The Proprietary versus the Entity Theory Essay Example | Topics and Well Written Essays - 2000 words

The Proprietary versus the Entity Theory - Essay Example The restrictive hypothesis recommends that business or different associations will in general have a place with at least one people thought of as owners or proprietors, and their perspectives are reflected in the bookkeeping procedure utilized by the business. So resources of the business are considered as resources of the owners and their liabilities are considered as their liabilities. The monetary record condition would therefore be Assetsâ€Liabilities = Proprietorship.'' (Riahi-B, 2004) The investors are viewed as people joined in possessing a business and a partnership is along these lines not seen as on a very basic level not quite the same as a sole ownership. The company is viewed as a gadget of an agent nature by methods for which the affiliation's business undertakings might be advantageously controlled with certain legitimate benefits and inside certain lawful impediments.' (Riahi-B, 2004) Using an exclusive hypothesis, in bookkeeping practice, the accentuation is on th e owner's value and the owners' net gain and changes in salary or different parts of the ownership. The held income additionally have a place with the owners. Anyway investors are unmistakable from leasers and the differentiation depends on ownership as banks may not be owners however investors are typically owners so owners in a business association incorporate all investors. Typically most bookkeepers consider investors as proprietors and ownership is all the more effectively decided in a private venture endeavor in spite of the fact that ownerships could go from singular ownerships for each, an organization, or enterprise. A few highlights that owners look for are high benefit (counting limiting assessments), little hazard, proceeded with presence, simplicity of offer of interests, and so forth (Lewis-Pendrill, got to 2011; Riahi-B, 2004). One analysis of ownership is that it is unimaginable to expect to decide the benefits of individual basic investors of a company and corporate benefit when compared with individual addition of owners characterizes the exclusive idea yet there isn't a lot of help to this. The a lot of increment in ownership through leftover value shows the pertinence of the restrictive idea and investor control. However investors must be receptive to the desires of value premiums as they are the proprietors and have more noteworthy control and bear more serious dangers and privileges of lingering value (Riahi-B, 2004, Mourik, 2010). Normally huge organizations have investment opportunity plans for their officials alongside motivating force extra plans. This has brought about administration interests to build benefits and recognize interests with those of owners (Hendriksen and Breda, 1992). The substance idea recommends that a business or unit represented or considered inside bookkeeping practice must be considered as altogether separate from investors and proprietors of the business. Accordingly the business is viewed as not a possession but rather a different substance. The element is in this way observed as having a different and particular presence from its proprietors and the proprietors are nearly observed as long haul lenders. The accounting report condition proposes that Assets=Equities. (Mourik, 2010) However in spite of the effortlessness of the idea , the element hypothesis faces some disarray and vulnerability and the idea of values isn't totally clear. There are additionally contrast of assessments and despite the fact that loan bosses and proprietors are viewed as particular, bookkeeping forms treat them comparably

Structure of the judiciary power

Structure of the legal executive force Presentation Each general public in the mankind's history stood up to the topic of how debates ought to be settled. Freedom of the legal executive is the rule that the legal executive ought to be politically protected from the administrative and the official force. Courts ought not be affected by different parts of government. Various countries manage the possibility of legal autonomy through various methods for legal determination. An autonomous legal branch is one of the primary assurances of fair arrangement of government and it guarantees the standard of law so it is liberated from outside impacts and judges can render cases just because of the law and realities. The significance of the autonomous legal framework in England were built up in the start of eleventh century, when William The Conqueror come to seat in 1066 and had begun settling new laws in the entire England (today is known as Common Law) and furthermore had fixed by The convention of the partition of forces. While, In Kazakhstan lawful framework the Judicial force as the legitimate classification is somewhat new. On 30th August 1995 based on the Declaration of Independence the Constitution of The Republic