree of accuracy to ensure that the returns on the investment are worthwhile. Another consideration is the extent to which future cash flows can be measured accurately. It is important for both the public and the private sectors to make investments that are sure to bring in cash that can be foreseen. This is because the organizations need to be aware of whether the investment will lead to their continued operation and even improvement, or closure due to lack of funds (Bacon, 2010, p.33). Extent to which future cash flows can be measured accurately is also important for budgeting. The public and private sectors make a budget for future income and expenses. This will enable them know which area needs cost cutting and which area needs more attention in, due to its ability to bring in more cash. It will also enable them make prior arrangements regarding their expected supply and services offered. This is common in both sectors since they both need to continue running in an efficient way and make profits (Arnold, 2008, p. 27). Another key consideration is future interest rates and inflation. Most businesses require some form of lending at some point. Most of their lending comes from financial institutions like banks. If they make an investment using cash borrowed from financial institutions, they attract an interest rate. This rates change from time to time and so they need to be factored in. This is because it affects the cash flow and if wrongly predicted, might lead to financial strains. However, this applies mostly to the private sector. This is because the public sector has an assured cash flow and can increase it at any time in various ways including increase of taxes. Inflation is also a key consideration by both sectors because they are both affected in the same way (Ross, 2009, p. 36). In conclusion, both sectors face common issues, only that the public sector has a higher advantage in others. This is because the public sector has access to a higher amount for investing and the private sector has limited. The public sector also plays a huge role in business trends therefore putting the private sector in check. This is based on the reason that there are some investments that can only be undertaken by the public sector through government projects. It enables for equality in provision of services that require a huge capital to invest in (Pike, H.U. 2008, p. 29). References Arnold, G. 2008. Corporate Financial Management: Includes Myfinancelab. 4th Edition. Financial Times Management. Bacon, F. 2010. Corporate Financial Management. Copley Custom Textbooks. Dayananda, D. 2002. Capital Budgeting: Financial Appraisal of Investment Projects. Cambridge University Press. Erickson, K. H. 2013. Investent Appraisal: Simple Introduction. Kindle Edition. Amazon Digital Services. Gotze, U. 2010, Investment Appraisal: Methods and Models. 1st Edition. Springer Langdon, K. 2002. Investment Appraisal: Finance. 1 Edition. Capston. Lumby, S. 1998. Investment Appraisal and Financial Decisions. 6 Edition. Cengage Learning Business Press. Pike, R. 2008. Corporate Finance and Investment: Decisions and Strategies + My Finance Lab. Financial Times Management. Ross, S. 2009. Corporate Finance. 9 Edition. McGraw-Hill/Irwin.

Financial Reporting Analysis Woolworths Limited Free Solution

Question: Describe about the financial statement with the help of ratio analysis of Woolworths Limited? Answer: Executive Summary The ratio analysis is a mechanism to determine the financial position of a company. In this case, a company named Woolworths Limited has been selected for the study of its financial statement with the help of ratio analysis. Different ratios have been computed and the economic situation of the company has been determined. The overall group profit of the company has been increased as per the financial statement, but there are cases from which it could be inferred that the performance of the company is still suffering from some major drawbacks like liquidity and solvency issues, as the current assets of the company is lesser than the current liabilities. The market based ratios whereas project a better earning capacity of the company by having increased dividends as well as earnings from the last financial year 2012-13. However, a diminishing financial efficiency has been observed while computing the efficiency ratios. A growing operation of the company also have some constraints relating to internal control for which they are negotiating with the performance capability, they are addressed to be improved so that the risks relating to financial and operational efficiency could be mitigated, otherwise it would increase the cost of productions in future days. Introduction The financial statement of a company concisely projects the financial position of the company. The shareholders or a third party get through to the economic and financial position of the company through the published financial reports. Financial Statements of a company consists of Income Statement, Balance Sheet and Cash Flow Statement of a particular financial year. Financial Statement Analysis is a tool to improve the business, the profit making ability of the company. While analyzing the financial statements of a company, more importantly balance sheet items like Cash, Accounts Receivable, Inventories, Loans and Liabilities and Profit and loss account items like Net profit from operations, Earnings per share etc are considered. There are several practices for analyzing the financial statement of a company, by determining Common Size Statements, Financial Ratios of a company that can be done.