1. Explain why each of the following groups might want financial accounting information. What type of financial information would each group find most useful?
a. The company’s existing shareholders
b. Prospective investors
c. Company managers.
d. Current employees.
e. Commercial lenders who have loaned money to the company.
f. Current suppliers.
g. Debt-rating agencies such as Moody’s or Standard and Poor’s.
h. Regulatory agencies such as the Federal Trade Commission.
2. Identify at least one other group that might want financial accounting information about the
company, and describe how it would use the information.
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Analysis of Financial Statements
“Analysis of Financial Statements” Please respond to the following:* From the e-Activity, determine why it is sometimes misleading to compare a company’s financial ratios with those of other firms that operate within the same industry. Support your response with one (1) example from your research.
* From the scenario, determine two (2) strategies that TFC could utilize to reach its expansion goals. You may, for example, consider your analysis of TFC’s financial statements, as well as your knowledge of TFC’s excessive cash position. Provide a rationale for your response.
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Use the Internet to research instances when a company’s financial ratios did not align with those of other firms that operate within the same industry. Be prepared to discuss
FIN534 Week 2 Scenario Script: Financial Statements and Reports, Financial Analysis, Corporate ratios and benchmarking
Slide #
Scene/Interaction
Narration
Slide 1
Scene 1
• Linda in her office
• Don enters with
• Linda’s Phone Rings
• End of scene
FIN534_2_1_Linda-1: Hello, I hope you are ready to get started today because Don gave us our first analysis project. He would like us to review some of TFC’s financial reports.
FIN534_2_1_Don-1: Hello everyone. I just came from the accounting department where I was able to get TFC’s balance sheets and income statements for the prior two years. The accounting department also provided an estimate of TFC’s balance sheet and income statement after the acquisition, considering it occurs. I would like for you to review the statements and determine the financial strength of our company. We pride ourselves in having a strong cash base. We are hoping this project will keep our cash account strong.
Let’s go to the conference room so I can show you the reports and review some of the accounts with you.
FIN534_2_1_Linda-2: (Phone rings)Hello. (wait a few seconds). Thank you. I will be right over.
FIN534_2_1_Linda-3: Sorry I cannot join you as an important matter came up at one of our facilities.
FIN534_2_1_Don-2: Not a problem. I have faith in our Strayer intern. So, we will review the forms in the conference room.
Slide 2
Scene 2
• In conference room with spreadsheets up
• Put the three areas of Balance Sheet on a slide
• Show the formula
• Go to next slide
FIN534_2_2_Don-1: So, it looks like this one is all on you. Here is the balance sheet and the income statements. I was able to gather the information from the last two years of TFC’s annual report, which you know also includes the statement of stockholders’ equity and the statement of cash flows.
FIN534_2_2_Don-2: Let’s take a quick look at the Balance Sheet. It shows a snapshot of TFC as of December 31st of the past two years as well as this year which is an estimated number. It is pretty much showing us what the company looks like at those points in time. The amounts can change significantly from one day to the next. For example.if there is a big cash payment, then the cash account will go down overnight! There are three main areas to a Balance Sheet and they include assets, liabilities, and equity. The Balance Sheet also says everything should add up or balance and the formula for this is: assets equal liabilities plus equity.
Slide 3
Scene 3
• Don shows Asset account
• Go to next slide
FIN534_2_3_Don-1: Assets are what TFC owns and the accounts consist of current and long term assets. Current assets are typically considered by TFC to be those accounts that will be turned into cash within one year. The long term assets also known as fixed assets are those that have longer than one year of an expected life on the books.
Now let’s take a look at the other side of the Balance Sheet equation.
Slide 4
Scene 4
• Don shows Liabilities and Equity
• Go to next slide
FIN534_2_4_Don-1: Liabilities are what TFC owes to creditors. The same understanding applies to current liabilities as they are what TFC will pay in cash in the following year, while long term liabilities are more than a year. Also accounts payables are those payments that are due to other companies while notes payable are typically due to lending institutions.
FIN534_2_4_Don-2: Equity basically represents the owners of the company and any net income that is not paid out in dividends over time gets transferred into our Retained Earnings account.
Please take some time to look over the balance sheet.
