Application of Financial Statement Essays - Financial Statements

Assignment #1 ? Application of Financial Statement Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. According to Weygandt, Kimmel, and Kieso (2010), ?an income statement presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time? (p. 21). Using an income statement in one?s personal everyday life allows you to document and track monthly or annual income and expenditures for personal budgets. Income statements can be used to gauge your incoming funds and match them to the amount of funds that you?ve limited yourself to use for a determined amount of time. There are many beneficial incentives to using personal income statements. Using income statements is a great way to monitor both monthly and annual expenses. Just as income statements contain the list of expenses for a business (e.g. salaries expense, rent expense, and utilities); income statements can also be used on a personal basis to list one?s car payments, rent/mortgage, groceries, auto fuel and even entertainment. Monitoring monthly expenses, as well as income, income statements permits oversight of one?s financial health. You are able to see where you are spending in excess and where you can cut back on unnecessary expenditures. A well-structured and managed monthly or annual income statement will allow one to budget better and save more for those unexpected emergencies. Utilizing income statements to document and manage personal finances also ensures your records are in order for state and federal tax purposes. According to the Windes and McClaughry Accountancy Corporation (2011), ?Of the 142,823,105 total individual income tax returns with a filing requirement, 1,581,394 were audited. To translate the number into percentage, it is approximately 1.1%, slightly higher than the 1% rate for the previous year. Of the total number of individual income tax returns audited in FY 2010, 473,999 (30%) were for returns with an earned income tax credit (EITC) claim, which decreased from the 35.64% of all audited returns for FY 2009? (p. 1). Maintaining accurate accounts of income and expenditures can ease your tax filing preparations and support you if there is a possibility of being audited by the IRS. Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement. The income statement provides a business manager with insight into the profitability of the company. It is in the business manager?s best interest to understand the income statements to assist them in monitoring both their monthly and annual expenses. Both private and public companies have a fiduciary duty to use standard income statements and to pay taxes. In order to calculate taxes, you have to determine how much income the company makes. This is done by the use of income statements. Also, using income statements is a good way for a business manager and company owners to ascertain how the business is doing financially and what may need to be improved. Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position. According to Weygandt et al (2010), ?a balance sheet reports the assets, liabilities, and stockholders? equity of a company at a specific date? (p. 21). A balance sheet is similar to a credit report. In my current position as a Contracting Officer?s Representative (COR) for the federal government, I administer contracts for software licensing. Keeping accurate records of my agency?s budget and expenses is vital in my position as a COR. One of my primary roles is to maintain financial management controls and coordinate with resource managers on all actions relating to funding. Relative to the contracts I manage and the balance sheet, the software is the asset and the balance owed to the vendor by the government who supplied the software is the liability. My agency also uses office supplies. The supplies purchased are the asset and of course, the bill owed to the supplier is the liability. I make every effort to maintain an error free ?credit report? when providing management with budg et and contract status. To assist me in managing the contracts and purchases, I maintain a detailed record of the agency?s

Letters of John and Abigail Adams- A Love Story

Letters of John and Abigail Adams- A Love Story ?The Letters of John and Abigail Adams? are a refreshing eye-opener in contrast to the stereotypes and expectations of their day. After reading the correspondence of John and Abigail, a new light is brought upon their relationship and it reveals not only a loving and committed couple, but lets the reader view through a window in an important time in America?s history.In a time when women were considered second class citizens and put without a formal education, Abigail Adams was an exception. Her father assured that his children would all be educated. In Abigail?s letters, it is evident of her training because of the way she writes.John and Abigail were a true love story and a great match. He was a strong figure in our early American history and she was a strong women who advocated for women?s rights. Abigail not only ran the household while John was away, but was a strong supporter of emancipation and kept her husband up-to-date on the politics at home.English: "Abigail Smith Adams," oil on canvas, by ...The letters chronicle the passion that these two had for each other. It is a stereotype of their time that the woman of the house was to sit back and the husband was the strictly the enforcer and master. In this marriage, that was not so. For more than a decade, John and Abigail were away from each other while John traveled across America and abroad. During this time, many letters were exchanged and the loneliness of separation was evident.Abigail writes in one of the first letters to John, ?I want much to hear from you... The little flock remember Pappa, and kindly wish to see him. So does your most affectionate? (Adams 685).John writes to Abigail in 1776, ?This has been a dull day to me: I...

