Ap World History Chapter 21 Summary - 2501 Words

Chapter 21 A. The Toltec and the Mexica 1. Toltecs emerge in the ninth and tenth centuries after the collapse of Teotihuacan a. Established large state, powerful army mid-tenth to the mid-twelfth century b. Tula was the Toltec capital city and center of trade c. Maintained close relations with societies of the Gulf coast and the Maya 2. Toltec decline after twelfth century d. Civil strife at Tula, beginning in 1125 e. Nomadic invaders after 1175 3. Arrival of the Mexica (or Aztecs) in central Mexico mid-thirteenth century f. Warriors and raiders g. Built capital city, Tenochtitlan (modern Mexico City), about 1345†¦show more content†¦Chimu, powerful kingdom in the lowlands of Peru before the mid-fifteenth century . Irrigation networks; cultivation of maize and sweet potatoes . Capital city at Chanchan had massive brick buildings 19. The Inca settled first around Lake Titicaca in the Andean highlands . Ruler Pachacuti launched campaigns against neighbors, 1438 . Built a huge empire stretching four thousand kilometers from north to south 20. Inca ruled as a military and administrative elite . Use of quipu for record keeping . Capital at Cuzco, which had as many as three hundred thousand people in the late fifteenth century . Extensive road system linked north and south . Official runners carried messages; spread of Quecha language F. Inca society and religion 21. Trade limited . Local barter in agricultural goods . Fewer specialized crafts 22. Inca society was also a hereditary aristocracy . Chief ruler viewed as descended from the sun, owned everything on earth . After death, mummified rulers became intermediaries with gods . Aristocrats enjoyed fine food, embroidered clothes, and wore ear spools . Priests led celibate and ascetic lives, very influential figures 23. Peasants worked the land and gave over a portion of their produce toShow MoreRelatedAccounting 1-4 Chapter100452 Words   |  402 Pageschapter 1 INTRODUCTION TO FINANCIAL STATEMENTS ââ€"  the navigator ââ€"  ââ€"  ââ€"  ââ€"  âÅ"“ Scan Study Objectives Read Feature Story Scan Preview Read Text and Answer Do it! p. 5 p. 11 p. 18 p. 20 Work Using the Decision Toolkit Review Summary of Study Objectives Work Comprehensive Do it! p. 23 Answer Self-Test Questions Complete Assignments Go to WileyPLUS for practice and tutorials Read A Look at IFRS p. 42 study objectives After studying this chapter, you should be able to: 1 Describe the primaryRead MoreDeath Penalty Essay1956 Words   |  8 PagesThere are several reasons to argue for making the death penalty illegal in the United States of America. The United States Constitution does not allow for unkind penalties as a sentence for crime. The death penalty poses many risks to the innocent. World opinion supports the cessation of the death penalty. Poor and minorities suffer disproportionately from the death penalty. Capital punishment is not a deterrent to crime. Putting people to death by capital punishment is not cost effective. Read MoreCobit Framework21120 Words   |  85 Pagesmore than 100 countries and comprising all levels of IT — executive, management, middle management and practitioner. The Association is uniquely positioned to fulfil the role of a central, harmonising source of IT control practice standards for the world over. Its strategic alliances with other groups in the financial, accounting, auditing and IT professions are ensuring an unparalleled level of integration and commitment by business process owners. The Information Systems Audit and Control AssociationRead MoreFactors Affecting The United States4403 Words   |  18 Pagesmother: Why does it seem as though Blacks, Hispanics, Chinese, and Europeans from Italy and Poland like living in cities? The racial composition cities in the United States underwent a major changes that might be considered as decisive shortly after World War I. Ayer has indicated that demographers typically distinguish two modes of living: urban and rur al. In plainer language, people live in the city or they live in the country. Throughout the nineteenth century, the United States had been mostly aRead MoreThe Effects of Conflict Management on Employee’s Performance10925 Words   |  44 Pagesterms†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.8 