Sports Logistics & Event Planning Essay Example | Topics and Well Written Essays - 1500 words

Sports Logistics & Event Planning - Essay Example It is always important and also necessary to send guardians to take care of the students and the best way of the sending few people to accompany the students is to bring along the teachers and other officials related to the school. In this way, there could be a great interaction with players as teachers could help out the students while interacting with players. Another thing is that safety of the whole group is ensured when there is someone accompanying them. Now that we are considering the trip, we also need to look at a financial aspect of the whole thing. Since we have mentioned that this trip is intended for the students of the school, one way of generating a part of funds is the use of the school donation money or the school deposits reserve. This way school can be a part of the whole affair and the trip would seem as an official visit to the school to the club and in way garner more respect and hence the hospitality levels of the whole trip attain new levels. Funds generated i n such a manner would also illustrate the levels of interaction with the education and sports bodies of the country. Another part of the funds can be generated by using a small amount of fee which is to be collected by the school authorities from the students who are taking part in the whole trip. Thus the concept of social responsibility of the individual towards the society also comes into picture wherein it is the responsibility of the students who are visiting the club to donate to the club for the development of the club in any manner. In this way funds of the trip can be generated to for the successful trip of the club. Now that we have discussed the methods and areas from where we can generate the funds, we need to look at the cost issue of whole trip so as to get an in depth idea about it. The following rates of the tours give us an idea about the cost of the trip. It is decided by the authorities of the club that along with tour of the club and related academies, visitors a lso are allowed to visit

Things to Know About Volleyball Essay Example for Free

Things to Know About Volleyball Essay One thing that I didn’t know about volleyball was that in 1895 William G. Morgan invented it. I also didn’t know that Volleyball has the skills of Baseball, Handball, and Tennis. Two things I already knew were how to spike and serve. Two things I already knew how to do were how to spike and serve. One more thing I didn’t know was how to jump serve. hits then without exercising. This book is based on both facts and how you would play the game. The way the author uses facts is by on page 54 it tells you step by step how to do a back set. The way I can tell the difference between the author’s presentation or fact and inference is by in all of chapter one it gives you some facts on how the game first started. One of the facts is that in 1895 William G. Morgan wanted to invent a game that had the skills of baseball, handball, and tennis. Thus inventing Volleyball. Five items you would put in a timecapsul would be: 1. A volleyball because that’s what the book is all about. 2. Tips on How to Play the game so that if someone in the future knew how to play already they could have tips to become better player’s. 3. A list of warm-ups and exercises to do to play the game better cause your have better 4.I would also put in a list of steps that you should do to know how to spike because bumping, setting, and spiking are the three main ways to get the ball over the net. 5.I would also put in a list of Volleyball Talk words because they would be good to have so when you play the game and use the words you will know what they mean and how to use them.

Modernism vs Postmodernism Graphic Design

Modernism vs Postmodernism Graphic Design Throughout the 19th century artists and painters had a very conservative mindset when it came to the presentation of art. The images and art forms that were made during this time were composed of a certain artistic mold which reflected conservative moral values, virtuosity, righteousness, nobility, sacrifice, and Christianity  [1]. Most artists during this time period conformed to the common artistic mold, which is clearly seen in the works of that century. The 20th century however, saw a new period of design known as modernism, which would eventually lead to postmodernism after World War II. Unlike the artworks of the 19th century, the modernist and postmodernist periods were composed of very revolutionary and transformed images. The ideas and opinions behind the images became more open-minded and hence the images themselves were more flexible and avant-garde  [2]. The period of modernism saw the partial abandonment of conservative traditions. Modern artists looked ahead to the future and not to the past, they supported freedom of expression and equality. The years between World War I and World War II allowed modernism to expand dramatically. Propaganda and war posters are perfect examples of modernism  [3]. Not only did modern artists provide social awareness; they also actively supported political revolutions, such as the Russian Revolution. The Russian revolution provided and excellent opportunity for modern artists to experiment with new expression methods. The posters and propaganda of this revolution in particular were very abstract and futuristic, almost industrial; all of which fitted the Soviet ideology  [4]. A very important historical piece of modernism is its emergence in Germany. Typography in German graphic design was very important, Bauhaus for example used very specific typography and rules but more importantly analyzed the specific roles of items to transmit information. It is interesting that modernism was also seen in German graphic design as some critics believe that World War II effectively drew an end to the true spirit of modernism  [5]. Keeping in mind the social and political background of modernism, the actual graphical aspects of modernist design make sense. Modernist images were generally very symmetrical and alignment was very important. Images were structured and simplified; fonts were arranged in very specific manners to complement the images themselves. Fonts were generally simple such as sans serif or sometimes looked almost hand drawn. Also popular in modernist graphic designs were the use of rules and empty space as components of the works structure. The famous Uncle Sam and Britons recruitment poster of World War I are simplified images, with very basic font. In both posters the images and fonts are arranged according to a grid, and as such they are very leveled and aligned. An interesting point in both posters is the font is different for the word you, it is bolded and outlined providing more emphasis on the importance of the person reading it. These are only brief descriptions of many similar works of the modernist time period  [6]. Following World War II and what some consider the end of modernism a new form of graphic design materialized this is known as postmodernism. This period time started sometime in the 1950s and continues today. Some consider postmodernism to be a movement against modernism. While modernism was more pure, rational and truthful postmodernism was more chaotic and stylized, it no longer had such deep meaning behind the designs. Postmodernism