The Warehouse Receipts Law Essay Example for Free

The Warehouse Receipts Law Essay The rate of storage charges, (f) A description of the goods or of the packages containing them, (g) The signature of the warehouseman which may be made by his authorized agent, (h) If the receipt is issued for goods of which the warehouseman is owner, either solely or jointly or in common with others, the fact of such ownership, and (i) A statement of the amount of advances made and of liabilities incurred for which the warehouseman claims a lien. If the precise amount of such advances made or of such liabilities incurred is, at the time of the issue of, unknown to the warehouseman or to his agent who issues it, a statement  of the fact that advances have been made or liabilities incurred and the purpose thereof is sufficient. A warehouseman shall be liable to any person injured thereby for all damages caused by the omission from a negotiable receipt of any of the terms herein required. Sec. 3. Form of receipts. — What terms may be inserted. — A warehouseman may insert in a receipt issued by him any other terms and conditions provided that such terms and conditions shall not: (a) Be contrary to the provisions of this Act. In any wise impair his obligation to exercise that degree of care in the safe-keeping of the goods entrusted to him which is reasonably careful man would exercise in regard to similar goods of his own. Sec. 4. Definition of non-negotiable receipt. — A receipt in which it is stated that the goods received will be delivered to the depositor or to any other specified person, is a non-negotiable receipt. Sec. 5. Definition of negotiable receipt. — A receipt in which it is stated that the goods received will be delivered to the bearer or to the order of any person named in such receipt is a negotiable receipt. No provision shall be inserted in a negotiable receipt that it is non-negotiable. Such provision, if inserted shall be void. Sec. 6. Duplicate receipts must be so marked. — When more than one negotiable receipt is issued for the same goods, the word duplicate shall be plainly placed upon the face of every such receipt, except the first one issued. A warehouseman shall be liable for all damages caused by his failure so to do to any one who purchased the subsequent receipt for value supposing it to be an original, even though the purchase be after the delivery of the goods by the warehouseman to the holder of the original

Technology Available :: essays papers

Technology Available Given that the Fine Arts contain expression such as sculpting, painting, drawing, dance, theater, music, etc, there are countless opportunities for advancement within the curriculum. Having such a broad range of options enables different types of technological support to be introduced to both teachers and students. Theater students use technology constantly, whether it's accessing the computer catalog to find plays for study or on the Internet for reviews or to study about a particular playwright. Technology is a central part of technical theater as well. The lights used to illuminate the stage are computer driven and must be programmed correctly (Marshall, 1998). Visual arts students study laser discs, which are used in teaching and learning art history. They also use the CD-ROM drives in Macintosh-based computers to study color mixing, art forms, current trends in visual arts and art history (Marshall, 1998). There is a computer graphics lab at their disposal, which is used to teach animation and the creation of art. Images downloaded from the Internet are modified and adapted to create original works of art (Marshall, 1998). â€Å"The visual arts students are required to become handy with 35mm copy stand photography as they document everything they do for their portfolios. Working with computer animation and photography are important skills for visual artists in the field today† (Marshall, 1998). Music programs also include advancements, â€Å"for example†¦students learn about acoustics, lighting, seating arrangements, ergonomics, and personal programming in the context of how the built environment affects musical performance. The technology includes building models of spaces to incorporate specific acoustical properties and studying types and colors of lights† (Marshall, 1998). Those are just a few ways in which all Fine Arts categories use technology to improve their class content. The world will keep advancing; it’s up to the educators to take advantage of such learning enhancers. What Practices are Guiding Students in the Fine Arts Today Several educators express a need for a more vigorous and expanded arts curriculum. In schools today, the Fine Arts programs seem to be the underdogs of education. In fact, the arts are an incredibly important and integral part of a students learning and development.

