Tuesday, April 30, 2019
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Friday, April 26, 2019
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Wednesday, April 24, 2019
Milan’s Conference
It
was a foregone conclusion. The committee in charge was the one selecting the
attending educators and most of them were against the use of sign language. The
ultimate results were fatal. Deaf teachers became unemployed and deaf supporters
now more than ever fought for their culture. Some of the sign language
supporters chose to keep the sign language (Jamie, 2014). That is probably why
the sign language is still alive to this day. Over the years, people use the
painful impacts of the conference in the form of art and paintings. Ever since
the conference, sign language and oral methods of communication have come to coexist
peacefully, and no one thinks there is a possibility of another Milan.
References
Jamie
Berke, 2014.Deaf History-Milan1880.
Sherry Roberts is the author of this paper. A senior editor at MeldaResearch.Com in urgent custom research papers. If you need a similar paper you can place your order from nursing school papers services.
Deaf President now
There
have been great controversies on the deaf student leadership. However, the
Gallaudet University Alumni Association led to great impact on the other deaf
students and changed their perception about their nature of disability
positively. There are famous students all over the world now and even holding
important departments in the organizations.
The
impact to deaf students and the society
Since
the introduction of the deaf student, leaders and the president had a positive
impact not only the deaf students but also the community in general. The
society changed its perception concerning the discrimination and attitude
towards the deaf and other disabilities in the world. In addition, the knowledge
people have about them depresses most of the deaf people. Therefore, they
become separated from the reality of the world. However, the deaf president
made appeared to be inspiration and motivational to the deaf generation as they
see themselves as being important in the society. The deaf now realize they are
also important play important roles in the world of leading others
(Christiansen &Barnartt, 2013).
In
addition, the deaf have a positive attitude towards their image.They realize
that they can also get employment unlike before when work was limited, and they
now understand that they can manage to do anything that other people with eyes
can do. Moreover, the source of communication has changed to the deaf students,
there are interpreters, sign language, captioning and advanced technology that
gives them a platform for communication (Christiansen &Barnartt, 2013).
The
three deaf presidents have changed the society and reduced the aspects of
ignorance and oppression. According to the deaf, they were ignored in many
aspects such as politics, economic, and even some social roles. Therefore, the
deaf president issue set the deaf free from ignorance and oppression from the
society. Some of the deaf students did not have dreams initially because they
felt they could not even get chances to go schools. However, things changed,
and they have big dreams since they would wish to emulate their role models
Conclusion
Deaf
president is an initiative that brings hope, inspiration and motivation to the
deaf students. In addition, the deaf president acts as a role model to the
deaf. Moreover, it changes the perspective of the society where they do not see
the deaf as disable hence unable. They are now involved in important functions
are roles to play making the deaf feel equally important
Christiansen, J. B., &Barnartt, S. N. (2013).Deaf
president now: The 1988 revolution at Gallaudet University. Washington,
D.C: Gallaudet University Press.
Milan’s Conference
It
was a foregone conclusion. The committee in charge was the one selecting the
attending educators and most of them were against the use of sign language. The
ultimate results were fatal. Deaf teachers became unemployed and deaf supporters
now more than ever fought for their culture. Some of the sign language
supporters chose to keep the sign language (Jamie, 2014). That is probably why
the sign language is still alive to this day. Over the years, people use the
painful impacts of the conference in the form of art and paintings. Ever since
the conference, sign language and oral methods of communication have come to coexist
peacefully, and no one thinks there is a possibility of another Milan.
References
Jamie
Berke, 2014.Deaf History-Milan1880.
Sherry Roberts is the author of this paper. A senior editor at MeldaResearch.Com in urgent custom research papers. If you need a similar paper you can place your order from nursing school papers services.
International business and politics in relation to Ebola
International
business is a program where you learn
about business practices and ethics as well
as world economics and most of all
finance and marketing fields in the enterprise sector.
In most cases, such fields are related
to politics since the largest enterprises in the world are run by the
most influential people in governments led by their interests.
The
creation of an Ebola vaccine by the
University of Texas in Galveston, Texas is an excellent
example of such. Ten years ago, some
Canadian scientists developed
an Ebola vaccine which was then
tested in monkeys and proved to be 100% effective (Denise 2014). Surprisingly human
trials were never to be. Reason being, Ebola was very
rare and mostly
affected poor countries with very little if any
ability to pay for the large
amounts of money for the production.
Ten
years later the epidemic has devastated
West Africa and potentially other regions of the
world. The governments
and big pharmaceuticals are interested in ways of curbing this catastrophe.