uses symbols, images, and typography as simple stylistic devices. Unlike the structural and simple modernist designs, postmodernist design is obsessed with style and creativity, basically looks. Graphic design was now being presented in popular media in the same methods as fashion; it was up-to-date, advanced, and tasteful  [7]. This time period included the Cuban Revolution and of course the Vietnam War, both of which allowed artist to create interesting works of graphic design. The technical aspects of postmodernist graphic designs were very different from those of modernist design despite having some similarities. Postmodernist design included collages, photography, some hand-drawn images, and in general more chaotic and improvised arrangements. The postmodernism period also witnessed the dawn of a new age. The development of the computer and continuing ingenuity in technology presented new opportunities and new methods for graphic design. Technological developments, particularly in communications also brought forth the possibilities of mass media and culture. Graphic designers were now able to apply their craft to Television, Radio, Print, Mass Marketing, Advertising, and eventually the Internet. A particular aspect of mass media and culture where the differences and similarities between modernist and postmodernist graphic design can be seen is Music, more specifically the artwork of the album covers. The following examples are fine illustrations of the different design types. The modernist designed album cover is Elvis Presleys self-titled debut album Elvis Presley, while the postmodernist designed album cover is the Rolling Stones Exile on Main St. Elvis Presley, Elvis Presley 1956 Elvis Presleys self-titled debut album was released in March on 1956; to this day it remains one of the greatest and most iconic album covers of all time according to Rolling Stone magazine  [8]. Several artists have borrowed and mimicked the album cover, including The Clash which used it for their 1979 album London Calling which coincidently is also on Rolling Stones greatest album cover list. It is amazing how iconic the album cover is despite its shear simplicity, a simple photograph with the title Elvis Presley in very basic font and colors. Following the modernist guidelines the title is arranged in a right angle, and the font is completely legible. The artists intent was clear simplicity, legibility, and yet enough color and contrast to peak interest. Having the font in color and the background photo in black in white directs the viewers immediately to reading the title and then the image. The artwork also has a more personal and playful aura due to the particular choice of the colorful and humorous font. This may have been aimed to give the public a feeling of trust and personal acquaintance with Elvis. Another album cover that seems to be very similar to this is the Thelonius Monk 1965 album cover, it shares the simplicity of font and the photo as the background. The qualities of this album cover are clearly modernistic, extremely different when compared to the following sample of postmodern graphic design. Rolling Stones, Exile on Main St 1972 Similar to Elvis Presleys debut album, Exile on Main St, is #5 on Rolling Stones 100 Greatest Album Covers  [9]. Released in 1972 the designer of the cover John Van Hamersveld  [10], best described the attitudes of the time The general tone of the time was one of anarchy drug dealers and freaks and crazy people left over from the Sixties, all defiant and distorted. This album cover perfectly captured that feeling, the unique background and the title looking like it was a last minute thought perfectly capture the whole basis of postmodernism. The background itself has an interesting story, though it may look like a collage of photos it is actually a single photo of a poster that Hamersveld found in a tattoo parlor off route 66. Unlike the Elvis Presley album cover this one plainly shows little or no structure, it is more chaotic. An analysis of Elvis Presleys debut album cover and the Rolling Stones Exile on Main St album cover, presents dramatic differences not only in the graphic design but also the historical tone of the time. The modernist design of Elvis album cover is simple, clear, and direct; the postmodernist design of the Rolling Stones album cover is chaotic, stylish, eye-catching, and rebellious. Yet both albums are designed for one thing to attract the viewers, listeners, and fans alike. In the end it is obvious that both modernism and postmodernism are still important to this day. Thought they may be very different at times, the ultimately share a goal, to be artistic and creative.

Causes Of Civil War :: essays research papers

Causes Of Civil War As members of the Futurist of America Association, we have been assigned to look specifically at the cause of the American Civil #War. There are five aspects that could of led to the Civil War and they are Westward Movement, Social Change, Froeign Policy Development, Government/Politics Development, and Economic Development. Out of the five aspects, Economic Development is the best reason for the eventual Civil War. First, Westward Movement could of led to American Civil War because of the Louisiana Purchase, Wilmont Proviso, Kansas-Nebraska Act, Popular Sovereignity, Compromise of 1850, Missouri Compromise, "Bleeding Kansas",   California Gold Rush, Manifest Destiny, and the Mistreatment of Native Americans. The Louisiana Purchase was done by President Jefferson because he wanted to doubled the size of the United States and to get control of   New Orleans. Wilmont Proviso was to ban slaves from territories that might gbe aquired from Mexico. Kansas- Nebraska Act was the result of Douglas wanting to build railroads from Chicago to San Franciso. Douglas was a big believer in popular sovereignity, where the people have the right to decide if they want to be free of slave state, and he completely ignore the Missoure Compromise. The Compromise of 1850 stated that should be equal number of free and slave states. The Missouri Compromise said that any state above the latitude of 36 30' can not be a slave state. "Bleeding Kansas" was where people were fighting over the issue of slavery and cost many American Lives. The California Gold Rust occurred when gold was discovered in California and people rushed out to California.When California apply for statehood, it cause huge problems because North and the South wanted control of the gold in the state. Manifest Destiny was where Americans believe that they had the right to expand westward. The Treatment of Native Americans was hoorible because Americans believe they were superior to the Native Americans. All these issues seperated the North form the South because each side a different view on each issue. Westward Movement could of led to the Civil War, but did not because of Henry Clay. When the Westward Movemet occurred new states started to enter the union. This is where the promblems begins. Missouri was the first state, other than Louisiana, to enter the union from the Louisiana Purchase and will give impications on the status of slavery west of the Mississippi. If   Missouri enter the union as a free state, then the North will get control of the House of Representatives because they would have more representatives. If Missouri enter the union as slave, the South will get control over the House.

