Marbury v. Madison Essay Example | Topics and Well Written Essays - 750 words

Marbury v. Madison - Essay Example The facts that surrounded Marbury’s case were very complex. To begin with, following the election of 1800; the emergent Democratic-Republican Party led by Thomas Jefferson won the election against the John Adam’s Federalist Party. This defeat by Thomas Jefferson created an atmosphere of partisan anxiety for the lame duck Federalists2. As Adams became close to completing his term in office, he appointed several justice of peace for the District of Columbia who were approved by the Senate and received the president’s approval. The President’s signature was affixed with the government’s official seal. The commissions were not delivered; nonetheless, upon President Jefferson’s assumption of office by March 5, 1801, he ordered his Secretary of State by the name of James Madison, not to deliver the commissions. One of the appointees called William Marbury, and then filed a petition to the Supreme Court for a legal order or a writ of mandamus that aimed at compelling Madison to show the reasons behind him not being eligible to receive his commission. Chief Justice Marshall was called upon to solve the case, and was to respond to three questions. One of the questions was to determine whether Marbury has a right to writ for which he petitioned. The second one was whether the U.S. laws permitted the court to grant Marbury such a legal order. The third question was, if they did, could such a writ be supplied by the Supreme Court3? Responding to the first question, Marshal made a ruling that stated that Marbury had been legitimately appointed in accordance to the law, and thus, had a right to the writ. He further stated that since Marbury had a legal right to his commission and the law was to award him a remedy. The Chief Justice went ahead and indicated that it was the particular obligation of the courts to protect

Starbucks's finacial analysis Essay Example | Topics and Well Written Essays - 750 words

Starbucks's finacial analysis - Essay Example The cost of equity is calculated by the formula: Ce = Rf + (Em-Rf)*b, where The cost of debt of Starbucks is very low as the company has the vision to attain minimum debt. The amount of debt raised by Starbucks is very low. Due to the tax shield, the cost of debt of Starbucks is very low. The tax rate of Starbucks is 32.8%. The cost of equity and the cost of debt of Starbucks are multiplied respectively to the respective proportions of the debt and equity. The weighted cost of debt and weighted cost of equity are added to find the weighted average cost of capital (Yahoo finance, 2013). The weighted average cost of capital of Starbucks is 11.14%. The earnings before interest and taxes of Starbucks are about 15.7% of the total revenue in 2012. The earnings before interest and tax are the net earnings after operation before interest and taxes are paid (Baker and  Powell, 2009). The increase in EBIT over the last three years is depicted in the table given below. The FCF for Starbucks has been calculated below with the help of formula: Net Earnings before paying interest and tax * (1- tax rate) + Amortization and Depreciation – Net change in working capital – Capital Expenditure. The depreciation and amortization expense of the company consists of the expenses written off by the loss of valuation of its assets due to usage and part of the expenses due to repayment of the loans consisting of principal and interest payments. The depreciation and amortization of the company has increased by 5.56% from 2011 to 2012. The working capital of Starbucks is determined as the net of the current assets after meeting the current liabilities of the company to run its daily operations. The working capital of Starbucks has changed over the years which could be indicated by the trend of change in working capital over the years (Khan, 2004). The compounded annual growth rate