Flag Burning and the First Amendment - 2123 Words

Your First Amendment rights are extremely close to being violated by none other than the United States Congress. I refer to the Flag Desecration Bill that, if passed, would do irreparable damage to our right to free speech and undermine the very priniciples for which the American flag stands. Fortunately, West Virginians have an ally in Sen. Robert C. Byrd. Sen. Byrd, who previously favored the bill, now fights to protect our rights by stopping the passage of this bill. I applaud his stand and want to reinforce his position. I also encourage you to join Sen. Byrds campaign to ensure the legacy and supremacy of the greatest law in the land: the United States Constitution. Though the Senate expects to vote on this amendment†¦show more content†¦Though the First Amendment nationally guarantees our right to free expression, the Fourteenth Amendment also champions our cause in the states by means of the due-process clause. The due-process clause states that no state shall...deprive any person of life, liberty or property, without due process of law (Wilson). Until 1925, it was legal for the states to pass legislation prohibiting such forms of protest as symbolic speech because the Supreme Court had previosly denied that the due-process clause made the Bill of Rights applicable to the states. However, in the case Gitlow v. New York, the Supreme Court decided that freedom of speech and of the press implicated the fundamental personal rights protected by the due-process clause, and the states could no longer breach through legislation those freedoms guaranteed to each individual (Wilson). This case established the precedence that state laws involvin g speech violate the freedom of expression guarantees of the First Amendment, made applicable to the states by the Fourteenth Amendment. Thus, no matter how offensive or repugnant some forms of expression may be, that expression has strong and definite constitutional protections that cannot be encroached by the national or state governments. To create an amendment to weaken our civil liberties constitutes a means to further destroy the representation of our national symbol - the flag. Our right to engage in symbolic speech withoutShow MoreRelatedIs Flag Burning Protected By The First Amendment?1617 Words   |  7 Pages The Debate Continues: Is Flag Burning Protected by the First Amendment? Adriana Ramirez First Amendment Dr. Helen Boutrous December 8, 2016 Mount Saint Mary’s University The First Amendment says: Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech or of the press; or the right of the people to peaceably assemble and to petition the government for a redress of grievances. This freedom of speechRead More The Flag-burning Debate Continues Essay examples1186 Words   |  5 PagesThe Flag-burning Debate Continues      Ã‚   Nazis captured Jim Rogers. He was routinely beaten and given barely enough food to survive. During the time he spent in a World War II prisoner of war camp, he managed to keep his sanity by scraping together bits and pieces of colored cloth in order to make an American flag. As his fellow prisoners began to die, it was his American flag which provided him with a sense of identity and gave him the inspiration to keep living.    It is no wonder, thenRead MoreShould There Be A Constitutional Amendment Prohibiting Flag Burning?1637 Words   |  7 Pagesconstitutional amendment prohibiting flag burning? 1) Describe the issue. Who, what, when, where, why, etc. Some people believe that burning the flag is extremely unpatriotic and disrespectful, while others believe it is an expression of free speech, which is protected under the First Amendment in the United States constitution. In 2006, a flag burning amendment was formally proposed in congress and failed to pass by just one vote. The closeness of this vote is a clear indication that flag burning is aRead MoreFlag Desecration Synthesis Essay1321 Words   |  6 Pages E5X-09  Ã‚   That Flag Should Not Be Protected The United States is known for being ‘land of the free’, a nation with a Declaration of Independence, as well, as a Constitution protecting the rights of it’s citizens. Wars have been fought and many people have died so we could have the rights that present today. The freedom of speech, freedom of religion, freedom of assembly, and most importantly the right to petition our government; all of which fall under the First Amendment in the Bill of RightsRead MoreSpeech Free Speech On The Freedom Of Speech1380 Words   |  6 PagesThe First Amendment says: Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech or of the press; or the right of the people to peaceably assemble and to petition the government for a redress of grievances. This freedom