of Kazakhstan had been acknowledged and it secured the underlying standards and arrangements of freedom of judges (The Constitution of The Republic of Kazakhstan, 1995). Right off the bat, I might want to come back to the past of the UK to watch the development method of the force structure, which we have today. The thoughts dependent on an advanced rule of division of the specialists, just because was communicated by Aristotle, in his fourth book named, Politician. He detailed isolating the force in the state on three sections: administrative, official, legal; every one of the specialists ought to be spoken to by the different body. The further improvement of the hypothesis of division of the specialists is bound to John Lock and Charles Louis Montesquieu, who have completed the most careful working out of this guideline. Later on, before the finish of eighteenth and the starting nineteenth century, the standard of division of the specialists was perceived in numerous states. Next passage independently uncovered the starting point methods of each force branch in the UK. The Parliament The British Parliament is perhaps the most seasoned parliament on the planet. It is regularly named foremother, however as I would like to think it would be all the more precisely to call it ancestor of all parliament frameworks on the planet, and it keeps on working all through the entire political history of the nation since the second 50% of thirteenth century. Arrangement and advancement of The British Parliament happened during XII and XV hundreds of years. Impressive estimation of this long procedure customarily was pulled in by a crown of the higher honorability to the choice of the state, undertakings government returning to its birthplace. Gatherings of the Kings vassals, from the center of XII century, turned into a compulsory piece of the state life and they were the recorded start of the class portrayals. The precursor of authoritative arrangement of England was the Curia Regis (the gathering of occupants in-boss) it was made by William The Conqueror, who brought to England the medieval framework from his local Normandy after the Norman triumph in 1066, and was conceding area to his most significant military supporters, further the supporters were giving that land to their own supporters in this manner making primitive chain of importance of England. In the long run this board has formed into the Parliament of England, and now incorporates the leader of the state (ruler), office of masters (verifiably office of the respectability and the higher ministry) and the House of Commons (truly office of normal people). The Monarch and Government Arrangement of solid English government started in the start of twelfth century when English individuals were survivors of digestive system wars and medieval insurgency. This serious recorded experience had absolutely persuaded English individuals that only the solid focal force and the wide state association can serve for them against those damages. Reducer of the reeled English state request was Henry II Plantagenet (long stretches of board 1154-1189). During Henrys reformatory exercises individuals against medieval rulers went along with him and it very well may be said that total government arrangement in England started with him. The limitations of the rulers power started being presented in the start of the thirteenth century, when the English respectability constrained King John to perceive the specific record named, Magna Carta. The protected government in that manner we see it today, has created and has gotten more grounded in eighteenth and nineteenth hundreds of years when capacity to oversee the issues of the state has gone to the Cabinet which were selected from elective parliament. The Cabinet has emerged before the average unrest of seventeenth century based on mystery chamber, as the restricted board helping the lord to rapidly take care of the significant issues of the administration. From the start this body totally relied upon the government. Further, before eighteenth century's over and the start of nineteenth century, it was stopped to be an auxiliary organ of the Royal administration and should incline toward Parliament support. As the outcome at that point it began being perceived that the Cabinet ought to have most of voices in Parliament and its head ought to be the Prime clergyman. The Legislative On the off chance that the administrative and official forces are doled out on the precisely higher state body then the legal force is substantially more troublesome. It is doled out to set of legal bodies from the neighborhood Supreme. Each legal body is autonomous and it has own place in the framework, settling solid issues totally freely. The todays legal intensity of England has emerges from 1178, when Henry II named five individuals from his own family unit to hear all the grumblings of the domain and to do right, anyway the job of the Lord Chancellor was as yet formal