Property Tax Funding For Public Schools Research Paper

Property Tax Funding For Public Schools - Research Paper Example Instead of doing that, they make equal per-student funding available from their â€Å"General Tax Revenues† for all schools statewide. Most of the Americans declare that they are the supporters of the â€Å"Equal Funding† for the public schools, but the wealthy and the influential citizens often resist the attempts to remove the funding discriminations. This disagreement may be a sign of unawareness about the funding disparities, thoughtless approval of the conventional & long established methods for funding of education, and egotistical yearning to maintain the â€Å"Personal Taxes† at a low rate. The â€Å"Legal and Political† attempts to modify and remove the inequalities have been feeble at the â€Å"Federal Level†. But significant commotion has started to take place in the state courts and governing bodies. This paper ends with suggestions and policy propositions for struggling â€Å"Political and Cultural† conflict to reform. Introducti on: Property taxation and school funding are inter-linked with each other in United States. It has been known that almost half of the property tax revenue is used for funding public, elementary and secondary schools. It has become a hot topic to debate, across the United States as to which extent the public schools should be supported by the funds collected from property taxes. School funding is a controversial topic and it has become a matter to be resolved for almost every state.   It has been estimated  that independent school districts receive 96% of their tax revenues from property taxes. This makes it clear that public school funding rely more on property taxation as compare to grants collected from local government (Fisher, 2007). Whereas on the other hand, almost half of the total property tax revenue collected are also in financing public elementary and secondary schools in the United States. According to the statistics of 2004-2005, United States spent total of $488.5 billion on public elementary and secondary education, with nearly 47 percent of the funds received from state sources, 44 percent funds obtained by local sources with just 9 percent of the contributions derived from federal sources. However, it is a known fact that local funds are mainly received from taxes, primarily the property tax. Since 1952, local governments’ dependence on property taxes has dropped, whether measured as a percentage of local tax revenue, own source general revenue, or total general revenue. There have been quite many strong views on both property taxation and school finance. The strongest statements typically in general disapprove of local property taxes or their use for funding education. A latest assessment of policies in the New England states, a region that rely more greatly on property taxes than the rest of the country, faces strong criticism for this dependence, as stated by Pierce and Johnson (2006) that high property taxes along with the weigh t and perverse incentives they generate, the frenzy they create, the overall town to town school funding inequities they grow typically symbolizes a never-ending series of nightmares for New England. Thus as recommended by the authors, its has been noticed  that New England states need to restructure their  tax systems by lowering their dependency on

Final Written Project Term Paper Example | Topics and Well Written Essays - 2500 words

Final Written Project - Term Paper Example Physical activity stimulates various brain chemicals that may leave an individual feel happier and more relaxed that they were before they worked out. They also look better and feel better when they exercise regularly, which can boost their confidence ajd improve their self esteem. Regular physical activity can preven depression. Physical activity prevents heart disease and osteoporosis along with other chronic diseases. Regular physical activity can help an individual prevent – or manage— high blood pressure. Your cholesterol will benefit, too. Regular physical activity boosts high-density lipoprotein (HDL), or "good," cholesterol while decreasing triglycerides. This one-two punch keeps your blood flowing smoothly by lowering the buildup of plaques in your arteries. Regular physical activity can help you prevent type 2 diabetes, osteoporosis and certain type of cancer. This ones a no-brainer. When you engage in physical activity, you burn calories. The more intense the activity, the more calories you burn — and the easier it is to keep your weight under control. You dont even need to set aside major chunks of time for working out. Take the stairs instead of the elevator. Walk during your lunch break. Do jumping jacks during commercials. Better yet, turn off the TV and take a brisk walk. Dedicated workouts are great, but physical activity you accumulate throughout the day helps you burn calories, too. With these points in mind, I realized that I need to adopt another kind of lifestyle. Me and my friends are not an avid fan or exercise. Before, we thought that exercising is just for health buffs who are spending all their precious time in the gym. However, as I read more health articles and compare a healthy living to my own, I was able to understand that exercise is imperative to a person’s well being. One of my short term goals this year is to climb Mt. Blanc with my friends. In order for me to achieve my goal, I need to prepare myself physically