of speech clause as included in the First Amendment guarantees the citizens of America to express information and ideas freely. B ut is all form of speech free? On the most basic level, this clauseRead MoreA Political Demonstration Of The Dallas City Hall1118 Words   |  5 Pageswith burning an American flag in protest against the policies, where Reagan sought to stimulate the economy with large tax cuts. Johnson was tried and convicted, under Texas law, of the desecration of a venerated object. The State Court of Appeals affirmed the actions, until the case advanced to the Supreme Court after the Texas Court of Criminal Appeals reversed the conviction, holding that the State (consistent with the First Amendment) could not punish Johnson for burning the flag in theseRead MoreFlag Desecration Essays526 Words   |  3 Pagesgovernment by burning flags, and even cutting them up to use as clothing. Although mocking the American government and the flag is disrespectful, revoking the right to do so would be a violation of freedom of expression, which is guaranteed by the First Amendment. Those who supp ort the no-flag burning amendment argue that the United States flag is a special case. Because it would undermine the constitution and set a dangerous precedent that will make it easier for others enact restrictive amendments to theRead MoreThe Flag Of The United States903 Words   |  4 PagesThe flag of the United States is our national symbol and our most important symbol of all; it symbolizes our nation’s strength and pride. Due to its high values and symbolism, by  1932, forty-eight states had adopted the flag desecration laws to legally protect and restrict desecration of the flag of the United States. However, these  flag desecration laws only lasted until 1989, because  in 1989, in the Texas v Johnson case,  the United States Supreme Court recognized that flag desecration as a formRead MoreEssay on Case Analysis Texas V. Johnson1292 Words   |  6 Pages1989 --- Decided: June 21, 1989 This case analysis of Texas v. Gregory Lee Johnson was a Supreme Court case that overthrew bans on damaging the American flag in 48 of the 50 states. Gregory Lee Johnson participated in a political demonstration during the 1984 Republican National Convention in Dallas, Texas, where he burned the American flag. Consequently, Johnson was charged with violating the Texas law that bans vandalizing valued objects. However, Johnson appealed his conviction, and his caseRead MoreEssay about Against Making Flag Burning Illegal924 Words   |  4 PagesFlag Burning There is a great travesty going on in America right now. Everyday, people are fighting to stop one of America’s greatest freedoms, the freedom of speech. Even this way of exercising America’s greatest amendment, freedom of speech, is not liked by all people it is still protected under our nation’s law. The act of publicly burning an American flag is something that is deemed disgraceful by many Americans, but it should not be outlawed.   Ã‚  Ã‚  Ã‚  Ã‚  Many people are offended by the act of

Jazz and Classical Music - 1760 Words

Jazz and Classical Music Upon entering a modern record store, one is confronted with a wide variety of choices in recorded music. These choices not only include a multitude of artists, but also a wide diversity of music categories. These categories run the gamut from easy listening dance music to more complex art music. On the complex side of the scale are the categories known as Jazz and Classical music. Some of the most accomplished musicians of our time have devoted themselves to a life-long study of Jazz or Classical music, and a few exceptional musicians have actually mastered both. A comparison of classical and Jazz music will yield some interesting results and could also lead to an appreciation of the abilities needed to perform†¦show more content†¦Throughout the history of Jazz, however, notation was more like a rough sketch. This was because the syncopated rhythms of ragtime and the melodic riffs of the blues were not easily notated. Also, early Jazz musicians were not formally trained; they usually learned by ear. Some songs were transcribed and written down, but not in precise ways. Jazz music became more of a passed on tradition that a musician learned through interaction with other players. In a similar way, the modern Jazz musician must rely on previous recordings to get a feel for the style and technique which he desires to learn from. But in classical music, one composer can learn from an older composer by looking at and analyzing the music that the previous composer wrote down. Likewise, classical musicians can master the parts they must play by practicing the music that has been written or published beforehand. These two approaches to