and decisions were a privilege of the King. Such circumstance had been existing till Glorious Revolution, the acknowledgment of the Bill of Rights in 1689 and the Act of Settlement in 1701. After those progressions the intensity of the ruler was basically constrained and courts got freedom and initiative of the law. The regulation customarily requests separate of forces, that the state arrangement of the force must be partitioned into three branches and each branch isn't just enhanced by two others, yet in addition could be balance. As I said over, the legal force got autonomous from official, authoritative and Royal forces when The Bill of Rights 1689 was presented. As per the Bill the ruler was denied to an obligation to help and oversee legal framework, and the privilege of the Queen was distinctly to excuse decided on ecclesiastical gathering. Be that as it may, until late time the rule of independent of forces in the Great Britain was not totally watched. With the goal that the Lord Chancellor being the leader of the legal force in the Great Britain at the same time was the individual from the Cabinet and an individual from Lords chambers. Also, the Lord Chancellor was delegated to the post by the Queen on portrayal of the Prime Minister. In July 2003, Tony Blairs government attempted to roll out radical improvements to a legal part of the force and announced designs to drop a post of the Lord Chancellor to cancel the arrangement of Law Lords and to supplant it with discrete Supreme Court. These plans caused extensive logical inconsistencies, lastly, Prime Minister chose to change, rather than dropping an old job of the Lord Chancellor. Change of the job of the Lord Chancellor has begun the way toward isolating his different obligations clarifying qualification between the administration, Parliament and the legal force. Kazakhstan 16 December 1991, the Parliament of the on the Republic pronounced the autonomy of the Republic of Kazakhstan and the Republic Kazakhstan was framed. During the period 1991-1995, the political framework and Constitutional enactment of the Republic were shaped. The principal Constitution of sovereign Kazakhstan was received in January 1993. Being somewhat a trade off between the old and new political frameworks, reflecting endeavors to bring into the post-Soviet setting a western majority rule model, this Constitution at first contained some inconsistency which at times appeared as unnatural restriction and opposition of intensity. Because of the Referendum hung on 30 August 1995, another Constitution of the Republic of Kazakhstan was embraced, wiping out the deficiencies of the previous constitution. The new Constitution set up a Presidential Republic, and tackled sanely the issue of partitioned duties among various parts of intensity, while additionally inviting changes to the market framework. As per Article 3 of the Constitution expresses that the state power in the Republic of Kazakhstan is bound together and executed based on the Constitution and laws as per the standard of its division into the authoritative, official and legal branches and an arrangement of balanced governance that oversees their cooperation. The administrative branch involves Parliament of the Republic of Kazakhstan (the Senate and the Majilis). The official branch contains the Cabinet of Ministers, state boards of trustees, others focal and nearby official groups of the Republic. The legal branch contains the Supreme Court and Constitutional Council and nearby courts (local, region and others). The President of the Republic of Kazakhstan is the head of express, its most elevated authority deciding the fundamental headings of the local and international strategy of the state and speaking to Kazakhstan inside the nation and in global relations. He will guarantee by his assertion purposeful working of all parts of state force and duty of the foundations of intensity before the individuals. (Workmanship. 40 of the Constitution). The President is chosen each seven

A message from above

A message from above I never thought I would be writing about a trip to the convenient  store, but this trip was like no other. It seemed like a typical  November day, two years ago, as I walked out of Walgreens. It was just  a month after my grandmother had passed away and I spent my days  running useless errands hoping to fill the void in my heart and  distract me from the pain.As I attempted to walk out of the store, I was frustrated by  everything that was going on around me which was a very common feeling  during this time. I was angry because I couldn’t even remember what I  went there to buy so I ended up spending over $20 on nonsense just to  waste time and money, both of which I didn’t have.I was mad and confused at everyone. Especially, the young girl  walking through the store holding her grandmother’s hand. The little  girl was begging her grandmother for ice cream just like I use to when  I was little, before I was old