(Bajkowski, 1999)(Rogers) Background The name of the company under our discussion is Woolworths Limited. The annual financial statement for the financial years 2012-2013 and 2013-2014 is considered for our discussion. The company does business in food, liquor, petrol, chain of departmental stores, hotels. The financial statement which is considered for analysis is the consolidated financial statement for the financial years 2012-2013 and 2013-2014. In the financial year 2013-14 the company has extended its business operation but has kept its traditional policies as well. Analysis of Companys Operation and Performance Some changes in the financial year 2013-14 includes, that there is no profit from discontinuing operation is the year as compared to financial year 2012-13. In all cases (whether basic or diluted earnings per share, whether from continuing or discontinuing operation, the same has been increased in 2013-14 than the last year. The company has widened its operation, which is evident from the revenue from sale of goods which has been increased by 3.86% in the financial year 2013-14. Receipts from tenants have been decreased than the previous year indicates either removal of some tenants or the tenancy period has been lapsed. The interest received amount has been decreased by 55.86%, which is quite a negative attribute to the business although the cash flow from operation grossly has been increased. The company has unfolded a better leadership approach to integrate the food, liquor industry, and streamlining all processes for the benefit of the customers. The company also proposed a divestment amounting to $600 million on the portfolio of freehold sites of the hotels in order to benefit the shareholders. The business of departmental stores, extension and changes in BIG W business has not come out profitably in the financial year 2013-14. As the revenue from operations increased or sales revenue increased the cost relating to such revenue has also been increased. An increase in the earnings before interest and tax is an example of strong performance in the current year as compared to the last year; the same has also been increased by 5.3%. Increase in the sales also denotes a strong market growth from the previous year. The sale of food, liquor increased by 4.7% and petrol also increased by 6%, but the price of the petrol was not reduced; it was 142.4 cpl in the year 2012-13 and became 151.1 cpl in FY 2013-14. Woolworths Limited is also associated with online retailing, the performance of the same does also follow an increasing trend in the current year, the company has concentrated on the development of the retail marketing through online system and for that a number of changes have been made which shall be comfortable and beneficial to the customers. The performance of the company has also been developed by institutionalizing new and innovative ideas into the process, for example the brands or products on which customers are more inclined towards, and they continued to produce those articles most. Rebranding of the sites of business has taken place to satisfy and benefit the customers needs. There are more proposals they are interested to undertake to benefit the farmers of the society. More places and business sites have opened for allocation of services amongst several cities of Australia. Evaluation of Companys performance with the help of ratio analysis: Profitability Analysis Profitability Analysis includes analysis through ratios. There have been annexed a file named Annexure and in the sheet name Profitability Analysis, we have computed a number of profitability ratios which includes Gross Profit Ratios or Gross Margin, Net Profit Ratios ( which includes EBITDAR ratios, EBIT ratios and net profit ratio considering the profit available to equity shareholders of Woolworths Limited). Gross profit margin is the ratio consisting of total sales less the cost of sales to revenue from such sale. From this ratio it is evident to what extent the company would fetch by utilizing its resources like material and labour to the optimum. The gross profit margin over here has been increased from 26.94 to 27.11, which indicates an increase in the efficiency, with the higher rate of gross profit margin, the control in the cost (which is needed to incur) of production is expressed. The same has been reflected over here as well. (Robins, 2000) Net margin includes analysis of EBITDAR, EBIT, as well as another profit margin. EBITDAR margin stands for Earnings before interest, taxes, depreciation, amortization, rent to net sales revenue is not a computation which has been prescribed by Generally Accepted Accounting Principles. The analysis is done by the company to reflect the internal framework for its own benefit or analysis. This ratio is beneficial to shareholders or investors or any third party who are interested to invest in the company. EBIT margin stands for Earnings before interest and tax to net sales revenue, this is also not notified by the Generally Accepted Accounting Principle, these ratios are useful for the credit rating agencies to analyze the internal system of a company. In this scenario, in the profit and loss weeks, EBIT margin has been decreased to 6.21 whereas it was 6.24 in the 53rd week or in 2013. The same reflects a diminishing financial efficiency. EBITDAR margin has been increased to 10.98 whereas it was 10.91 in the 53rd week or in 2013. This in turn reflects operational efficiency has been increased or upgraded. Profit available to equity shareholder has been taken into account while calculating Profit margin in the same annexure file same sheet as mentioned above. The same has been increased from 3.86 to 4.03 indicating the proper allocation of resources and earning power of the entity, the amount considers the equity