passing on tradition are both valid. However, without the recording medium Jazz music might have developed much differently than it has. The cohesive element that keeps a musical group together is also an interesting contrast. In Classical music, the conductor uses a baton and plays the orchestra as if it were his instrument; he looks at a complete score of all the events happening in the composition and interprets these events based on his knowledge and intuition of what the composer intended. Jazz groups rarely utilizeShow MoreRelatedThe Classical Music And Jazz1544 Words   |  7 PagesSeptember 2015 Classical music and Jazz What people come up with when they hear the words â€Å"classical music† is a big concert hall, while what people come up with is a small bar or something when they hear â€Å"jazz†. It seems they are different as they are named differently, but are they really different? Also, given that the mainstream in the music industry is popular music, both classical music and jazz are not appreciated by many people, but how have these two music survived up until todayRead MoreThe Similarities Between Classical Music and Ellingtons Jazz2455 Words   |  10 Pagesdebasing of the Jazz genre as a unworthy equal to its predecessor, European Classical music. This can be seen in various statements about Jazz, such as Boris Gibalin commit, The Jazz Mania has taken on the character of a lingering illness and must be cured by means of forceful intervention.1 This conflict can be traced through out the history of Jazz, as Classical composers have relatively disregarded this new type of m usic. Before Duke Ellingtons Cotton Club performances, Jazz play on the radioRead More The Similarities Between Classical Music and Ellingtons Jazz2414 Words   |  10 Pagesdebasing of the Jazz genre as a unworthy equal to it’s predecessor, European Classical music. This can be seen in various statements about Jazz, such as Boris Gibalin commit, â€Å"The â€Å"Jazz Mania† has taken on the character of a lingering illness and must be cured by means of forceful intervention.†1 This conflict can be traced through out the history of Jazz, as Classical composers have relatively disregarded this new type of music. Before Duke Ellington’s Cotton Club performances, Jazz play on the radioRead MoreMusical Event In Preparation For This Event, I Was Somewhat1410 Words   |  6 Pages Musical Event In preparation for this event, I was somewhat versed in classical music. Many of the pieces I heard were either referenced in the text, or I have heard them before. I did not have any preconceived notion as to what the playlist would consist of before I attended the event. There were many classical tracks played throughout the event, most of which had jazz influences from the members of the Englewinds. It was all very refreshing and spontaneous, something which I did not expect fromRead MoreMusic Makes Children Smarter : Music Essay1610 Words   |  7 PagesMusic Makes Children Smarter Music in many ways. has a potential to allure an individual, especially children, to improve their intellect, when involved in music. Schools and organizations had researched and estimated that schools with music curriculum, have more graduation and successful rates than school that do not doesn’t have music subjects. Universities have concluded that a specific part of our brain had a major role that can progress to become intellectual when exposed to classical musicRead MoreCharles Mingus and Civil Rights1572 Words   |  7 Pagesgroundbreaking jazz musicians and composers of the 1950s and 1960s. The virtuoso bassist gained fame in the 1940s and 1950s working with such jazz greats as Louis Armstrong, Duke Ellington, Charlie Parker, Art Tatum, and many others. His compositions pushed harmonic barriers, combining Western-European classical styles with African-American roots music. While examining his career is valuable from musical standpoint, his career also provides a power ful view of the attitudes of African-American jazz musiciansRead MoreRhapsody In Blue Essay1252 Words   |  6 Pagesthat has found its way into contemporary movies and advertisements, making it likely as recognizable as Chopin’s Funeral March or Beethoven’s Fifth Symphony. But unlike these two pieces of iconic classical music, Rhapsody in Blue â€Å"resists classification.†1 In it are elements of classical music, blues and jazz, making it at once â€Å"Gershwin’s most famous piece† but also â€Å"possibly his least understood composition.