Plans involving patients from West Africa were already underway in a desperate move to contain a disease that had defied all
other means of holding it (Denise 2014).
In the past, governments only became interested in the creation of vaccines against Ebola because there was news that Russians had found ways of weaponizing it (Denise 2014).
In the past, governments only became interested in the creation of vaccines against Ebola because there was news that Russians had found ways of weaponizing it (Denise 2014).
That
kind of funding from governments
are what brought significant advances in the laboratory works
although it was never enough
to cover everything including
human trials. That is the most
expensive section in the process of developing
a vaccine.
Conclusively,
it can agree that the higher the crisis, the higher the interests from
governments and pharmaceuticals to intervene.
References
Denise
Grady (2014).Ebola Vaccine, ready for
a test, sat on the shelf. New York times, October 2014.
Sherry Roberts is the author of this paper. A senior editor at MeldaResearch.Com in urgent custom research papers. If you need a similar paper you can place your order from nursing school papers services.
Amazon versus eBay
Introduction
Financial analysts must examine the
financial statements of firms in order to determine their financial health. There
are several techniques for analyzing financial statements including the use of
ratios, vertical analysis, and horizontal analysis. This paper presents an
analysis of Amazon and eBay’s financial statements using ratios’ and the
vertical analysis technique. The paper also examines the impact of new events on
the financial performance of the firms.
Descriptions
of Companies
Amazon is electronic commerce company
whose core business is retail. The company retails a broad array of products
including books, CDs, DVDs, video, software, video games, electronics, furniture,
toys, food, and jewelry among others through its online platform (Amazon, 2014).
It is a multinational company that has independent retail websites for the
U.S., Canada, France, Germany, Ireland, the U.K., Spain, Australia, Italy, the
Netherlands, Brazil, China, Japan, and India. It also ships it product to other
international destinations. Amazon also manufacturers consumer electronics such
as the Fire tablets, Amazon Kindle e-book readers, Fire Phone, and Fire TV. Amazon
started in 1994 when Jeff Bezo established the online site and incorporated it
as Cadabara (Amazon, 2014). The site went online in 1995 as Amazon. The
original idea was to make Amazon the largest online bookstore. However, the
company expanded to incorporate the sale of other products including
electronic, movies and furniture. Amazon also ventured into the manufacturing
sector by developing products such as the Fire tablet.
eBay is also an American electronic
commerce company. However, eBay is not a retailer, but an auction and shopping website
that offers business-to-consumers and consumer-to-consumer sales services
through the internet (eBay, 2014). The website enables people to post their
merchandise where millions of customer can view and purchase. eBay charges a
commission for sales that people make through the website. It also charges
service fee for people who post their where on the website. eBay Inc has other
business apart from online auction including its online payment business,
PayPal. The company also offers online event ticketing service through StubHub
and online classified advertisements through eBay Classifieds. The firm runs
local operations in over thirty countries. eBay Inc started in 1995 in
California when Pierre Omidyar established the auction website that he named
AuctionWeb (eBay, 2014). Initially, Pierre Omidyar had established the website
as a hobby and did not charge people who posted their ware on the site.
However, his internet service provider demand that he upgrades his account from
personal to business because of the high traffic direct to his website. This
move increased the cost of running the website compelling Omidyar to impose a
fee on people who wanted to post their wear on the website. In 1998, the
company made $4.7 million in revenues.
Profitability
Ratios
Profitability ratios are measures that
give an indication of the profitability of the firm. It is vital for creditors
to understand the profitability of a given firm because profitability has an
implication of the firm’s ability to meet debt obligations (Misch &
Galantine, 2009). A firm that does not make sufficient profits may struggle to
meet its debt obligations. Profit margin, Return on Asset (ROA), and Return on
Equity (ROE) are the most common profitability ratios.
The profit margin expresses the
relationship between the company’s revenues and net income. Analysts compute
this ratio by dividing the value of net income with that of sales (Riedl &
Srinivastan, 2008). This measure gives an indication of the firm’s ability to
manage its expenses and convert most of its revenues to income. The ROA
expresses the relationship between the firm’s assets and profits. It is worked
out by dividing the net income by the company’s total asset value. This measure
gives an indication of the company’s efficiency in terms of utilizing its
assets to generate sales.
