...FOSSIL , INC.: EVOLUTION OF THE BRANDED FASHION WATCH On an April morning, 1993, Tom Kartsotis woke up worth over $42 million on paper and owner of a considerably stronger company. The previous day’s initial public offering of 2.4 million shares had returned $18.7 million to Fossil. Starting from modest beginnings, Fossil had emerged as a major competitor in the highly-competitive branded fashion watch industry. Tom’s months of hard work had resulted in a successful initial public stock offering (IPO). He faced the welcome challenge of making effective use of these new funds. FOSSIL’S CREATION AND GROWTH After he dropped out of Texas A&M, Tom set up business outside Texas Stadium in suburban Dallas. He worked as a ticket-broker, or as some would say, scalper, and sold enough hard-to-get tickets to sporting events and concerts to build his savings to over $200,000. In 1984, at the age of 24 and not looking forward to a future as a ticket scalper, he sold out to his partner and began a search for new opportunities. Tom’s older brother, Kosta, 31 at the time, was a merchandise executive at a large Dallas department store chain, Sanger Harris. Kosta had noted the recent success of Swatch fashion watches and was aware that watches and other goods could be imported from the Far East at very low cost. On a visit to Hong Kong, Tom studied a number of potential products for import including toys and stuffed animals before following Kosta’s advice and returned to the...
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...FOSSIL INC. FINANCIAL STATEMENT ANALYSIS PART 1 10/16/2011 Table of Contents6 Introduction 1 Chosen Policies and Quality of Numbers 1 Part 1: Overview of Balance Sheet 1 1.1 Major types of assets and unusual amounts of components 1 1.2 Major types of liabilities and unusual amounts of components 2 1.3 Major types of Equities and unusual amounts of components 2 Part 2: Overview of the Income Statement 3 2.1 Major sources of revenues, expenses, gains and losses 3 2.2 Unique Items for Income Statement for recreational goods 3 2.3 Unusual amounts changes in the Income Statement 3 Part 3: Overview of Statement of Cash Flow 4 3.1 Analysis for operating cash flows 4 3.2 Analysis for investing cash flows 4 3.3 Analysis for financing cash flows 4 3.4 Direct method of statement of cash flow 5 3.5 Noncash investing and financing activities 6 Part 4: Discussion of CPA’s audit report 6 4.1 Auditor 6 4.2 Type of Audit opinion 6 4.3 Meaning of the Audit Report 7 Part 5: Revenue Recognition and Matching Principles 7 5.1 Types of Revenue Transactions 7 5.2 Revenue Recognition 7 5.3 Concentration of Revenues of Receivables 8 Part 6: Ratio analysis 8 6.1 required Ratios 8 6.2 Ratio analysis 9 Summary 10 Introduction Fossil is a Delaware corporation formed in 1991 which succeeded to a Texas corporation formed in 1984. Fossil specializes in consumer fashion accessories and offers an extensive line...
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...Week One Review Questions Student’s Name GLG 101 Due Date Teacher’s NAme Chapter 1: Critical and Creative Thinking Questions 3 & 5 3. How do you think the principle of uniformitarianism accounts for occasional catastrophic events such as meteorite impacts, huge volcanic eruptions, or great earthquakes? Uniformitarianism is a theory that states that past events are happening today and will happen in the future. What we do today has an effect on the geologic formation and structure and can lead to natural disasters. 5. In what ways do geologic processes affect your daily life? Daily life can be interrupted by flooding, tornadoes, earthquakes and wildfires destroying communities and resources that provide stability. Chapter 2: Critical and Creative Thinking Questions 1 & 3 1. When astronauts brought back rock samples from the Moon, the minerals present were mostly the same as those found on Earth. Can you think of reasons why this might be so? Would you expect minerals on Mars or Venus to be the same, or at least very similar, to those on Earth? Moon and Earth are close neighbors so some of the similarities are to be expected. Mars, Venus and Earth are inner planets and similar because they are small and made up of solid rock like materials. 3. Which of the following materials are minerals, and why (or why not)? Water; beach sand; diamond; wood; vitamin pill; gold nugget; fishbone; emerald. Water is not a mineral because it is a liquid. Beach sand...