Abstract†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.9 Chapter one: Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..11 1. Background of the study†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦11 2. Problem statement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦15 3. Research questions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦..16 4. Research objectives†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦.16 5. Justification of the research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦16 6. Scope and limitation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...17 Chapter two: Literature review†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.18 2.1 Definition of theRead MoreSocioeconomic Status in Brazil42043 Words   |  169 Pagesstatement of other comprehensive income Balance sheets Cash flow statements Statements of changes in equity Notes to the accounts Operating and financial statistics Fleet table Principal investments Glossary Subsidiary undertakings 16 17 18 19 20 21 79 80 81 82 83 British Airways Plc Officers and professional advisers Directors Sir Martin Broughton Alison Reed Keith Williams Nick Swift Andrew Crawley Frank van der Post Enrique Dupuy de Là ´me Ken Smart Gavin Patterson Garrett Copeland JuliaRead MoreHow Toyota Operates Its Philosophies between Japan and Thailand3934 Words   |  16 Pages †¢ Ms. Nguyen Le Hang †¢ Mr. Vu Quang Linh †¢ Mr. Nguyen Van Ha †¢ Mr. Nguyen Trung Thuc Date: September 7, 2012 Executive summary In the 21 century, the world we inhabit is coming flat where many political, social economic and cultural barriers have been being discharged. The development of global organizations means that clients, suppliers and business may be located across a rangeRead MoreReed Supermarket Case32354 Words   |  130 Pagescontent, whether studying or at work. To ï ¬ nd out more about the complete range of our publishing, please visit us on the World Wide Web at: www.pearsoned.co.uk Fifth Edition GLOBAL MARKETING A DECISION-ORIENTED APPROACH Svend Hollensen Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 1998 by Prentice Hall Second edition published 2001 by Pearson EducationRead MoreProblems and Prospect of Marketing Petroleum in Nigeria15386 Words   |  62 PagesABSTRACT VI TABLE OF CONTENTS VIII CHAPTER ONE INTRODUCTION 1. Background to the Study 1 2. Statement of the research problem 9 3. Objective of the study 10 4. Hypothesis 11 5. Research question 11 6. Significance of the study 12 7. 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African Commonwealth Nations

The following alphabetical list gives the date at which each African Country joined the Commonwealth of Nations as an independent state. The majority of African countries joined as Commonwealth Realms, later converting to Commonwealth Republics. Two countries, Lesotho and Swaziland, joined as Kingdoms. British Somaliland (which joined with Italian Somaliland five days after gaining independence in 1960 to form Somalia), and Anglo-British Sudan (which became a republic in 1956) did not become members of the Commonwealth of Nations. Egypt, which had been part of the Empire until 1922, has never shown an interest in becoming a member. African Commonwealth Nations Botswana, 30 September 1966 as a Republic after establishing independence and electing Seretse Khama as President.Cameroon, 11 November 1995 as a RepublicThe Gambia, 18 February 1965 as a Realm—became a Republic on 24 April 1970Ghana, 6 March 1957 as a Realm—became a Republic 1 July 1960Kenya, 12 December 1963 as a Realm—became a Republic on 12 December 1964Lesotho, 4 October 1966 as a KingdomMalawi, 6 July 1964 as a Realm—became a Republic on 6 July 1966Mauritius, 12 March 1968 as a realm—became a Republic on 12 March 1992Mozambique, 12 December 1995 as a RepublicNamibia, 21 March 1990 as a republicNigeria, 1 October 1960 as a Realm—became a Republic on 1 October 1963 – suspended between 11 November 1995 and 29 May 1999Rwanda, 28 November 2009 as a RepublicSeychelles, 29 June 1976 as a RepublicSierra Leone, 27 April 1961 as a Realm—became a Republic 19 April 1971South Africa, 3 December 1931 as a Realm—withdrew on becomi ng a Republic on 31 May 1961, rejoined 1 June 1994Swaziland, 6 September 1968 as a KingdomTanganyika, 9 December 1961 as a Realm—became Republic of Tanganyika on 9 December 1962, United Republic of Tanganyika and Zanzibar on 26 April 1964, and United Republic of Tanzania on 29 October 1964.Uganda, 9 October 1962 as a Realm—became a Republic on 9 October 1963Zambia, 24 October 1964 as a RepublicZimbabwe, 18 April 1980 as a Republic—suspended on 19 March 2002, departed on 8 December 2003

