...To: California Choppers From: Hewlit & Partners Date: Wednesday, November 11, 2015 Subject: Financial Condition of California Choppers As per our agreement, Hewlit & Partners has been asked to come on board to help review California Choppers operations and make recommendations. In the following memo, we will detail our findings about the Company’s liquidity, asset management, long-term debt paying ability, profitability, and recommendations. Liquidity The current ratio of 2005 is 1.04, which is much lower than the industry average of 1.25. This is concerning, because the current ratio has been declining significantly since 2003. In addition, California Choppers’ agreement with the bank requires the Company to maintain a current ratio of 1.25 for the loans used for purchases of land, plant and equipment. Although the bank has been lenient in the past due to a strong relationship with Arlen Doakes, this relationship is not something that should be relied on completely. We cannot assume that the bank will take the violation of the debt covenant lightly. Current assets have been increasing largely due to Inventory, and current liabilities have been increasing due to Accounts Payable. The cash ratio has also been declining since 2003. This may cause California Choppers to run into difficulties in trying to pay off current liabilities. Asset Management The inventory turnover has been decreasing from 2001 to 2005, from 83.93 to 37.46. This is less than the industry...
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...California Choppers: - turndown in profitability in 2005 - high-end motorcycle manufacturer for wealthy older motorists - had tv show by same name starring doakes and daughter - generated revenue on logos for t-shirts and posters - owner has luxurious lifestyle – didn’t put much profit back into company prior to 2000 - sales only in parts of US - 2001 company expanded to develop rest of US market - production processes found to be inefficient, Operating costs excessive, and financial leverage too high - 2001 Doakes steps down and hires Jane Heathcliff – respected business woman - also organized corporate advisory board (Doakes still owns the company) - Heathcliff developed US market by encouraging dealerships to carry CCs - Also got new factory equipment to increase volumes and efficiency - First, she was careful noy yo incur any overhead costs and focused on debt reduction - 2004 and 2005 – new office headquarters and product development facility - advisory board said to expand to Europe and Canada despite how expensive the work abroad is - before 2000 – workforce (non-unionized) continued to receive above-average wage rates (Doakes was sympathetic and wanted to treat them well) - he had refused to outsource to cheaper places (mexico, china) – felt choppers should be MADE IN USA - 2003 – large increase in workforce wages and benefits (sharing new success with workers) - past – company stretched its payables to generate cash flow – Heathcliff wanted to...
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...Exhibits and Data Analysis CALIFORNIA CHOPPERS RATIO TABLE 2001 2002 2003 2004 2005 Ind.Av. Liquidity Current Ratio 1.37 1.48 1.64 1.33 1.04 1.25 Cash Ratio 0.19 0.20 0.31 0.25 0.15 0.27 Asset Management Inventory Turnover in Days 138.26 59.54 51.70 33.03 43.66 44.12 A/R Turnover in Days 59.16 42.69 39.28 42.69 42.30 32.45 A/P Turnover in Days 157.33 80.75 71.71 79.18 109.94 60.23 Cash Conversion Cycle 40.09 21.48 19.27 -3.46 -23.98 16.35 Fixed Assets Turnover 1.85 3.94 4.46 4.46 4.05 3.72 Total Asset Turnover 0.95 1.88 2.03 2.17 2.00 2.05 Long-term Debt Paying Ability Debt Ratio 0.93 0.84 0.73 0.64 0.65 0.54 Times Interest Earned 1.23 2.62 3.54 3.42 3.06 9.33 Profitability Gross Margin 30% 30% 29% 27% 26% 32.00% Operating Profit Margin 5% 13% 11% 8% 5% 14.00% Net Profit Margin 0.65% 5% 5% 4% 2% 8.50% ROA 3.3% 16% 15% 11% 6% 17.46% ROE 9% 63% 41% 22% 12% 38.25% ANALYSIS OF ROE— 5-WAY EBIT/Sales EBT/EBIT NI/EBT Total Asset Turnover Debt Ratio ROE 2001 0.0514 0.19 0.679 0.95 0.93 0.09 2002 0.128 0.618 0.68 1.88 0.84 0.63 2003 0.1102 0.718 0.68 2.03 0.73 0.41 2004 0.075 0.708 0.68 2.17 0.64 0.22 2005 0.046 0.673 0.68 2.00 0.65 0.12 According to the formulas given by the case we can calculate the data, take year 2001 as example: Current ratio is a measure of short-term liquidity. A high current ratio generally indicates that the ability of short-term solvency is better. But if the ratio...