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...Associate Level Material Geologic Time Worksheet Use the following table to compare ways of evaluating geologic time. Your description, similarities, and differences must each be at least 50 words. |Time Evaluation Method |Description |Advantages of this Method |Disadvantages of this Method | |Relative dating |The ability to figure out past |By looking at the layers of |The disadvantages to this study | | |sequences of events thus telling|sediment stacked on top of each |and the determining how old | | |us the approximate age |other and studying the fossils |these layers of sediment might | | |difference from one formation to|found within these layers gives |be is the fact that we do not | | |another. This was done by |us the ability to formulate the |know how long it took to make | | |looking at the different layers |approximate age of each layer |one layer. We also do not know | | |of sediment formed in a mountain|and how long it took to form |if there was a time period that | | |side which turned into rock. The|each layer. Also we can tell |a layer of sediments was not | | |layers piled upon each other let|that any fractures...
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...formation or growth and development, without it we wouldn’t be here today. Evolution though only an theory has an massive backing within the science community; many fossils, scientist and scientific studies have all but proved evolution indefinitely. The proof for evolution is massive and profound; fossils and carbon dating are absolute proof that creatures very similar to us not only lived but were evolving and walking around. African hominids such as the bipedal Australopithecus afarensis or “Lucy” are some of the most profound examples of evolutionary history. Unlike a common monkey Lucy was a bipedal specimen which meant she walked upright much like an human. What makes her such an amazing discovery is the fact that she was about three-million to almost four-million years old. Scientist from every side of the spectrum have gathered to try to make this theory fact. Neil Shubin paleontologist and archeologist said” We were not designed rationally, but are products of a convoluted history”. The history of the human body is convoluted in every sense of the word; there are approximately three-billion-five-hundred-million years of history in the human body. Gunnar Save-Soderbergh another on the hunt for proof discovered what was labeled a major missing link; the fossils in question were labeled true mosaics. The fossils had fish like heads and tails but they also had fully formed limbs (fingers and toes). Everyday scientists perform experiments and scientific studies to try and...
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...The Fossil Record and Theories of Evolution. Introduction In general, the term 'evolution' can imply a drastic orgradual change from a very broad perspective. Life on earth, the universe,galaxies, as also the earth in general have evolved through millions of years.In this essay we consider only one aspect of evolution emphasizing on evolutionas a biological tool for change among species and consider fossil record assupportive of both evolution theories and also the other theories contrary toevolution. Evolution is the central unifying concept, a theory thatsuccessfully connects biology, paleontology and other branches of science.Evolution is a gradual descent of organisms accompanied by changes that helpthe organisms to adjust and adapt to the surroundings. 'Descent withmodifications' as Darwin contended implies changes in organisms in successivegenerations (Mayr, 1976). These changes are triggered by the derivation of newspecies and there is a change in the properties of populations of organisms andthese properties tend to transcend the lifetime of any single individual. Newerspecies are modified versions of older species. Although, individual organisms do not biologically evolve,populations evolve when heritable genetic materials are transmitted from onegeneration to another. Biological evolution can range from very limited changesto drastic transformations on a large scale changing the entire speciesaltogether and bringing in new forms. Evolution can thus be defined asinheritable...
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...“The fossil record.” While I find the fossil record interesting, I find vestigial structures as the most compelling, and best to present to those who are evolution-deniers. Vestigial structures are features of species that have lost ancestral functions, and either have a new use or no use of the feature. Vestigial eyes are common. When animals live in complete darkness they have little to no use for eyes, so through mutations and long periods of time, many species gradually lost their ability to see. One example is the blind mole rat. It lives underground and has a protective layer of skin over its eye (Coyne, 2009). Another animal often cited for vestigiality are whales. If you visited a museum to observe the skeleton of a whale, you would see the hindlimb and pelvic bones separated from the rest of the skeleton. These two features of whales served a purpose in their ancestors, but disconnected when they were no longer needed (Mayer, 2011). Using the tools of science, we can take this information and ask questions, and ultimately answer some of them. For example, if an animal has a vestigial structure, we can ask questions like: Why did it lose its function? Which ancestors had the function? Why is the structure still present and not gone altogether? We can also use the tools of science to make predictions. Whales for example, have hindlimbs they no longer use, so we can hypothesize that their ancestors were land animals. We can then go out and look for fossils of specific...