Black Power Movement Usa Free Essays

Cultural Diversity Black Power From the start of our country African Americans had been beneath white society. The civil rights movement of the south put an end to segregation and gave African Americans the same rights as an Anglo American legally. Racism and black segregation were still very much alive though, and if African Americans were ever to be treated as equals they would need to liberate from white society and truly empower themselves. We will write a custom essay sample on Black Power Movement Usa or any similar topic only for you Order Now This was the Black Power Movement. The movement for Black Power started during the civil rights movement in the 1960s. The movement was made up of several different organizations and spoke persons with a variety of ideas and views differing from that of Martian Luther King and the civil rights movement. They felt that the civil rights movement to end segregation was not enough and many black power advocates rejected the civil rights movements’ ultimate goal of assimilation. They believed that white racism and institutional discrimination would always be a part of American culture and society, and did not want to be integrated into the very system that for centuries oppressed, denigrated, and devalued blacks. The Black Power movement was built around ideas of racial pride and Black Nationalism with groups working to increase African American control over schools, law enforcement, welfare programs, and other public services in black communities. They felt that to be equal they must liberate and truly empower themselves on there own terms in order to gain power and stand up to the dominant group. Advocates of Black Power were open to the use of violence in order to achieve there goals, which was in direct contrast to the non-violent approach demonstrated by Martin Luther King jr. ,leader of the civil rights movement. The first popular use of the term Black Power as a social and political slogan came from Stokely Carmichael, an organizer and spokesperson for the Student Nonviolent Coordinating Committee (SNCC) a group associated with the civil rights movement. The SNCC was made up mainly of younger members who over time became more violent and outspoken in the belief of Black Nationalism. During the civil rights’ March against Fear there was a division between those aligned with Martian Luther King jr. and those aligned with Stokely Carmichael each having there own respective slogans of â€Å"Freedom Now† and â€Å"Black Power†. During the March a man by the name of James Meredith was gunned down and Carmichael is quoted in saying â€Å"This is the twenty-seventh time I have been arrested and I ain’t going to jail no more! The only way we gonna stop them white men from whuppin’ us is to take over. What we gonna start sayin’ now is Black Power! † From then on the SNCC was for the Black Power movement and Black separatism from whites. The goal of Black Nationalism was also held by the Black Muslims a religious group under the Nation of Islam fighting for Black Power. The Black Muslims were a well known organization within the movement. They were angry, impatient, outspoken, and did more then just talk. There goal was to develop the black community economically in order to supply jobs and gain capital solely by using their own resources, which would help them deal with the white society from a more powerful position. One of the best leaders of the Black Muslims and of the Black Power movement was Malcolm X. He was a very well known and heard man who studied under Elijah Muhammad, the leader of the Nation of Islam. Malcolm X believed in black independence from white society and brought his strong views against white racism and discrimination to the public eye more so then maybe any other leader of the movement and became a threaten figure to white America. Malcolm X was later assassinated in 1965 not due to conflicts with white society, but due to