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Essay / Research Paper Abstract
This 6 page paper examines the changes in the owners' equity and cash flow in the Payless Shoe Source company. There paper looks at the changes and quantifies them and then considers the potential of these changes as well as the way they these results may have been analysed and used by management. The bibliography cites 3 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEpayless.rtf
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Unformatted sample text from the term paper:
the level of sales and the profit margin. We can examine the performance of the company in terms of the assets and cash flow by looking at the annual accounts
for 2003/4, which are stated as the 2003 accounts ending in January 2004. There are several changes which we can consider. If we look at the level of equity
in the company there is an overall increase. In 2003 account were she a shareholder equity level of US$607.5. All figures given are in millions apart from earnings per share
figures or otherwise stated. This is an increase on 2002 where the shareholders equity was $598.2 which was also an increase on 2001 which was $ 467.0 (Payless, 2004. 2003).
If we look at the debt there is also an increase in the level of debt, as such there is an increase in the overall level of funding. The
long term debt and liabilities in 2003 was $ 569.4 up from $552.6 in 2002 (Payless, 2004. 2003). Therefore there is an increased level of debt. To consider the overall
impact we can look at the gearing ratio The gearing ratio is the ratio that looks at how much of the capital employed
is provided by way of long term fixed debt and liabilities. This compared the level of shareholder equity to the level of borrowing. This is calculated by taking the
total liabilities less the current liabilities and then dividing this by the capital employed. Generally, the higher the gearing the higher the level of expected return due t the increased
inherent risk. The preference may depend on the perspective, those seeking to make the most of opportunities and take risks may prefer
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