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...Recently, fossils of early birds have been collected from Mesozoic-aged rocks worldwide. Hundreds of millions of years ago, a huge new life form of flying dinosaurs called Pterosaurs became known. (Birds: The Late Evolution of Dinosaurs)These dinosaurs had wings of skin stretched between an enormously elongated finger and its flanks. Pterosaurs were known as the first vertebrates to take flight. About 150 million years ago, Pterosaurs were joined in the air by a more aerodynamic, featured creature, known as the bird. When the oldest known bird fossil of the Archaeopteryx was found, in the 1860s, a lot of controversy began over the evolution of birds and their relationship to dinosaurs. The Archaeopteryx had three toes armed with claws and long,...
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...GLG 101 - Week 6 Assignment: Metamorphic Rocks Lab PART 2/2 (UOP) FOR MORE CLASSES VISIT www.glg101tutorial.com Resources: pp. 108–116 of Geoscience Laboratory and Appendixes K & L Identify and classify the rock examples in Appendix K. Answer the Appendix L questions from your lab book. Write your responses in Appendix K. Complete All of Appendix K & L. Post completed Appendix K & L in the individual forum. Due day 7. ================================================= GLG 101 Assignment Deserts Lab (UOP) FOR MORE CLASSES VISIT www.glg101tutorial.com Resources: pp. 265–276 of Geoscience Laboratory and Appendix M Answer the Appendix M questions from your lab book. Write your responses in Appendix M. Complete ALL of Appendix M. Post completed Appendix M to the individual forum. Due day 7. ================================================= GLG 101 Assignment: Earthquake Technology Lab (UOP) FOR MORE CLASSES VISIT www.glg101tutorial.com Resources: pp. 156–170 of Geoscience Laboratory and Appendix F Answer the questions listed in Appendix F from the lab book. Write your responses in Appendix F. Complete ALL of Appendix F. Post the completed Appendix F in the individual forum. Due day 7. ================================================= GLG 101 Assignment Groundwater Lab (UOP) FOR MORE CLASSES VISIT www.glg101tutorial.com Resource: pp. 213–227 of Geoscience Laboratory and Appendix N. Answer the Appendix N questions from...
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...the past is through studying fossils. Geologists, paleontologists, biologists, and other scientists study fossils in order to uncover facts about the different species and organisms that roamed the Earth up to 3 billion years ago. Using this knowledge, scientists have learned more about the geological processes that continually happen today, as well as climate changes from the past and present, the origination and extinction of species, and the birth of certain deadly diseases. It has helped shape the hundreds of hypotheses and theories about the beginning of the earth. A fossil is defined in Clark Larsen’s book “Our Origins: Discovering Physical Anthropology”...
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...Have you ever wondered what the big deal is about fossils? Fossils are preserved bones. There are all sorts of fossils, dinosaurs, mammals, amphibians, fish, reptiles, birds, just to name a few. Did you know that the first dinosaur fossil was found in 1676? But there are relatively few found in the United States compared to what there is left to find. But we have some exciting news! There may be some fossils in your area! We are planning a dig near you. We just need your support! We believe that there could be several dinosaurs in your area. For example a Tyrannosaurus rex. We have reasons for believing this due to the fact that while on a construction site, a large bone. Comparable to examples of the front leg of a Tyrannosaurus was excavated....
