Business Report for Consideration by The Directors of Fuller, Smith & Assignment

Business Report for Consideration by The Directors of Fuller, Smith & Turner Plc Based on a Two Year Comparison - Assignment Example The other income exceptional item in 2010 arose from the disposal of property assets. The exceptional distribution costs and administration cost in 2009 arose mainly from the impairment of property asset values... Let us now move towards a ratio analysis of the company for the years 2009 and 2010. The current ratio for year 2009 is 0.49: 1 and for year 2010 it dropped to 0.19:1. This is quite alarming as it means that for every ?1 of its current or short term liabilities, it has only 19 pennies to meet this exigency. No wonder, it had to resort to a sale of land to get some more of the needed cash. The working capital deficiency dropped from ? 23.7 m in year 2009 to ? 101 m in year 2010. On the other hand, the total debt to total assets ratio remained fairly constant in both years, being 0.48: 1 in 2009 and 0.49: 1 in 2010 respectively. However, this means that in the case of liquidation of the company, the creditors can expect only about 50 pence to the pound at most for the clearan ce of their claims. This is indeed a sorry state of affairs. So both the short term and the long term solvency of the business are in question at this point (Meigs & Meigs, 1993, 943). Looking at the gross margin percentages for year 2009 and year 2010, we see that this figure remained constant at around 67 percent for the company. However, the net margin percentage has nearly doubled, from 4 percent in 2009 to 8 percent in 2010. This is a good improvement. Now we move on to an analysis of Recievables Turnover, which was 13 times in 2009 but improved slightly to 14.5 times in 2010. The asset turnover for both years 2009 and 2010 remained around 0.55 times. On the other hand, Inventory Turnover recorded a slight drop from 11 times in 2009 to 9 times in 2010. The Return on Assets, which was 2 percent in 2009, improved to 4 percent in 2010. Finally, the Return on Equity which was 4.5 percent in 2009 doubled to 9 percent in 2010. So, all in all, we can say that there remains little impr ovement in the company’s financial state of affairs and it would be better not to invest in this company at the present time. Sincerely, Investment Advisor Q.2. Appraisal of Different Products: Pacioli Accounting Software Systems Ltd. The finance director of any firm is most often concerned about two things: how to get surplus cash for investment and how to invest the surplus cash so as to get the best possible return. The Finance Director of Pacioli Accounting Systems is similarly trying to decide about investing in one of the three different tax accounting software packages which

Encouragement and hope

Encouragement and hope Here is the good news for today from todays gospel A word of great encouragement and hope. Hope is the unique signature of the Christian gospel. What makes a Christian a Christian is this inability to quit hoping. A new gift from God is at work on our behalf, at all times in all circumstances. The crowds had pressed Jesus right up to the edge of the water at the Sea of Galilee to hear the Word of God. There he came upon three defeated men. They had fished all night and had only an empty boat to show for their efforts. They had worked hard but had failed. It was a terrible, horrible, a very bad day. There is a short story called about a young man who had just signed for his favourite football club, at his first football game, he beats three men before scoring from 25 yards. His teammates looked at him with awe. His coach said, Youre going to have quite a future around here. His girlfriend awarded him with a kiss after the game. This young man Shaw has the feeling that life is completely satisfying and rewarding. But nothing in the rest of his life ever lives up to that day again. His football experience is equally disappointing. His marriage sours. The pain of failure is even greater because he remembers thinking on a perfect day many years before that life would always be that pleasant, satisfying and rewarding. Life does not stand still. There isnt a once-for-all experience. It was Winston Churchill who said, Success is never final. Failure is never fatal. It is courage that counts. There are going to be bad days. Sometimes we are going to fall on our respective faces. These failures dont have to be endings. They can be the avenue to experience Gods grace more widely and more deeply. Jesus of Nazareth gets into the boat with the three defeated men. He sat down and taught the people from the boat. When he had ceased teaching, he said to Simon, Put out into the deep and let down your nets for a catch. Put out into the deep our lives are often fenced in by low expectations. The worst sin is to aim too low. We have to learn to make room for God. We calculate and estimate, and say that this and that will happen, and we forget to make room for God to come as he chooses Expect him to come, but do not expect him only in a certain way. At any moment he may break in Always be in a state of expectancy, and leave room for God to come as he likes. Life is anything but predictable! Human nature is not fixed and settled. We live under hope. That hope is rested in God, not the situation. At the outset Simon is reluctant We toiled all night and took nothing! The words of a person who has already made the effort and failed. Why should he want to put himself in the position of failing again? How useless this all seemed. Many times quitting is the easiest thing to do once the challenge has lost its glamour in tedious endurance. But to his credit, Simon was willing to take the risk. at your word I will let down the nets, he replied. To their utter amazement, there was churning of the waters as the nets were drawn up, with all the silver bellies flip-flopping in the air and spraying foam everywhere. There was such a catch that they had to signal the men in the other boat to come and help them. Now both boats were loaded with fish. No matter how many times a person has failed there is always the chance that the next attempt will succeed. Victory belongs to the most persevering, said Napoleon. I cant explain it but I know there are powerful kinds of good that can come into a life of a person who continues to trust, and love, and holds on. Simon Peter saw beyond the miracle. He realizes the holiness of the One in his boat. He gets a glimpse of the power and knowledge of Christ. He falls before Jesus saying, Depart from me, for I am a sinful man, 0 Lord. Now, we come to the real meaning of the story. Theres more to life than full nets. One can have full nets and still have an empty life. Jesus said to Simon, Do not be afraid; henceforth you will be catching men. When they brought their boats to the land, they left everything and followed Jesus. You and I have been put on this earth for a more important purpose In Jesus Christ, God loves more than we can mess up. He wants us to return that love. The same power that caused Simon to fall at Jesus feet lifts him into Gods service. What a lesson! Three defeated men moved from empty nets to a full life by the power of Jesus Christ. Jesus invites you to follow him. When you say yes to that invitation, you, too, will discover how much he has to offer. Launch out into the deep and let down your nets and follow me. Youll be amazed at what God will do.

