Analysis On Financial Statements Economics Essay

Analysis On Financial Statements Economics Essay ATandT Inc. (NYSE: T) is a United States telecommunications corporation headquartered in Texas. Founded in 1983 as SBC Communications, it became ATT Inc. upon purchase of ATT Corporation in 2005. It is the leading U.S. provider of wire-line and wireless communications. ATT delivers 3G wireless services through ATT Mobility LLC, a wholly-owned subsidiary. Other major segments include broadband internet, digital television, directory publishing, and business communications. In 2006, ATT Inc. acquired BellSouth communications corporation, valued at $86 billion, absorbing its wire-line, wireless, and broadband interests. ATT has stated specific future goals in 4G wireless, speech recognition, telehealth, and digital convergence. Recently, ATT selected Alcatel-Lucent and Ericsson as equipment providers for its LTE (4G) wireless deployments. ATT has over 150 million customers and 280,000 employees. ATT reported a $124 billion operating revenue and $23 billion net income as of Dec. 31, 2008. Verizon Communications Inc. (NYSE: VZ) is a United States telecommunications corporation headquartered in New York. It was founded in 1983 as Bell Atlantic. Bell Atlantic acquired GTE Corp. in 2000 and changed its name to Verizon Communications Inc. It is the second largest U.S. provider of wire-line and wireless voice services. Verizon Wireless is a joint venture, with Vodafone Group holding 45 percent ownership. Through its FiOS product, Verizon provides fiber-optic delivery of internet, television, and digital voice. Other major operations include IP networks, applications, and professional services for business. In 2008, Verizon stated its goal to surpass ATT as the U.S. market leader in wireless voice and data communications in the United States. It is aggressively pushing fiber-optic deployments to combat industry-wide access-line losses. Verizon has over 91 million customers and 220,000 employees. Verizon reported a $97 billion operating revenue and $6.5 billion net income as of Dec. 31, 2008. Balance Sheet unusual items ATT:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  At Dec. 31, 2008, ATT reported a current ratio of 0.53, and a long-term assets / long-term liabilities ratio of 1.92. This mismatching indicates that too much short-term financing has been used to acquire long-term assets. ATT may have problems meeting its short-term obligations without additional refinancing. If additional financing cannot be obtained, a lack of asset liquidity poses a bankruptcy risk. At Dec. 31, 2008, ATT reported goodwill at $71.8 billion, accounting for about 27% of their total reported assets. This stems from ATTs aggressive acquisition strategy. The high amount poses a great asset impairment risk. Only losses, not gains, can be recorded for goodwill. If the acquired entities lose value, as judged by an annual impairment test, the loss of recorded assets and corresponding write-offs against stockholders equity can be substantial. Verizon:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  At Dec. 31, 2008, Verizon reported wireless licenses valued at $62.0 billion. These are indefinite-lived intangible asset which account for 30.6% of Verizons total assets. Wireless licenses are extremely important for a telecommunications company, but placing such large valuation on an intangible is a serious risk. Estimating fair value is very subjective, and any significant write-offs (as judged by a periodic impairment test) could threaten stockholders confidence. At Dec. 31, 2008, Verizon reported cash and cash equivalents of $9.8 billion. Having such a large amount of cash and cash equivalents (investments with a maturity of 90 days or less) is good for liquidity. However, a significant portion of this $9.8 billion could be converted to less-liquid, higher-interest investments that mature within a year, or even long-term investments. Having so much cash-on-hand is a problem because it is not being invested to return additional value to the business. Income Statement unusual items ATT:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  At Dec. 31, 2008, ATT reported basic earnings-per-share of $2.17. During the same period, their nearest market competitor, Verizon, reported $2.26 basic earnings-per-share. To the common stockholder, this is one of the most important factors to attract and maintain investment. Unless ATT can achieve higher earnings-per-share, investors will be more likely to invest in their competitors, posing a threat to ATTs future growth. At Dec. 31, 2008, ATT recorded a net other income (expense) of -$589 million (versus +$615 million in 2007). A closer look at Note 4 to the financial statements reveals that this is entirely attributable to Consolidation and Elimination expenses. Reorganization due to acquisition and restructuring has been a significant part of ATTs market-growth strategy, but they must take care not to incur excessive expenses for the sake of growth. That could lead to an overall loss of competitiveness and lack of stockholders confidence. Verizon:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  At Dec. 31, 2008, Verizon recorded a net income of $6.4 billion. Their nearest market competitor, ATT, posted a net income of $12.9 billion. In terms of absolute numbers, this gives Verizon less power in the market and also serves as an indication to investors that Verizon might not be managing its finances well enough. Income is essential to future value creation and expansion, so