†2 Indeed, while Rhapsody became a popular hit in the 1920s, the reception from critics wasRead MoreWhat Is The Types Of Music?1587 Words   |  7 Pages What is the types of music? Music became an important thing since i was really young.It grew up with me together and it brings me a lot of things that other things can’t give me.Now,let me tell you all about what i learned from music,and my feeling with music.I found there are many different types of music.And every type of music brings listener different feelings.Types makes music totally different. If i am a narrator,then music is like a main character in my life.ActuallyRead MoreA Career Essay : The Career Of My Dream1111 Words   |  5 Pagesthat I wanted to do something with music, but the question was: what kind of musician do I want to be? Because there truly is not a path relating to music that is better than another. When you think about it, the are all dead-ends. Classical musicians, jazz musicians†¦ there aren’t any benefits to either, but they both have their fair share of problems. Show me a musician whose success outweighed their stress and struggles. When I thought about being a classical musician, I originally thought thatRead MoreThe Mystery of Jazz and its Powerful Impact on the Community807 Words   |  3 Pagesmystery of Jazz and its powerful impact on the music community can be explained largely by the context of it’s creation. Jazz was born in the United States, and because of this, many have referred to Jazz as â€Å"America’s music.† Like America, Jazz has a balance between structure and spontaneity. It capitalizes on the fluidity of the musicians, having several different instruments with independent spirits, coming together as one to form a great piece of music. Unlike other styles of music, Jazz has a certain

Descriptive Essay The Beach Free Essays

The first thing I notice is the sky, a bright blue color without a single cloud in the sky. Then, the water which is as crystal clear and shimmering in the sun like a diamond. And the smell, it is nothing like you could ever imagine. We will write a custom essay sample on Descriptive Essay The Beach or any similar topic only for you Order Now The salty aroma fills the air and seeps into my nostrils producing shivers and chills throughout my body. I can hear the ocean waves crashing and sense the mass amounts of sunscreen floating through the air. Can hear children screaming and laughing and they run for their lives when the icy water touches their toes. Seeing girls laying out and taking in the heat waves which produces a dark sun kissed tan on their skin. I throw my hair up into a messy bun and off go sprinting in the burning hot sand, with my surf board tucked under my arm. I leap into the chilly ocean and instantly my heart skips a beat. Begin to paddle out and can feel the water droplets evaporating of my skin under the blistering sun. As I begin to stand up on my board, the wave’s crash over my body pulling me into the water. Then continue this pattern until my legs are weak and my arms can paddle no more. It is just then hear my ether call my name, â€Å"Hannah time for lunch! † scramble out of the water and head up to the jeep. We down our lunch at a rapid pace and my little sister runs back to the edge of the water to build a sand castle. I listen to her play and giggle in the California heat. Her little hands constantly working to build her masterpiece. I decide it is time to relax, so I grab my favorite novel and lay out on my beach towel. With the waves crashing and the birds flying in the distance I am in my safe haven. My toes grasp the sand between them and a jolt of warmth travels through my entire body. It is at this moment all of my stresses seem to disappear and I am in a wonderland of warmth and happiness. During my tip to the beach time does not exist. Six hours could go by, but in my mind it seems as if it has been a short 30 minutes. It is not clear to me the time until I notice the sun slowly setting beyond the horizon and a cool breeze causing goose bumps on my sun kissed arms and legs. My father comes down from the jeep with a sweat shirt for both me and my sister. He hands me a cool glass of lemonade and the water droplets condensate on the outside of the bright red cup. All three of us sit on a blanket and watch the sun as it sets over the ocean. The beautiful colors of pink and orange are breathe taking. A brilliant ball of fire, millions of miles away, but so apparent and bright here on the sandy shore. The sky contains the most peaceful colors as it fades off on the horizon leaving the sky dark without its presence. At that moment I know what this means. The setting of the sun symbolizes my time here in my safe haven is over and I must depart from my happy place. Gather up my novel, surfboard, ND towel and make my way back to the jeep. My little sister complains and fusses about how she does not want to leave her castle. As her castle is washed away by the incoming tide, so is her innocence. My father carries her on his shoulders as she is passed out snoring. That scene causes me to go back in time just a few years past when was the same age and I can remember myself sleeping upon my father’s muscular shoulders. As we drive away I think to myself†¦ So long until next year. And watch my safe haven slowly diminish the further and further we drive away. How to cite Descriptive Essay The Beach, Essays