conflicts within the Nation of Islam, specifically those dealing with leader Elijah Muhammad. The SNCC and Black Muslims looked at white society as one and in turn formed there own racism and prejudice to all whites and believed in Black separatism and Black Nationalism. The Black Panthers however were a well known group of the Black Power Movement and believed in neither Black separatism nor Black Nationalism. Huey P. Newton and Bobby Seal, founders of the Black Panthers believed in creating a political group for the people, one that would stand up for the opposed against those who oppose them. They felt the national government not white society was holding them down and the struggle for blacks came more from economic exploitation then from racism. Here is a quote from Bobby Seal as writing in his book Seize The Time â€Å"In our view it is a class struggle between the massive proletarian working class and the small, minority ruling class. Working-class people of all colors must unite against the exploitative, oppressive ruling class. So let me emphasize again — we believe our fight is a class struggle and not a race struggle. † Huey P. Newton and Bobby Seal believed in something bigger, something along the lines of a revolution with the strength of numbers and will power of the people leading the way. Newtown and Seal received much harassment from law enforcement because of this message, so much so that Newton was convicted of killing a police officer and thrown in prison causing much uproar in the legions people he stood up for. The Black Panthers are still very much alive today and continue to stand up for the people. Here is a statement from there website, â€Å"We know now, more then ever before, that the will of the people is greater than the technology and repression of those who are against the interests of the people. Therefore we know that we can and will continue to serve and educate the people†. All three of these groups had significant role in the black power movement and there anger and aggression both directly and indirectly helped pave the way for black politics. The National Black Political convention was held March 10-12 1972 in Gary, Indiana and was a huge milestone for black politicians to come and we now have a black man in office. In close, looking at the situation I feel there are both pros and cons. I believe the movement for Black Power helped open the worlds eyes to inequality and inspired movements to come such as women’s rights, red power, and gay/lesbian rights to name a few. The movement gave the black community a sense of pride to be black and helped cure the pains left by years of slavery and segregation. In turn though this caused more racism both from blacks and whites alike due to such a strong emphasis on race and black segregation. This racism is still easy to see in present time, although the discrimination is definitely lower. I believe if the civil rights and Black Power movements could have worked as one, things would have turned out better for the black community overall. This is an image of Tommie Smith and John Carlos, two American track athletes who placed first and third respectively giving the Black Power salute on the podium at the 1968 Olympic Games in Mexico City. This caused great controversy and both were kicked out of the Olympic village and were expelled from the games by the IOC. Both men were booed by the crowd when they left the podium and Smith later stated â€Å"If I win, I am American, not a black American. But if I did something bad, then they would say I am a Negro. We are black and we are proud of being black. Black America will understand what we did tonight†. Bibliography . Black Panthers, www. BlackPanther. org . Black Muslims, http://www. infoplease. com/ce6/society/A0807794. html . Malcolm X, http://www. malcolmx. com/about/bio3. html . SNCC, http://mlk-kpp01. stanford. edu/index. php/encyclopedia/encyclopedia/enc_student_nonviolent_coordinating_committee_sncc/ . Black Power wikipedia, http://en. wikipedia. org/wiki/Black_Power . In search of African America, http://www. hoover. archives. gov/exhibits/africanamerican/blackpower/index. html . Race, Ethnicity, Gender, and Class 5th edition Pg. 256-258 [pic][pic] How to cite Black Power Movement Usa, Essay examples

Coca-Cola Financial Analysis free essay sample