Financial Analysis of Lockheed Martin

A Financial Analysis of Lockheed Martin Corporation Colby Scott LeTourneau University A Financial Analysis of Lockheed Martin corporation The world of finance in today’s market is one of numerous ups and downs. With the global economy in constant flux, it is more important than every for companies to examine their financial status and compare their position to that of the relative market as well as their fellow competitors.In order to better understand the ways in which today’s managers examine their position on the market and evaluate their current value as a company we will examine the financial data of Lockheed Martin Corporation and perform a detailed financial analysis on the company. In this analysis we will examine financial rations of Lockheed Martin and in turn compare these rations to that of fellow market competitors.Upon completion of our financial analysis we will be able to understand the financial position of Lockheed Martin as well as the position of Loc kheed Martin in their respective market, and in turn we will be able to fully comprehend the methods and data used by companies in order to evaluate their company. Before going into an in depth analysis of our company, let us first examine the history behind Lockheed Martin. The Lockheed Martin Corporation traces its roots all the way back to the earliest days of flight. In 1909 aviation pioneer Glenn L.Martin organized a company around a small airplane construction business and transformed it into a major airframe supplier to U. S. military and commercial customers. In 1961 the Glenn L. Martin Company became the Martin Marietta Company after the completion of a merger with American-Marietta Corp. , a leading supplier of building and road construction materials. In 1982, Martin Marietta was subject to a hostile takeover bid by the Bendix Corporation which bought the majority of Martin Marietta shares and in effect owned the company.However, Martin Marietta's management used the shor t time separating ownership and control to sell non-core businesses and launch its own hostile takeover of Bendix (known as the Pac-Man defense). The end of this extraordinarily bitter battle saw Martin Marietta survive and forced Bendix to be sold off. In 1913, Allan and Malcolm Loughead (name later changed to Lockheed) flew the first Lockheed plane over San Francisco Bay. The brothers later established their own corporation known as the Alco Hydro-Aeroplane Company which was later renamed the Loughead Aircraft Manufacturing Company.In 1926, following the failure of Loughead, Allan Loughead formed the Lockheed Aircraft Company in Hollywood, California. In 1929, Lockheed sold out to Detroit Aircraft Corporation. The Great Depression ruined the aircraft market, and Detroit Aircraft went bankrupt. A group of investors headed by brothers Robert and Courtland Gross, bought the company out of receivership in 1932. The syndicate bought the company for a mere $40,000. Ironically, Allan Lou ghead himself had planned to bid for his own company, but had only raised $50,000 which he felt was too small a sum for a serious bid.The first successful aircraft built in any number by the Lockheed Corporation was named the Vega and was best known for its use in several first- and record setting flights by, among others, Amelia Earhart, Wiley Post and George Hubert Wilkins. In the 1930s, Lockheed spent $139,400 to develop the Model 10 Electra, a small twin-engine transport which sold 40 units in the first year of production. Amelia Earhart and her navigator, Fred Noonan, flew this plane on their failed attempt to circumnavigate the world in 1937.The Lockheed Model 12 Electra Junior and the Lockheed Model 14 Super Electra expanded their market. The Model 14 also formed the basis for the Hudson bomber, which was supplied to both the British Royal Air Force and the United States military before and during World War II. In 1995 the these two companies, Lockheed and Martin Marietta, jo ined together in a merger which created the modern Lockheed Martin corporation, and further expanded with the acquisition of Loral, a defense electronics and systems integration business, in 1996.Today, the Lockheed Martin Corporation is headquartered in Bethesda, Maryland and employs 126,000 people worldwide. The company is principally engaged in the research, design, development, manufacture, integration, and sustainment of advanced technology systems. Lockheed also serves both domestic and international customers with products and services that have defense, civil, and commercial applications, with their principal customers being agencies of the U. S. Government. In 2011, 84% of their $45. billion in net sales were made to the U. S. Government, either as a prime contractor or as a subcontractor. Lockheed’s U. S. Government sales were made to both Department of Defense (DoD) and non-DoD agencies. Sales to foreign governments (including foreign military sales funded, in whol e or in part, by the U. S. Government) amounted to 15% of net sales in 2011. The remainder of net sales was attributable to commercial and other customers. In 2011, net sales at Aeronautics of $13. 