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...ife began on earth about 3.5 to 4 billion years ago, since then it has evolved and flourished. Within the kingdom Animalia, it alone consists of 35 phyla. Two of which are Onychophora and Annelida. Onychophora are believed to be a possible link between two phylums of Annelids and Arthropods as it carries characteristics of both groups. This essay seeks to compare and contrast between the earthworms from phylum Annelida and the velvet worms from phylum Onychophora. Internal Velvet worms and earthworms are superficially similar animals. Both have a bilateral symmetry and an organ system level of body organisation. With regards to their tissue development, both are triploblastic animals with three tissues layers. These layers are the endoderm, mesoderm and the ectoderm. Both of them possess true coelom, where a cavity is lined at both sides by the mesodermal epithelium. The presence of this cavity serves as a hydrostatic skeleton, this allows for the contraction of muscles required for locomotion. It is also important in feeding, providing protection for internal organs as well as in maintaining the body shape (Moore, 2001). Both the velvet worms and the earthworms exhibit protostomic embryonic development whereby cells undergoes determinate, spiral cleavages during cell division. Blastopore forms which eventually forms the mouth ( Campbell, Reece, 2008) Earthworms have a closed circulatory system. Due to their lack of gills or lungs, gaseous exchange with the environment is done...
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...during life; stems and trunks may be broken away from roots after death, and the result is that plant parts (even from the same plant) may end up being fossilised in different places. Some creatures molt off their hard parts during life. We have already mentioned leaf fall in deciduous plants. But all arthropods except insects molt off their outer skeletons as they grow (adult insects don't grow). So crustaceans, trilobites, and so on may drop a dozen or more outer skeletons into the fossil record before they finally die. Molting may act as a bias suggesting that a species was MORE abundant than it was in reality. Size Large fossils are easier to see Large shells or bones are stronger, so less likely to be destroyed and more likely to be preserved. Large fossils are more likely to be found sticking out of the rock. This is not the same bias as the first one, but it is just as real. On the other hand, large creatures tend to be fewer in number than small creatures, giving the reverse bias to the fossil record. Habitat: it's easy to see that creatures that live on mountain tops...
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...Associate Level Material Geologic Time Worksheet Use the following table to compare ways of evaluating geologic time. Your description, similarities, and differences must each be at least 50 words. |Time Evaluation Method |Description |Advantages of this Method |Disadvantages of this Method | |Relative dating |The relative dating method is |Advantages of relative dating is|The biggest disadvantage of the | | |the arrangement of numerous |vitally important for helping |relative dating method is that | | |artifacts or events in a |determine the absolute age of an|it does not provide an age in | | |sequence related to each other |unknown object by placing items,|years. Also the relative dating | | |but without ties in a specific |such as rock formations, in a |method can only determine the | | |slot of measured time and uses |proper chronological order. If |sequential order in which a | | |a process of using past events |relative dating was not used, |series of events occurred, not | | |to determine the age of the |there would not be a way of |when they occurred. So this | | |artifact. This process does not |specifying a...
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...second part of the paper I will be discussing fossil records and the connection they have with punctuated equilibrium. Finally I will be talking about rapid evolution and relative stasis. Explain the concepts of phyletic gradualism and punctuated equilibrium. Phyletic gradualism is a model of evolution. The theory of phyletic gradualism states that the rise of new species is slow, uniform and gradual. In this theory there is no real clear line between ancestral and descendant species. Punctuated equilibrium is a hypothesis, which holds that evolutionary changes usually occur in short bursts separated by long periods of stability. Both phyletic gradualism and punctuated equilibrium are different types of evolution. There are two types of evolution macroevolution and microevolution. Microevolution is slight short-term changes within a species. For example in humans there are different eye colors and hair colors. What predictions about the fossil record does punctuated equilibrium make? Evolution and punctuated equilibrium which state that changes in species occur in short bursts separated by periods of time. Many evolutionists believe that new species are descended from other species that have already existed. Evolution also states that many populations of pre-existing species have evolved into other species over a period of time. Many of these changes can be found in the fossil record and that is also why the fossil record is important for the theory of punctuated...
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