shareholder after considering payment to other parties (other than equity shareholders). (Bajkowski, EBT, EBIT, EBITDA: Will the Real Earnings Figure Please Stand Up?) Du Pont Analysis: Du Pont Analysis includes four ratios which are, Net profit margin, asset turnover ratio, financial leverage and Return on Equity, it is a ratio which basically describes the shareholders net worth but also is a mean to analyze the profitability of a company. The asset turnover ratio is calculated by considering total sales which is divided by the average of opening and closing asset amount in both financial years 2013 and 2014. This ratio indicates how well the total assets in the business is used or allocated among several projects. A decrease in the rate indicates there is still room for improvement in the utilization of assets. Financial Leverage of a company generally indicates whether the company is prone to bankruptcy or not, it may sometimes lead to increased shareholders return. The more the ratio the more the company is leading to bankruptcy. In this case, the same is reduced in the present financial statement. Du Pont analysis gives in detail which part o f the business is not performing well. In the background of the example as well, there were food and liquor division which was performing better than the BIG W business. Return on equity indicates the net income of the equity shareholders from investing in the company.(Thomas J. Liesz, 2008) Efficiency Analysis Efficiency analysis and profitability analysis stands conjointly as they both explain how well the company is performing financially considering its assets, capital, inventories subsisting in the business. There have been annexed a file named Annexure and in the sheet name Efficiency ratios, we have computed a number of efficiency ratios. Accounts Receivable Turnover has been computed considering the cost of goods sold and not the total sales. The same has been decreased over the year. It is a measure from which the number of times in a year the debtors or receivable could be liquidated can be determined. For this reason it can be a measure for efficiency of the company as well the liquidity of the company. Working Capital Ratio can also be called as current ratio, Current ratio stands for Current Assets in total divided by the total current liability. The ratio is also a measure for solvency or liquidity of a company. Working Capital ratio indicates how quick the current liabilities will be converted into current assets; the same has been decreased to 0.91 from 0.95. The optimum working capital ratio is 1, the ratio less than that indicates that the company is not ready to pay off its debts with the current assets available. (B Bagchi, 2012) Asset turnover ratio is also a determinant of companys efficiency as it determines the ability of the company to employ its assets or utilize its assets optimally to create sales. The asset turnover ratio has been decreased over the year in this company, indicates a lower level of utilization of assets that the FY 2013. Inventory turnover ratio is calculated when cost of goods sold is divided by the average inventory (average of opening and closing inventory). This is a measure of companys efficiency which reflects how well the company can utilize its commodities to fetch a higher return. It also helps the third party or investors to check how liquid the companys inventory is, in this case inventory turnover has been fallen over the year, indicates a fall in the companys efficiency to convert its inventory into cash quickly. Short Term Solvency Analysis Short term solvency of a company means the position of the companys assets to meet its short term loans or any short term obligations. This can be illustrated with the help of Current Ratio. Current Ratio has been computed before, which includes short term as well as long term assets and liabilities. This ratio considers how quickly the short term obligations of the company could be converted into liquid or how easily the company meets its short term obligations. The short term obligation for FY 14 is $219.5 m. Long Term Solvency Analysis Long term solvency ratio measures the position of the company to meet its long term obligations. In this case, the long term obligations of the company for FY 14 are $4136.0 m. From the annual report published for the year 2013-14, it was observed that the company has employed some framework to mitigate the liquidity risk, as it suffers from low level of efficiency as found in the computation of current ratio. (Qasim Saleem, 2011) Market Based Ratios Market based ratios are earning per share, dividend yield ratio, dividend payout ratios, price cash flow ratio. The market based ratios have been computed in the file named Annexure under the Market based ratios sheet. Earnings per share of the company have been increased from financial year 2013 to financial year 2014. It is a measure of companys position in the market, investors reply on the companys earnings per share for decision making purposes. It is also a determinant of companys profitability, as earning is dependent on the profit of the company. The earning that is considered in this calculation is the earning which is available for equity shareholders of the company. Price earnings ratio is another market based ratio which is used to evaluate the position of firms stock. Again, it is helpful to the investors and it shows as if the stock is going to earn a reasonable return in future. A lower Price earnings ratio is good for the investment decision.