The Coca-Cola recipe was originally founded and formulated by John Pemberton at the Pemberton’s Eagle Drug and Chemical House. By 1885, the product was registered as a French Wine Coca as a patent medicine. Pemberton claimed Coca-Cola cured morphine addiction, dyspepsia, neurasthenia, headaches and impotence. The carbonated drink began its first sales at Jacob’s Pharmacy in Atlanta, Georgia on May 8, 1886 for 5 cents a glass with its first advertisement in the Atlanta Journal on May 29, 1886. It wasn’t until 1955 when cans of Coke started to make its first appearance (Official Coca-Cola website). By the 21st century, Coca-Cola is proclaimed to be the world’s largest beverage company sold in more than 200 countries. The company owns and markets four out of the world’s top five beverage brands; Coca-Cola, Diet Coke, Fanta, and Sprite. Coca-Cola’s current business situation is obviously more expansive than the early years, with increased sales, maximized profit, and product expansion into new markets. We will write a custom essay sample on Coca-Cola Financial Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page According to Chief Executive Officer, Muhtar Kent, Coca-Cola’s net income rose six (6) percent to $2. 45 billion, or 54 cents a share, from $2. 31 billion, or 50 cents a share from a year earlier ( NY Times, 2013). Based on Coca-Cola’s quarterly profit, the company is right on track with their goal in doubling its 2010 revenue. The sales volume of noncarbonated drinks like juices, tea’s, fuze, and bottled water has had double digit percentage growth in comparison to Coke’s actual soda beverage. A SWOT analysis was conducted for Coca-Cola in 2013, the results were as follows; Strengths: (1) The best global brand in the world in terms of value ($77,839 billion), (2) Coca-Cola holds the largest beverage market share in the world (40%), (3) Coca-Cola’s advertising expenses accounted for more than $3 billion in 2012, increasing firm sales and brand recognition, (4) Coca-Cola serves more than 200 countries and more than 1. 7 billion servings a day, (5) Coca-Cola has bargaining power over their suppliers to receive the lowest prices, and (6) Coca-Cola focuses on their Corporate Social Responsibility programs such as, recycling/packaging, energy conservation, active healthy living, which boosts the company’s image and resulting in a competitive advantage over their competitors. Weaknesses: (1) Coca-Cola is still focusing on selling carbonated drinks. This strategy only works in short term as the world is moving towards the importance of consuming healthier food and drinks to fight obesity, (2) Coca-Cola primary focus is still on selling beverages which places them at a disadvantage to other markets selling food or snacks, (3) Nearly $8 billion of debt acquired from CCE’s acquisition significantly increased Coca-Cola’s debt level, interest rates and borrowing costs, (4) Highly criticized through negative publicity for high water consumption in water scarce regions and using harmful ingredients to produce its drinks, (5) Coca-Cola sells more than 500 brands but only few of the brands bring in more than $1 billion sales and their success in introducing new drinks is weak. Ratio Analysis Interpretation Liquidity and Efficiency Ratios As we learned in class, liquidity ratios measure a company’s ability to meet its short-term obligations. Coca-Cola’s current ratio for FY2011 and FY2012 were calculated by utilizing the company’s consolidated balance sheet s. The assets for the company were added together to get the total current assets. The liabilities were added together to get the total current liabilities. The total current liabilities were subtracted from the total current assets. In order to get the current ratio’s each total current asset for FY2011 and FY2012 was divided by the less current liabilities. Coca-Cola’s current ratio slightly improved from 2011 to 2012. The higher the current ratio, the more capable the company is of paying its obligations. If the ratios were under 1, that would mean the company would not be able to pay off their obligations if it were due at that point. The current ratio gives a sense of the efficiency of a company’s operating cycle or its ability to turn its product into cash. (In millions) 2011 2012 Cash $12,803$8,442 Short term investments 1,088 5,017 Marketable securities 4,920 4,759 Trade accts. receivables 3,092 3,264 Inventories 3,450 2,781 Prepaid expenses and other assets 144 3,092 Assets held for sale 0 2,973 TOTAL CURRENT ASSETS $25,497$30,328 TOTAL CURRENT ASSETS $25,497$30,328 LESS CURRENT LIABILITIES $24,283$27,821 WORKING CAPITAL $1,214$2,507 CURRENT RATIO 1. 