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...abilities of the powerful mowers of today. The research will then be utilized in the design of our commercial riding mower deck lift system for capstone, along with discovering other advancements that may be taken into consideration for future designs. | 2 TABLE OF CONTENTS List of Figures 3 List of Tables 3 Introduction 4 Developments through the Ages 4 Current Mower Designs and Accessories 5 Dixie Chopper Capstone Design 7 Possible Future Advancements 9 Conclusion 10 Acknowledgments 11 References 11 Appendices 13 3 LIST OF FIGURES Figure 1: Scythe design Figure 2: First Lawn Mower Design Created by Budding Figure 3: Silens Messor Figure 4: Horse Drawn Mower from the mid 1800s Figure 5: Ransomes, Sims & Jefferies Engine Powered Mower Figure 6: Walk-behind mower, the Toro Cordless Lawn Mower Figure 7: Riding mower, Dixie Chopper Silver Eagle 2550 Figure 8: Tow-behind mower (does not move on its own, needs to be pulled) Figure 9: Original Dixie Chopper Silver Eagle 2550 SolidWorks deck lift model Figure 10: Final Design of Dixie Chopper Silver Eagle 2550 with adjustments LIST OF TABLES 1. Table 1: Bill of Materials 4 INTRODUCTION The first tool ever used to cut grass to a more desirable length was the scythe. The scythe has a simplistic design, containing a long wooden handle with a curved blade attached perpendicularly to the end. Until the 19th century, the scythe was the only option for cutting grass, which proved to be a long tedious...
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...make deal for Jamali, but Matt tells him Jamali is dead. Matt finds a map to hidden tunnels. The crew splits up. George and Paul are captured and held in the same prison cell with Sam. They tell him, his father is planning a rescue. Matt finds the hidden tunnels and discovers explosives that could take down the hotel. Matt locates the prison cells and is reunited with his son Sam. They narrowly escape the tunnel as it explodes. At home, the police look for John Hall. John kills himself. They race to the chopper. Mustafa pursues them. Billy is injured. The chopper finally arrives, but Matt knows that there are too many insurgents, so he puts Sam into the chopper and then shuts the door. He’s not leaving. He has one last stand. As the chopper takes off, Matt battles with Mustafa and the insurgents. Mustafa is shot in the head. Matt is also hit. He thinks of his family. His family and his children are the most important thing in his life. Matt watches as the chopper fades away. ...
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...They were chilled to the bone in the middle of an Alaskan winter. The seatbelt locks were froze shut, as they had sat there all night long. Bill reached over and grabbed a knife out of the pocket of Reds unconscious body. He then cut himself out and assessed the situation. Bill then made a bow drill that he had read about in the book given to him by his wife. He then crafted a tinder bundle with his frostbit hands and made a fire. Bill grabbed Red out of the chopper, put him by the fire, and went to work on fixing his broken leg. The bone was sticking out of the leg and he was bleeding terribly. The doctor set it back in a quick rapid motion. Red woke in agony and bill looked for something to stick the leg up. There was a needle in the med kit, but no silk. Bill took some thread from the seat of the chopper and stitched him up. They wouldn’t last the night without shelter, so Bill got on that to. His gun was damaged and there was no way for them to protect themselves. He remembered something in the book about making a bow. His fist two attempts were a tragic failure. He tried it one last time and it stood the shot of an arrow. Bill also made a spear using the knife for a last...
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...mix with the clean air, causing our atmosphere to become unclean or polluted. Some of these pollutants are visible while others are invisible, with each having the capability of causing distress to the eyes, ears, throat, skin and respiratory system. Should these pollutants become concentrated in a specific area and under certain conditions, death could result due to the displacement or chemical change of the oxygen content in the air. These pollutants can also cause great damage to the environment and to the many man made objects that are exposed to the elements. To better understand the causes of air pollution, the pollutants can be categorized into 3 separate types, natural, industrial and automotive. Question 3: a) b) c)i) Chopper - A helicopter...