(Gupta, 2010) Dividend yield ratio also enables a shareholder to decide to invest in the stocks of a particular company. It also helps to decide whether to continue with the present stock or not. It is a measure of return to the investor. In this company the dividend yield in FY 26.03% and has increased from the last year. Price to operating cash flow ratio considers market capitalization to the companys operating cash flow. This ratio indicates the value of the company from the point of view of equity. The operating cash flow from the Cash flow statement has been considered, depreciation and non cash expenses are added back to net income for arriving at cash flows from operations. In this company, the price to operating cash flow ratio has been decreased over the years.(Pinkasovitch) The company is suffering from efficiency problems which they have tried to mitigate by undertaking several frameworks as explained in the annual report. Long term and Short term assets could not be segregated so that different ratios relating to long term as well as short term solvency could be done. The companys position in respect of certain ratios have considered in the above. However, a ratio analysis does not always reflect the true picture of the company as it only considers financial data and does not consider qualitative information. (tsy123, 2005) Recommendations for improvement: The company needs to consider the strengthening of debts in order to mitigate the risks of bankruptcy. There should be a strong internal control for regulation of debts and long term obligations. There should be some policies to curb the counter party risks involved in the company. Policies and regulations should be properly implemented so that no clash of sentiments and ego involves for maintaining the same. In the Consolidated financial statement there are non availability of details of account heads in some cases, for example bifurcation of short term and long term current assets were not found, due care is to be taken in this regard. No segregation of cash and credit sales were disclosed in the financial statement. The company has increased its operation in the financial year 2013-14, a more improved financial control and regulatory issues will be required. Bibliography B Bagchi, B. K. (2012). Relationship between Working Capital Management and Profitability: A Study of Selected FMCG Companies in India. Business and Economic Journal , 3-5. Bajkowski, J. (n.d.). EBT, EBIT, EBITDA: Will the Real Earnings Figure Please Stand Up? AAII , 1-4. Bajkowski, J. (1999). Financial statement analysis: a look at the balance sheet. aaii , 1-3. Gupta, A. (2010). How P/E ratio is used to pick stocks? The Economic Times , 1. Pinkasovitch, A. (n.d.). Analyzing The Price-To-Cash-Flow Ratio. Investopedia , 1. Qasim Saleem, R. U. (2011). Impacts of liquidity ratios on profitability. Interdisciplinary Journal of Research in Business , 1. Robins, M. W. (2000). Fundamental analysis: a closer look at gross margins. Aaii , 3-4. Rogers, C. (n.d.). Financial Analysis. Ezinemark , 1. Thomas J. Liesz, S. J. ( 2008). Ratio Analysis Featuring The Dupont Method: An Overlooked Topic In The Finance Module Ofsmall Business Management And Entrepreneurship Courses. Small Business Institute Journal , 21-26. tsy123. (2005). Journal on Financial Ratio Analysis. Journal on Financial Ratio Analysis. StudyMode.com , 10.

Importance for Standing Up for Your Beliefs free essay sample

There are many ways on how to take on your own beliefs leave them to the side or show them with pride. There are many people who are afraid to be out of the ordinary from the people around them, but without your beliefs you are not being yourself. Like my mom always told me only the truth survives in the end. When I was in middle school I was the new kid and I felt this was my opportunity to be someone who people want to talk to, someone who is seen as a cool kid. I was approached by a group of kids and they asked me if I wanted to sit with them in lunch and I being â€Å"cool† told them that I would think about it. During lunch I had nowhere else to sit so I sat with the kids who had asked me to sit with them. We will write a custom essay sample on Importance for Standing Up for Your Beliefs or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As I sat down they started to introduce themselves to me there names where Ruben, Mike, Anthony and Steven. They asked me if I liked video games and I said that I did and that’s all they talked about the whole time during lunch. When lunch was over they said I should sit with them every day during lunch and I had to say yes I mean who else could I sit with. After school I was waiting for my mom and I see the group of kids again coming towards me. When they approached me Mike asked me if I wanted to hang out behind the school and I said yes because I felt they were my friends. Behind the school Mike asked me if I had ever smoked before and I said â€Å"I hate smokers†, he immediately said â€Å"so you hate us, huh †. I told him that if they smoked then I would hate them because one of my uncles passed away of cancer because of second hand smoke. He punched me in the face and I fell to the ground head first, I just felt the agony of the punch then the rest is a blur. When I woke up in the hospital it was so bright and my mom was to my right and the doctor in front of me asking me how I felt. I could not explain the feelings that I had at the moment like vanity, hurt, honor and shock. I was proud of myself that I had a grasp to my beliefs about smokers and didn’t care if what they would think. For me that moment explained to me why it’s important to stick with your beliefs because you are being fake if you don’t, even that I still got beat I learned that I shouldn’t care what people think about my beliefs because only being true to your beliefs will lead you through the right path.