enough to know that there are bigger  problems than a lack of sugar . There is heartache and pain in this  world. Before I was old enough to understand that one day my  grandmother wouldn’t be here with me. “Here is $20 my sweetie,” the  woman said, “Keep it for later and well get you some Mr. Softy.” As I carried on, I remembered all of the times my cousins and I would  play outside of my grandma’s house, waiting patiently to hear the  sounds of the Mr. Softy truck. The minute we heard it, no matter how  far it may have been, we would run inside smothering my grandma with  hugs and kisses while begging for some money. No matter how many times  she would say, “Remember kids, no ice cream today,” everyday we would  ask and every time she would always end up giving each of us exactly  $20. Obviously, we all know that ice cream doesn’t cost this much, but  that was my grandma, always giving more than she ever had to give.Who knew that I, an 18 year old, could be jealous of a three-year-old  little girl wearing pink slippers and a Dor a the Explorer backpack,  but I was, because at the end of the day she had something I didn’t  have anymore. A grandmother by her side.I had to force myself to ignore the little girl who others kept  calling “cute” and “adorable” when I simply thought she was nothing  but obnoxious. She was just too happy for me and that was  unacceptable, at this time, in my world.I continued to the register to pay for my things, none of which I  even remembered picking until I placed them on the counter. It was  than that my anger quickly shifted from the little girl who seemed to  have everything to the cashier who didn’t have anything, not even my  change. She had to bring my things to another register which just felt  like a waste of time. Everything felt like a waste of my time. When  the cashier gave me my change I didn’t say thank you. I didn’t say  have a good day. I simply took my change and left.Feeling exhausted and hopeless, I began walking to my car. Every step  seemed draining, and every step was another to survive. As I looked up  into the sky I thought about how my grandmother had left me, and my  anger began to return. I was outraged by the loss, and my belief in  God was beginning to diminish. I couldn’t understand why these things  happened. So as I stood in a public parking lot a million questions  formed in my mind. Why did this happen to me? Aren’t we supposed to  get signs from the people that pass on? Why did I not feel her  presence anymore? Is there a heaven?Suddenly, a woman driving right by my side rolled down her window and  distracted my unanswered thoughts. “Excuse me, excuse me, excuse me,”  she said loudly. Thinking she was going to ask for my parking spot, I  simply pointed to my car. The thought of having to verbalize where my  car was seemed like too much to bear. “No, excuse me,” she said again.  At this point, I felt I had no choice but to see what this annoying  lady wanted. As I got closer though I was startl ed-was this my  grandmother’s nurse, Adu, who lived with her during her final months?  I soon realized that she wasn’t, although the resemblance was uncanny.  Then, I realized that this Adu look a like was searching for something  in her bag. Surprisingly, I was overcome by a sense a relief that lead  me to be patient the entire time the lady was searching. Others would  be nervous by a stranger reaching in their bag unanimously, but I  wasn’t. Under a clutter of makeup, money, pens, and other belongings,  she finally reached to the very bottom of her bag and handed me a  three page booklet. “It looks like you need this,” she said calmly  with a warm smile on her face.I looked down at the mysterious and obviously used pamphlet and on  the front cover in big bold letters read “What Hope for Dead Loved  Ones?”It took me only a few seconds to comprehend the exchange with this  woman, but by the time I looked up, she was gone.I walked slowly into my car gripping the tiny l ittle book that was  given to me with fear that it would fly away in the wind. I didn’t  know what it was exactly, but I knew that if my grandmother had  anything to do with this that I didn’t want to let it go.I felt a sense of relaxation as I opened the first page. It explained  how people pass on, but their spirit remains with us. This was the  first time since my grandma had passed that I felt her with me, just  like I had wanted. I didn’t know whether to laugh or cry, but I did  know that I finally felt happiness from the surprising change in  events.I couldn’t, and still can’t, believe what had happened to me on that  day. I don’t remember the specific details that you usually hear about  like what the person was wearing, the time of day, or even the  weather, but it doesn’t matter. It was a random day in November when  my life turned back around and I began to feel hope again. It was  real. It was a miracle. And, I’ll remember it for the rest of my life.Story by visitor:  Jessica Correale