The ROE expresses the relationship between
company’s income and the amount of money that investors have channeled to the
company (Riedl & Srinivastan, 2008). This measure is obtained by dividing net
income with the company’s total equity value. This measure demonstrates the
firm’s efficiency in terms of utilizing stockholders’ money to generate
profits.
|
Company
|
Amazon
|
eBay
|
||||
|
Year
|
2013
|
2012
|
|
2013
|
2012
|
|
|
Profit
Margin
|
0.0037
|
-0.0006
|
|
0.1780
|
0.1854
|
|
|
ROA
|
0.0068
|
-0.001
|
|
0.0688
|
0.0704
|
|
|
ROCE
|
0.0281
|
-0.0048
|
|
0.1208
|
0.1250
|
|
The analysis shows that eBay is in a
better state of financial health than Amazon. eBay performed better the Amazon
in all the three profitability ratios in 2012 and 2013. There is a momentous
difference between the performance of eBay and Amazon in all the three ratios.
For instance, in 2012, eBay profit margin was 0.1854 while that of Amazon was
-0.0006. These figures imply that eBay made a profit of $0.1854 for every
dollar of sales while Amazon made a loss of $0.0006 for every dollar of sales
made. The figures tell that Amazon has a huge problem in managing its expenses.
There are two ways of improving the
profit margin; increasing revenues and keeping costs constant or reducing expenses
keeping revenues constant (Misch & Galantine, 2009). Amazon’s income
statement shows that the company has no problem in terms of generating
revenues. In fact, the company made over $74 billion in revenues, in 2013, as
compared to eBay’s $16 billion. However, eBay profit margin was significantly
greater than that of Amazon during the same year. Therefore, Amazon’s challenge
is in managing its expenses. Amazon needs to find ways of reducing its
operating costs in order to enhance its profitability.
There are also two ways of increasing
the ROA; reducing the cost of assets while keeping income constant or
increasing income while keeping the cost of capital constant. Assets refer to
company’s possessions such as cash, inventory, equipments, and machinery among
others (Riedl & Srinivastan, 2008). Firms invest in assets in order to
facilitate the generation of profits. Firms can increase ROA by reducing the
cost of assets. For instance, Amazon can reduce the amount of inventory or
lease equipment rather than opting to purchase. Firms can also increase ROA by
increasing their net income. Net income is the variation between the company’s
sales and expenses. Therefore, Amazon can increase its net income by increasing
its revenues or by reducing its expenses.
The ROE can be increased by increasing
the company’s income or changing the firm’s capital structure. Since the ROE
measures the relationship between income and stockholders’ equity, firms can
increase their ROE by reducing their dependence on equity financing (Misch
& Galantine, 2009). However, this option may have an adverse implication as
switching to debt financing will increase the bankruptcy risk of the
organization. Therefore, increasing income is the better option of increasing
the ROA. Again, Amazon can increase income by either increasing revenues with a
greater proportion than the increase in expenses or by reducing expenses with a
greater proportion that the reduction in revenues.
News
Events
A significant news event that is
likely to affect Amazon and eBay is Wal-Mart investment in e-commerce. Wal-Mart
is the world’s leading retail organization having recorded revenues of over $
400 billion on 2013. Wal-Mart has always operated as a brick-and-mortar
retailer. Recently, the company took note of the growing online retail market. In
2014, Wal-Mart is set to invest over $1 billion in developing online retail
systems, hire talent, and increase its online fulfillment centers (Dignan,
2014). Analysts project that Wal-Mart online sales will increase to $12.5
billion at the close of 2014. The company expects to invest an additional $1.5
billion on e-commerce in 2015. Wal-Mart’s decision to venture into the
e-commerce retail industry is a threat to the profitability of Amazon and eBay.
The entry of Wal-Mart is bound to reduce Amazon and eBay’s control over the
e-commerce retail industry. This move is also likely to drive prices downwards
given that Wal-Mart relies heavily on the cost leadership strategy to compete.
Another news event that has an effect on Amazon
and eBay’s operations is the rise of fraud in ecommerce and online payment
industries. In recent years, online fraud has extended beyond payments to
activities such as account takeovers. According to the ReportBuyer.com (2014),
the fear of fraud is pushing away prospective shoppers from online sales
platforms. A survey shows that more than a third of consumers who are yet to
shop online state that the fear of data breach and lack of trust on online
payment as the reasons for not using online shopping platforms. The rise of payment and other forms of online
fraud are likely to affect the profitability of Amazon and eBay. External
events such as industry mergers and enactment of new regulation have a
significant effect on the operation of companies. Therefore, investment analysts
need to pay attention to such news events.