Verizon should strive to improve operational efficiency and attain an income thats more aligned with (or better than) its competitor. At Dec. 31, 2008, Verizon recorded a net profit margin (ratio of net income to revenues) of only .066, up from their 2007 profit margin of .059, but still lower than their 2006 profit margin of .070. In general, Verizons profit margin seems low compared to other U.S. telecommunications corporations (especially ATT), a sign of managements inability to generate strong returns. This weak financial performance should raise concerns for shareholders and financers, and it poses a survival risk to Verizon. Cash Flow Statement unusual items ATT:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In 2008, ATT issued $9.5 billion in dividends to stockholders (which has been increasing gradually since 2004). Consistent dividends are good to attract sustained stockholders confidence and investment, but a dividend payout of $9.5 billion is unusually high. By paying out too many excess funds to stockholders, ATT may be missing out on more lucrative investment opportunities that would generate better returns. In 2008, ATT reported $5.6 billion in accounts payable and accrued liabilities. This amount, due to ATTs suppliers or banks, must be paid off within 12-months in order to avoid default. This significantly high amount is a constraint against ATTs working capital. If the company is not able to fully pay off the debt in time, its future operations could be hindered. Verizon:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In 2008, Verizon reported net $15.9 billion in acquisitions of licenses, investments, and businesses. Such a substantial investment introduces a high level of business risk. If Verizons investments do not demonstrate profitability, not only will significant funds have gone to waste, but more doubt will be cast on the corporations future investing decisions by investors and financers. In 2008, Verizon accumulated net cash inflows from financing activities of $13.6 billion. In particular, $21.6 billion were proceeds from long-term borrowing, while there was a repayment of only $4.1 billion in long-term borrowing and capital lease obligations. It seems that Verizon is using this leverage to achieve their investing activities discussed previously. Such aggressive financing this fiscal year can put heavy constraints on Verizons ability to acquire additional financing in future years. Verizon is in a precarious position where, if they cannot repay the financing in a timely manner, they enter a high risk of declining into bankruptcy. Notes to Financial Statements unusual items ATT:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  At Dec. 31, 2008, ATT reported that $14.1 billion of its outstanding debt would mature within one year, compared to just $6.9 billion in the previous year (see Note 8). This current debt introduces a liquidity problem, since ATT must be able to generate enough cash in the next year to repay its financers. This is a significant business risk for AT&T; if it is unable to cover its debts in time, its future financing options will be limited and its business operations could be in jeopardy. As of Jan. 1, 2007, ATT indicated a loss of $123 million in goodwill related to the settlement of IRS audit in its wireless segment (see Note 6). Excess goodwill is already a problem because a high risk of asset impairment is introduced, but devaluation due to an IRS audit raises serious concerns about managements judgment for proper accounting. Investors are cautious about missteps such as this, and a recurring incident could further unsettle their confidence in ATT. Verizon:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  On Jan. 9, 2009 (beyond the reporting date of the financial statements), Verizons wireless segment closed the acquisition of Alltel Corporation, paying $5.9 billion for its equity, but also acquiring $22.2 billion of its debt obligations (see Note 2). Acquiring such a massive debt puts Verizon at a significant financing risk. The notes reveal that Verizon has relied on credit to immediately cover the acquisition cost and debt prepayments, with $2.5 billion debt that remains outstanding. Verizon faces potential insolvency in other words, a high risk of adequate repayment and future refinancing. At Dec. 31, 2008, Verizon reported obligations for all defined benefit pension plans at $29.4 billion (see Note 15). The future collection of this large liability poses a financial risk to Verizon, should they not be suitably prepared to cover the costs. Along with Verizons already large debt obligations, this is a noteworthy threat to the companys viability. Balance Sheet differences At Dec. 31, 2008, ATT had a debt-to-equity ratio of 1.75 (total liabilities / total equity) and Verizon had a debt-to-equity ratio of 3.85. ATT and Verizon hold similar levels of total liabilities ($169 and $161 billion, respectively), but ATT has a great deal more stockholders equity ($96.3 versus $41.7 billion, respectively). ATTs much larger stockholder interest provides increased financial flexibility and an ability to service its debt, in comparison to Verizon which should be more cautious in its debt accumulation, at risk of being unable to generate enough cash to satisfy its debt obligations. ATTs lower debt-to-equity ratio may boost stockholders confidence since their investments are better protected in the event of business decline. On the other hand, ATTs lower debt-to-equity ratio may signify that it is not taking advantage of enough