Demand and suppy Essay Example | Topics and Well Written Essays - 1000 words

Demand and suppy - Essay Example With regard to the case assignment reading i.e. "What is Driving Oil Prices?" by Richard G. Anderson and Jason J. Buol, it is observed that in the period of August 2004, according to the observation of the International Energy Agency, global oil demand had been rising faster in comparison with any other phase in the previous 16 years. A key reason behind such hike in demand is the quick economic expansion of a number of nations in particular China. Moreover, China had accounted for around 40% of the demand growth regarding global oil production in the period of early 2000s and this demand had been expected to augment rapidly. With regard to supply, it can be said that issues such as political conflicts in nations like Iraq and Venezuela have had a major effect on the fluctuation of oil prices. Contextually, as per the assessment made, it is determined that factors such as enhanced speculation can be a major aspect in affecting oil prices (Anderson and Buol, "What is Driving Oil Price s?"). Both the demand & supply of oil are comparatively inflexible in the short run period. Changes in price have modest impact on either the ‘quantity supplied’ or the ‘quantity demanded’. ... Meanwhile as the quantities demanded as well as supplied change very less as the prices rise & fall, both the curves are reasonably vertical as shown below: Figure 1: Elasticity and Prices Source: (Stonebraker, â€Å"Demand and Supply Applied: Oil Prices†) Due to the reason that quantities are reasonably fixed in the short run period, any alteration in supply or demand will bring about considerable extent of changes in price. For example, if it is assumed that supply has fallen, the reduced supply generates a short-term shortage that will begin to boost price. If demand is elastic, only a small hike in price will be needed to get consumers to cut their purchases to as much as necessary in order to meet the new lowered output. Nonetheless, in the oil industry if demand is inelastic, it will assume a much greater price escalation to create the required reduction in quantity necessitated (Stonebraker, â€Å"Demand and Supply Applied: Oil Prices†). 2a. EXPLAIN WHAT HAPPENS TO QUANTITY OF OIL DEMANDED WHEN THE PRICE OF OIL DECREASES, ASSUMING THAT THE SUPPLY DOESN’T CHANGE. Quantity demanded generally refers to a definite amount that will be demanded each unit of related time at a specific price, if other aspects remain fixed. Market equilibrium is a condition where demand and supply for a certain product matches. The price and quantity only remains fixed at the point of interaction of the demand and supply curve. In accordance with the question, it can be stated that if the price of oil falls then the quantity of oil demanded will definitely surge as oil is a price sensitive product and its demand stands always higher. In terms of movement of curve, it can be said that the curve will shift to the right. The effect of the above