2 billion represented 29% of their total net sales.Aeronautics has three principal lines of business and the percentage that each contributed to its 2011 net sales was 68 percent combat aircraft, 20 percent air mobility, and 12 percent in other aeronautics programs. At December 31, 2011, we operated in 545 locations (including offices, manufacturing plants, warehouses, service centers, laboratories, and other facilities) throughout the United States and internationally. Of these, we owned 43 locations aggregating approximately 30 million square feet, and leased space at 502 locations aggregating approximately 26 million square feet.We also manage or occupy various government-owned facilities under leases and various other arrangements. The U. S. Government also furnishes equipment that we use in some of our businesses. We operate in four principal business segments: Aeronautics, Electronic Systems, IS, and Space Systems. Lockheed organizes their business segments based on the nature of the products and services offered. The following table presents net sales and operating profit of their four business segments.Net sales exclude intersegment revenue, as these activities are eliminated in consolidation. Intercompany transactions are generally negotiated and accounted for under terms and conditions similar to other government and commercial contracts. Operating profit of the business segments includes the equity earnings or losses from investees in which certain of their business segments hold equity interests, because the activities of the investees are closely aligned with the operations of those segments. In Millions |2011 |2010 |2009 | |Net Sales | | | | |Aeronautics |13,235 |12,201 |11,473 | |Electronic Systems |14,363 |13,532 |12,803 | |Information systems & Gl obal Solutions |9,959 |9,608 |9,069 | |Space Systems |8,246 |8,654 |8,027 | |Total 45,803 |43,995 |41,372 | | | | | | |Operation Profit | | | | |Aeronautics |1,502 |1,577 |1,433 | |Electronic Systems |1,712 |1,660 |1,583 | |Information systems & Global Solutions |890 |895 |919 | |Space Systems |972 |972 |953 | |Total Business Segments |5,076 |5,104 |4,888 | |VESP and other charges |220 |- | | |Other unallocated Corporate income net |759 |689 |161 | |Total |4,097 |4,415 |5,049 |Now that we have established the background of the Lockheed Martin Corporation, let us now analyze the ratios which provide us insight into the financial status of the corporation. The first ratio which we will look at is the current ration of Lockheed Martin. Using the current ration, we will be able to determine if Lockheed will be able to satisfy the amount of current liabilities based upon their current assets. When looking at the Lockheed’s balance sheet for 2011, we see that they have 11. 157 mil lion dollars in current liabilities and 12. 851 million dollars in current liabilities. In order to compute the current ratio of Lockheed we then take the current assets of 12. 51 million and divide this number by the current liabilities of 11. 157 million thus giving Lockheed a current ratio of 1. 15% for 2011. When looking at this ratio over a period of 2 years we began to see that the ratio calculated for 2011 has decreased . 01 percent from 2010. In examining this ratio, we are able to conclude that Lockheed has a fairly constant liquidity rate which could tell us that the company is relatively stable at this point in time. The second ratio which will help us in evaluating the financial status of Lockheed Martin Corporation is the inventory turnover ratio. This ration will allow us to examine how efficiently Lockheed manages its assets and uses those assets to create income.In order to calculate this ratio we must find the companies net sales and divide this figure by the invent ories that the company has on hand. After examining Lockheed’s financial statements, we find that they reported 45. 803 million dollars in net sales and 2. 378 million dollars in inventories for 2011. After plugging these figures into our equation, we find that Lockheed had an inventory turnover ratio of 19. 26. This tells us roughly that Lockheed’s inventory is sold out and restocked roughly 19. 26 times per year. When examined over a two year period, we find that the ratio of sales to inventories when compared to the 20. 15 ratio calculated in 2010, had only fallen by . 89.When compared to the rival Boeing Company, we find that Lockheed’s inventory turnover ration is considerably higher than the 1. 386 that Boeing reported over the same period. This could lead to the conclusion that Lockheed Martin is in considerably better position than the majority of the other companies with in the same market. The next ratio that we will examine is referred to as the debt ration. This ratio allows us to examine the percentage of funds provided by current liabilities and long term debt. In order to calculate this ratio, we will need to take the total liabilities and divide this figure by the total assets. When examining the financial documents provided by Lockheed, we find that Lockheed reported a total liability of 31. 