Structural Position In The Financial Market-Myassignmenthelp.Com

Question: Discuss About The Structural Position In The Financial Market? Answer: Introduction The aim of this report is to provide an understanding of fundamental analysis of airline industry as well as the selected companies that are Virgin airline and Qantas Airways. In addition to this, the report conducts a top-down analysis of the overall economic environment of the selected companies that includes the fundamental impact on the performance of selected industry and companies. For this, the report analysis the current Gross domestic product, inflation rate, interest rate, exchange rate and personal disposable income in Australia. On the other hand, the report also conducts bottom down analysis of the financial situation of the companies and airline industry. The ratios analyze the performance of the selected companies. The bottom down analysis helps in the comparative analysis and to finding out the more profitable company. Brief History of Air Travel Industry One of the strong industries is air travel industry in Australia. The air travel industry facilities the economic growth, international investment, tourism and world trade and it will increase by 7% per year. In addition to this, business travel has been developed the companies on an international level in terms of supply and production chain and investment that will also contribute to the economic growth. In terms of value, airlines industry shows a valuable growth with $14.2 billion from 2012 to 2017 and annual growth rate 0.4%. The air travel industry exists in the increasing competitive market that was affected by recent trend by expanding domestic as well as international service ((IBIS, 2016).). History and Mission statement of Companies Virgin Atlantic The Virgin Atlantic was founded in 1984 in the UK and headquarter of this company is in Crawley and England. The company has a great goodwill and popularity so it enjoyed various trade awards across the world. The mission statement of the Virgin Atlantic is to embrace the human spirit and let it fly. After the expansion of the company, the Virgin Atlantic sold its 49% share to Singapore Airlines in 600.25 million (Virgin Atlantic, 2016). Qantas Airways The Qantas Airlines is one of the oldest airlines in the world that was founded in 1920 at Queensland. Initially, the Qantas Airways operates the service of Airmails that has been subsidized by the Australian government. It was the largest company, which provides transportation service to the different countries. The company holds 65% shares of the domestic market in Australia (Qantas, 2017). The mission statement of this company is that the company is dedicated towards work to being best and become an Australian leading premium airline company. In addition to this, the company wants to meet the expectation every time when passengers fly. Top-down Analysis Top-down analysis is used to look for the big picture firstly and after that it will analysis the other small component in detail. In addition to this, the investor has calculated the share in the market by determining the total market (Mao et al., 2013). The investor starts the analysis with the help of economic indicator like interest rates, inflation, energy price, gross domestic production and exchange rates, which helps the investor for choosing the right stock. Some of the economic indicators are described as below- Current GDP rates To measure the economic activity of the nation gross domestic production is an effective indicator. In June quarter of 2017, the GDP rate of Australian is increased .80% in compare to previous year and stronger than first quarter of the same financial year. The contribution of all the service industries including the airline industry in gross domestic product is 52% (Trading Economics, 2017). In the economic environment, the revenue from the airways is increasing day by day, which means the Australian economic activities rises. The disposable income of the Virgin Atlantic and Qantas Airways is increased that means the demand for air travel is increase for business as well as leisure purpose. Current Interest Rate The interest rate is an amount that was expressed as a percentage of principal by the loan taker to the borrower for using the assets. In addition to this, it was the amount that has been paid by the