financial leverage to generate increased profits. At Dec. 31, 2008, ATT lists Customer Lists and Relationships as a long-term asset valued at net $10.6 billion. Verizon does not such an item listed on their balance sheet, but Note 4 to the financial statements reveals that customer lists and relationships are a net $820 million component of Other Intangible Assets. This item is a limited-life intangible asset, and is subject to amortization accumulation. The relatively similar size of each companys customer base suggests that these valuations shouldnt be so drastically different. Estimating fair value of customer lists and relationships is very subjective, based on how each company judges the ability to generate returns. ATTs high valuation compared to Verizon leads to higher annual write-offs of the asset. Stockholders confidence could be shaken by too high write-offs arising from higher valuations, so Verizons more conservative valuation may be safer in the long-term. Income Statement differences As of 2008, ATTs income statements divide operating revenues into five segments: wireless service, voice, data, directory, and other. Verizons income statement only specifies a catch-all operating revenues item, but Note 17 to the financial statements identifies two segments: domestic wireless and wireline. Both companies wireless segments are equivalent in scope. Verizons wireline segment is the equivalent of ATTs voice data segments combined. Notably, ATT has a more diversified business portfolio, including its directory services which include the publishing of print directories, directory advertising, internet-based advertising, and local search; and the other segment which includes information services, payphone, and corporate operations. The presentation of ATTs income statement emphasizes their diversity of operations in comparison to Verizon. This shows two different approaches to business diversification. For Verizon, if one of its two segments were to fail, the financial i mpact would be catastrophic. For ATT, the failure of a single segment would be less severe on the company as a whole. Verizon lists minority interest as a distinct item under operating income with a recorded expense of $6.16 billion. ATT does not list a distinct item, but Note 4 to its financial statements indicate that $256 million of minority interest expense is part of its other income (expense) item. Minority interest expense refers to the share of profit belonging to minority shareholders. In this case, Vodafone owns a 45% interest in Verizon Wireless and receives that share of the generated income. For Verizon, this is a very large amount of income that it could be collecting for itself, if it was to take full control of its wireless subsidiary. If Verizon recognized the full income of its wireless subsidiary, its overall net income would be more competitive with ATT. Also, by giving Vodafone such a large stake in its wireless subsidiary, there is the potential for a future takeover. Cash Flow Statement differences In 2008, Verizon recorded $13.6 billion in net cash provided by financing activities, while ATT recorded $4.7 billion in net cash used in financing activities. That is, Verizon acquired net debt in its financing activities, while ATT was able to pay back more financing that it acquired. Because of this, ATT shows more financial solvency than Verizon, as its ability to repay previous financing activities boosts shareholder confidence and enhances its record as a reliable borrowing partner for future financing. Verizons big borrowing introduces significant business risks and a potential for bankruptcy if their operations dont return considerable income. On the other hand, Verizons aggressive financing activities may prove beneficial if it uses the finances to successfully grow its market-share, which would be a threat to ATT. In 2008, Verizon recorded $1.4 billion of purchase of common stock for treasury, while ATT recorded $6.1 billion of the same. The goal of these treasury stock repurchases is to increase the value of the shares held by stockholders. Both ATT and Verizon have repurchased shares over the past 5 years, with ATT averaging $4.3 billion in repurchases per year versus Verizons $1.3 billion per year. ATTs consistently larger repurchasing may signify that it views its shares as undervalued, or that it wants to improve its reported earnings-per-share. As noted earlier, ATTs 2008 earnings-per-share were $0.09 lower than Verizons, so this might be a legitimate strategy to attract future stockholder investment. However, the consistent treasury stock repurchases may be a sign that ATT is struggling to obtain legitimate interest from investors, so they are instead just acquiring their own shares to inflate the stocks value. References ATT Inc. 2008 Annual Report. ATT Investor Relations. Online. . ATT Inc. Form 10-K | 2008. Rep. no. 1-8610. Washington, DC: United States Securities and Exchange Commission. Online. . ATT Investor Relations. ATT Official Site. Web. 16 Feb. 2010. . ATT. Wikipedia, the free encyclopedia. Web. 12 Feb. 2010. . Top 10 Profit Margins by Industry, Telecom Domestic. The Online Investor. Web. 20 Feb. 2010. . Verizon Communications Inc. 2008 Annual Report. Verizon | Investor Relations. Online. . Verizon Communications Inc. Form 10-K | 2008. Rep. no. 1-8606. Washington, DC: United States Securities and Exchange Commission. Online. . Verizon Company Profile. Verizon | Investor Relations. Web. 17 Feb. 2010. . Verizon Communications. Wikipedia, the free encyclopedia. Web. 12 Feb. 2010. .