Being A Successful Registered Nurse - 954 Words

Being a successful registered nurse definitely comes with many more titles than just ‘nurse’. From the education aspect of nursing, nurses know how to care for sick patients, promote health in patients and provide treatment for patients. To be a successful nurse that is a great start, but nurses possess many more characteristics that enable them to excel in their field. As a pre-nursing student, I should be thinking about all of the unmentioned obligations that come along with being a nurse. Mental and emotional abilities have proven to be just as necessary as the knowledge it takes to become a registered nurse. Learning the characteristics that a successful nurse possesses will assist me in becoming the best nurse that I can be. In order to learn more in depth about the characteristics that make up a successful nurse, I interviewed my female aunt who is a working, registered nurse in Arizona at Phoenix Children’s Hospital. She is forty-six years old and has been a registered nurse for the past seventeen years after graduating with an associate’s degree. My aunt has had the pleasure of working and gaining experience in the areas of pediatrics, as well as in labor and delivery nursing. Just like my aunt, I have always had a passion for children and babies and would like to see myself working in similar areas someday. Although, I am open minded about broadening my nursing abilities and gaining experience from multiple different areas of nursing. Branching out into differentShow MoreRelatedOverview of Californias Nurse-to-Patient Ratio Mandate794 Words   |  3 PagesCalifornia became the first state to mandate nurse-to-patient ratios, in 2005. The California law has a relatively brief history, starting with the passing of AB 394 in 1999, when the state established the idea of nurse-to-patient ratios before working out the details of implementation or the actual ratio parameters. 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Explication Of John Donne s Holy Sonnet 14 - 933 Words

Explication of John Donne’s holy sonnet 14 The beauty of John Donne’s holy sonnet 14 is in its language. John Donne is an interesting character who uses metaphors anyhow he pleases and finds a way to make it work. The beginning of the poem depicts a man hopeless without God’s help, a man trying to change his ways but finds no success and asks God to change in a way I find quite terrifying. The use of violent and erotic language (i.e Batter, Force, Labor, Captive; and erotic words: i.e ravish, love, knot etc) set the tone of the sonnet, and it remains constant all through. Before diving into the content of the poem, we look at the form of the poem. This poem has a Petrarchan form, and an Elizabethan structure. I know this because it has 14 lines, the rhymes, and the ending couplet. The poem rhymes like: ABBAABBA – CDCDEE. Also we look at the iambic pentameter. The beginning of the poem looked like it would be in iambic pentameter: Batter my heart, We can see here the poem starts with â€Å"Batter† w hich has a stressed syllable, followed by â€Å"My† which is unstressed, and â€Å"Heart† which is stressed, but then, that’s followed by â€Å"three-personed God† which breaks the iambic pentameter. The same can be seen on Line two. I think the essence of starting a poem this way was to start with an aggressive tone in order to prepare the reader for the story ahead. This easy begins with the writer speaking to a â€Å"three-personed God† (I believe that means the father, son, and holy spirit). He uses

Financial Ratios for East Coast Yachts Free Essays

Question 1: Financial ratios for East Coast Yachts: Current ratio| =| Current Assets| | | Debt-equity ratio| =| Total liabilities| | | Current Liabilities| | | | | Total equity| | =| $14,651,000 | | | | =| $19,539,000 + $33,735,000| | | $19,539,000 | | | | | $55,341,000 | | =| 0. 75| | | | =| 0. 96| | | | | | | | | | | | | | | | | Quick ratio| =| Current Assets – Inventory| | | Equity multiplier| =| Total assets| | | Current Liabilities| | | | | Total equity| | =| $14,651,000 – $6,136,000| | | | =| $108,615,000 | | | $19,539,000 | | | | | $55,341,000 | | =| 0. We will write a custom essay sample on Financial Ratios for East Coast Yachts or any similar topic only for you Order Now 44| | | | =| 1. 96| | | | | | | | | | | | | | | | Total asset turnover| =| Sales| | | Interest coverage| =| EBIT| | | Total Assets| | | | | Interest| | =| $167,310,000 | | | | =| $23,946,000 | | | $108,615,000 | | | | | $3,009,000 | | =| 1. 54| | | | =| 7. 96| | | | | | | | | | | | | | | | | Inventory turnover| =| COGS| | | Profit margin| =| Net Income| | | Inventory| | | | | Sales| | =| $117,910,000 | | | | =| $12,562,200 | | | $6,136,000 | | | | | $167,310,000 | | =| 19. 22| | | | =| 7. 51%| | | | | | | | | | | | | | | | | Receivables turnover| =| Sales| | | Return on assets| =| Net Income| | | Accounts receivable| | | | | Total assets| =| $167,310,000 | | | | =| $12,562,200 | | | $5,473,000 | | | | | $108,615,000 | | =| 30. 