Myer Holdings Ltd. and Harvey Norman Holdings Ltd Essay

Myer Holdings Ltd. and Harvey Norman Holdings Ltd - Essay Example by comparing the ratios of both companies for the years 2011 and 2012 individually and among each other in order to arrive at recommendations regarding the best entity for making investments. Myer Holdings Limited is one of the largest department stores groups of Australia being in the fashion industry since last 100 years. However, Harvey Norman Holdings is involved in the sale and distribution of goods under Harvey Norman brands via different independent franchises. The paper also outlines the limitations in the ratio analysis of the financial statements of these Companies. Table of Contents Executive Summary 2 Table of Contents 3 1.0 Introduction 4 1.1 Ratios Analysis 5 1.1.1 Liquidity Ratios Analysis. 5 1.1.2 Leverage Ratios Analysis. 6 1.3 Recommendation and Conclusion 11 References 12 1.0 Introduction This report outlines the ratio analysis of the financial statements of Myer Holdings Limited and Harvey Norman Holdings Limited for the periods 2011 and 2012. The paper also highl ights the limitations of evaluations using ratios analysis. As outlined in the Harvey Norman corporate website the Harvey Norman Holdings Limited is involved in giving the franchise agreements to independent business entities for the supply of household and office equipments under the banner of Harvey Norman. It deals in a wide variety of goods and the business is spread over many geographical regions. (Harvey Norman Company 2008) As per the Myer holdings official website the company claims to be ‘Australia’s largest department store group, and a leader in Australian retailing’ involved in the management and running of departmental stores and retail business especially of fashion goods all over Australia. (Myer Holdings Company 2012) 1.1 Ratios Analysis Accounting ratios are calculated in a way that relationships between two or more figures of the financial statements are evaluated. In this part the ratios provided for Myer Holdings Limited and Harvey Norman Hold ings Limited for 2011 and 2012 are compared. 1.1.1 Liquidity Ratios Analysis. Liquidity is defined as the ability of a company to realize value in money. The liquidity ratios are used to evaluate the financial stability of a company in short term. (Kishore 2009, p.62). The following liquidity ratios are provided in the question: Myer Holdings Limited Harvey Norman Holdings Limited Key Ratios 2011 2012 2011 2012 Current Ratio 0.81 0.88 1.64 1.63 Quick Ratio 0.12 0.11 1.3 1.35 As per Kishore current ratios are defined as a measure of the short term solvency of a company. (Kishore 2009, p.62). It indicates the amount of current assets that are available to discharge every $1 of current liability. The current ratio of 1 or more shows that a company is in a solvent position indicating having enough assets to discharge its liabilities. As per the given ratios it is quite evident that the solvency position of Harvey Norman with a current ratio of 1.63 in 2012 is much better than that of My er Holdings with a current ratio of 0.88 in 2012. It can also be concluded that the solvency position of Myer Holdings Limited have improved by 0.07 from 2011’s 0.81 to 2012’s 0.88. As far as Harvey Norman Holdings is considered there is an extremely minor deterioration in the year 2012 by 0.01. Quick ratio is used to evaluate the ability of a company to discharge its current liabilities from the realization of quick assets (current assets – inventories). This ratio gives out the amount in $ of the quick assets available with the company to discharge current liabilities worth $1. (Kishore 2009, p.63). As evident from the given data, Harvey Norman Holdings Limited seems to be highly stable in this regard with a quick

Public School Essay Example | Topics and Well Written Essays - 1500 words

Public School - Essay Example Mr. Bellamy, the magazine's circulation director, brought together those words to be recited by children in celebration of Columbus Day. The pledge was reprinted and sent out to schools across the country, and more than 12 million students joined in that year. Very shortly after that, Mr. Bellamy's composed words became an everyday service in the nation's classrooms. The words "my Flag" were replaced by the phrase "the Flag of the United States of America", in June 1923, at the National Flag Conference in Washington. In 1924 the oath's wording was changed slightly (the original "my flag" became "the flag of the United States of America"). Officially recognized by the government in 1942, the pledge became compulsory in some public schools, but the following year the Supreme Court ruled that recitation could not be required of any individual. It continues, however, to be mandatory or recommended in a majority of the states and is a daily fixture in most American classrooms. The final alteration to the pledge occurred in 1954 when, by a joint order of Congress, the words "under God" were inserted. The change is usually ascribed to a cold-war attempt at differentiating the United States from officially atheistic Communist countries. The addition caused little stir when it was enacted, but in 2002 opposition to it resulted in a federal appeals court ruling that the words are unconstitutional because they violate the First Amendment's prohibition against government endorsement of religion. An appeal of the controversial decision is pending. (W. Baer, 1992) Thesis Statement An allegiance to one's country eventually leads to active civic and political involvement and engagement. Body of the Essay Services, forms and customs of patriotism were first employed in the United States between the Civil War and World War I. At the end of the bloodiest civil war of the 19th century, the combatants left the battlefields for political, economic, and cultural arenas, where the struggle to make a nation continued with renewed intensity. In fact, many of the patriotic denotations and rituals that we now take for granted or think of as timeless were created during this period and emerged not from a harmonious, national consensus, but out of fiercely contested debates, even over the wording of the Pledge. Confronted by the dilemma that Americans are made, not born, educators and organizations, such as the Grand Army of the Republic, Women's Relief Corps, and Daughters of the American Republic, campaigned to transform schools, in George Balch's words, into a "mighty engine for the inculcation of patriotism." The point is not to downplay the value of civic knowledge or the promise of America's democratic commitments to equality and justice; rather, it is to help students use their love of country as a motivation to critically assess what is needed to make it better. Public Schools do not intend to turn students into critics of the United States, such that they do not portray any appreciation for its virtues. At the same time, these schools are not failing to assist the students in recognizing the role critique can play as a way to help make society better. An allegiance to one's country eventually leads to active involvement. This is also evident from the survey in a number of public schools.