Critical Analysis of Delta Airline

Critical Analysis of Delta Air Lines, Inc. Financial Reporting and Disclosure Table of Contents Description of Delta Air Lines, Inc. Background, Industry, Market3 Financial Reporting Similarities and Differences4-5 Direction of Disclosure Three Year Comparison5-6 Disclosure Techniques7-8 Financial Derivatives8-9 Financial Statement Analysis Three Year Ratio Analysis10-13 Disclosure of Note Items Application of GAAP13-18 Conclusion Closing Comments18-19 Description of Delta Air Lines, Inc. Background and ProductsDelta Air Lines, Inc. was originally formed as Huff Daland Dusters, Inc. on May 30, 1924, in Macon, Georgia. This began as an aerial crop dusting operation until the company moved to Ouachita Parish in northeastern Louisiana, in 1925, and began acting as a passenger airline in late 1929. Collett E. Woolman purchased the company on September 13, 1928, and renamed it Delta Air Service, with headquarters in Monroe. In the ensuing decades, Delta grew through the addition of routes and the acquisition of other airlines.It transitioned from propeller planes to jets in the 1970s, and entered international competition to Europe in the 1970s and across the Pacific in the 1980s. Delta Air Lines, Inc. is currently a major airline based in the United States headquartered in Atlanta. Delta is the world's largest airline operating under a single certificate, operating flights on six continents across the globe. Delta operates an extensive domestic and international network, spanning North America, South America, Europe, Asia, Africa, the Middle East, the Caribbean and Australia.Delta and its subsidiary Delta Connection operate over 4,000 flights every day. Delta and the Delta Connection carriers fly to 348 destinations in 64 countries. Industry and Market Typically, airline companies and aircraft manufacturers are more prone to swings in revenue and equity market prices due to the release of economic indicators. Delta had an increase of 38% in domestic revenue since 2 008. This is due to increased cargo and baggage handling fees due to new policy implementation. Delta increased its international revenue by 26% since 2008.This is mostly due to an increased focus in the international arena due to the lower demand and higher competition from discount airliners in the U. S. The airline industry contains a variety of different airlines. Some of Delta’s biggest competitors are AirTran Holdings, Southwest Airlines Company, Continental Airlines, American Airlines, JetBlue Airways, United Airlines, and US Airway Group. All of these competitors are diversified in terms of the number of different things they offer, allowing companies in the industry to have access to a number of different profitable markets.Similarities and Differences in Financial Reporting Comparison of Annual Report, 10K and 10Q Delta Air Lines, Inc. uses a number of different elements to supply pertinent information to consumers, investors, creditors, employees, and anyone with a general interest in or curiosity about the company. This pertinent information comes in the form of reports that companies file with the Security and Exchange Commission or SEC, such as the company annual report, the 10K and the 10Q.The annual report is a comprehensive report on a company’s activities throughout the preceding year. Annual reports are intended to give shareholders and other interested persons information about the company’s activities and performance. The 10K is a summary report of a company’s performance that must be submitted annually to the SEC. The 10Q, on the other hand, is a report of a company’s performance submitted quarterly by all public firms to the Securities and Exchange Commission. In the 10Q, firms are required to disclose only newly relevant information egarding their financial position. We see that all three reports are very similar in general as to the information they provide, as well as their purpose. There are a numbe r of similarities and differences between the three reports. The annual report, unlike the 10K and the 10Q, is designed for the benefit of the stockholders and any potential investors. The annual report is published once a year, like the 10K, and usually provides information over a two or three year period to show growth or decline.The annual report is produced to be aesthetically appealing, with color, pictures, quality paper, and printing all for the benefit of current or potential stockholders. The annual report usually includes a company overview, a letter to shareowners, information on the company and its brands, products, and initiatives, its financial highlights, a list of the members of the board of directors, goals and opportunities, and then any important financial statements, information and notes, all of which is meant to promote investment and provide information.The 10K is also a form of an annual report but is only filed with the SEC. It is merely a financial snapshot of the company over the previous year and lacks any visually appealing elements. It too includes a company of the important financial statements, information and notes, but unlike the annual report, it gives much more detail and insight into the operations and cash flow functions of the company. The 10K includes detailed information regarding the business, risk factors, properties, legal proceedings, controls and procedures, transaction relationships, and much more.Like the annual report, the 10K provides information for the current year as well as for one or two years before the current. The 10K is not meant for the benefits of stockholders, but is produced for the sole use of being files with the SEC. The last report is the 10Q, which is a quarterly report filed exclusively with the SEC. This report gives a snapshot of the company’s financial situation in the last quarter, usually a three month period, and also supplies the information for the same quarter in the previous year. The 10Q sually contains information for the total year to date as well. The 10Q, unlike the 10K, is an unaudited version of the financial information and may contain a significant amount of estimation. The report contains sufficiently less information than the other two reports, and gives a general overview of the following topics: financial statements, operations, quantitative and qualitative disclosures, controls, and risk factors. Like the 10K, the 10Q lacks any visually appealing elements because its sole use is for that of the SEC and not for the stockholder’s or potential investors.While still being of importance, the 10Q is of less important than that of the annual report or 10K because of its unaudited and estimated nature, as well as the fact that it reports on a significantly shorter time period than that of the reports and therefore enables users of the report to draw fewer conclusions. Overall, the 10Q is not as useful as those interested in the financial in formation because it provides much less detail and gives a much smaller picture of the company’s financial outlook. Direction of Disclosure Three Year ComparisonOver the last three years, Delta Air Lines, Inc. has made few changes in regard to its direction of disclosure. Delta Air Lines, Inc. discloses its Notes to Financial Statements directly following its Financial Statements and Supplementary Data. In 2008 and 2009, Delta Air Lines, Inc. disclosed all of the same eighteen notes to financial statements in the same order. In 2010, the number of notes was increased to nineteen. The three added notes in 2010 consist of Note 8: JFK Development, Note 11: Bankruptcy Claims Resolution, and Note 19: Subsequent Events.In the 2008 10K, Note 17: Valuation and Qualifying Accounts was