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...ENG1502 Assignment 1 Regardt Briers 47617276@mylife.unisa.ac.za 8907055111080 14 Question 1: Phonetics and phonology As a general way of distinguishing between the two disciplinary areas, phonology can be perceived as investigating sounds as an abstract system, whereas phonetics focuses on the actual sounds as they are spoken by specific individuals during particular speech events. a) Phonetics Phonology 1)THOUGH-like o in go 2)COUGH-like oo in too 3)ROUGH-like off in offer TH,THAT- struggle to pronounce t and h seperatly C AND K- same as above COLOURED- Struggle to distinguish between separate phonemes PARSNIP-problem with syllable deletion SCRIMP- Struggle with words that are longer 4)PLOUGH-like ow in flower 5)OUGH-like aw in saw Question 2: Grammar and syntax a) Identify the verb tense forms used in each of the texts. In text 5;16 they use a non-fiction explanation, so this falls under the present tense verb. So this means that it is happening NOW. b) Compare the way in which each writer uses the verb tenses. In text 5:16 they use the now verb in text 5:17 they use the past that mostly ends in-end. The comparison is well-non-fiction versus prose-fiction. Being in the now verb, the present to going to the past tense. c) Briefly explain why the writers have chosen the tenses you have identified. To explain the necessity of the text, if you don’t use the verbs like these writers did it would change the whole meaning of the text...
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...converters, 1 φ semi converters (all converters 5 Hours with R & RL load). CITSTUDENTS.IN TU DE gate and base drives. NT S. IN UNIT - 1 6 Hours Page 1 Power Electronics 06EC73 PART –B UNIT - 5 COMMUTATION: Thyristor turn off methods, natural and forced commutation, self commutation, class A and class B types, Complementary commutation, auxiliary commutation, external pulse commutation, AC line commutation, numerical problems. 7 Hours UNIT - 6 AC VOLTAGE CONTROLLERS: Introduction, Principles of on and off control, Principles of phase control, Single phase controllers with restive loads and Inductive loads, numerical problems. 7 Hours UNIT - 7 chopper with RL loads, Chopper classification, Analysis of impulse commutated Thyristor chopper (only qualitative analysis). 8 Hours UNIT - 8 INVERTORS: Introduction, Principles of operation,...
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...Dereck Rickman Professor, L. Baker English 103 29 January 2015 Critical Thinking: In the mind of a Hospital Corpsman Bullets from enemies’ gun fire buzzing around me. The distant yell for,“Doc!” echoing in my ears as I’m laying behind a bunch of rumble returning gun fire. That distant yell no Hospital Corpsman wants to hear. I get up and run as fast as my legs can carry me to the downed Marine who needs me, and needs my medical attention. I jump over pot holes where once laid IED’s (Improvised explosive devices) and parts and pieces of my comrades who had lost their lives. I continue to the yells and find the Marine trying to crawl to cover, I get to him pulling him behind a cement wall providing cover for him as I tend to his wounds. I struggle getting to my medical gear as I fumble through it, making sure all wounds are addressed as needed. I begin by tying off an improvised tourniquet, which will slow the bleeding, to his right leg and covered which once was a leg now a nub with a battle dressing. As I am muti-tasking marking the Marine with a “T” on his forehead with his own blood and making sure his pain is at a reasonable threshold by administrating Morphine. I yell, “Staff Sergeant start setting up an LZ (landing zone) for an air medevac (wounded personnel being evacuated from a battlefield seeking medical attention) for this Marine.” As the rest of the Marines continue to provide security for this wounded Marine and as I continue addressing his medical situation...
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...He only joined Luffy because the restaurant basically kicked him out and forced him to join the Straw Hats, but Luffy, being a Marine, would already have a chef, so Sanji wouldn't join. Chopper isn't even worth discussing. Chopper is similar to Sanji, where Luffy would already have a doctor and would have no need to visit Drum Island. [I]Robin was literally just a criminal her entire life known as "Demon Child Robin." I can't see her joining the Marines, her enemy. Franky would also have no reason to join the crew if we're being clear here. Same with Brook. Like I'm not even going to go into why with these two. There's just no reason for them to join him if he's a Marine. Straw Hat Crew's Fate So in the end, if none of the Straw Hats had joined Luffy, their lives would be shit. Zoro would've been executed my Morgan, Nami would've remained a slave of Arlong until the day she died, Usopp would've just stayed on his little island, Sanji would work in the sea restaurant forever, Chopper would've wasted his life at Drum Island, Robin would forever be running from the government, Franky would just be chilling at water 7, and Brook would be left to wander the oceans for all eternity without a shadow. It's kind of sad to think about how much Luffy has changed their lives throughout the Manga /...