Smart and Final Incorporation Essay Example Essay Example

Smart and Final Incorporation Essay Example Paper Smart and Final Incorporation Essay Introduction The operations of Smart and Final Incorporation are engaged in a number of traditional industry categories. It caters both the wholesale and retail market in commodities like food, culinary equipment and supplies. Smart and Final Incorporation therefore faces competition from supermarkets and warehouse club stores and thus is required to abide with the industrial requirements of such businesses. Originally clients demanding foodservice were catered via direct delivery firms. The increasing consolidation that the industry is incurring led such companies to increase minimum levels of merchandise required to diminish delivery costs. These levels are normally greater than of smaller foodservice providers as Smart and Final Incorporation. This problem was mitigated by the company’s management by offering merchandize levels that specifically caters for the requirements in such market. An increasing trend of low cost products is also being acclaimed by the customers. This is also acc ompanied by a rising demand for product variety and need of bulk-packaged goods, which widened the consumer and product mix in this industry Smart and Final Incorporation – Company Overview The organization was incorporated in 1871 and presently it holds 255 non-membership warehouse stores. Through carefully planned and implemented growth strategies the firm managed to expand in California, Arizona, Nevada and Northern Mexico. The latter location was opened with the aid of the North American Free Trade Area and through a joint venture agreement with Climax. Executive management of the company kept an important marketing objective in line with the growth strategy applied. It consists of sustaining and improving positive brand awareness among the target markets of the firm. The firm sustains such image by stating that they are â€Å"25 years old but 12 years young†. This implies that they are up to the market needs and wants. Smart and Final Incorporation Essay Body Paragraphs The generic pricing strategy adopted by the company is a low pricing strategy in line with the market requirements. This penetration pricing strategy is entwined with promotional techniques like coupon promotions and special prices to further enhance the effectiveness of such strategy in line with appropriate marketing principles. A vast merchandize is provided by the company, which comprises a vast chain ranging from perishable goods like fresh meat to corporate brands, such as chef’s review, 3, 4 and 5 star goods. A substantial investment in management information system took place in order to enhance the supply chain system and ensure greater efficiency in the organization. This will thus aid the penetration pricing strategy that the company is adopting. We have to keep in mind that inventory management is an important factor for firms engaged in industries like Smart and Final Incorporation. Competitor Comparison: Vertical Analysis There are eleven competitors for Smart an d Final Incorporation, namely Costco Wholesale Corporation and SYSCO Corporation. Smart and Final Incorporation is a relatively small company when compared with such firms. Indeed the sales revenue of Smart and Final Incorporation of $2,104.50 million is insignificant when compared to sales of $32,628.4 million for SYSCO Corporation and $60,151.2 for Costco Wholesale Corporation. The number of employees of competitors also exceeds by far those of Smart and Final Incorporation sustaining their larger size. However, even though small, Smart and Final Incorporation’s financial performance exceeded that of SYSCO Corporation even though a lower sales growth of 5.1% was attained in relation to the 7.7% achieved by the competitive firm. In fact, decrease in net income growth was 2.5% for Smart and Final Incorporation, while that of SYSCO Corporation was 8.5% higher reaching a fall in net profit of 11%. COSTCO Wholesale Corporation showed supremacy even in such facet. The annual rise in sales reached 13.6%, while an increase in net income occurred of 3.8% in relation to the fall that the other firms faced. A drastic growth in employees of 4.4% also took place revealing a growth strategy, which is much more material than that of Smart and Final Incorporation. Interpretation of Horizontal Analysis and Accounting Ratios The accounting ratios and horizontal analysis conducted in the previous sub-sections reveal some interesting facets on the profitability, financial position and stability of HP Morgan Chase. These shall be examined separately in the following sub-sections. Profitability of Smart and Final Incorporation The profitability of the corporation slightly increased during the six year period time frame considered from 2001 to 2006. Indeed an upward trend is revealed in the net revenue, gross profit margin, operating income from continued operations before taxation and net income. The profitability ratios shown further sustain such premise. The operating ma rgin for instance increased from 16.18% in 2001 to 16.51% in 2006. Managers were thus more efficient in the generation of profits from every $100 of sales as shown by the decrease in the gross profit margin, operating margin and net profit margin. This portrays better controls on the operating costs of the company and deteriorating efficiency in the organization’s operations. Liquidity Position of Smart and Final Incorporation The working capital of the company decreased during the year as shown by the significant rise of current liabilities in relation to current assets in the years examined. Indeed the current assets are no longer able to cover the current liabilities of the firm. In 2006 the current assets amounted to $240,348 thousand, while the current liabilities stood at $264,166 thousand. This portrays a deteriorating liquidity position of the company, necessitating appropriate working capital techniques to rectify such issue. The importance of cash should be stressed at this stage, which is the lifeblood of the organization. Stability of Smart and Final Incorporation Smart and Final Incorporation is a low geared company and its gearing decreased due to repayment of notes payable from 71.33% to 36.58%. A low-geared company is usually a less risky company because the interest commitments derived from loans are lower. In practice, shareholders can survive a year or two without