0 1. 1 ($25,497/$24,283) Coca-Cola’s Quick Ratio for FY2011 and FY2012 were calculated by also utilizing the company’s consolidated balance sheets. The ‘quick assets’ for the company were added together to get a total which included the cash assets, temporary investments, and accounts receivable. The quick assets were divided into the current liabilities to get the ‘quick’ ratio’s indicated above. Coca-Cola’s quick ratio deteriorated from 2011 to 2012. Quick ratio shows the extent of cash and other current assets that are readily convertible into cash in comparison to the short term obligations of an organization. A quick of 0. 5+ would suggest that a company is able to settle half of its current liabilities instantaneously. However, it is better for a company to have at least a 1. 0+ which would mean the company has enough liquid assets to pay off all its debts in small amount of time if needed without liquefying any inventory quickly. As this would indicate the company is financially stable. Quick Assets:20112012 Cash $12,803 $8,442 Temporary Investments 1,088 5,017 Marketable securities 144 3092 Accounts Receivable 4,920 4,759 TOTAL QUICK ASSETS $18,955 $21,310 CURRENT LIABILITIES $24,283 $27,821 QUICK RATIO 0. 78 0. 77 Solvency and Leverage Ratios Coca-Cola’s Times Interest Earned ratio for FY2011 and FY2012 were calculated by utilizing the company’s consolidated balance sheets to complete the following formula; ‘Income before income tax plus interest expense divided into the interest expense to reach the ratios of 28. 5 and 30. 7. The times interest earned ratio is a metric used to measure a company’s ability to meet its debt obligations. The ratio indicates how many times a company can cover its interest charges on a pretax basis because failing to meet such obligations could force a company into bankruptcy. Ensuring interest payments to debt holders and preventing bankruptcy depends mainly on a company’s ability to sustain earnings. The higher the times interest earned ratio, the more likely is that company able to meet its interest payments. Coca-Cola obviously meets this ability. (In millions) 2011 2012 Income before income tax $11,458 $11,809 Add interest expense $417 $397 Amount available to pay interest $11,875 $12,206 Number of times interest charges earned 28. 5 30. 7 Coca-Cola Debt-To-Equity ratio for FY2011 and FY2012 was calculated by utilizing the company’s consolidated balance sheet to locate their total liabilities and total stockholder’s equity. The ratio consisted of a formula calculation of the total liabilities divided by the total shareholders’ equity for each year. The debt to equity ratio measures how much debt a company has compared to its equity. This means how much does the company owe divided by the firm’s equity. This ratio is important to investors because the more outstanding debt a company has, the greater the proportion of earnings it must use to make payments on the interest and principal. A ratio less than 1 means equity provides the majority of the financing. This puts Coca-Cola in a safe zone. (In millions) 2011 2012 Total Liabilities $24,283 $27,821 Total Shareholders’ Equity $31,635 $32,790 RATIO0. 77 0. 84 Coca-Cola’s gross margin ratio for FY2011 and FY2012 was calculated by utilizing the company’s consolidated statement of income. The gross profit was found by subtracting the cost of goods sold from the revenues. The gross profit was used to divide by the revenue to reach a gross margin ratio of . 60 for both years. The gross margin is what is left over after costs associated directly with the sale of a product or service, such as materials and direct labor, are paid for. Gross margin ratios are the best tool to analyze a company’s potential for profit, as it tells you the profit made on the cost of sales. Investors should avoid investing in companies that have declining gross margin percentages. Coca-Cola’s gross margin has remained steady without an increase or decrease. Coke ultimately has the best gross profit margin in 2012 in comparison to Pepsi’s . 