stated and kept in the 2009 10K as Note 17 as well. However, it was not included in the 2010 10K. All the Notes added in each year were due to issues that arose within the company. Delta Air Lines, Inc. Note 11: Bankruptcy Claims Resolution was added because In September  2005, we and substantially all of our subsidiaries filed voluntary petitions for reorganization under Chapter  11 of the U. S. Bankruptcy Code. On April  30, 2007, the Delta Debtors emerged from bankruptcy.Under the Delta Debtors’ Joint Plan of Reorganization, most holders of allowed general, unsecured claims against the Delta Debtors received or will receive Delta common stock in satisfaction of their claims. There will be no further material impact to our Consolidated Statements of Operations from the settlement of claims because the holders of such claims will receive under Delta’s and Northwest’s Plan of Reorganization, as the case may be, only their pro rata share of the distributions of common stock contemplated by the applicable Plan of Reorganization.Delta Air Lines, Inc. Note 8: JFK Redevelopment states the company’s annual rent, operation and maintenance payments for the use of terminal facilities at JFK were approximately $135  million in 2010, and estimate the future annual payments to be approximately $200 million after the project is complete in 2016. We will be responsible for the management and construction of the project and bear construction risk, including cost overruns. As construction progresses, the project will be recorded on our Consolidated Balance Sheet as a fixed asset as if we owned the asset.We will also record a related construction obligation on our Consolidated Balance Sheet. Future rental payments will reduce this construction obligation and result in the recording of interest expense on our Consolidated Statement of Operations. The last aspect of Delta Air Lines, Inc. direction of disclosure that has changed with the last three years is Note 19: Subsequent Events. In February 2011, the company completed a $100 million offering of Pass Through Certificates and a $135 million offering of Pass Through Certificates through two separate pass through trusts. This has a final maturity in January 2016.The company received $75 million in net proceeds from the 2010-2B EETC at the closing of the offering and the remaining $59 million is being held in escrow until they refinance other aircraft. Techniques of Disclosure Companies should disclose information as completely as possible in relation to financial condition, contingencies, methods of valuing assets and liabilities, and contracts and agreements. In order to do so, a company may use a number of different disclosure techniques, which include but are not limited to, parenthetical explanations, notes, cross references and contra tems, and supporting schedules. Delta Air Lines, Inc. uses a number of these techniques in the disclosure of their pertinent financial information. Delta Air Lines, Inc. uses parenthetical explanations in a number of different places throughout their financial reporting. Companies use parenthetical explanations to add clarity and com pleteness where it may be needed. This technique brings additional information into the body of the text or statement an afforded for less oversight by readers or users of the financial information. Delta Air Lines, Inc. uses parenthetical explanations in their financial reporting.For example, on the balance sheet under â€Å"Stockholders’ Equity†, Delta Air Lines, Inc. shows parenthetical explanation of the price per share when stating: Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $10. 73 per share). (This example is in the 2010 annual report). Notes are another important technique that companies use for disclosure purposes. Notes allow companies to supply additional information or explanations without writing lengthy or inconvenient parenthetical explanations.Notes are commonly used to disclose the existence and amount of any dividends in arrears, terms of or obligations concernin g purchase commitments, special financial arrangements, financial instruments, depreciation policies, changes in accounting principles or policies, and any contingencies. Companies who use notes are obligated to present all essential facts as completely and precisely as possible in an effort to relay the appropriate and accurate information to readers. Delta Air Lines, Inc. relies heavily on notes in their financial reporting and discloses them in a section called Notes to the Consolidated Financial Statements.Each of these notes adds or clarifies information already presented in the report. An example of such is Note 4: Goodwill and Other Intangible Assets. This note in the Notes to Consolidated Financial Statements section of the annual report describes that the company experienced a significant decline in market capitalization primarily from record high fuel prices and overall airline industry conditions. We determined that these factors combined with further increases in fuel pr ices were an indicator that a goodwill impairment test was required.As a result, we estimated fair value based on a discounted projection of future cash flows, supported with a market-based valuation. We determined that goodwill was impaired and recorded a non-cash charge of $6. 9  billion for the year ended December  31, 2008. This is just one of many notes disclosed by Delta Air Lines, Inc. in their financial reports (this example is in the 2010 annual report). Cross-references and contra items are another important techniques used to supplement the disclosure of financial information. Cross-referencing shows a direct relationship between an asset and a liability on the balance sheet.Cross-referencing is not a technique used by Delta Air Lines, Inc. in their disclosure. Along with cross-referencing, Delta Air Lines, Inc. does not disclose any contra or adjunct accounts in its financial reports. Delta Air Lines, Inc. reports its assets at net and does not quantitatively divulge any contra account information. Contra and adjunct accounts are listed on the balance sheet. Contra accounts either reduce an asset, liability, or owner’s equity account. Adjunct accounts increase an asset, liability, or owner’s equity account. Some examples of such accounts are accumulated depreciation and discount or premium on bonds payable.Delta Air Lines, Inc. does not list any of these accounts specifically in disclosing their financial information, but instead lists all their assets and liabilities at net. The last technique of disclosure to discuss is supporting schedules. Supporting schedules are used to present more detailed information about certain assets or liabilities. Typically, Delta Air Lines, Inc. does not use this technique in disclosure. Financial Derivatives Financial derivative instruments are products developed to manage the financial risks associated with constant change due to volatile markets, new technology, and deregulation.Derivative instr uments help to smooth out fluctuations caused by various types of risk. Companies, such as Delta Air Lines, Inc. use the fair values or cash flows of derivative instruments to offset changes in fair values or cash flows of any at-risk assets. Delta Air Lines, Inc. discloses information on their use of financial derivative products in their Notes under Consolidated Financial Statements. In Note 1: Background and Summary of Significant Policies, Delta Air Lines, Inc. discusses a change in accounting policy in regards to derivative instruments.In March of 2008, FASB issued â€Å"Disclosure about Derivative Instruments and Hedging Activities†. The standard requires enhanced disclosure about how and why entities use