Chemalit Chemicals

Less: Amortization expense (1041. 67)123,958. 33 Total assets $491,197. 91 Liabilities 0 Stockholders Equity Contributed Capital 500,000. 00 Retained Earnings (8,802. 09) Total Stockholders equity 491,197. 91 Total Liabilities and Stockholders equity $491,197. 91 CHEMALITE, INC Cash Flow Statement For the period ended June 30, 2003 Cash flows for operating activities Cash paid to suppliers $ (75,000. 00) Cash paid for legal fees, charter printing costs (7,500. 00) Net cash flow from operating activities (82,500. 00) Cash flows for investing activities Cash paid to purchase machinery (62,500. 00) Cash flows from financial activities Cash received from shareholders 375,000. 00 Cash at end of year $230,000. 00 4. Financial Statements for stockholder’s for year 2003 CHEMALITE, INC Balance Sheet At December 31, 2003 Assets Cash $ 113,000. 00 Accounts Receivable 69,500. 00 Inventory 55,000. 00 Property, Plant and Equipment$ 212,500. 00 Less: Accumulated Depreciation10,885. 42 201,614. 58 Patent 125,000. 00 Less: Amortisation 25,000. 00 100,000. 00 Total Assets $ 539,114. 58 Liabilities 0 Stockholders Equity Contributed Capital 500,000. 00 Retained Earnings 39,114. 58 Total Stockholders equity 539,114. 58 Total Liabilities and Stockholders equity $ 539,114. 58 Income Statement For the period ended December 31, 2003 Revenue $ 754,500. 00 Expenses Cost of Goods Sold $ 545,000. 00 General and administrative expense 87,500. 00 Research and development expense 23,750. 00 Advertisement expense 22,500. 00 Interest expense 750. 00 Amortisation expense 25,000. 00 Depreciation expense 10,885. 42 Cash Flow Statement For the period ended December 31, 2003 Cash flows for operating activities Cash received from customers $ 685,000. 00 Cash paid to suppliers and employees(600,000. 00) Cash paid for administrative expenses(87,500. 00) Cash paid for research and development(23,750. 00) Cash paid for Advertising(22,500. 00) Net cash flow from operating activities $ (48,750. 00) Cash flows for investing activities Cash paid to purchase machinery(212,500. 00) Net cash flow from investing activities (212,500. 0) Cash flows from financing activities Cash received from shareholders 375,000. 00 Cash paid for interest on loan (750. 00) Net cash from financing activities 374,250. 00 Cash at end of year $ 113,000. 00 5. Report to Shareholders:- To Our Shareholders The year 2003 has been a very significant year for Chemalite, Inc with a successful commercial launch of its product and revenue earnings of over $700,000. The initial profits made in the first year are moderate due to the high ini tial expenses made on setting up the business and advertising. The financial health of the company is healthy with zero liabilities and a positive cash balance throughout the year despite the huge cash outflow from initial investment behind machinery and installation. The new invention of Chemalite has been patented by the company and is showing good value for business use. In addition to our current revenue sources we are expecting a great deal in the coming year which will be prestigious for the company as well as profitable. The committee for the Olympic Games, Athens 2004 has placed a firm order with us for 60,000 Chemalites which will generate $90,000 in revenue. The Olympics committee wants to give a Chemalite to each person in the opening ceremony. The athletes and fans will light their Chemalites which will be symbolic of the Olympic flame. This will bring us publicity and will improve our future marketable value. Going forward, we will have guaranteed sales from any demands for fireless ignition as Chemalite does not expect any competitors to come up with a similar product before five years. Lastly, we thank the shareholders for their continuous support and belief in the company.

Business Law Essay Example | Topics and Well Written Essays - 750 words

Business Law - Essay Example When dealing with a legal system the first thing to remember is the rule of law; classical perception and understanding of the British’s unwritten traditional constitution majorly relied on three pillars namely the rule of law, parliamentary sovereignty and the separation of powers (Busch 27). The House of Commons, the Crown and the House of Lords can enact limitless laws being that the UK parliament which is composed of the three groups, the House of Commons and the House of Lords (Marsden 10). Each arm of government is bestowed with specified responsibility independent of the other arms of government. However, the different arms of the British government are described as the executive, legislative and the judiciary. In addition, the direct functionalities of the arms of government include making laws, executing laws and maintenance of laws (Marsden 32). The advantage of the distributed responsibility as showcased above is that; it enables the government to stay healthy and o perate in a democratic manner due to the checks and balance performed by different arms of government (Kiikeri 41). Through power sharing strategy, there is a possibility of the different arms of the UK government to reconsider power balancing so that the executive is not given too much power. People perceive the rule of law to be an illusion that would be difficult to pin down; however, there are myriad classic interpretation of the contents of rule of law which is a hint to its essential nature that people can imagine of within the society (Busch 76). Why should I obey the law? The International Bar Association’s ‘Rule of Law Resolution’ (2005) states that: ‘The Rule of Law is the foundation of civilized society. It sets up a transparent process reachable and alike for all. It ascertains devotion to doctrines that both protects and liberates (Kiikeri 66).’ It is perceived that people do not always obey the law, however, maintaining life in the mode rn world, calls for the willingness from people and citizens to observe the law at all time regardless of the decision of their rivals, which often differs in perception (Smits 60). The rule of law is concerned with the relationship between individuals as well as the state. However, the rule of law also focuses on the processes of law enforcement and administration. In the UK, the principal theme derived from the concept of rule of law indicates that the law should not be administered ruthlessly or recklessly by the people in power; everybody should be equal before the law including those in power (Kiikeri 105). A system should be put in place to interpret and apply the law equally to all citizens. European Union Law The European Court of Justice (ECJ) The European law was founded in 1957 and is currently governing 25 states with two new member countries, Romania and Bulgaria, which joined on January, 2007. The US as a country joined the European Union in 1973, and since then they h ave incorporated the EU laws into their national laws. Having given more priorities to the EU laws, the UK parliament no longer has the jurisdiction to be the supreme law maker with limitations to sovereignty (Kiikeri 110). The law council is the main decision making body consisting of one member (minister) from every member country with authorization of committing their state to the legislative proposal (Smits 29). The European Commission The

Cultures Essay Example | Topics and Well Written Essays - 3500 words

Cultures - Essay Example Therefore, subcultural art is more rigorous to dissent against certain aspects of the society what the subcultural people believed to be oppressive and tyrannical. The most effective but the non-violent forms that the subcultural people use to demonstrate against tyrannical entity in a society are art and music. Whereas the dominant cultural arts are confined to criticize any ailing social aspects in mild and insinuative metaphorical expressions, subcultural arts and music often are found to follow a more sarcastic way. The use of art to demonstrate and to dissent against the tyrannical social aspects was the most extensive in the post Second World War period. Indeed the rising subcultural demonstration was a response to the drastic socioeconomic and political changes in the countries that were primarily supposed to be induced by the drastic transitions in the global power structure and economy due to some epoch-making historical events such as the fall colonial power, the Second Wor d War, the Cold War and the economic depressions of the 1960s. Rapid urbanizations with the blessings of science and technology, the massive practice of the rationalistic view of human life, the decay of blind and rigorous religiosity, the massive awareness of man’s rights and roles in the political power especially in democracy, and the rise of the industrial working class gave birth to innumerous cultural and countercultural movements in the post Second World War period and especially in the 1960s. Whereas the traditional cultural art and literature were found to be preoccupied with the prospects of an elegant life based on the blessings of science and technology, the subcultural art and music primarily focused on the consequential negative impacts of the modernity-induced transformations in the society. Lack of a stable and established