Companies
Income
The income statement presents the
analysis with information concerning the company’s revenues, expenses, profits
and losses (Misch & Galantine, 2009). It gives the analysts an indication
of the amount of money that they firm generated in a given period. The first
think that an analyst would look at when analyzing the income statement is the
company’s revenue. This item gives the analysts an indication of the firm’s
ability to generate revenues. According to the analysis, Amazon outperformed
eBay in the last three years when it comes to firm’s capacity to generate
revenues. In 2014, Amazon generated over $75 billion in revenues as compared to
eBay’s $16 billion. The larger the value of revenue suggests that the firm has
a better financial health. Companies that have high revenues have greater
capacity of generating income.
Another item that the analyst would
interest the analyst is the value of all expenses. Any business has expenses.
The value of company expenses erodes the company’s profitability as the firm
must use it revenues to cover the expenses (Riedl & Srinivastan, 2008). Therefore,
an analyst would be happier to see a company with a small value of expenses.
eBay has outperformed Amazon in this regard. In 2013, eBay had a total
operating expense of $ 12,676 million as compared to Amazon’s 73,707 million.
These figures show that Amazon has a problem in terms of managing its costs. A
high cost of operating reduces the profitability of the firm.
The final item that would interest
the analyst is the value of the company’s net income. Net income is what remains
after the company’s expenditures are deducted from the company’s revenues
(Misch & Galantine, 2009). When it comes to income, eBay outperformed
Amazon in all the three years. In 2013, eBay has a net income of $2,856 million
as compared to Amazon’s 274 million. Therefore, the analysis connotes that
Amazon is the lagging company. Despite recording substantial amounts in
revenues, the company’s income is significantly lower than that of eBay. Investors
and creditors are more interest in the company’s income than its revenues.
Amazon can enhance its performance
by establishing mechanisms for managing its costs. Amazon need to find a
business model that reduces the cost of running the company (Riedl &
Srinivastan, 2008). The organization may save cost by streamlining its supply
system, adopting lean administrative processes and reducing asset costs.
Companies’
Balance Sheet
|
|||||||
|
41,639
|
Percent
|
|||||
|
Assets
|
|||||||
|
Current Assets
|
|||||||
|
Cash And Cash Equivalents
|
8,658,000
|
22%
|
|||||
|
Short-Term Investments
|
3,789,000
|
9%
|
|||||
|
Net Receivables
|
4,767,000
|
12%
|
|||||
|
Inventory
|
7,411,000
|
18%
|
|||||
|
|
|||||||
|
Total Current Assets
|
24,625,000
|
61%
|
|||||
|
Property Plant and Equipment
|
10,949,000
|
27%
|
|||||
|
Goodwill
|
2,655,000
|
7%
|
|||||
|
Other Assets
|
1,930,000
|
5%
|
|||||
|
|
|||||||
|
Total Assets
|
40,159,000
|
100%
|
|||||
|
Liabilities
|
|||||||
|
Current Liabilities
|
|||||||
|
Accounts Payable
|
21,821,000
|
54%
|
|||||
|
Other Current Liabilities
|
1,159,000
|
3%
|
|||||
|
|
|||||||
|
Total Current Liabilities
|
22,980,000
|
57%
|
|||||
|
Long-Term Debt
|
3,191,000
|
8%
|
|||||
|
Other Liabilities
|
4,242,000
|
11%
|
|||||
|
|
|||||||
|
Total Liabilities
|
30,413,000
|
76%
|
|||||
|
Stockholders' Equity
|
|||||||
|
Common Stock
|
5,000
|
0%
|
|||||
|
Retained Earnings
|
2,190,000
|
5%
|
|||||
|
Treasury Stock
|
(1,837,000)
|
-5%
|
|||||
|
Capital Surplus
|
9,573,000
|
24%
|
|||||
|
Other Stockholder Equity
|
(185,000)
|
0%
|
|||||
|
|
|||||||
|
Total Stockholder Equity
|
9,746,000
|
24%
|
|||||
|
|
|||||||
|
Net Tangible Assets
|
7,091,000
|
18%
|
|||||
The balance sheet tells an analyst
how much a company owes other and how much it owns (Misch & Galantine,
2009). Vertical analysis is one of the techniques for analyzing a firm’s
balance sheet. This technique entails expressing all items in the balance sheet
as a percentage of one item. In this case, all items in Amazon’s balance sheet
have been expressed as a percentage of the value of total asset. The analysis illustrates
that a momentous portion of Amazon’s assets comprises of short-term assets;
hence, the company is in a good liquidity position. The analysis also shows
that Amazon’s liabilities are 76% of the company asset value. This value is
also a positive indication as having a value of assets that is greater than the
value of liabilities increases the firm’s capacity to meet debt obligations.