FIN534_2_4_Don-3: As you can see cash is a common theme and we need to have good management of it.
Slide 5
Scene 5
Check Your Understanding:
Review Balance Sheet Items
• List different accounts and the user needs to choose whether it is an Asset, Liability, Equity
• Would like to not have the user be able to open up the balance sheet. So maybe at this point don’t make the spreadsheet as a download – that will come later on
• Go to next slide
User: Use matching where user has to put account in proper bucket (Asset, Liability or Equity)
See addendum Scene 5 CYU
Slide 6
Scene 6
• Don shows Income Statement in conference room
• In comes Joe
• Go to next slide
FIN534_2_6_Don-1: I sure hope everything is fine with Linda. In the business world, these “putting out the fire” actions happen all the time. We are all about making the Body Builder’s experience the most enjoyable experience every time so when that standard is not being met, action needs to be taken A.S.A.P!
FIN534_2_6_Don-2: Before I digress anymore let’s take a look at the income statement. This statement is different from the balance sheet as it occurs over a specific time instead of at one point in time. It, too, has a simple formula of revenue minus expenses equals profit or loss.
FIN534_2_6_Don-3: On our income statement we call revenue net Sales because we already have deducted any discounts we gave to our Body Builders. The expenses are also listed starting with depreciation.
FIN534_2_6_Don-4: Let’s talk about depreciation. It is a non cash item, meaning that when aLong Term Asset is purchased we own it, but since we plan on using it over a number of years, we spread the cost of it over years instead of all at once. Think of a work out building. Since we plan on having our Body Builders use it for years, we expense it or depreciate it over a number of years. We also have to make sure we are following accepted accounting rules when depreciating.
FIN534_2_6_Joe-1: I see you are discussing the financial statements. How is the company looking?
FIN534_2_6_Don-4: Funny, you should ask. We were just going to get into the analysis.
Slide 7
Scene 7 (Interaction- Multiple choice)
• Don looks at balance sheet again
• Make sheet available for download
• Show formula : (Ending cash – Beginning Cash) / Beginning Cash
• Show calculation. (30,000,000-20,000,000)/20,000,000
• In conference room
• Answer Choices
• A. -33%
• B. -67%
• C. 33%
FIN534_2_7_Don-1: Well we reviewed what each statement is, now let’s dive in deeper by doing some analysis. The cash account is very important to us at TFC. Two years ago we had cash of twenty million dollars. Last year our cash position was thirty million dollars. That is a fifty percent gain.
FIN534_2_7_Don-2: To get that we took the Ending Cash minus theBeginning Cash and divided that amount by the Beginning Cash.This year we are projecting to have a cash position of ten million dollars. What type of gain or loss would that be?
FIN534_2_7_Don-3: (Correct Answer): Nice work! It is a loss of sixty seven percent.
FIN534_2_7_Don-4: (Incorrect Answer): Try again. Remember, use the formula Ending Cash minus theBeginning Cash and divide that amount by the Beginning Cash.
Slide 8
Scene 8
FIN534_2_8_Don-1: Doing year over year comparisons are good to get an idea of the direction of the company. As you can see our cash account is expected to go down significantly which is a concern to us especially during this expansion.
FIN534_2_8_Don-2: (Phone rings) Hello. (pauses a few seconds). Okay, I’ll be right there.
FIN534_2_8_Don-3: Well – another fire has to be put out. I have to go now but I am going to leave you with the financial statements and ask that you review them and draw some conclusions.
Slide 9
Scene 9 – Check Your Understanding:
See addendum CYU Slide 9
Slide 10
Scene 10
• Linda Enters
• List all 4 on a slide for Financial Analysis
FIN534_2_10_Linda-1: I just bumped into Don. Great work on the analysis. He told me you were hard at work. A Financial analysis is very important for any company. Besides looking over the balance sheet and income statement; financial analysis also includes examining the statement of cash flows, calculating and examining the return on invested capital, calculating and examining free cash flow, and performing ratio analysis using benchmarks as a guide.
Let’s focus on ratio analysis with benchmarks.