borrower to a lender for a specific period of time with the particular percentage. The interest of Australia in 2017 is 1.5%, which is unchanged (Reserve Bank of Australia, 2017). The value of Australian dollar is decreased as compare to 2016 therefore, the airline's industry take the benefit of the decreased value of Australian dollar. In favor to this, due to the implementation of current interest rate the cost of ownership is reduced by $7.4m. Hence, it supports the Australian airlines such as Virgin Atlantic and Qantas Airways. Current Value of $AUD In the present context, the value of 1AUD is equal to 0.77US Dollar. It analyses that the value of Australian dollar is lower as compare to US dollar (Parliament of Australia, 2016). There is positive and negative impact on the airline's industry with the fluctuation in currency. There is a need in airline industry to translate the cash flow in the different currencies so it will affect the decision of customer, airline decision and the financial accounts of the airlines. The lower value of the exchange rate has created a problem for both companies such as Qantas and Virgin airlines related to fuel hedging. Inflation rate The inflation rate is the measurement of the increase in the price of goods and service over a particular period of time that is replicated as a percentage. It is usually measured on monthly and annually basis in the Australia. The inflation rate in Australia has been increased 1.9% in the June quarter of 2017 (Trading Economics, 2017). It was increased the price of food and housing offset in Australia. The Airlines industry is not able to take benefit because of the high inflation rate. It will impact on the demand for airlines services that is provided by the airline's companies such as Virgin and Qantas Airlines. Personal Disposable Income Personal disposable income is the amount of money that has been available for households for spending and saving that has been calculated after paying income tax to the government. It is known as the economic indicator that is used to provide a framework the overall state of the economy. In addition to this, the personal disposal income increased to 287837 AUD million in 2016 third quarter from the second quarter of 2016 that is 287139 AUD million (Trading Economics, 2016). It analyzed that personal disposable income of Australian people is increased that makes a positive impact on the Airlines industry. The oil price carries an effective improvement for Airline companies like Virgin and Qantas Airlines; it will reduce the fair of air traveling. With the increasing personal disposable income, it will increase the spending power of customers. Bottom up Analysis: In finance and accounting, bottom-up analysis is a defined as an investment approach which is used to analyze an individual stock on the basis of different factors. These factors involve an organizations overall financial statements, financial strength and other individual indicators of performance (Sternberg, 2013). In this way, bottom-up analysis of Qantas and Virgin through different ratios is as below: Liquidity Ratios These ratios are used to analyze the ability of a company to pay debt obligations or current liabilities through the calculation of current ratio, acid test ratio, and cash ratio (Rist et al, 2014). Name of the ratio Formula of the Ratio Qantas (30/6/2016) Virgin (30/6/2016) Industry average Current ratio Current assets / current liabilities 3458/7028 =.49 656.14/489.27 =1.34 .59 Acid Test ratio (Current assets Inventory)/ Current Liabilities (3458-336)/ 7028 =.44 (656.14-0)/ 489.27 =1.34 .54 Cash Flow Ratio (Cash+ Marketable securities)/ Current liabilities (2209+0)/7028 =.31 (601.09+0)/489.27 =1.22 From the above calculations it is analyzed that current ratio is presenting the relationship between current assets and current liabilities. It measures the liquidity of an organization and widely used to discover the short-term liquidity position of the organization. The current ratio of Qantas is .49 and Virgin is 1.34 in 2016. It means that Virgin airline has high solvency and using much their funds in comparison of Qantas. As well as, acid test ratio is also presenting the relationship between liquid assets such as current assets and current liabilities of the company. As well as, acid test ratio is used to measure the ability to current liabilities of the company (Fridson and Alvarez, 2011). The above calculations presenting that acid test ratio of Qantas is .44 and Virgin is 1.34. It means Virgin is much capable to pay current liabilities in compare of Qantas airlines. Furthermore, cash flow ratio measures that how well the current liabilities are enclosed by flow of cash from the companys operations. Here, cash flow