derivative instruments, how the instruments and related hedging items are accounted for and how the instruments affect an entity’s financial position, performance, and cash flows. This standard amends required disclosures about the fair value of financial instru ments in interim and annual financial statements. In Note 3: Risk Management and Financial Instruments, Delta Air Lines, Inc. discuss their disclosure of financial derivatives and how they are accounted for.Delta Air Lines, Inc. results of operations are materially impacted by changes in aircraft fuel prices. In an effort to manage exposure to this risk, the company periodically enters into derivative instruments generally comprised of crude oil, heating oil and jet fuel swap, collar and call option contracts to hedge a portion of our projected aircraft fuel requirements, including those of our Contract Carriers under capacity purchase agreements. All hedges are recorded at fair value, and gains and losses on hedges are recorded in other income (expense) at net.Within the Consolidated Statement of Cash Flows, settlements for fair value and cash flow hedges are classified as an operating activity, while all other derivatives are classified as a financing activity. Financial Statement Analysis Analysis: Three Year Ratio Comparison | 2010| 2009| 2008| Liquidity Ratios|   |   |   | Current Ratio: | 0. 64| 0. 79| 0. 81| current assets / current liabilities | | | | Quick or Acid Test Ratio:| 0. 61| 0. 76| 0. 77| current assets – inventories / current liabilities | | | | Current Cash Debt Coverage Ratio:| N/A| 0. 14| -0. 15| net cash from operating activities / average current liabilities| | | | | | | |Activity Ratios| | | | Receivables Turnover Ratio:| 21. 81| 20. 74| 15. 73| net sales / average (net) trade receivables | | | | Inventory Turnover Ratio:| N/A| N/A| N/A| cost of goods sold / average inventory | | | | Asset Turnover Ratio:| 0. 74| 0. 64| 0. 50| net sales / average total assets| | | | | | | | Profitability Ratios| | | | Profit Margin on Sales: | 0. 02%| -0. 04%| -0. 39%| net income / net sales | | | | Rate of Return on Assets:| 0. 01%| -0. 03%| -0. 20%| net income / average total assets| | | | Rate of Return on Common Stock Equity| 0. 73%| 0 . 31%| 1. 5%| net income – preferred dividends / average common stockholder’s equity| | | | Earnings Per Share| $0. 71| -$1. 50| -$19. 06| net income – preferred dividends / weighted shares outstanding| | | | Diluted Earnings Per Share| $0. 70| -$1. 50| -$19. 08| given in the financial statements | | | | Payout Ratio| N/A| N/A| N/A| cash dividends / net income| | | | | | | | Coverage Ratios| | | | Debt to Total Assets Ratio:| 33. 59%| 38. 06%| 35. 50%| debt / total assets| | | | Times Interest Earned:| -0. 61| 1. 74| 13. 20| income before interest and taxes / interest expense| | | | Cash Debt Coverage Ratio:| N/A| 0. 3| 0. 04| net cash from operating activities / average total liabilities| | | | Book Value Per Share: | $1. 08| $0. 30| $1. 87| common stockholder’s equity / outstanding shares | | |   | Explanation A financial analysis of Delta Air Lines, Inc. is best done through the calculation and interpretation of financial ratios. There are four categ ories of financial ratios: liquidity, activity, profitability, and coverage. Each ratio gives a piece of information about the financial stability of the company and collectively portrays the big picture in regards to finances.The first type of ratios, liquidity ratios, measures a company’s short-run ability to pay its maturing obligations. The first ratio, the current ratio, is mainly used to give an idea of the company’s ability to pay back its short-term debts with its short-term assets. The higher the current ratio, the more capable the company is of paying its obligations. Delta Air Lines, Inc. current ratio has decreased gradually in the past three current years, which means the company is becoming less capable of paying off their maturing obligations. In all three years Delta Air Lines, Inc. as remained with a current ratio under one. A ratio under one suggests that the company would be unable to pay off its obligations if they came due at that point. The next r atio, the quick/acid test ratio indicates whether a firm has enough short-term assets to cover its immediate liabilities without selling inventory. Like the current ratio, the higher the ratio, the better the financial outlook of the company. Delta Air Lines, Inc. acid test ratio has continued to decrease over the last few years, which is an indication that the company is becoming less liquid. Once again, Delta Air Lines, Inc. atio remained under one, implying that the company is not capable of paying off its maturing debts at this current point in time. The last liquidity ratio is the current cash debt coverage ratio which indicates whether a company can pay off its current liabilities from its operations in a given year. Delta Air Lines, Inc. current cash debt coverage ratio has increased from 2008 to 2009. The information needed to calculate 2010 was unavailable. The higher the current cash debt coverage ratio, the more capable the company is of paying off its current liabilities with the proceeds from its operations in a given year.Delta Air Lines, Inc. ratio was again below one in the two years calculated, meaning that the proceeds from their operations cannot support their current liabilities. The next type of financial ratios is the activity ratios, which measures how effectively the company is using the assets employed. The first ratio, the receivables turnover, measures the number of times on average a company collects receivables during the period. A low ratio implies that a company should re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for the firm.Delta Air Lines, Inc. receivables turnover ratio increased over the last three years, meaning the company gradually started effectively using its employed assets. The inventory turnover ratio shows how many times a company’s inventory is sold and replaced over a period. This ratio should be compared against industry averages. A low turnover implies poor sales or ineffective buying. This ratio could not be calculated for all three years because the company does not have a cost of goods sold since they do not sell inventory.The last activity ratio, the asset turnover ratio, is useful to determine the amount of sales that are generated from each dollar of assets. Companies with low profit margins have a high asset turnover ratio, and those with high profit margins have a low asset turnover because of pricing strategies. Delta Air Lines, Inc. asset turnover ratio was increased over the last few years and was highest in 2010. This ratio indicates that over the last few years, the company has not been able to effectively use their assets to generate sales.A third type of financial ratios is the profitability ratios that measure the degree of success and failure of a company during a given period of time. The profit margin on sales measures how much out of every dollar of sales a company usually keeps as earnings . Delta Air Lines, Inc. profit margin on sales had increased gradually over the last few years. While this is a positive indication, the company generally has a lower profit margin than other companies in its industry. The rate of return on assets shows how profitable a company uses its assets during a period of time. Delta Air Lines, Inc. as a low rate of return indicating an inefficient use of assets to generate earnings. This company’s return on assets has increased over the last three years, indicating an increase in profitability. The rate of return on common stockholder’s equity measures a company’s profitability in terms of