52 gross margins (Hargreaves, 2013). 20112012 Gross Profit $28,327 $28,964 Revenue $46,542 $48,017 Gross Margin Ratio . 60 . 60 Profit Margin Ratio for FY2011 and FY2012 was calculated by utilizing the company’s consolidated statement for income. The consolidated net income was divided into the revenue to reach a total profit margin ratio of . 48 for both years. Profit margins are the most important indicators of a company’s financial health. They show how much money the company has made in the most recent period. Maintaining or improving profit margins allows investing aggressively in marketing expansion and business growth, which helps a company to thrive rather than fall back as a company. In order to maximize profit, a company must operate efficiently and control costs and expenses. Profit margins are very useful when comparing companies in similar industries. A higher profit margin indicates a more profitable company that has better control over its costs compared to its competitors. 20112012 Net Income $8,646 $9,086 Revenue $18,215 $19,053 Profit Margin Ratio . 48 . 48 Analysis of Coca-Cola’s Ratio Versus Pepsi Coca-Cola Company VS. Pepsi Company Financial Statement Comparison December 31, 2012 and 2011 FY2012 FY2012 FY2011 FY2011 Coca-Cola Pepsi Coca-Cola Pepsi Assets Current assets35. 20%25. 10%31. 90%23. 90% Long-term investments16. 30%4. 40%14. 80%3. 40% Property, plant, equip. (net)16. 80%25. 60%18. 70%27. 00% Intangible assets31. 70%44. 90%34. 60%45. 70% Total assets100%100%100%100% Liabilities Current liabilities32. 30%22. 90%30. 40%24. 90% Long-term liabilities29. 20%47. 10%29. 70%46. 40% Total liabilities61. 50%70. 00%60. 10%71. 30% Stockholders Equity Common stock2. 00%0. 03%2. 20%0. 03% Capital surplus13. 20%5. 60%12. 90%6. 10% Reinvested earnings67. 30%57. 60%67. 00%55. 10% Accum. comprehensive income (loss)(-3. 9%)-7. 35%(-3. 5%)-8. 60% Treasury stock(-40. 6%)-26. 10%(-39. 1%)-24. 50% Equity attributable to shareowners38. 00%29. 90%39. 50%28. 20% Equity attributable to noncontrol interests0. 43%0. 14%0. 30%0. 40% Total stockholders equity38. 50%30. 00%39. 90%28. 70% Total liabilities and stockholders equity100%100%100%100% Coca-Cola’s current asset in the most recent year has the advantage against Pepsi. Yet Pepsi’s liabilities are higher than Coca-Cola. Coca-Cola and Pepsi are the most two recognized beverage brands across the globe and have spread their operations across continents. While Coca-Cola only operates in the beverage sector, Pepsi does not restrict its brands from being beverage only. Coca-Cola on the other hand, has a second to none global supply chain system which provides its products to more than 200 countries worldwide which makes it almost impossible to have its retail strength and brand replicated. Being that Coke is the most valuable brand in the world only helps to make the profit case for the beverage company. Conclusion Now, if I had $25,000 to invest in the stock of this company I would definitely choose Coca-Cola as my first attempt in this investment industry. The Coca-Cola company continues to grow which gives investors a very high return on equity, meaning the money I would invest is typically higher than the industry average. Coke is over 19% higher than other beverage or similar companies return and the company has also increased their stock dividend every year for almost fifty (50) years straight. I believe for me, it would be a great way to start my investments in stock as I believe Coca-Cola is a strong lifelong investment. Overall, Coca-Cola can be viewed as a fairly low-risk stock investment. Coca-Cola may not be viewed as the perfect stock, as it’s far from cheap, yet its globally diversified operations serve to both preserve and grow investment capital over the years to come. Coca-Cola is at least a good stock for a long-term investor. The company still continues to generate substantial cash flows from its mega brands, and more importantly, it has invested heavily in emerging markets. Just by evaluating and analyzing the different ratios of the company, reading the history and future prospects, including the income statement and gross margin ratios, I have developed a great sense of worth in investing into the company’s stock in hopes that the coca-cola industry will remain the world’s largest beverage company. Financial Statement Analysis Horizontal Analysis Coca-Cola Company Horizontal Analysis December 31, 2012 and 2011 DecemberDecember Increase (Decrease) 31, 201231, 2011AmountPercent Assets Current assets$30,328 $25,497 $4,831 18. 