57| | | | =| 11. 57%| | | | | | | | | | | | | | | | | Debt ratio| =| Total assets – Total equity| | | Return on equity| =| Net Income| | | Total assets| | | | | Total equity| | =| $108,615,000 – $55,341,000| | | | =| $12,562,200 | | | $108,615,00 0 | | | | | $55,341,000 | | =| 0. 49| | | | =| 22. 70%| | | | | | | | | | | | | | | | | Question 2: | | East Coast Yachts| | Yacht Industry Ratios| | | | | Lower Quartile| Median| Upper Quartile| Current ratio| | 0. 75| | 0. 50| 1. 43| 1. 9| Quick ratio| | 0. 44| | 0. 21| 0. 38| 0. 62| Total asset turnover| | 1. 54| | 0. 68| 0. 85| 1. 38| Inventory turnover| | 19. 22| | 4. 89| 6. 15| 10. 89| Receivables turnover| | 30. 57| | 6. 27| 9. 82| 14. 11| Debt ratio| | 0. 49| | 0. 44| 0. 52| 0. 61| Debt-equity ratio| | 0. 96| | 0. 79| 1. 08| 1. 56| Equity multiplier| | 1. 96| | 1. 79| 2. 08| 2. 56| Interest coverage| | 7. 96| | 5. 18| 8. 06| 9. 83| Profit margin| | 7. 51%| | 4. 05%| 6. 98%| 9. 87%| Return on assets| | 11. 57%| | 6. 05%| 10. 53%| 13. 21%| Return on equity| | 22. 70%| | 9. 93%| 16. 54%| 26. 15%| The liquidity ratio shows that the company has less liquidity as compare to the whole industry. East Coast Yachts current ratio is below the median industry ratio and the quick ratio is positioned at the median industry ratio. This indicates that the company may access to short-term borrowing. Referring to the turnover ratio, all the three ratios, I. e. total asset turnover, inventory turnover and receivables turnover are higher than upper quartile industry ratio. This indicates that the company is more efficient among the whole industry in using its assets to generate sales. The financial leverage ratios, which include the debt ratio, debt-equity ratio, equity multiplier and interest coverage, are all below the median industry ratio, but higher than the lower quartile. This shows that East Coast Yachts is having less debt than the other companies in the industry, but is still within the normal range. The profit margin, return on assets as well as return on equity of the company are higher than the industry median. This shows that the company’s profitability is performing well among the whole industry. As an overall, East Coast Yachts is performing well in the industry, while more concentration would only be required to be placed on the liquidity ratios. Question 3: Return on equity = 22. 70% Retention ratio (b)| =| Net income – Dividends| | | Net Income| | =| $12,562,200 – $7,537,320| | | $12,562,200 | | =| 40%| Sustainable growth rate (SGR) = Return on equity x Retention ratio = 22. 70% x 0. 4 = 9. 08% Increase in assets| =| Assets| x| ? Sales| | | Sales| | | | =| $108,615,000 | x| (167,310,000 x 9. 08%)| | | $167,310,000 | | | | =| $9,862,242. 00 | | | | | | | | Increase in spontaneous liabilities| =| Spontaneous liabilities| x| ? Sales| | | Sales| | | | =| $6,461,000 | x| (167,310,000 x 9. 08%)| | | $167,310,000 | | | | =| $ 586,658. 80 | | | | | | | | Retention ratio (b)| =| Addition to RE| | | | | Net income| | | | =| $5,024,880 | | | | | $12,562,200 | | | | =| 40%| | | | | | | | Profit margin| =| Net income| | | | | Sales| | | | =| $12,562,200 | | | | | $167,310,000 | | | | =| 8%| | | | | | | | Increase in equity| =| PM x Projected sales x retention ratio| | =| 8% x ($167,310,000 x 1. 0908) x 0. 4| | =| $5,840,055. 94 | | | | | | | | External Funds Needed (EFN)| =| Increase in assets – Increase in spontaneous liabilities – Increase in equity| | =| $9,862,242. 00 – $586,658 – $5,840,056| | =| $3,435,527. 26 | | | | | | | | | | | | | East Coast Yachts| | | Pro forma Income Statement| | | Sales| | 182,501,748| | | Cost of goods sold| | 128,616,228| | | Other expenses| | 21,809,455| | | Depreciation| | 5,460,000| (Assume constant)| Earnings before interest and taxes (EBIT)| 26,616,065| | | Interest| | 3,009,000| (Assume constant)| Taxable income| | 23,607,065| | | Taxes (40%)| | 9,442,826| | | Net Income| | 14,164,239| | | Dividends| | 8,221,709| | | Addition to RE| | 5,481,139| | | | | | | | East Coast Yachts| | | Pro forma Balance Sheet| | | Assets| | | | | Current assets| | | | | Cash| | 3,318,214| | | Accounts receivable| | 5,969,948| | | Inventory| | 6,693,149| | | Total| | 15,981,311| | | Fixed assets| | | | | Net plant and equipment| | 102,495,931| | | | | | | | | | | | | Total assets| | 118,477,242| | | | | | | | Liabilities| | | | | Current liabilities| | | | | Accounts payable| | 7,047,659| | | Notes payable| | 14,265,482| | | Total| | 21,313,141| | | | | | | | Long term debt| | 33,735,000| | | | | | | | Shareholders’ equity| | | | | Common stock| | 5,200,000| | | Retained earnings| | 54,693,803| | | Total equity| | 59,893,803| | | | | | | | Total liabilities and equity| | 114,941,944| | | | | | | | EFN| | 3,535,298| | | Current ratio| =| Current Assets| | Debt-equity ratio| =| Total liabilities| | | Current Liabilities| | | | Total equity| | =| $15,981,311 | | | =| $21,313,141 + $33,735,000| | | $21,313,141 | | | | 59,893,803 | | =| 0. 