how much profit the company generates with the money shareholders have invested. Delta Air Lines, Inc. has a rather low rate of return on equity and has not shown consistent growth over the last few years. This indicates less profit per dollar invests, as well as a decrease in company profitability.The next ratios are the basic earning s per share and the diluted earnings per share. Basic earnings per share are the portion of a company’s profit allocated to each outstanding share of common stock. Diluted earnings per share expand on this idea by including any dilutive securities. Over the last three years, Delta Air Lines, Inc. basic and dilutive earnings per share have increased, indicating an increase in the company’s profitability. The last profitability ratio is the payout ratio, which is the percentage of earnings paid out as dividends to common stockholders. Delta Air Lines, Inc. ayout ratio cannot be calculated due to the fact that this company has no cash dividends. The last type of ratios used for financial analysis is the coverage ratios. Coverage ratios measure the degree of protection for long-term creditors and investors. The debt to total assets ratio shows the proportion of a company’s assets that are financed through debt. Companies with high debt to total asset ratios are said to be â€Å"highly leveraged†, and would be in danger if creditors start to demand repayment of debt. Delta Air Lines, Inc. ratio is on the low side and has been consistently low over the last three years.This could be an indication that many of the company’s assets are not financed through debt, which is good for the company. The times interest earned ratio or TIE is used to measure a company’s ability to meet its debt obligation. It is usually quoted as a ratio and indicates how many times a company can cover its interest charges on a pretax basis. Failing to meet these obligations could force a company into bankruptcy. The next ratio, the cash debt coverage ratio, indicated a company’s ability to repay its obligations from net cash provided by operating activities without having to liquidate the assets employed in its operations.Delta Air Lines, Inc. is very low which means that liquidation of assets would be required to repay current obligation. The last ratio we must analyze is the book value per share. Book value per share is the amount each share would receive if the company were to liquidate in the basis of amounts reported on the balance sheet. Delta Air Lines, Inc. book value per share has fluctuated significantly over the last few years but increased from 2009 to 2010, which is a good indication. Disclosure of Note Items Standard Applied and Application Delta Air Lines, Inc. ses Generally Accepted Accounting Principles (GAAP) for all of their financial reporting, disclosure, and statement analysis. Delta Air Lines, Inc. flies globally after its merge North West. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U. S. (GAAP). The company’s Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and their wholly-owned subsidiaries. As a result of the Merger, the accounts of Northwest are included for all pe riods subsequent to the Closing Date.Preparation of these find financial statements require estimates and assumptions affecting the reported amounts of assets and liabilities at the date of the consolidated financial statements, reported amounts of revenues and expenses during the reporting period and related disclosures of contingent assets and liabilities. Item 1: Equity Disclosure of stockholder’s equity requires a company to disclose changes in the separate accounts comprising stockholder’s equity in order to make financial statements sufficiently informative.These changes may be disclosed in separate statements or in the basic financial statements or notes. In October  2009, the Financial Accounting Standards Board issued â€Å"Revenue Arrangements with Multiple Deliverables. † The standard revises guidance on the determination of when individual deliverables may be treated as separate units of accounting and the allocation of consideration among separate ly identified deliverables. It also expands disclosure requirements regarding an entity’s multiple element revenue arrangements. Item 2: DebtIn terms of long-term debt, disclosure generally must indicate the nature of the liabilities, maturity dates, interest rates, call provisions, conversion privileges, restrictions imposed by creditors, and assets designed or pledged as securities. It is recommended that companies show any assets pledged as a security for the debt in the assets section of the balance sheet. The fair values for all long-term debt should be disclosed if a practical estimation can be made. Lastly, it is required that companies disclose future payments for sinking fund requirements and maturity amounts of long-term debt during each of the next five years.This type of disclosure allows users of financial statements to evaluate amounts and timing for future cash flows. Any off-balance sheet accounting that a company may do is required to be included in the notes in extensive detail. In Note 5, Delta Air Lines, Inc. acknowledges debt and gives specific details regarding its terms and conditions. For example, during 2010, the company recorded a $391  million loss on extinguishment of debt, of which $304  million related to a non-cash write-off of debt discounts that were recorded as part of purchase accounting.In the 2010 annual report, the company includes a table summarizing scheduled maturities of the company’s debt, including current. The nature of this disclosure aligns with the GAAP requirements. Item 3: Income Taxes Delta Air Lines, Inc. accounts for deferred income taxes under the liability method. They recognize deferred tax assets and liabilities based on the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. A valuation allowance is recorded to reduce deferred tax assets when necessary.Deferred tax assets and liabilities are recorded net as current and noncurrent deferred income taxes on the Consolidated Balance Sheets. The income tax provisions are based on calculations and assumptions that are subject to examination by the Internal Revenue Service (the â€Å"IRS†) and other taxing authorities. Although the positions they have taken on previously filed tax returns are reasonable, they have established tax and interest reserves in recognition that taxing authorities may challenge these positions, which could result in additional liabilities for taxes and interest.This company reviews and adjusts the reserves as circumstances warrant and events occur, such as lapsing of applicable statutes of limitations, conclusion of tax audits, a change in exposure based on current calculations, identification of new issues, release of administrative guidance or the rendering of a court decision affecting a particular issue. They adjust the income tax provision in the period in which the facts that give ri se to the revision become known. Item 4: Earnings per ShareBasic earnings per share (EPS) are net income divided by the weighted average number of common shares outstanding during the period. Diluted EPS includes the incremental shares assumed to be issued upon exercise of stock options and the incremental shares assumed to be issued under performance shares and restricted stock unit arrangements. For the 2010, 2009, and 2008 EPS computations, 18 million, 26 million, and 12 million stock options were excluded from the calculation of weighted shares for diluted EPS because their affects were ant dilutive.Item 5: Accounts Receivables Accounts receivable primarily consist of amounts due from credit card companies from the sale of passenger airline