59 million and a total asset of 35. 067. As we plug this data into our equation we find that Lockheed Martin has a debt ratio of 89. 43 percent for 2011. When interpreting this outcome we must remember to examine the data from two separate perspectives. From the perspective of a creditor, a high debt ratio allows for less cushion against losses in the event that liquidating occurs. This could discourage creditors from lending to the company due to the fact that it poses a greater risk to the creditor. On the other hand, stockholders generally like to see a higher debt ration due to the fact that it magnifies the amount of return that t hey receive.Therefore, it would be wise for a company to maintain a debt ration which is fairly close to 50 percent due to the fact that it allows creditors to feel comfortable while satisfying the desires of the stockholders. Another ratio which provides valuable insight into a company’s financial status is the Gross Profit Margin. When calculating this ratio we must first find the amount of sales, then subtract this number by the cost of goods sold and divide this number by the amount of sales during that period. As we examine the financial data using our Gross Profit Margin formula, we find that Lockheed had a gross profit margin of 10. 2 percent. This number tells us that Lockheed had a gross profit of 10. 2 percent per dollar of sales before any other expenses are deducted.When compared to rival aeronautical company Boeing, we find that Boeing had a gross profit margin that was 11. 9 percent higher than Lockheed. This suggests that Boeing is turning a higher profit margi n than Lockheed and thus does not need to sell as much product in order to generate the same amount of income as Lockheed. By having a lower profit margin than their competitor, Lockheed must have a higher amount of sells in order to keep their place within the market. The final ratio which we will examine is the Price per Earnings ratio or the P/E Ratio. By looking at this ration we are able to identify how much investors are willing to pay per dollar of reported profit.Looking at Lockheed’s current price per share and earnings per share data we find that they are able to maintain a ratio of 28. 67. When viewing this data, we are able to conclude that Lockheed has a fairly strong growth prospect when other things are held constant. When we compare this number to the smaller rival Northrop Grumman and find that Lockheed has a P/E that is 19. 69 higher. When looking into the reasoning behind this difference, we can conclude that Northrop is regarded as being a much riskier com pany than Lockheed and thus could receive less support for creditors. This places Lockheed Martin at an advantageous position due to the fact that they are viewed as a more stable company.This allows them to control more of their respective market and in turn secures their market share for future years. Now that we have viewed the financial ratios of our company and have interpreted the data based upon Lockheed’s market and past financial data, let us now look at the Beta coefficient. When stockholders examine which companies they wish to invest in, they generally seek to invest in companies with the smallest amount of risk possible. In doing so, Stockholders greatly minimize the amount of risk that they themselves accrue and in turn provides confidence within the market. However, we must have a way in order to evaluate the relative risk of a particular companies stock and for that we use the Beta coefficient.In order to calculate the Beta coefficient we will need two sets of data, the closing price for the stock we are examining and the closing prices for the index we’re using. As we look at the Beta value of . 98 for Lockheed Martin and compare it industry rival Boeing’s 1. 31 and Northrop Grumman’s 1. 08 we find that Lockheed has a lower Beat value than both of its major competitors. This suggests that Lockheed is a less risky company to invest in and thus could create greater capitol available through the sale of stock for the company. In addition to drawing potential investors to the company, having a lower Beta value could cause creditors to be more willing to lend money to the company.This would allow a greater possibility for Lockheed’s future expansion in the industry and could serve to propel them to the top of the Aeronautic market. If this were to occur, I forecast that the dividend structure within the company would increase due to the increased amount of wealth that the company is generating yearly. By having mo re funds available for allocation to stockholders, the company would be more willing to pass this added revenue to the stockholders thus promoting more investors to purchase stock. Upon examining the numerous financial data available on Lockheed Martin we are able to determine that the financial status of the company is sound. Lockheed Martin maintains a current ratio of 1. 