The Importance of Real Estate investments

The Importance of Real Estate investments Real estate is one of the reliable and important investment types for individuals and institutions. Interest in the price appraisal of real estate has increased with rapid development of real estate sector and its legal infrastructure in recent years. The appraisal of real estate is a main principle for all businesses. Land and property are factors of production and the value of the land is dependent on the demand and supply for the product that is produced. Conducting planned urbanization, choosing settlement areas and estimating their inner or outer transport costs, improving capital markets transparency and reliability require a reliable price valuation of real estate asset. Appraisal in real estate is also important for the tax income of the national budget. Appraisal is, in simplest explanation, the determination of amount for which the property will transact on a particular date. (FRENCH, 2005 ) There is a wide range of purposes for appraisals are needed. These range from appraisals for transfer of ownership, financing and credit, litigation, tax matters, investment counselling, decision making, accounting and etc. Aim of this thesis is to provide a brief overview of the methods used in real estate appraisal according to international valuation standards, to research the position of appraisal practice in Turkey and to designate which valuation method should be used for analyzing the actual value of the real estate assets. For this purpose, a case study is prepared to investigate advantages and disadvantages of valuation techniques for specified real estates in a chosen sample area in Ankara. In reviewed literature; there are several definitions of appraisal and appraisal methods that are used internationally. Sales comparison method have been investigated by related studies mostly because this method is used more than other methods in appraisal practice. But; there is no detailed study to find out advantages and disadvantages of each methods by comparing applications in practice. The comparison of the valuation techniques to indicate the advantages and disadvantages of each other is the point where this thesis differs. Method of the Study Over the past decade there has been a significant growth in real estate appraisal research throughout the world. There are several books, articles, doctoral or master thesis that are written about real estate appraisal. This thesis has been prepared by using the following methods; Library resource search, Research the appraisal practice in several countries and Turkey Interviews with Appraisal Companies and professionals in the sector, Research any organizations and associations about appraisal in world and in Turkey. This thesis comprises five parts. First part of this thesis includes conceptual description and principles of real estate appraisal. In this stage; library resource search is used as a method while data gathering about the appraisal practice in several countries and Turkey. There are many associations and organizations about appraisal all over the world; such as Appraisal Institute (AI), International Valuation Standards Committee (IVSC), The European Group of Valuers (TEGoVA), American Society of Appraiser (ASA), Councelors of Real Estate (CRE) and etc. Publications of these institutions are rewieved. Second part of this thesis includes the valuation methods and valuation process step by step. This stage includes library, resource and e-sources research about appraisal such as The Appraisal Journal, Journal of Real Estate Literature, Real Estate Review and etc. In addition, publications of the appraisal institutions are rewieved. Third part of this thesis includes the situation investigation of the Real Estate Appraisal in Turkey. For this purpose, interviews will be made both with appraisal companies and professionals in the sector. Interviews will analyse the application of appraisal to designate the problems, anticipations and etc. The purpose of interviews is to find out what is presently ongoing in appraisal practice. In this stage, interviews will also include the investigation of any associations -like Capital Boards of Turkey- and committees for their roles, purposes in appraisal sector. Fourth part of this thesis includes a case study. This case study investigates advantages and disadvantages of valuation techniques for specified real estates in a chosen sample area in Ankara. In this stage, each valuation technique is applied and the results are compared. The comparison results are used to define the most suitable technique for each type of real estate. Finally, the conclusion part of this thesis includes a general evaluation about Real Estate Appraisal and Appraisal Practice in Turkey. General Approach and Definitions Appraisal of Real Estate Appraisal is a professional appraisers opinion of value. The preparation of an appraisal include research into market areas; analysis of information relevant to a property; and the knowledge, experience, and professional judgment of the appraiser. Appraisals may be required for any type of real property, such as single-family homes, apartment buildings, office buildings, shopping centers, industrial sites, and farms. There are several reasons for performing a real property appraisal whenever real property is sold, mortgaged, taxed, insured, or developed. For example, appraisals are prepared for: Mortgage lending purposes Tax assessments and appeals of assessments Negotiation between buyers and sellers Government acquisition of private property for public use Business mergers or dissolutions Lease negotiations Real estate appraisal is the task of determining the potential price of a site or building in case of sale and also important for investment decisions, for real estate funds and project developments. Fisher and Martin defined real estate as an identified parcel of land, including improvements, if any. In addition, all permanent building attachments (plumbing, electrical wiring, heating systems, etc.,) as well as built-in items (cabinets, elevators, etc.) are usually considered part of the real estate. Fisher and Martin also defined real property as the interests, benefits and rights inherent in the ownership of real estate. Pagourtzi and Assimakopoulos also defined real property as all the interests, benefits, rights and encumbrances inherent in the ownership of physical real estate, where real estate is the land together with all improvements that are permanently affixed to it. According to The Uniform Standards of Professional Appraisal Practice (USPAP), appraisal is An analyses, opinion or conclusion relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate. In this usage, appraisal covers a variety of assignments, including valuation, consulting and review. Appraisal (Valuation) is the provision of a written opinion, independently and impartially prepared by a qualified appraiser, setting forth and justifying an opinion as to the market value (as of a specific date) of a property that is the subject of a real estate-related financial transaction. Appraisal Consulting is a study of nature, quality or utility of a parcel of real estate or interests in real property in which a value estimate is not necessarily required. Appraisal Review is the act or the process of studying a report prepared by another. The table from the 12th edition of Appraisal of Real Estate by Appraisal Institute explains the differences of these three terms. Table 2.1. Comparison of the Terms: Appraisal, Consulting, Review APPRAISAL Definition The act or process of developing an opinion of value. Characteristics Appraisal involves selective research