tickets, customers of the company aircraft maintenance and cargo transportation services and other companies for the purchase of mileage credits under the company’s SkyMiles Program. Delta Air Lines, Inc. provides an allowance for unco llectible accounts equal to the estimated losses expected to be incurred based on historical chargeback’s, write-offs, bankruptcies and other specific analyses.Bad debt expense and write-offs were not material for the years ended December  31, 2010, 2009 and 2008. Item 6: Cash and Cash Equivalents Short-term, highly liquid investments with maturities of three months or less when purchased are classified as cash and cash equivalents on the Consolidated Balance Sheets and are recorded at cost, which approximates fair value. Restricted cash and cash equivalents on the Consolidated Balance Sheets are primarily held to meet certain projected self-insurance obligations and are recorded at cost, which approximates fair value.According to Note 2, at December  31, 2010 and 2009, the company recorded $407  million and $419  million, respectively, in restricted cash, cash equivalents and short-term investments and $33  million and $16  million, respectively, in other noncurr ent assets on the Consolidated Balance Sheets. Item 7: Short-Term Investments Investments with maturities of greater than three months, but not in excess of one year, when purchased are classified as short-term investments on the company’s Consolidated Balance Sheets.At December 31, 2010, the short-term investments are treasury bills recorded at cost, which approximates fair value. At December  31, 2009, the short-term investments were invested in a money market fund that was recorded at fair value and liquidated in an orderly manner in 2010. According to Note 2 in the 2010 Annual Report, at December  31, 2010, short-term investments on the Consolidated Balance Sheet consisted of treasury bills and were recorded at cost, which approximates fair value. During the year ended December  31, 2010, Delta Air Lines, Inc. eceived $77  million from an investment in a money market fund that was liquidated in an orderly manner, $71  million of which was recorded in short-term investments on the Consolidated Balance Sheet at December  31, 2009. This investment was classified in Level 3 of the three-tier fair value hierarchy due to uncertainty regarding the timing and expected amount of the distribution. Item 8: Revenue Recognition Delta Air Lines, Inc. recorded the sales of passenger tickets in air traffic liability on the Consolidated Balance Sheets.Passenger revenue is recognized when they provide transportation or when the ticket expires unused, reducing the related air traffic liability. The company periodically evaluates the estimated air traffic liability and records any adjustments in their Consolidated Statements of Operations. These adjustments relate primarily to refunds, exchanges, transactions with other airlines and other items for which final settlement occurs in periods subsequent to the sale of the related tickets at amounts other than the original sales price.This company is required to charge certain taxes and fees on passenger tickets , including U. S. federal transportation taxes, federal security charges, airport passenger facility charges and foreign arrival and departure taxes. These taxes and fees are legal assessments on the customer for which Delta Air Lines, Inc. acts as a collection agent. Because they are not entitled to retain these taxes and fees, they do not include such amounts in passenger revenue. The company records a liability when the amounts are collected and reduce the liability when payments are ade to the applicable government agency or operating carrier. Item 9: Goodwill and Other Intangible Assets Delta Air Lines, Inc. applies a fair value-based impairment test to the net book value of goodwill and indefinite-lived intangible assets on an annual basis and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. The annual impairment test date for goodwill and indefinite-lived intangible assets is October 1. They value goodwill and i dentified intangible assets primarily using the income approach valuation technique.These measurements include the following significant unobservable inputs: the projected revenues, expenses and cash flows, an estimated weighted average cost of capital, assumed discount rates depending on the asset and  a tax rate. These assumptions are consistent with those hypothetical market participants would use. Since the company is required to make estimates and assumptions when evaluating goodwill and indefinite-lived intangible assets for impairment, the actual amounts may differ materially from these estimates. Changes in assumptions or circumstances could result in impairment.Factors which could cause impairment include, but are not limited to, negative trends in our market capitalization, an increase in fuel prices, declining passenger mile yields, lower passenger demand as a result of the weakened U. S. and global economy,  interruption to the operations due to an employee strike, t errorist attack, or other reasons,  changes to the regulatory environment and  consolidation of competitors in the airline industry. According to Note 4, during 2008, Delta Air Lines, Inc. experienced a significant decline in market capitalization primarily from record high fuel prices and overall airline industry conditions.In addition, the announcement of their intention to merge with Northwest established a stock exchange ratio based on the relative valuation of Delta and Northwest It was determined that these factors combined with further increases in fuel prices were an indicator that a goodwill impairment test was required. As a result, they estimated fair value based on a discounted projection of future cash flows, supported with a market-based valuation. The company determined that goodwill was impaired and recorded a non-cash charge of $6. 9  billion for the year ended December  31, 2008.Item 10: Inventories Inventories of expendable parts related to flight equipmen t are carried at moving average cost and charged to operations as consumed. An allowance for obsolescence is provided over the remaining useful life of the related fleet for spare parts expected to be available at the date aircraft are retired from service. The company also provided allowances for parts identified as excess or obsolete to reduce the carrying costs to the lower of cost or net realizable value. These parts are assumed to have an estimated residual value of 5% of the original cost.Conclusion Closing Statements In summation, Delta Air Lines, Inc. is not a highly profitable company. Although it is currently a major airline in the United States and grew through the addition of routes and the acquisition of other airlines, they are not performing so well due to the economic recession. The current economic environment has taken a toll on the company, like most companies throughout the United States in the last few years. Delta Air Lines, Inc. is not as liquid as it would li ke to be, and the coverage ratios are being affected.Over the last few years, the company’s profitability has increased in all facets. If this trend continues, Delta Air Lines, Inc. will be on its way to becoming more liquid and therefore, more financially stable. Delta Air Lines, Inc. management seems to be trying to efficiently utilize all its resources but is falling short in placing this company in a promising financial position. If this company continues to conduct their business in the same manner and direction as they have thus far, then they will fall short of continuing to be a profitable and successful company for years to come.