New Institutional Economics and the Philippines Essay -- Economy Econo

New Institutional Economics and the Philippines New Institutional Economics offers a way to examine the dynamics of growth -particularly with an eye toward explaining the problems of slow growth in developing economies, where market systems may be presumed to be weak or incomplete. I will review these concepts within the framework of the Philippines, a sizable country with a rich and diverse set of resources, which however is not achieving significant growth. At present the Philippines is in a depressed albeit not grim state. It remains firmly enmeshed in the World Banks lower middle income category of nations with a GDP per capita of $1,050 (U.S. 1998 Atlas method). 38% of the Philippines population is below the national poverty line. And it has one of the higher population growth rates in the region at 2.7% which will double the population within 30 years if continued1. Growth rate of GDP per capita in the period 1988 to 1998 was only 1.3%. Its total debt in 1998 was 73% of Gross Domestic Product and this is a growing percentage through the last decade. The overall story on exports is not clear, but traditional export products and categories (sugar, coconut oil /related products, rice, and timber) are not growing. Perhaps the most notable element is the degree to which it has not shared in regional growth. As noted by Yoshihara Kunio, relative per capita GNP between the Philippines and Thailand has reversed in the last 40 to 50 years (Y oshihara, 2). One reason for this is the tremendously damaging twenty year government of Ferdinand Marcos which among many other things left the county in an extremely indebted state at the onset of a world wide recession in the late 1980’s. A period of relative political instability follo... ...ent of the New Institutional Economics.† Harriss 27-48. -Toye, John â€Å" the NIE and its Implications for Development Theory.† Harriss 49-70. -Harriss-White, Barbara. â€Å"Maps & Lndscps: Grain Markets in S. Asia.† Harriss 87-108. Kelly, Philip F. Landscapes of Globalization: Human Geographies of Economic Change in the Philippines. London/New York Routledge, 2000. U.S. State Department. Background notes: Philippines, August 1999. Washington DC . http://www.state.gov/www/background_notes/Philippines -1999 Country Reports on Economic Policy and Trade Practice U. S. Dept. of State March 2000 (Philippines PDF ,obtained from internal link previous cite). World Bank. Philippines at a glance (PDF). Washington D.C . http://worldbank.org/. Yoshihara, Kunio. the Nation and Economic Growth: the Philippines and Thailand. Kuala Lumpur/Oxford: Oxford Univ Press, 1994.

Bondage and Escape in Sons & Lovers Essay

A major theme in â€Å"Sons & Lovers† is bondage and escape. Every major character is held hostage by another character or by their environment. Her husband, her family and her anger at the family’s social status hold Mrs. Morel hostage. She has no friends to be seen or money of her own to use. Her escape from her bondage is her death. She was unhappy her whole life and lived though another human as a source of happiness. She essentially lived her life through William and, after his death, through Paul, which in a twist of irony, by doing so she is essentially keeping them in bondage. She wants William to move to town to get a good job and a good wife to help up their social status. When he does move and bring home a woman, she thinks she has finally arrived, only to be pushed back down with his death. William, who found a good upper class woman with Lily, brings her back to his family’s home. He loves Lily, until he sees her behavior to his sister; Lily treats Annie like a servant. Although his mother likes Lily, he cannot stay with her and soon leaves her and then falls ill and dies. William’s death is his great escape from the bonds of his mother. When William dies Paul replaces him as Mrs. Morel’s dummy; Paul leads his life as his mother wants him to, she keeps him in check, approves who he dates and even goes with him and speaks for him on his first job interview. The only thing redeeming Paul in this is that he knows that he is being tied down by his mother and is fighting a silent fight against her for his whole life. Although Mrs. Morel doesn’t like Miriam, he keeps his relationship with her. Although Mrs. Morel doesn’t want Paul to stay out late, on most occasions he breaks this rule also. The only thing that ever releases Paul from Mrs. Morel’s grasp is her death. Mr. Morel’s captivity is the most literal. He is held captive by the mine; every day he must work in the mine and the harder and longer he works, the more money he makes. He is held captive by money and a blue-collar career. As a man, he ahs more options than Mrs. Morel, he can go to work, he can drink in the bar after work, he has his own money; but still the mine is always there, calling him back with the lore of making more money next week. Miriam is held captive by Paul and by her own lofty hopes and dreams. Paul strings her along in their relationship, with no future for them in the relationship. This lack of future for them may be based on Mrs. Morel’s dislike of Miriam and by Paul’s willingness to always please Mrs. Morel above him. Miriam is also held captive by her own dreams; she envisions herself as a princess, not as the wife of an office clerk. She has aspirations that are unattainable, and therefore is kept down by her own refusal to settle with Paul. Clara is held captive also, but for the opposite reason that Miriam is: Clara is levelheaded and stable and supporting herself with a job. She is too levelheaded though and will not allow herself to fall too much in love with Paul. She in the end seems to only head further into captivity, by going back with her abusive husband. In conclusion, everyone of the major character is held in bondage and not all are able to make an escape from their bonds.