Slide 11
Scene 11
• Linda Speaks
• Put up Strayer banner
• List 5 area of ratio analysis
• Next Slide
FIN534_2_11_Linda-1: When I was attendingStrayer University for my MBA, ratio analysis became a personal favorite of mine. I believe it helps you see the entire picture of the company, especially when you compare them to benchmarks, which are usually ratios for the particular industry. You can say that ratio analysis standardizes all companies, or puts them on the same playing field when comparisons are made.
FIN534_2_11_Linda-2: There are typically five areas of ratio analysis and they include liquidity, asset management, debt management, profitability, and market value.
Slide 12
Scene 12
• Show money – maybe having dollar signs come into the room – or can you have dollar bills explode out of a jar?
• Show financial statements with benchmarks
• Emphasize the Liquidity concern
• ON the screen show the current ratios from paragraph 2.
FIN534_2_12_Linda-1: Liquidity ratios are used to see what position the company is to pay those obligations that are due in the short term. At TFC we usually look at two different ratios, the current and quick also known as the Acid Test.
FIN534_2_12_Linda-2: Let’s take a look at the current ratio. Two years ago our current ratio was three point two two and three point five seven, meaning we have over three times more current assets than current liabilities. However, we are projected to only have one point three four times as much this year. Is it enough? That is a question no one knows, but we can do a comparison to the industry to see where we stand.
FIN534_2_12_Linda-3: Let’s look at the industry for the current ratio from our spreadsheet. As you see, we are well above the industry average for the last two years, indicating we are in a strong position to meet current obligations. However, looking at the current year tells a different story. Our current ratio is one point three four, while the industry average is two point zero. This is why I am nervous. We pride ourselves at TFC to be liquid but this project is really going to put us on the edge.
Let’s now look at some asset management ratios.
Slide 13
Scene 13
• Show money – maybe having dollar signs come into the room – or can you have dollar bills explode out of a jar?
• Show financial statements with benchmarks
• Total Asset Turnover = Sales/Total Assets
•
FIN534_2_13_Linda-1: Asset management ratios focus on how well TFC is using its assets to create wealth. From my Strayer MBA days, we covered a lot of them. The two we like to focus on at TFC are the total assets turnover and days sales outstanding. Let’s look at both of them.
FIN534_2_13_Linda-2: The total assets turnover ratio measures how well Assets are generating sells. The ratio for the last two years was point six eight and point seven zero, respectively. To figure out the ratio we use the formula: total asset turnover equals sales divided by total assets. When comparing to the benchmark of point five zero, TFC’s ratio is in line with the industry.
FIN534_2_13_Linda-3: Days sales outstanding, also known as the average collection period is used to see how long it is taking TFC to collect on its accounts receivables. The benchmark is thirtydays but TFC has been collecting its receivables a lot less than that.
Slide 14
Scene 14
• Linda Speaks
• Put Debt Ratio on board which is Debt Ratio = Total Debt/Total Assets
Put TIE on board = EBIT/Interest Expense
FIN534_2_14_Linda-1: Let’s now look at debt management ratios. These are the ratios that show how well a company leverages itself with debt. Here at TFC we want to stay around the industry average which is fifty percent. Two years ago we weren’t there but we made changes to how we finance our assets and we did much better last year. However, for the current year, we are projected to be a higher than we would like. New project financing is doing this to us.
FIN534_2_14_Linda-2: Times-interest earned or TIE for short is the other ratio we at TFC look at closely. Don’t get me wrong, we are concerned with all the ratios, but some we look at more closely than others. This ratio is concerned with how well our earnings are covering our interest expense. The higher —the better for us. The prior two years we were a lot higher than the industry average of ten. Our profits have been great and we grew at a controlled rate so we were able to manage our debt well.
Slide 15
Scene 15
· Linda starts
· In enters Joe
· Goes over Net Profit Margin = Net Income/Sales and ROE = Net Income/Equity
FIN534_2_15_Linda-1: We are really going in unchartered waters for TFC.
FIN534_2_15_Linda-2: Let’s now look at what our shareholders are concerned about which are profitability ratios.
FIN534_2_15_Linda-3: Shareholders invest to see a nice return. At TFC, we have been doing that. Two measurements we look at closely are the Net Profit Margin and Return on Equity.
(Joe comes in…..)
FIN534_2_15_Joe-1: Hi everyone. I would like to talk about this group of ratios. As I mentioned, I am not your financial wizard. However, as CEO, I have to keep our shareholders happy so I really look at these ratios.