Amazon’s total equity is 24% of the company’s total asset. This figure suggests
that Amazon finances a huge portion of its assets using debt. This trend is
likely to increase the bankruptcy risk of the company.
|
Vertical Analysis of eBay's Balance Sheet
|
|||
|
Period Ending
|
41,639
|
Percent
|
|
|
Assets
|
|||
|
Current Assets
|
|||
|
Cash And Cash Equivalents
|
4,494,000
|
11%
|
|
|
Short-Term Investments
|
4,531,000
|
11%
|
|
|
Net Receivables
|
12,948,000
|
31%
|
|
|
Other Current Assets
|
1,310,000
|
3%
|
|
|
|
|||
|
Total Current Assets
|
23,283,000
|
56%
|
|
|
Long-Term Investments
|
4,971,000
|
12%
|
|
|
Property Plant and Equipment
|
2,760,000
|
7%
|
|
|
Goodwill
|
9,267,000
|
22%
|
|
|
Intangible Assets
|
941,000
|
2%
|
|
|
Other Assets
|
266,000
|
1%
|
|
|
|
|||
|
Total Assets
|
41,488,000
|
100%
|
|
|
Liabilities
|
|||
|
Current Liabilities
|
|||
|
Accounts Payable
|
3,215,000
|
8%
|
|
|
Short/Current Long-Term Debt
|
9,266,000
|
22%
|
|
|
Other Current Liabilities
|
158,000
|
0%
|
|
|
|
|||
|
Total Current Liabilities
|
12,639,000
|
30%
|
|
|
Long-Term Debt
|
4,117,000
|
10%
|
|
|
Other Liabilities
|
244,000
|
1%
|
|
|
Deferred Long-Term Liability Charges
|
841,000
|
2%
|
|
|
|
|||
|
Total Liabilities
|
17,841,000
|
43%
|
|
|
Stockholders' Equity
|
|||
|
Common Stock
|
2,000
|
0%
|
|
|
Retained Earnings
|
18,854,000
|
45%
|
|
|
Treasury Stock
|
(9,396,000)
|
-23%
|
|
|
Capital Surplus
|
13,031,000
|
31%
|
|
|
Other Stockholder Equity
|
1,156,000
|
3%
|
|
|
|
|||
|
Total Stockholder Equity
|
23,647,000
|
57%
|
|
|
|
|||
|
Net Tangible Assets
|
13,439,000
|
32%
|
|
eBay’s total current assets 53% of
the total asset values, which is an indication that the majority of eBay’s
assets are also short-term assets. Therefore, the firm is in a good position to
settle short-term debt obligations. eBay liabilities are 43% of the company’s
total asset value. The figure shows that eBay is in a better position to meet
it liabilities than Amazon. The company stockholder’s equity amounts to 57% of
the firm’s total asset value. This figure connotes that eBay finances most of
its assets through equity; hence, the firm has low bankruptcy risk.
The vertical analysis shows that
Amazon is the lagging company. The company lags behind eBay in terms of
liquidity and financial leverage. Amazon can enhance it liquidity position by reducing
it account payable. The analysis shows that Amazon obtains a significant
portion of its current assets on credit terms. The company should reduce the
amount of items taken on credit terms or enhance it credit settlement policies
(Riedl & Srinivastan, 2008). Amazon should also reduce its bankruptcy risk
by changing its capital structure. The company should consider financing its
investments using equity rather than debt sources.
Conclusion
The financial statement analysis shows
that both eBay and Amazon are in good financial positions. However, eBay offers
a better investment options as the firm had a superior financial performance in
the past three years. Amazon can improve its financial performance by managing
it business costs, reducing its reliance on debts, and improving its credit
management policies.
References
Amazon
(2014). Annual Report 2013.
Dignan,
L. (2014). Wal-Mart’s e-commerce sales revenues to hits $ 12.5 billion as
investment continues.
eBay
Inc (2014). Annual Report 2013.
ReportBuyer.com
(2014). Fraud in Global e-commerce and online payment.
Riedl,
E., & Srinivastan, S., (2008). Signaling firm performance through financial
statement presentation.
Sherry Roberts is the author of this paper. A senior editor at MeldaResearch.Com in urgent custom research papers. If you need a similar paper you can place your order from nursing school papers services.
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