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...In the poem “The fall of Saigon”, the author David Wojahn uses juxtaposition to emphasize the artful mayhem of the evacuation of Saigon. Juxtaposition is used to compare two conflicting images or ideas; it is designed to make a point of contrast, the points of contrast in this poem are order and chaos. The artful mayhem refers to the fact that the people watching this on the television feel it is artful, as they continue to live there orderly life. Meanwhile, at the exact same moment, the people of Saigon are living the chaotic experience. In the line “one chopper left, and a CBS camera leans” , the chopper stands for the havoc it is causing by turning up dust and causing an uproar, while the CBS cameraman scales up the shot for the people...
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...5.1 Based on the excel spreadsheet 5.1_template A i) FV = $100,000(1.03)^20 FV = $100,000(1.80611) FV = $180,611 After allowing for inflation we want to leave the kids $180,611 at the end of 20 years to have the same purchasing power as $100,000 today. ii) $1.03 in year 1 at 3% inflation means: (1.03)^2 = $1.06 in year 2 (1.03)^10 = $1,34 in year 10 (1.03)^20 = $1.81 in year 20 iii) In year 1 we earn 8% or: 1(0.08) = $0.08 1.08^2(0.08) = $0.09 in 2 years 1.08^10(0.08) = $0.16 in year 10 1.08^20(0.08) = $0.35 in year 20 iv) Excel Sheet B i) The amount of real consumption year 1,2,10,and 20 is $16,184. Inflation is already taken into account in the real interest rate. Consumption doesn’t have to grow each year to keep up with inflation so it stays the same. ii) In (a) we increased consumption every year at the rate of inflation. In (b) we have already taken inflation into account in the real rate of interest instead of the nominal investment rate on our savings. We don’t need to inflate our consumption every year to allow for inflation – inflation in effectively 0. Year 1: $76,184(1.03)/(1.03) = $76,184 Year 2: $76,184(1.03)^2/(1.03) = $76,184 Year 10: $76,184(1.03)^10/(1.03) = $76,184 Year 20: $76,184(1.03)^20/(1.03) = $76,184 iii) In real dollars it leaves the kids $100,000. iv) It is consistent the same way our consumption is consistent. Inflation is already taken into account in the real interest rate. Inflation is effectively 0, and all other...
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...“Doc” stayed with him even though his life was in danger. This would fall under courage. The other virtue I picked was patience and the Doc had a lot of patience to sit by Private Maas even though he was also injured by the shrapnel from other RPG. The final virtue I picked for the Doc was integrity. The Doc had strong moral principles. He stated that he would not leave him no matter what. He had a lot of empathy as well. Based off of these I would put the Doc in the self-discipline category Another person in the video clip was John Collier the chief officer on the flight med chopper. The three virtues I picked for Collier were caring, sympathy, and mercifulness. He had sympathy with Private Maas because of the situation he was in, even though it is against orders to transport Maas because he is considered a live bomb and could blow up a five million dollar helicopter and kill 7 other soldiers in the chopper he decided to transport him. He knew if he didn’t Maas will die. With Collier being in charge of his med crew he would not transport Maas unless the whole crew agreed and new the risks of what they were doing. This would go under caring. The last virtue I picked for John Collier was mercifulness. He showed mercifulness for Private Maas by showing him mercy in general. He showed this by being kind and thinking of him and not leaving him to die. Based off of these virtues I would place John Collier in the benevolence...
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...What is the most popular type of database? relational Using a file-oriented approach to data and information, data is maintained in many separate files. 3. File-oriented approaches create problems for organizations because of multiple master files which may contain redundant data. 4. Which statement is true regarding file systems? The proliferation of master files creates problems in the consistency of specific data stored in different files. 5. A set of interrelated, centrally coordinated files is called a database. 6. The software program that creates, manipulates, and accesses the database goes by the acronym DBMS. 7. The ___________ acts as an interface between the database and the various application programs c) Database management system 8. The combination of the database, the DBMS, and the application programs that access the database through the DBMS is referred to as the c) Database system 9. The person responsible for the database is the b) Database administrator 10. All of the following are benefits of database technology except: b) Decentralized management of data 11. Separating the logical and physical views in a database allows the programmers to concentrate on coding the application logic b) since they do not have to focus on the physical location and layouts of various data items. 12. A database system separates the logical and physical view of data. Such separation facilitates the development...
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