FIN534_2_15_Joe-2: The net profit margin percentage tells us how much of each dollar we are selling at TFC stays with the company. The industry average is ten percent or ten cents for each dollar. Here at TFC, we have been beating the industry continuously. Last year we earned twenty one percent or twenty one cents for each dollar sold. Great results for our shareholders and us especially!
FIN534_2_15_Joe-3: The return on equity or ROE, more closely relates to what investors are returning on their money. Over the last two years our investors were able to earn a return of twenty five percent and twenty three percent, respectively. The industry average is twelve percent so we are doing great.
FIN534_2_15_Linda-1: Thanks Joe. If you stay for a few minutes, we were just going to run our projected numbers.
Slide 16
Scene 16
Determine the Return on Equity (ROE) for the year 2013?
A. 6% (correct-This is what shareholders can expect to earn on their investment with TFC in 2013.)
B. 12% (incorrect-Nice try, but remember the formula for ROE is Net Income/Total Stockholder’s Equity.)
C. 8% (incorrect-Nice try, but remember the formula for ROE is Net Income/Total Stockholder’s Equity.)
D. 10% (incorrect-Nice try, but remember the formula for ROE is Net Income/Total Stockholder’s Equity.)
Slide 17
Scene 17
• Linda speaks about Market Value ratios
• Put up P/E Ratios
FIN534_2_17_Linda-1: Great job! So, we are projected to be less than the industry which is a concern for us and our shareholders.
FIN534_2_17_Linda-2: We also look at our price/earnings ratio which is our market value ratio. This gives us an idea of how our stock price compares to that of others in our industry in particular to our earnings. Since we have had very good earnings, our stock price has gone up in value. We considered a stock split but we decided against it as investors were seeing some growth. We do pay a small dividend, as well. When looking at our P/E Ratio, we are aligned with the industry. We will revisit this lateras we review other analyses.
Slide 18
Scene 18
• Check point
[Check Your Understanding here. Intern will be given the category as in Liquidity and say whether it is stronger, the same, or weaker than the industry]
(1) Regarding Liquidity, when looking at the Current Ratio for the prior years is TFC Stronger, Same, Weaker when compared to the Industry?
Answer: Stronger but in the projected year that is not the case
Same – Nice try but the Current Ratio has gotten stronger albeit by a small amount. This shows good coverage for debts due in the current year
Weaker – Nice try but look from at the last two years and the ratios are above the industry average
(2) Regarding Asset Management, when looking at the Total Asset Turnover Ratio for the prior years is TFC Stronger, Same, Weaker when compared to the Industry?
Answer: Stronger: The ratios are a little bit higher than the industry which means that assets are generating sales. However, as assets become aged, that may not be the case. TFC should look at this ratio each year to determine if action is needed
Same – Nice try but the ratios are the same year over year but they are still higher than the industry, which is good but should be a concern if they go down
Weaker – Nice try the ratios are about the same for the last two years which show stability but should be a concern if assets are not generating sales in the future
(3) Regarding Profitability, when looking at the Net Profit Margin Ratio for the prior years is TFC Stronger, Same, Weaker when looking at year over year?
Answer: Same – TFC is above the industry average but is relatively flat which may be the reason to expand.
Stronger – Nice try but while the ratios are better than the industry they still didn’t not improve by a wide amount from one year to the next
Weaker – Nice try but look from at the last two years and the ratios are above the industry average
FIN534_2_18_Linda-1: So how are we looking regarding our ratios? With all of your studies from Strayer University what do you think of the ratios when compared to the industry and year over year?
Slide 19
Scene 19
• Linda comments on ratios
• Tabbed Interaction
FIN534_2_19_Linda-1: Let’s now summarize the five areas offinancial ratios.
FIN534_2_19_Linda-2: First is liquidity – We currently are very strong compared but it appears we will be having some cash concerns during this expansion year.
FIN534_2_19_Linda-3: Next, asset management – We really are doing well, especially in the days it takes us to collect what is owed to us.
FIN534_2_19_Linda-4: Third, debt management – Currently we are doing well but we need to pay close attention to our debt in the projected year.