90% Long-term investments$14,033 $11,869 $2,164 18. 20% Property, plant, equip. (net)$14,476 $14,939 -463(-3. 1%) Intangible assets27,33727,669-332(-1. 2%) Total assets$86,174 $79,974 $6,200 7. 70% Liabilities Current liabilities$27,821 $24,283 $3,538 14. 60% Long-term liabilities$25,185 $23,770 $1,415 5. 90% Total liabilities$53,006 $48,053 $4,953 10. 30% Stockholders Equity Common stock$1,760 $1,760 Capital surplus$11,379 $10,332 $1,047 10. 10% Reinvested earnings$58,045 $53,621 $4,424 8. 20% Accum. comprehensive income (loss)-3,385-2,774-611(-22%) Treasury stock-35,009-31,304-3,705(-11. 8%) Equity attributable to shareowners$32,790 $31,635 $1,155 3. 60% Equity attributable to noncontrol interests$378 $286 $92 32. 20% Total stockholders equity$33,168 $31,921 $1,247 3. 90% Total liabilities and stockholders equity$86,174 $79,974 $6,200 7. 70% Vertical Analysis Coca-Cola Company Vertical Analysis December 31, 2012 and 2011 Dec. 31, 2012 Dec. 31, 2011 Amount Percent Amount Percent Assets Current assets$30,328 35. 20%$25,497 31. 90% Long-term investments$14,033 16. 30%$11,869 14. 80% Property, plant, equip. (net)$14,476 16. 80%$14,939 18. 70% Intangible assets27,33731. 70%27,66934. 60% Total assets$86,174 100%$79,974 100% Liabilities Current liabilities$27,821 32. 30%$24,283 30. 40% Long-term liabilities$25,185 29. 20%$23,770 29. 70% Total liabilities$53,006 61. 50%$48,053 60. 10% Stockholders Equity Common stock$1,760 2. 00%$1,760 2. 20% Capital surplus$11,379 13. 20%$10,332 12. 90% Reinvested earnings$58,045 67. 30%$53,621 67. 00% Accum. comprehensive income (loss)-3,385(-3. 9%)-2,774(-3. 5%) Treasury stock-35,009(-40. 6%)-31,304(-39. 1%) Equity attributable to shareowners$32,790 38. 00%$31,635 39. 50% Equity attributable to noncontrol interests$378 0. 43%$286 0. 30% Total stockholders equity$33,168 38. 50%$31,921 39. 90% Total liabilities and stockholders equity$86,174 100%$79,974 100% Preparation of Common-Sized Financial Statement Coca-Cola Company Preparation of Common-Sized Statement December 31, 2012 and 2011 12/31/2012 12/31/2011 Percent Percent Assets Current assets35. 20%31. 90% Long-term investments16. 30%14. 80% Property, plant, equip. (net)16. 80%18. 70% Intangible assets31. 70%34. 60% Total assets100%100% Liabilities Current liabilities32. 30%30. 40% Long-term liabilities29. 20%29. 70% Total liabilities61. 50%60. 10% Stockholders Equity Common stock2. 00%2. 20% Capital surplus13. 20%12. 90% Reinvested earnings67. 30%67. 00% Accum. comprehensive income (loss)(-3. 9%)(-3. 5%) Treasury stock(-40. 6%)(-39. 1%) Equity attributable to shareowners38. 00%39. 50% Equity attributable to noncontrol interests0. 43%0. 30% Total stockholders equity38. 50%39. 90% Total liabilities and stockholders equity100%100% Competitor Comparison Coca-Cola Company VS. Pepsi Company Financial Statement Comparison December 31, 2012 and 2011 FY2012 FY2012 FY2011 FY2011 Coca-Cola Pepsi Coca-Cola Pepsi Assets Current assets35. 20%25. 10%31. 90%23. 90% Long-term investments16. 30%4. 40%14. 80%3. 40% Property, plant, equip. (net)16. 80%25. 60%18. 70%27. 00% Intangible assets31. 70%44. 90%34. 60%45. 70% Total assets100%100%100%100% Liabilities Current liabilities32. 30%22. 90%30. 40%24. 90% Long-term liabilities29. 20%47. 10%29. 70%46. 40% Total liabilities61. 50%70. 00%60. 10%71. 30% Stockholders Equity Common stock2. 00%0. 03%2. 20%0. 03% Capital surplus13. 20%5. 60%12. 90%6. 10% Reinvested earnings67. 30%57. 60%67. 00%55. 10% Accum. comprehensive income (loss)(-3. 9%)-7. 35%(-3. 5%)-8. 60% Treasury stock(-40. 6%)-26. 10%(-39. 1%)-24. 50% Equity attributable to shareowners38. 00%29. 90%39. 50%28. 20% Equity attributable to noncontrol interests0. 43%0. 14%0. 30%0. 40% Total stockholders equity38. 50%30. 00%39. 90%28. 70% Total liabilities and stockholders equity100%100%100%100% References Coca-Cola Co. (KO) | Profitability. (n. d. ). Retrieved from http://www. stock-analysis-on. net/NYSE/Company/Coca-Cola-Co/Ratios/Profitability#Gross-Profit-Margin