5 percent which tells us that the company is able to cover the cost of their current liabilities 1. 15 times using their current assets. This tells us that the company does not have any problematic debt at the current time and therefore generates a profit at the end of every operating period. The second indicator of Lockheed’s current and future success is their ability to turn over inventory. In our calculations we discovered that Lockheed had an inventory turn over ratio of 19. 26 percent which told us that they were able roughly able to sell all of their products and restock at least 19. 26 times per ye ar. When viewing this from a financial standpoint this figure is encouraging because it represents a steady profit within the company.The next ratio analysis performed, the debt ratio, informed us that the company had a debt ratio of 89. 43 percent. This high number could serve costly to the company if they ever need seek loans from creditors, but it does satisfy the shareholders by providing a higher amount of leverage. Another ratio that we analyzed for Lockheed Martin was the gross profit margin. After computing this ratio, we found that Lockheed had a gross profit margin of 10. 2 in 2011 which means than Lockheed earned retained 10. 2 percent of every dollar earned. The final ration analysis that we performed on Lockheed’s financial statements was a profit per earnings ratio.After performing this ratio, we found that Lockheed had a better profit per earnings than its rivals thus making it a more desirable company to invest in. This could attract future investors and in tu rn create more profit for the company. From this analysis, I have concluded that Lockheed Martin could not handle much more debt in the near future due to the fact that their debt ration is already considerably high. If the company were to take on much more debt, creditors would become unwilling to provide financial support for the company and the company could risk taking on more debt than their assets could cover. This would cause the overall value of the company to fall and cause the Beat coefficient to ri se to a much higher level.In order to further improve the company from the position that it is in, I believe that the company should take steps to lower the debt ratio. This would cause the creditors to be more willing to invest in the company as well as keep the stockholders satisfied with the amount of leverage the company has. Also, by lowering the debt ratio, the companies eat coefficient would fall even further making the desire to invest in the company even higher. If Loc kheed were to take this step, I believe that the companies stock would continue to rise and the company could in turn increase the amount of dividends that it provides. Bibliography 1. Free SEC Filings Email Alerts – SECFilings. com. (n. d. ). Free SEC Filings Email Alerts – SECFilings. com.Retrieved April 26, 2011, from http://secfilings. com/searchresultswide. aspx? TabIndex=2=7752072=convpdf=11373=%2fdefault. aspx%3fticker%3dLMT%26amp%3bformgroupid%3d1%26amp%3bauth%3d1 2. Free SEC Filings Email Alerts – SECFilings. com. (n. d. ). Free SEC Filings Email Alerts – SECFilings. com. Retrieved April 26, 2011, from http://secfilings. com/searchresultswide. aspx? TabIndex=2=7704986=convpdf=11757=%2fdefault. aspx%3fticker%3dBA%26amp%3bformgroupid%3d1%26amp%3bauth%3d1 3. Ehrhardt, M. C. , & Brigham, E. F. (2011). Corporate finance: a focus approach (4th ed. ). Mason, OH: South-Western Cengage Learning.

The Spanish Ballad, Or Romancero - 1346 Words

The spanish ballad, or romancero, is a form of poetry which, closely linked to the medieval epic, is passed down by word of mouth and open to interpretation by the performers and audience. The ballad â€Å"Romance de Moraima† (or yo me era mora Moraima) is a romancero fronterizo which is relatively brief, and follows the standard octosyllabic structure. The ballad contains the key feature of assonating units, yet does not strictly rhyme with one vowel, i.e. ‘a’ but varies between ‘a’, ‘o’, and a paragogic ‘e’. Moraima opens quite abruptly and dramatically, as is the fashion of the romancero. No time is spared in small details; instead the sensational tale begins immediately. Interestingly, the description is in the past- era- even though one would imagine that she is still the same person, which gives the impression that something drastic has changed. The first line lands with a punch. The bold statement of her name-  «yo me era mora Moraima « - identifies the protagonist and throws the listener in. The yo is emphatic, as is the last positioning of Moraima, and together they frame the line to deliver impact. There is strong alliteration and repetition of the ‘mo’ sound with Moraima, mora and morilla, all of which contribute to a compelling description, and draw attention to her islamic beliefs. The choice of the name Moraima, when juxtaposed with mora, emphasises her religious affiliation which would have been controversial at that time due to the Reconquista. This play o n