Digital Fortress Chapter 16

â€Å"A ring?† Susan looked doubtful. â€Å"Tankado's missing a ring?† â€Å"Yes. We're lucky David caught it. It was a real heads-up play.† â€Å"But you're after a pass-key, not jewelry.† â€Å"I know,† Strathmore said, â€Å"but I think they might be one and the same.† Susan looked lost. â€Å"It's a long story.† She motioned to the tracer on her screen. â€Å"I'm not going anywhere.† Strathmore sighed heavily and began pacing. â€Å"Apparently, there were witnesses to Tankado's death. According to the officer at the morgue, a Canadian tourist called the Guardia this morning in a panic-he said a Japanese man was having a heart attack in the park. When the officer arrived, he found Tankado dead and the Canadian there with him, so he radioed the paramedics. While the paramedics took Tankado's body to the morgue, the officer tried to get the Canadian to tell him what happened. All the old guy did was babble about some ring Tankado had given away right before he died.† Susan eyed him skeptically. â€Å"Tankado gave away a ring?† â€Å"Yeah. Apparently he forced it in this old guy's face-like he was begging him to take it. Sounds like the old guy got a close look at it.† Strathmore stopped pacing and turned. â€Å"He said the ring was engraved-with some sort of lettering.† â€Å"Lettering?† â€Å"Yes, and according to him, it wasn't English.† Strathmore raised his eyebrows expectantly. â€Å"Japanese?† Strathmore shook his head. â€Å"My first thought too. But get this-the Canadian complained that the letters didn't spell anything. Japanese characters could never be confused with our Roman lettering. He said the engraving looked like a cat had gotten loose on a typewriter.† Susan laughed. â€Å"Commander, you don't really think-â€Å" Strathmore cut her off. â€Å"Susan, it's crystal clear. Tankado engraved the Digital Fortress pass-key on his ring. Gold is durable. Whether he's sleeping, showering, eating-the pass-key would always be with him, ready at a moment's notice for instant publication.† Susan looked dubious. â€Å"On his finger? In the open like that?† â€Å"Why not? Spain isn't exactly the encryption capital of the world. Nobody would have any idea what the letters meant. Besides, if the key is a standard sixty-four-bit-even in broad daylight, nobody could possibly read and memorize all sixty-four characters.† Susan looked perplexed. â€Å"And Tankado gave this ring to a total stranger moments before he died? Why?† Strathmore's gaze narrowed. â€Å"Why do you think?† It took Susan only a moment before it clicked. Her eyes widened. Strathmore nodded. â€Å"Tankado was trying to get rid of it. He thought we'd killed him. He felt himself dying and logically assumed we were responsible. The timing was too coincidental. He figured we'd gotten to him, poison or something, a slow-acting cardiac arrestor. He knew the only way we'd dare kill him is if we'd found North Dakota.† Susan felt a chill. â€Å"Of course,† she whispered. â€Å"Tankado thought that we neutralized his insurance policy so we could remove him too.† It was all coming clear to Susan. The timing of the heart attack was so fortunate for the NSA that Tankado had assumed the NSA was responsible. His final instinct was revenge. Ensei gave away his ring as a last-ditch effort to publish the pass-key. Now, incredibly, some unsuspecting Canadian tourist held the key to the most powerful encryption algorithm in history. Susan sucked in a deep breath and asked the inevitable question. â€Å"So where is the Canadian now?† Strathmore frowned. â€Å"That's the problem.† â€Å"The officer doesn't know where he is?† â€Å"No. The Canadian's story was so absurd that the officer figured he was either in shock or senile. So he put the old guy on the back of his motorcycle to take him back to his hotel. But the Canadian didn't know enough to hang on; he fell off before they'd gone three feet-cracked his head and broke his wrist.† â€Å"What!† Susan choked. â€Å"The officer wanted to take him to a hospital, but the Canadian was furious-said he'd walk back to Canada before he'd get on the motorcycle again. So all the officer could do was walk him to a small public clinic near the park. He left him there to get checked out.† Susan frowned. â€Å"I assume there's no need to ask where David is headed.†