ratio of Qantas is calculated .31 and Virgins cash flow ratio is 1.22. It means that Virgin has covered its current liabilities well in compare of Qantas. Moreover, the above calculations are presenting that liquidity ratios of Qantas is less than industry average but these ratios of Virgin company is higher than industry average. It presents that Virgin is much capable in paying debt obligations in compare of industry average and Qantas Company. Profitability Ratio In accounting profitability ratio is used to compare the income to expanses during a specific time of period. This ratio focuses on return of a companys investment on assets and inventory. In other words, profitability ratios are important element to compute overall efficiency of the company which may be either in relation to investment or sales (Nelson, 2014). Name of the ratio formula of Ratio Qantas (30/6/2016) Virgin (30/6/2016) Industry average Net Profit Ratio (Net profit/Sales revenue)*100 (341/7737)*100 =4.40% (38.1/425.75)*100 =8.94% 5.35% Gross profit ratio (Gross profit/ Sales revenue)*100 (2524/7737)*100 =33.59% (303.55/425.73)*100 =71.30% 36.62% Operating profit ratio (Operating profit/Sales revenue)*100 (549/7737)*100 =7.09% 69.17/425.73 =16.24% 9.05% Return on assets Ratio (EBIT/Average assets)*100 (549/17105.5)*100 =3.20% (69.17/1819)*100 =3.81% 4.39% Return on shareholder Fund (Net income/Share holders fund) (341/3255)*100 =10.47% (38.10/885.19)*100 =4.30% Net profit ratio is used to measure the net earned income of the company through its operational activities and determine that how well a company is effectively managing operating costs in respect to its share (Gay and Simnett, 2015). The net profit ratio of Qantas and Virgin is calculated respectively 4.40% and 8.94%, which presents that there is a significant fall in Qantass net profit and there is a need to maintain profitability by cut down its operating expenses. In addition, gross profit ratio and operating profit ratio are presenting that the financial position, pricing strategy, and operating efficiency of Virgin is better in comparison to Qantas and overall airline industry in Australia. Furthermore, return on assets ratio is used to determine the net earnings that are being produced by average of total assets. This ratio also measures that how effectively a company is managing its assets in generation of revenues in a specific time of period. Hence, this ratio helps the organizations to transform assets into investment. Here, return on assets ratios of Qantas, Virgin and industry average are 3.20%, 3.80% and 4.39% respectively. Therefore, it is interpreted that the profitability of Virgin is quite good in the industry in compare of Qantas but in compare of industry it is not favorable. Efficiency Ratios The efficiency ratios are used to evaluate that how well a company is using their assets in operational activities to generate income. Efficiency ratios are used by the management to improve the growth of the company as well as outside creditors and investors. Usually, the funds are invested in various assets to generate revenue and sales in the business. These ratios represent that all the generated revenues and profits are dependent upon how the assets are being managed (Kaufman, 2013). Efficiency ratios show the time period in which assets can be converted efficiently into income. Name of the ratio Formula of Ratio Qantas (30/6/2016) Virgin (30/6/2016) Trade receivable turnover (Average trade receivables/ revenue)*365 (808/7737)*365 =38days (32.18/425.73)*365 =27.58days Sales to Capital employed ratio (Sales / Capital employed)*100 (7737/9677)*100 =80% (425.73/1407.18)*100 =30% The above table presenting that how the companies are making sales. The trade receivable turnover ratio of Qantas is 38 days, which means that the company will its accounts receivables in 38 days in the financial year 2016. This ratio is also presenting the companys efficiency of collecting cash from credit sales and analyzing the liquidity flow in a financial year. In addition, inventory turnover ratio of Virgin is 28 days, which presents that the company is much capable in to collect its credit sales in compare of Qantas. On the other hand, sales to capital employed ratio of Qantas is higher than Virgin. It means that Qantas has the higher ability to generate sales by utilizing its assets in compare of Virgin. Capital Structure Ratios These ratios are also called as leverage ratios, which measures long-term structure and stability of an organization. Capital structure ratios are used to analyze the financial statement of an organization by using of different sources of finance. The capital structure ratios are helpful for the investors in making appropriate financial decision in worst