dividends. However, if an organization fails to pay the interests due on time arising from long-term borrowings, legal proceedings will probably arise putting the business enterprise into liquidation. Thus Smart and Final Incorporation is a less risky corporation portraying a good stability on such area. The interest cover, which signifies the capability of the company to pay for the interest cost derived from long term borrowings or other financial obligations decreased during the years analyzed. This is a negative effect on the stability of the organization. Upon examinati on of the financial statements of the firm, one can notice that profitability of the firm is diminishing in a higher relation than the fall in interest expense leading to a lower interest cover. In this respect, management should seek proper measures how to mitigate such financial problem, which is increasing. Risks of Smart and Final Incorporation The salient risks of Smart and Final Incorporation stemming from the internal weaknesses in the organization and the external threats from the market and economy are:  · Competition – the organization operates in a highly competitive market. Unexpected competitive moves may lead to financial distress to the company. The stronger financial resources and distribution networks of the main competitors further intensify such risk. In addition, the vertical integrations, which are arising in this market, are further strengthening competition necessitating more cost control and innovative marketing moves.  · Economic Conditions â€⠀œ the industry in which the firm operates is characterized by large sales volume and low profit margins. Unexpected adverse economic events may therefore significantly affect the financial of the organization. For example, negative weather conditions may affect the sales revenue of agricultural commodities, thereby diminishing the financial performance of such section.  · Contingent Liabilities – litigations that the corporation is presently facing and may encounter in the future can deter the profitability of the organization and the brand image of the company, which is fundamental in such competitive market. Such legal actions usually arise from clients for problems on product quality; governmental entities for breaching relevant regulations; suppliers for divergence with trade agreements; and employees for wage disputes, discrimination and other similar factors.  · Debt Commitments – Smart and Final Incorporation holds a number of debts and lease facilities, wh ich originate financial obligations to perform capital and interest payments. The maturity of bank credit facility in 2009 will direct a sound financial position to meet such payments. Failure to meet such commitments may lead the firm to insolvency. Final Thought – Financial Health of Smart and Final Incorporation The firm is incurring an increasing trend of sales revenue and profitability. Indeed, a rise in profit margins was noted. The capital structure of the firm is also aiding in diminishing such negative effect. Attention should however be placed to the weak liquidity position, which may lead to working capital problems. This area is very critical to the corporation, especially in view of the debt commitments identified in the previous section that the firm will face in 2009. The capital market is still showing confidence in the firm by a good price earnings ratio of 33.3. All the risks noted in the previous section are faced by all the major competitors in the whole i ndustry. Particular concern is highlighted on the large competitors the firm is competing with, mostly Costco Wholesale Corporation, which is being much more efficient than the company in its business operations. We will write a custom essay sample on Smart and Final Incorporation Essay Example specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Smart and Final Incorporation Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Smart and Final Incorporation Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

Writing Process Data in an Essay Sample

Writing Process Data in an Essay SampleIf you are using an essay sample as a guide for creating your own essay or an example of one, you need to know how to write process data in an essay sample. Although this may seem like a relatively simple task, it is important to make sure that you understand how to write the process part of it in a way that will reflect well on your writing and be of some help to your reader.The fact is that it is actually an easy task if you follow a few guidelines. It is more difficult, however, if you try to give it the same kind of treatment that you would give to a short story or a novel. That's because there is no such thing as process data in a short story or novel.As you can see, there are many rules about how to handle this in today's essay samples. In fact, if you want to learn how to write process data in an essay sample, you need to know that it is something that is relatively new and that the Internet has become a significant source of it. Why?Beca use essays and essay samples used to be the preserve of those who could afford them and because they used to be created by one person. However, the Internet has changed all of that. People can now use the Internet to produce essay samples from their home computer at home. This means that instead of having a particular writer who may be completely dedicated to writing, the essay sample that you end up with is very likely to be created by somebody who is very creative but has a lot of input from those around him or her.When you learn how to write process data in an essay sample, you need to pay attention to what kinds of things you put in it. Although it might not seem like a big deal, you are probably doing yourself a disservice if you don't. Remember, it is the first impression that is going to last a lot longer than the final product.How do you write process data in an essay sample? By including the following in the essay sample:Just as important as the other information you includ e is the way you make the process part of your essay. You should be able to create a cohesive whole with just the process part of the essay. Make sure that the process is something that doesn't break the flow of the essay but is integrated into it instead.So, it is possible to learn how to write process data in an essay sample. All that you need to do is to follow the guidelines above and put the process parts in an organized manner.