The Desegregation of Public Schools

A landmark court case that occurred in the early 1950†³s resulted in the desegregation of public schools. This historic Supreme Court case was known as Brown vs. Board of Education. The place was Topeka, Kansas, 1951. A little girl named Linda Brown and her father, Oliver Brown, attempted to enroll Linda in a neighborhood elementary school that accepted whites only. The request was denied, by the White elementary school. The little girl only lived a few blocks from the White elementary school, which would have been a good fit for her. Instead, she ended up traveling about a mile each day to attend the nearest Black school. Mr. Brown decided to request the help of the National Association for the Advancement of Colored People (NAACP). The NAACP was glad to help in the fight. Mr. Brown and the NAACP moved forward and challenged the segregation law. In 1892, the Plessy vs. Ferguson decision had set a precedent for the issue of â€Å"separate but equal,† which had been applied to school in the Southern states since then. Parents in other states were also pursuing the challenge to the â€Å"separate but equal† doctrine in South Carolina, Virginia, and Delaware. Mr. Brown†s case was heard by the U. S. District Court for the District of Kansas. The request by Mr. Brown was to prohibit segregation of the public schools in Topeka. The NAACP argued to the court that separating Black children from White children was sending a wrong type of message to the Black children. The message being sent was that Black children were somehow inferior to Whites and that there was no way that the education being provided could be equal. On the other hand, the Board of Education argued that segregation was a fact of life in the states where these children attended school, and that segregated schools helped prepare the children for the reality of what their adult lives would be like (Robinson 2005). The Board of education went on to cite different successful educated American, none of whom attended integrated schools, such as Frederick Douglass, George Washington Carver, and Booker T. Washington. In handing down their decision, the judges in this case wrote that â€Å"colored children†¦ † suffered a â€Å"detrimental effect† from segregation of the schools (Robinson 2005). However, they believed that the legal precedent set by the Plessy vs. Ferguson case prevented them from issuing the requested injunction and the result was that they ruled in favor of the Topeka Board of Education. Mr. Brown and the NAACP appealed the case and it went to the United States Supreme Court in the latter part of 1951. The case was combined with the Delaware, Virginia, and South Carolina cases. The Supreme Court handled this case very delicately and deliberated for quite sometime. The case was first heard by the Supreme Court, but a decision was not made at that time. Various interpretations of the Fourteenth Amendment were discussed and whether the Plessy vs. Ferguson case had violated it. The case was heard again by the Supreme Court in December of 1953. Thurgood Marshall, who was the first African American Supreme Court Justice, gladly argued for Brown and the NAACP. Finally, a decision was made. On May 17, 1954, the U. S. Supreme Court issued the following decision: â€Å"†¦ Does segregation of children in public schools solely on the basis of race, even though the physical facilities may be equal, deprive the children of the minority group of equal education opportunities? We believe that it does†¦ We conclude that in the field of public education the doctrine of â€Å"separate but equal† has no place†¦ (Brown vs. Board 1954). The Supreme Court tasked the nation with implementing this historic decision with deliberate speed. Recognizing the value of education, the court ruled unanimously in favor of equity. The Supreme Court declared that education is perhaps the most important function of state and local governments. It prepares our children for later professional training and in helping him to adjust normally to his environment. The court also declared that it is doubtful that any child may reasonably be expected to succeed in life if he is denied the opportunity of an education. But the vagueness of the phrase combined with continued bigotry slowed the process, in some cases to a standstill. With the segregation of public schools declared unconstitutional, segregationists across the South sprang into action to prevent the implementation of public school integration. Some states began to pass state laws to uphold segregation, which then had to be challenged in court by the federal government, one by one, delaying black children from attending White schools. Councils began to be developed, by segregationists, to fight against desegregation. One of the most dramatic occurred in Little Rock, Arkansas, in 1957, when White mobs screamed threats at nine Black high school students and blocked them, as they tried to go into their new school for the first time. The Black students were unsuccessful, unfortunately. The president at the time was President Eisenhower, of whom ended up calling in the National Guard to protect them so they could enter the school. President Eisenhower had to call in the National Guard to escort black children to an Arkansas school that refused to integrate. Other communities used different tactics to resist. In Virginia, schools closed rather than desegregate. Elsewhere, some white families migrated to suburbs. Some black parents kept their children in the same black schools to avoid conflict. Families who chose white schools under freedom of choice plans, allowing black children attend any school in a district, received threats. In at least one instance, a cross was burned outside the home of a family. Across the nation, the 1954 Supreme Court decision brought forth dreams of heightened hope and yet resistance, as well. According to Benjamin Mays, the backbone of segregation had been broken. Martin Luther King expressed that the decision was a joyous day-break after a long desolate midnight (Moss 2004, 63). In conclusion, school desegregation was not an issue that was resolved overnight; rather, it was the persistence of those against segregation and the realization of the unequality that it was enduring upon our children that pushed the historic decision that will never be forgotten. Fifty years after the decision was made, it stands to reason that generations of U. S. students have benefited from its relief. The ruling spawned other protectionist laws, Title IX, for example, which specifically extends Brown's principles to gender, that prohibit noncompliant institutions from receiving federal funds, and it cleared the educational paths of millions of minority students. Yet today, people's impressions of the impact of the decision vary as widely as their personal experiences. Baby boomers recall a time of expanded opportunity and change, while younger generations, nowadays, feel that the current classroom compositions are what they are, with the law behind them, the issue simply fills the pages in their history books. Although the Brown case directly addressed racial discrimination in public schools, the case has had great significance for women, as well. The Brown vs. Board of education decision was the legal decision necessary to stop segregation in its tracks. By the time the decision was handed down by the Supreme Court, Linda Brown had already moved on to attend middle school.