75| | | =| 0. 92| | | | | | | | | | | | | | | Quick ratio| =| Current Assets – Inventory| | Equity multiplier| =| Total assets| | | Current Liabilities| | | | Total equity| | =| $15,981,311 – $6,693,149| | | =| $118,477,242 | | | $21,313,141 | | | | $59,893,803 | | =| 0. 44| | | =| 1. 98| | | | | | | | | | | | | | | Total asset turnover| =| Sales| | Interest coverage| =| EBIT| | | Total Assets| | | | Interest| | =| $182,501,748 | | | =| $26,616,065 | | | $118,477,242 | | | | $3,009,000 | | =| 1. 54| | | =| 8. 85| | | | | | | | | | | | | | | Inventory turnover| =| COGS| | Profit margin| =| Net Income| | | Inventory| | | | Sales| =| $128,616,228 | | | =| $14,164,239 | | | $6,693,149 | | | | $182,501,748 | | =| 19. 22| | | =| 7. 76%| | | | | | | | | | | | | | | Receivables turnover| =| Sales| | Return on assets| =| Net Income| | | Accounts receivable| | | | Total assets| | =| $182,501,748 | | | =| $14,164,239 | | | $5,969,948 | | | | $118,477,242 | | =| 30. 57| | | =| 11. 96%| | | | | | | | | | | | | | | Debt ratio| = | Total assets – Total equity| | Return on equity| =| Net Income| | | Total assets| | | | Total equity| | =| $118,477,242 – $59,893,803| | | =| $14,164,239 | | | $118,477,242 | | | | $59,893,803 | | =| 0. 49| | | =| 23. 5%| | | East Coast Yachts| | | Original ratios| | Based on pro forma| Current ratio| | 0. 75| | 0. 75| Quick ratio| | 0. 44| | 0. 44| Total asset turnover| | 1. 54| | 1. 54| Inventory turnover| | 19. 22| | 19. 22| Receivables turnover| | 30. 57| | 30. 57| Debt ratio| | 0. 49| | 0. 49| Debt-equity ratio| | 0. 96| | 0. 92| Equity multiplier| | 1. 96| | 1. 98| Interest coverage| | 7. 96| | 8. 85| Profit margin| | 7. 51%| | 7. 76%| Return on assets| | 11. 57%| | 11. 96%| Return on equity| | 22. 70%| | 23. 65%| As noted from above, the liquidity and turnover ratio will remain constant assuming growth precisely at 9. 8%. Debt-equity ratio will decreased slightly while equity multiplier and interest coverage increased, assuming interest remain constant. Slight improvement also noted from profit margin, return on assets and return on equity. Question 4: Growth rate| | 20%| | | | | | | | Increase in assets| =| Assets| x| ? Sales| | | Sales| | | | =| $108,615,000 | x| (167,310,000 x 20%)| | | $167,310,000 | | | | =| 21,723,000. 00 | | | | | | | | Increase in spontaneous liabilities| =| Spontaneous liabilities| x| ? Sales| | | Sales| | | | =| $6,461,000 | x| (167,310,000 x 20%)| | $167,310,000 | | | | =| $1,292,200. 00 | | | | | | | | Retention ratio (b)| =| Addition to RE| | | | | Net income| | | | =| $5,024,880 | | | | | $12,562,200 | | | | =| 40%| | | | | | | | Profit margin| =| Net income| | | | | Sales| | | | =| $12,562,200 | | | | | $167,310,000 | | | | =| 8%| | | | | | | | Increase in equity| =| PM x Projected sales x retention ratio| | =| 8% x ($167,310,000 x 1. 2) x 0. 4| | | =| $6,424,704. 00| | | | | | | | External Funds Needed (EFN)| =| Increase in assets – Increase in spontaneous liabilities – Increase in equity| | =| $21,723,000. 0 – $1,292,200. 00 – $6,424,704. 00| | =| $14,006,096. 00| | | | | | | | | | | | | | | | | | East Coast Yachts| | | Pro forma Income Statement| | | Sales| | 200,772,000| | | Cost of goods sold| | 141,492,000| | | Other expenses| | 23,992,800| | | Depreciation| | 5,460,000| (Assuming constant)| Earnings before interest and taxes (EBIT)| 29,827,200| | | Interest| | 3,009,000| (Assuming constant)| Taxable income| | 26,818,200| | | Taxes (40%)| | 10,727,280| | | Net Income| | 16,090,920| | | Dividends| | 9,044,784| | | Addition to RE| | 6,029,856| | | | | | | | East Coast Yachts| | | Pro forma Balance Sheet| | | Assets| | | | | Current assets| | | | | Cash| | 3,650,400| | | Accounts receivable| | 6,567,600| | | Inventory| | 7,363,200| | | Total| | 17,581,200| | | Fixed assets| | | | | Net plant and equipment| | 112,756,800| | | | | | | | | | | | | Total assets| | 130,338,000| | | | | | | | Liabilities| | | | | Current liabilities| | | | | Accounts payable| | 7,753,200| | | Notes payable| | 15,693,600| | | Total| | 23,446,800| | | | | | | | Long term debt| | 33,735,000| | | | | | | | Shareholders’ equity| | | | | Common stock| | 5,200,000| | | Retained earnings| | 60,169,200| | | Total equity| | 65,369,200| | | | | | | | Total liabilities and equity| | 122,551,000| | | | | | | | EFN| | 7,787,000| | | | | East Coast Yachts| | | Original ratios| | Growth @9. 08%| | Growth @20%| Debt-equity ratio| | 0. 96| | 0. 92| | 0. 87| Equity multiplier| | 1. 96| | 1. 98| | 1. 99| Interest coverage| | 7. 96| | 8. 85| | 9. 91| Profit margin| | 7. 51%| | 7. 76%| | 8. 01%| Return on assets| | 11. 57%| | 11. 96%| | 12. 35%| Return on equity| | 22. 70%| | 23. 65%| | 24. 62%| The growth rate of 20% indicates that the EFN is $7,787,000. Debt-equity ratio will decrease by 0. 