How to Preserve a Carved Halloween Jack-o-Lantern

How to Preserve a Carved Halloween Jack-o-Lantern Your carved pumpkin or Halloween jack-o-lantern doesnt have to rot or mold before Halloween! Here is how to use chemistry to preserve a jack-o-lantern so that it will last for weeks instead of days. How to Preserve a Carved Pumpkin Mix up a preservative solution for your carved pumpkin consisting of 2 teaspoons of household bleach per gallon of water.Fill a sink, bucket, or tub with enough of the bleach solution to totally immerse the carved jack-o-lantern. Place the jack-o-lantern in the bleach mixture right after you have finished carving it. Soak the carved pumpkin for 8 hours or overnight.Remove the pumpkin from the liquid and allow it to air dry. Spray the pumpkin inside and outside with a commercial pumpkin preservative or use your own mixture, consisting of 1 teaspoon of bleach in water. Spray the pumpkin once daily, to prevent the growth of bacteria and mold.Smear petroleum jelly on all of the cut surfaces of the pumpkin. This will prevent the pumpkin from drying out and getting that puckered, shriveled look.Protect the  jack-o-lantern  from sun or rain, since one will dry the pumpkin out, while the other will promote the growth of mold. If possible, refrigerate your jack-o-lantern when its not in u se. How Pumpkin Preservation Works Bleach is dilute sodium hypochlorite, an oxidizer that kills microorganisms that decay the pumpkin, including mold, fungi, and bacteria. You need to reapply it because it loses its effectiveness fairly quickly. The petroleum jelly locks in moisture so the jack-o-lantern doesnt get dehydrated. Now that you know how to keep it fresh, make a science Halloween jack-o-lantern. More Tips to Preserve Pumpkins Another way to make a pumpkin last is to simply wait until its closer to Halloween to carve it. One idea is to mark the carving for the big event, but not actually cut it. Then coat the entire pumpkin except the areas to be carved with glow-in-the-dark paint. This gives you a glowing pumpkin with dark areas where the carving will go.While bleach reacts with air so that it needs to be reapplied, you can get lasting protection against critters and mold by treating a carved pumpkin with borax. You can either sprinkle borax powder around the interior of the jack-o-lantern and the carved surfaces or you can dip the pumpkin in a solution of borax in water.If youre concerned about the potential toxicity of bleach or borax (or simply dont have them), you can deter rotting and mold using salt. It doesnt matter whether you use table salt or road salt. You can either soak the pumpkin in brine (saturated saline solution) or else rub salt into the cut surfaces and interior of the jack-o-lantern. Again, you can seal the pumpkin with petroleum jelly to keep it from shriveling up. Salt prevents rot by dehydrating cells. While salt is a better preservative, sugar also dehydrates cells. The same techniques used for salt may also be applied to sugar.Another good tip is to use care when selecting your pumpkin. If you can, try to select a pumpkin that is fresh and firm. A freshly cut pumpkin wont have a shriveled stem or soft spots anywhere on the fruit. You have a much better chance of keeping a pumpkin until Halloween if it doesnt have an established colony of bacteria and mold.When you carve the pumpkin, clean the inside as well as possible. If you leave any strings or seeds, youre  providing extra surface area for microbial growth. Its easier to keep a smooth surface clean than a rough one. Fact Facts While a pumpkin may last weeks or months without rotting, once you carve it, the exposed flesh is susceptible to rot.Decay can be minimized by applying a disinfectant or preservative, such as bleach, salt, or sugar.A carved pumpkin can be sealed with oil or petroleum jelly to lock in moisture and minimize puckering.Its important to keep a carved pumpkin cool when its not in use. Increasing the temperature basically incubates mold and bacteria.