Fundamental Difference between Judaism and Christianity Essay

Judaism and Christianity are closely related religions that can trace their origins back to Abraham and are considered in the studies of comparative religion as Abrahamic religion or Judeo-Abrahamic Faith. While there are those who argue that Christianity is a religion that began independently from Judaism, interpretations of biblical texts from the Old Testament reveal that it started out as Jewish sect during the late Second Temple period of the 1st century. The origins of Judaism on the other hand are still unclear as there are debates regarding the source of this religion. Most scholars however agree that the Genesis book of the Hebrew Bible is the canonical that bears on that question. Whatever the origins of these religions maybe, it is clear that they are currently considered as two (2) separate religions that differ on many fundamental issues. The first fundamental issue upon which Christianity and Judaism differ is with regard to the existence of God. Christianity believes that the existence of God is manifested in the Holy Trinity. God, according to the Christians, exists as three (3) distinct persons who share a single essence, God the Father, God the Son, and God the Holy Spirit. God is indivisible but the persons who form the trinity are distinct from each other. This notion of God existing as the Holy Trinity runs contrary to the tenets of Judaism as they believe that God exists solely as a single indivisible divine being. The idea of the Holy Trinity is incomprehensible to the followers of Judaism because of the rejection of the notion that Jesus or any other object or living being could be â€Å"God†, that God could have a literal â€Å"son† in physical form or is divisible in any way, or that God could be joined to the material world in such fashion. While Judaism has two (2) different words used to label God (transcendence = Ein Sof and immanence = Shekhinah), these refer only to ways of experiencing God and still maintain the indivisibility of God. The other fundamental difference between Christianity and Judaism is with regard to the idea of Original Sin. The concept of Original Sin is found only in Christianity and it makes the assumption that all human beings are born with the original sin which is derived from the sin of Adam and Eve in the Garden of Eden. This basically theorizes that everyone is born a sinner and nobody is born a saint. The only exception to this rule however is Jesus Christ who is regarded as the only person born without original sin. The concept if Original Sin does not exist in Judaism. Instead, Judaism holds that people have free will and have the ability to affect the course of their lives even if they be born naturally with a good inclination or bad inclination. Judaism holds that humans are born with either yetzer hatov or good inclination, or yetzer hara or bad inclination but can change because of free will. According to the teachings in some sects of Judaism, there can be no original sin because Adam and Eve cannot be blamed for eating the forbidden fruit because the notion of evil or of sin did not arise until after the fruit was eaten. Judaism and Christianity also differ with regard to the concept of love. According to certain scholars, love, as understood in the Christian sense, is equivalent to charity and that love in the Judaic context means justice. This is seen in this bible passage: â€Å"Whereas Jews believe that law is the ultimate fulfillment of love, Christians believe that love is â€Å"the fulfillment of the Law. † An examination of the core commandments of Judaism reveals that love as justice means that God commands the love of his people or Israel but never professes his love for his people (Israel). The Christian concept of love is manifested by the numerous acts of charity that Jesus Christ was said to perform during his lifetime including the ultimate act of love which was sacrificing himself to atone for the sins of man. These fundamental differences between Judaism and Christianity have given rise to the existence of two (2) separate religions who may arguably be worshipping the same God. Whatever the justifications are for having such fundamental differences, there is one common ground that not only Judaism and Christianity but also other religions can agree upon, that is that one should always seek to do good for others and learn to respect the beliefs of others.