into appropriate market areas, the Assemblage of pertinent data, the use of appropriate analytical techniques, and the application of knowledge, experience, and professional judgment to develop an appropriate solution to an appraisal problem. The appraiser provides the client with an opinion of real property value that reflects all pertinent market evidence. Examples An opinion of market value for a fee simple estate, leasehold estate, reservation easement, or other estate (to assist in mortgage lending decisions, to assist in purchase or sale decisions, etc.)An opinion of investment value or some other properly defined value of an identified interest in real estate as of a given date (for insurance purposes, for relocation purposes, for property tax appeals, etc.) APPRAISAL CONSULTING Definition The act or process of developing an analysis, recommendation, or opinion to solve a problem, where an opinion of value is a component of the analysis leading to the assignment results. Characteristics Current market activity and evidence are studied to form a conclusion that may not focus on a specific value indication. An appraiser develops a value opinion in an appraisal consulting assignment as part of the process of answering some other question about real estate, such as whether a proposed use of a given property is economically feasible. Examples Economic feasibility studies Marketability or investment considerations that relate to proposed or existing developments Land utilization studies Supply and demand studies Absorption analyses APPRAISAL REVIEW Definition The act or process of developing and communicating an opinion about the quality of another appraisers work. Characteristics Appraisal review procedures may be likened to a quality control or auditing function. A review appraiser examines the reports of other appraiser to determine whether their conclusions are consistent with the data reported and other generally known information. Examples Field review, desk review Source: Appraisal of Real Estate, 12th Edition, 2001:12 Real estate appraisals conducted for all institutions need to follow valuation approaches that result in a market value estimate that is both provident and rational in relation to the physical and legal characteristics of the property appraised. The sales comparison, income capitalisation and cost analysis approaches are methods mostly used to calculate the market value of real estate. Calvin Lin (2007) indicated that real estate appraisal methods can be divided into cost, sales comparison and income approaches. In section 2.4 these appraisal methods will be explained. Value and Price In common life ; there are several usage types of the word value, such as market value, use value, leasehold value, investment value, active value, tax value, insurable value and other types of value. Each terms has a different meaning and each of them will be explained in this section. The Aim and Role of Appraisal McParland, Adair, and McGreal (2002) found out, many European countries have their own national valuation standards. The internationalization of real estate suggests an investigation of such standards, because foreign investors need to understand the concepts that national appraisers use. Parker (1996) attempted to identify the main valuation methods adopted internationally, and the relative importance affecting the capitalization rate. Dorchester and Vella (2000) also addressed the demands arising from the globalization of real estate activities and the importance of the development of the international valuation standards. It is obvious that real estate appraisal has turned into an international financial analysis from the traditional comparison of local physical assets. Calvin Lin (2007) indicated that real estate appraisal techniques can usually be divided into cost, sales comparison, and income approaches. The Valuation Methods Sales Comparison Analysis For Appraisal Kummerow (1997) indicated that the sales comparison approach may misrepresent long-term value where there are speculative bubbles and temporary crashes. Tsukamoto (1999) examined the experience in Japan where the bubble economy in the late 1980s was largely caused by the inability of Japanese appraisers and investors to properly estimate real estate value. The sales comparison approach uses similar properties as the basis for estimation. The merits of this approach include its ability to reflect the propertys market value, and its relative simplicity. The drawbacks are that the appraised value may be inflated during periods of a bubble economy, and the adjustments are sometimes subjective. (Lin, 2007) The cost approach applies the reconstruction or replacement costs and the deduction of depreciation as the basis for valuation. Objectivity is the well-recognized advantage of this method. The major drawback is that this approach lacks market value and profit consideration. The appraised value through this approach thus often deviates from market value. The income approach discounts all the future net income to present value. It reflects the fundamental value of the property according to the revenues and costs; therefore, this method focuses on the estimation of the income stream and the discount rate. The income approach consists of two routes: direct and yield capitalization. Income producing properties are the major investment objects for Real Estate Investments Trusts (REIT), so the income approach seems to be the most appropriate method for REIT valuation. Gorlow, Parr, and Taylor (1993) indicated that the final reversion value should be estimated through the construction costs of the comparable project. The cost approach can assess the construction value; however, the accurate determination of land value of the final period still requires market or revenue information for evaluation. Hirota (1999) stressed that the income approach should put more weight on the operating income than on the final reversion. Income Capitalization Analysis For Appraisal Cost Analysis For Appraisal The Valuation Process Data Collection Data Analysis (Market Analysis Highest and Best Use Analysis) Application of the Valuation Methods Reports of Defined Value Appraisal of Real Estate in Turkey History and Present Situation of Appraisal in Turkey Capital Markets Board of Turkey and Appraisal The Methods of Appraisal that are used in Turkey The Position of Appraisal Companies in Turkey Case Study This case study will investigate the disadvantages and the advantages of valuation techniques for specified real estates in a chosen sample area in Ankara. Conclusion

Essays --

If your upper arms continue to wave goodbye long after you've stopped, maybe it's time to reduce that jiggle. Excess fat tends to settles in the back of the upper arms and commonly plagues women. In addition to eating healthy, exercise can help slim down your body, including the excess fat in your upper arms. When the wobbly bits are gone, you'll be left with toned, slim arms that will be your best accessories. Arm-Intense Cardio Exercise A deficit of 500 calories a day is required to lose 1 pound of fat a week. Doing 150 to 300 minutes of moderate cardio a week can burn calories and help you accumulate this deficit. Although most cardio engages your lower body, engaging your upper body at the same time can burn more calories. Consider swimming laps using a breaststroke or front crawl, swing walking poles back and forth during brisk walks, pedal on an elliptical with moving handles, play racquetball, or take a cardio-kickboxing class. Pushups to Firm Up Pushups can be part of a biweekly, full-body strength-training routine that helps you lose weight and inches; muscle tissue burns mo...