The Great Gatsby Summary

The Great Gatsby Summary F. Scott Fitzgerald’s novel The Great Gatsby takes place among the New York elite during the Roaring Twenties. The story, told from the perspective of a naà ¯ve young narrator, focuses on a mysterious millionaire, the woman he loves, and the self-absorbed denizens of their wealthy neighborhood. Chapters 1-2 Nick Carraway, a World War I veteran and recent Yale graduate from the Midwest, moves to New York in the summer of 1922 to work as a bond salesman. He rents a small home on Long Island in the neighborhood of West Egg, which is largely populated by wealthy, self-made men. Nick is intrigued by Jay Gatsby, who lives in the lavish mansion next door. Gatsby is a mysterious recluse who throws massive parties but never makes an appearance at any of them. Across the bay, a distance away but directly across from Gatsby’s dock, there is a green light that seems to draw Gatsby’s attention. After settling in, Nick drives to the other side of the bay to the mirroring neighborhood of East Egg, where his flapper cousin Daisy Buchanan lives. Daisy is married to the arrogant and mean-spirited Tom Buchanan, a former college classmate of Nicks. Nick discovers that Daisys dock is the source of the green light. Daisy introduces Nick to her friend Jordan, a professional golfer who gives Nick a crash course in their social circle. Nick also learns that Tom is unfaithful to Daisy. Tom has a mistress named Myrtle Wilson who lives in the â€Å"valley of ashes- the stretch of land between West Egg and New York City, where poor workers live surrounded by industrial waste. Despite this new knowledge, Nick goes with Tom to New York City, where they attend a party at the apartment Tom stays in with Myrtle for their assignations. The party is hedonistic and crass, and the evening quickly devolves into a violent fight between Tom and Myrtle. After Myrtle repeatedly brings up Daisy, Toms barely concealed anger bubbles up and he hits Myrtle until he breaks her nose. Chapters 3-4 Nick finds himself at one of Gatsby’s parties, where he runs into Jordan and finally meets Gatsby himself. Both Jordan and Nick are taken aback at how young Gatsby is, and Nick is particularly surprised to realize that he and Gatsby served in the same division during the war. This shared history seems to generate unusual friendliness in Gatsby towards Nick. Jordan tells Nick what she knows of Gatsby’s past. She explains that, when Gatsby was a young military officer preparing to fight in Europe, Daisy was part of a group of debutantes doing volunteer work alongside the soldiers. The duo shared a flirtation, Gatsby fell in love, and Daisy promised to wait for him to return from the war. However, their different social backgrounds- Gatsby from humble origins, Daisy from a wealthy family- precluded a relationship, and Daisy ultimately met and married Tom. Jordan goes on to explain that ever since returning from the war and making a fortune, Gatsby has been throwing lavish parties in hopes of attracting Daisys attention from across the bay. So far, though, his plan has not worked, and he has been relegated to gazing at the green light on her dock. Over time, Nick begins dating Jordan, and Gatsby and Nick strike up a friendship. Despite their different life experiences and world views, Gatsby and Nick share an optimism that borders on naà ¯vetà ©. Since Nick is Daisy’s cousin, Gatsby uses their connection as a cover to arrange a meeting for himself with Daisy. Nick willingly agrees to the scheme and invites Daisy over to his house for tea, but doesn’t tell her that Gatsby will be there. Chapters 5-7 The reunion between Gatsby and Daisy is awkward and uncomfortable at first, but over the course of the summer, they begin a full-fledged affair. Gatsby confides in Nick that he wants Daisy to leave Tom for him; when Nick reminds him that they cant recreate their past, Gatsby insists that they can- and that money is the key. Daisy and Gatsby are successful in keeping the affair under wraps for a while, but one day, Daisy accidentally speaks about Gatsby in front of Tom. Tom immediately deduces that his wife is having an affair and flies into a rage. Tom uses Daisy as a weapon, telling Gatsby that he could never understand the kind of history that Tom has with Daisy. He also reveals the truth of how James Gatz, a poor officer, became Jay Gatsby, the millionaire: bootlegging alcohol and possibly other illegal dealing. Tom forces Daisy to make a choice then and there: him or Gatsby. Daisy insists that she has loved both men, but chooses to remain in her stable position married to Tom. She drives Gatsby back to Long Island in Gatsby’s car, while Tom drives with Nick and Jordan. This proves to be a fatal mistake. Myrtle, who recently had a fight with Tom, sees them driving by and runs out in front of Gatsby’s car, trying to catch Tom’s attention and reconcile with him. Daisy doesn’t stop in time and hits Myrtle, killing her. A panicked and distraught Daisy flees the scene, and Gatsby reassures her that he will take the blame for the accident. When Nick arrives and gets the details, he goes to check on Daisy. He finds Daisy and Tom calmly eating dinner together, apparently reconciled. Chapters 8-9 Nick returns to check on Gatsby, who mournfully tells him about his first, long-ago courtship of Daisy. Nick suggests that Gatsby leave the area alone, but Gatsby refuses. He says goodbye to Nick, who heads to work for the day. Myrtle’s suspicious husband George confronts Tom. George tells Tom that he believes the yellow car that killed Myrtle belonged to Myrtle’s lover. He explains that he has long suspected that Myrtle was unfaithful, but never figured out who she was having an affair with. Tom informs George that the yellow car belongs to Gatsby and gives him Gatsby’s address so that he can get his revenge. George goes to Gatsby’s home, shoots Gatsby, and kills himself. Nick organizes Gatsby’s funeral, but only three people attend: Nick, an anonymous partygoer, and Gatsby’s estranged father, who expresses pride in his late son’s achievements. Later, Nick runs into Tom, who openly admits to sending George Wilson to Gatsby. Tom says that Gatsby deserved to die, and he expresses more unhappiness about losing his apartment in the city than all the death and trauma. Having come face-to-face with the careless people of West Egg, Nick feels that the true â€Å"dreamers† have died along with Gatsby. He moves away and returns to the Midwest.