Where to Find Debatable Essay Topics Sports

Where to Find Debatable Essay Topics Sports Characteristics of Debatable Essay Topics Sports The reader ought to take the author's side by the close of the reading. At exactly the same time, it's a wonderful persuasive essay idea. The second thing that you should take care of once you choose the title is to maintain in mind five varieties of argument claims. Preferably, it needs to be something which you're an expert in. When you're picking your topic, remember that it's much simpler to write about something which you currently have interest ineven in case you don't know a good deal about it. Tell me about the most fascinating person that you've ever met. Recreational sports ought to be made must in offices to relieve extra stress. The matter of athletic fitness ought to be dealt which much more strictness. There are several persuasive essay topics to select from to finish your high school or college assignment. Year-round education isn't a fantastic idea for student learning. The Debatable Essay Topics Sports Cover Up Sports is an essential part of normal life. It betting and its negative impact on the society. Still, for many of us, they can be an escape and it consumes us. How to address those who think that sports are merely wastage of time. When you will need any assistance about the sports argumentative essay topics, there is just 1 stop shop that will provide everything that you need. It is preferable to search online because it will conserve a plenty of time. An exact personal debate as people would like to have the sport they played to be regarded as the most athletic. Some folks argue about sports more than anything else, which could be regarded as crazy considering all the larger problems on the planet. The reader ought to be impressed by the manner in which you defend your ideas. When you've got a completed outline, you'll have a step-by-step guide that you're able to follow till you are done writing. When you have decided on the topic through our guide, we'll also supply you with article writing samples and templates which will also steer you through the writing. Thus, it's important to read corresponding formatting guide. So make certain that you decide on a subject, which has values in it. If you get to select your own topic, that's terrific. Quite frequently, the ideal topic is one which you truly care about, but you also will need to get well prepared to research it. You will probably locate a different and wonderful topic you will love to write about. Because there's a high number of topics which can be covered, here are 10 best ideas, which may encourage an original subject of your own. It is vital to pick a great topic as a way to compose a good paper. If you've been requested to compose an essay on spots, below are some topics that you could look at writing. There are several steps which you should take so as to compose a superb essay. Firstly, it is going to be of an excellent benefit, if you read a whole lot of technology essays on the chosen topic and produce your own ideas on the issue. There are some who are great in writing essays about realities and not about abstracts while some are somewhat more proficient in inventing works of fiction. Argumentative essay topics are so important since they are debatableand it's critical to at all times be critically contemplating the world around us. Recent argumentative essay topics that are related to society is going to do. Advertising and the media are now nearly inseparable from society for a whole. The business related to sports ought to be under the realms of the government of the nation. The dearth of superior support sources will end in a decrease grade. English language classes usually take a lot of writing. The intent of assigning an essay to middle school students is to make awareness and permit them to develop writing skills. Don't be fearful of the old-fashioned interface what distracts other students provides you a distinctive and valuable resource! As a result, while writing, you will discover the advantages and downfalls of technology. A small amount of research will allow you to discover the best sources to use. Sports research paper topics cover a wide variety of fields. Hence, it's critical to make certain that you are able to pursue your research through the most crucial milestones of your syllabus.

`` A Modest Proposal `` The Great Social Mobility...

All things pass, and it seems the American Dream, this image of the United States being a land of opportunity, is slowly fading away as well. Those roads of gold have corroded and Lady Liberty’s torch is flickering. But maybe I’m wrong, and this inner pessimism has gotten the better of me. Maybe the American Dream is alive and well? We’ve elected a billionaire deemed a bigot and a misogynist as our next president. Our unsustainable social security system is on a path to extinction, and social mobility has come to a screeching halt. Oh how this land of opportunity has opened so many possibilities for the collapse of our nation. As Ehrenreich will demonstrate, the great social mobility associated with the American Dream is a correlation that no longer proves to be true. And though Swift’s discussion in â€Å"A Modest Proposal,† deals with the plight that plagues the nation of Ireland, it highlights the point that the common people are suffering with n o voice to express their struggles, but rather only with the authorities to remedy the pain that they themselves do not experience, something the American public is dealing with as well, since our voices do not seem to be heard at times as well. This is only one of only the many reasons why the American Dream is faltering, and these readings are all pointing to the American Dream being a faà §ade now, a nice veil to hide the harsh reality that America is facing today. 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