05. The profit margin, return on assets and return on equity shows improvement if the expansion plan was taken up, assuming interest and depreciation remain constant. The further expansion may be taken up as it will bring improvement to the company’s profitability. Also, debt-equity ratio is still below 1 hence there is room for the expansion to be taken up. Question 5: Depreciation rate| =| Depreciation| | | | | PPE| | | | =| $5,460,000 | | | | | $93,964,000 | | | | =| 5. 81%| | | | | | | | Cost of new line| | 30,000,000| | | New depreciation charged| | 1,743,220. 81| | | | | | | | | | | | | East Coast Yachts| | | Pro forma Income Statement| | | Sales| | 200,772,000| (Assuming growth rate 20%)| Cost of goods sold| | 141,492,000| (Assuming growth rate 20%)| Other expenses| | 23,992,800| (Assuming growth rate 20%)| Depreciation| | 1,743,221| | | Earnings before interest and taxes (EBIT)| | 33,543,979| | | Interest| | 3,009,000| (Assuming constant)| Taxable income| | 30,534,979| | | Taxes (40%)| | 12,213,992| | | Net Income| | 18,320,988| | | Dividends| | 9,044,784| | | Addition to RE| | 6,029,856| | | | | | | East Coast Yachts| | | Pro forma Balance Sheet| | | Assets| | | | | Current assets| | | | | Cash| | 3,650,400| | | Accounts receivable| | 6,567,600| | | Inventory| | 7,363,200| | | Total| | 17,581,200| | | Fixed assets| | | | | Net plant and equipment| | 141,013,579| | | | | | | | Total assets| | 158,594,779| | | | | | | | Liabilities| | | | | Current liabilities| | | | | Accounts payable| | 7,753,200| | | Notes payable| | 15,693,600| | | Total| | 23,446,800| | | | | | | | Long term debt| | 33,735,000| | | | | | | | Shareholders’ equity| | | | | Common stock| | 5,200,000| | | Retained earnings| | 60,169,200| | | Total equity| | 65,369,200| | | | | | | | Total liabilities and equity| | 122,551,000| | | | | | | | New EFN| | 36,043,779| | | Existing EFN| | 7,787,000| | | Additional EFN| | 28,256,779| | | Depreciation charged from increase in fixed assets at SGR of 20% was $1,743,220. 81. The new plant would cost $30,000,000. The additional EFN would be $28,256,779. The total EFN would become $36,043,779. This would imply that the capacity utilization would be lower next year, since the new plant would expand capacity much more than the required under SGR. How to cite Financial Ratios for East Coast Yachts, Essay examples

TJ Nethery Essays - Bodybuilding Supplements, Dietary Supplements

TJ Nethery 4/20/2017 Supplement Paper Creatine Creatine was found, when ingested can dramatically boost the Creatine content in the muscles in 1912 by two Harvard university researchers Otto Follin and Willey Glover Denis. Creatine is normally found in meat and fish. Creatine is also naturally made in the human body in the kidney and liver. Creatine is mainly stored in muscles. Creatine is a substance which is present inside in our body and is created from the amino acids, methionine etc. Most of the body Creatine is present in the skeletal muscle. The remaining percentage of Creatine exists free. The enzymes which are responsible for the Creatine synthesis are present inside the kidneys, liver and pancreas. The transportation of Creatine inside the muscles occurs through the blood stream. Creatine was coined by a French scientist Chevreul during his research work on the skeletal muscles. Creatine seems to be a quite new word but it is known by the scientist as a main component of the muscles for more than two centuries. In 1920 researchers identified the two forms of Creatine. They named them phosphorylated Creatine and free Creatine. Creatine enhances the body's capacity to perform high intensity work and assists greater muscle size and performance gains as a result. This strengthens muscular contraction of these fibers, and helps the athlete to pump out more reps, sprint at a faster rate, or engage more forcefully in whatever sport or type of exercise they take part in. Supplementing with Creatine allows the muscles to store more of this high-energy molecule to provide greater gains in strength and muscle. Creatine also helps enhance your recovery time. In recent years Creatine has been studied for its post-exercise muscle regeneration properties. Findings have been very promising. In 2004, Santos and colleagues studied the effects of Creatine supplementation on muscle cell damage in experienced endurance athletes running a 30 mile. Possible side effects of using Creatine are as follows: pounding heartbeats or fluttering in your chest, trouble breathing, swelling and rapid weight gain, dehydration symptoms such as thirst unable to urinate and heavy sweating, more common side effects include nausea and stomach pain, diarrhea, muscle cramps and weight gain. Creatine can be found in many to all drugstores, vitamin shops as well as your run of the mill Walmart's, but the biggest place and most frequent place that is found and sold is online with thousands of brands and millions of websites to purchase from. The four main types of people that will benefit from Creatine include: body builders and strength athletes, the aging population, sufferers from neurodegenerative disorders, and those with naturally lower levels of Creatine such as vegetarians.