position. In this way, debt to equity ratio is use to make a comparison between companys debt and total equity. This ratio is used to analyze the capital structure of a company and helpful in identifying creditors and investors for the company (Coe, 2011). Lower debt to equity ratio will be more favorable for the financial stability of an organization. Name of the ratio Formula of Ratio Qantas (30/6/2016) Virgin (30/6/2016) Industry average Debt to equity ratio (Total liabilities/ Total equity)*100 (13450/3255)*100 =413.21% (1011.26/885.19)*100 =114.24% 183.76% Equity ratio (Total equity/ Total assets)*100 (3255/16705)*100 =19.48% (885.19/1896.45)*100 =46.67% 28.7% Gearing ratio (Long term debt/ Capital employed) (4482/9677)*100 =46.31% (440.88/1407.18)*100 =31.33% The above calculations are presenting that debt to equity ratio of Qantas is much higher in compare of Virgin and industry average, which means it is risky for Qantas to identify investors and creditors in comparison of Virgin and industry. But it is less risky for Virgin in compare to industry average. In addition, the equity ratio of Qantas is 19.48% and Virgin is 46.67 respectively, which determines that there are there are many potential stake holders for Virgin who are interested to invest in the company. It is also observed that Virgin Company has higher capabilities to attract investors in comparison to whole airline industry. Furthermore, the gearing ratio of Virgin Airlines Company is less than Qantas airlines, which determines that there is low proportion of debt to equity of Virgin in comparison to Qantas. Market Value Ratios Market value ratios or market performance ratios are used to evaluate the price of companys shares that are held publically. Market value ratios are employed by the potential and current investors to find out that whether the companys shares are under-priced or over-priced (Brigham and Houston, 2012). Name of the ratio Formula of Ratio Qantas (30/6/2016) Virgin (30/6/2016) Industry average Earnings per share (EPS) Available earnings/ Number of equity shares 49% 7.82% 39.53% Price earnings ratio (Market value of each share/ earnings per share)*100 6.71% 7.81% 5.94% The term earnings per share are defined as net income per share, which is used to measure the earned net income per share. It is a calculation that is used to present how the company is profitable on the basis of shareholders. In the above calculations it is determined that earning per share of Qantas is higher than Virgin and overall industry average. It means that Qantas Company is more gainful and the company has more income to distribute to its shareholders in comparison of Virgin and industry average. Furthermore, price earnings ratio is used to indicate the probable price of a share that will be based on its earnings. High price earnings ratio presents the value per share in the market and indicates positive future performance. The price earnings ratio of Qantas, Virgin and industry average is 6.71%, 7.81%, and 5.94% respectively. Therefore, it is analyzed that the future performance of Virgin airline is positive and the investors have higher willing to pay more for this companys share in compare of Qantas and industry. Overall analysis of Qantas and Virgin From the above calculation it is analyzed that both Qantas and Virgin have increased their total assets, but Virgin is presenting a noticeable grow in comparison of Qantas. It is observed that rise in total assets of Virgin is due to increase in cash or liquidity and rise in inventory of Qantas is due to increase in stock. Therefore, it can be determined that the profitability of Virgin has increased by increased liquidity but Qantas has showing an increase in liabilities in comparison of Virgin. Furthermore, it is analyzed that Qantas is arranging funds from debts in comparison to equity which increases the debts and accountability of the company, but Virgin is arranging funds wisely from their equity. Therefore, Virgin has a strong structural platform for the investors in comparison of Qantas in the Australias airline industry. Conclusion From the above discussion, the report can be concluded that the economic factor of Australia affects the overall profitability of all the companies situated in Australia. The report analyzed that personal disposable income of the individual is based on the overall profitability of the economy. On the basis of ratio analysis of both companies, it is also concluded that the management and financial position of Virgin is much better than Qantas. In contrast, it is analyzed that the Qantas Company has needed to manage their assets in a proper manner to increase the revenue and sales in the industry. 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