FIN534_2_19_Linda-5: Fourth, profitability ratios – Same story as debt management. We are doing fine now but projections say we will be below the industry.
FIN534_2_19_Linda-6: And lastly, market value – We are doing fine now, but projections say we will be below the industry.
FIN534_2_19_Linda-7: So, financially, we are financially strong; however, if we proceed with this expansion project we really need to watch it closely. Our initial projections have TFC taking out a large sum of debt to finance this project. In doing so, it is really going to hurt our financial strength and possibly make us vulnerable. If we do proceed, we need Joe to really sell it to our shareholders. He is great at telling the story in such a positive way.
Slide 20
Scene 20
• Summary slide
FIN534_2_20_Linda-1: Great work this week. To recap, we discussed the different types of financial statements and how important they are for our company. We also discussed the many different types of ratios that TFC uses for comparison to the industry. These ratios and financial statements are the building blocks for companies and are used to paint a financial picture of where the company is currently and where it may be headed. At TFC, we are financially strong now, but going forward, we have to see if that will still hold true.
FIN534_2_20_Linda-2: There are many areas of finance and financial analysis is only one area. Cash is also a key concern and we will explore that next week with time value of money concepts as well as bonds, which is one of the areas that we plan on exploring at TFC to raise capital.
FIN534_2_20_Linda-3: As a reminder, please complete your weekly discussions based on your learning experience today.
CYU Addendum (No recording Necessary):
Scene 5 CYU:
Put each of the Balance Sheet Accounts in the appropriate bucket. Student can check and have them try again if all are not correct
Asset – what company owns
Liabilities – what company owes
Equity – Owners and income preserved
Cash
Accounts Payable
Common Stock
Accounts Receivable
Sales tax Payable
Preferred Stock
Inventory
Notes Payable
Retained Earnings
Prepaid Expenses
Accruals
Paid In Capital in Excess of Par Value
Land
Long Term Bonds
Accumulated Depreciation
Goodwill
Furniture and Fixtures
Scene 9 CYU:
Using the spreadsheet, match up the scenario to the percent of gain or loss from year over year. If get wrong remember the formula (Ending – Beginning)/Beginning * 100
Change in Accounts Receivablefrom 2012 to 2013 = +47%
Change in Depreciation Expense from 2011 to 2012 = +11%
Change in Long Term Debt from 2012 to 2013 = +122%
Change in Accruals from 2012 to 2013 = +133%
Change in Total Equity from 2012 to 2013 = +87%
Change in Total Current Assets from 2012 to 2013 = -20%
Change in Net Income Available to Common stockholders from 2012 to 2013 = -50%
Change in Net Income Available to Common stockholders from 2011 to 2012 = +8.2%
I don’t know if this blance sheet is needed for the discussion
Trevose Fitness Center Balance Sheet
(numbers are in 000’s) As of December 31, XXXX
2011 2012 2013 (e)
Assets:
Cash $ 20,000 $ 30,000 $ 10,000
Short-Term Investments $ 5,000 $ 7,000 $ 6,000
Accounts Receivables $ 10,000 $ 13,600 $ 20,000
Inventories $ 2,000 $ 3,000 $ 7,000
Total Current Assets: $ 37,000 $ 53,600 $ 43,000
Gross Fixed Assets $ 800,000 $ 850,000 $ 1,600,000
Less Accumulated Depreciation $ 320,000 $ 340,000 $ 520,000
Net Fixed Assets $ 480,000 $ 510,000 $ 1,080,000
Total Assets: $ 517,000 $ 563,600 $ 1,123,000
(numbers are in 000’s) As of December 31, XXXX
2011 2012 2013 (e)
Liabilities :
Accounts Payable $ 1,500 $ 2,000 $ 5,000
Notes Payable $ 8,000 $ 10,000 $ 20,000
Accruals $ 2,000 $ 3,000 $ 7,000
Total Current Liabilities: $ 11,500 $ 15,000 $ 32,000
Long-Term Debt $ 200,000 $ 180,000 $ 400,000
Total Liabilities: $ 211,500 $ 195,000 $ 432,000
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Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
Nursing
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Sociology
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
Business
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
Statistics
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Law
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
Reasons being:
When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
We will have a different writer write the paper from scratch.
Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
