The document provides instructions for a short paper assignment analyzing Clement Greenberg's article "Avant-Garde and Kitsch." Students are asked to read the article, consider questions about Greenberg's thesis and evidence, and then establish their own point of view by either agreeing or disagreeing with Greenberg's argument while providing additional evidence and analysis. Guidelines are provided on formatting, structure, research, and developing a clear and consistent thesis throughout the paper.

1. Research Methods
Short paper assignment: Critical Analysis of “Avant-Garde and
Kitsch”
Due: September 27
Think about our texts and discussions related to formalism and
read Clement Greenberg’s “Avant-Garde and Kitsch.” You can
find a copy with images at
http://www.sharecom.ca/greenberg/kitsch.html
What’s the overall purpose of the article? What’s Greenberg’s
thesis statement? How does he attempt to prove it? Is his
evidence credible or can you identify flaws in his argument?
Does he make any assumptions and generalizations in his text?
Does he ever seem to contradict himself? Read the definition of
“formalism,” and ask yourself: In what ways is Greenberg a
formalist, and in what ways might his text not be
quintessentially formalist? These questions and others are
important to consider when writing a critical analysis.
Once you’ve read the article and thought about these questions,
you need to establish your own point of view and expand on
Greenberg’s text in some way. Decide if you agree or disagree
with Greenberg’s overarching argument and explain how and
why. If you agree with his point of view, you’ll need to supply
additional evidence of your own. If you disagree with his
argument in some way, then you need to point out the flaw(s) in
the logic and offer counter-evidence. If necessary, you should
also produce a revised argument.
Please keep in mind that the purpose of the assignment is for
you to produce a convincing critical analysis. You won’t have
enough space in this short paper assignment to pick apart each
of Greenberg’s sentences, so feel free to focus on one or more
specific issues that intrigue you most. You also need to be

2. consistent in your point of view, so please do NOT write a
wishy-washy text that explains things you liked in one
paragraph and things you disliked in another. Your point of
view should be clear and consistent throughout the body of your
paper.
Research
You will likely have to do additional research. You should be
careful about your sources. Your paper is only as credible as
your sources.
You need to write your notes and a bibliography, following the
Chicago Manual of Style. Below are a sample note and
bibliography for you:
Notes
1. Clement Greenberg, “Avant-Garde and Kitsch,” Sharecom,
http://www.sharecom.ca/greenberg/kitsch.html (accessed
September 3, 2014).
Bibliography
Greenberg, Clement. “Avant-Garde and Kitsch,” “Avant-Garde
and Kitsch.”
Sharecom.http://www.sharecom.ca/greenberg/kitsch.html
(accessed September 3, 2014).
.
Helpful Hints regarding Structure
From a structural standpoint, an introduction might look like a
funnel. The paragraph typically begins with a broad idea to
entice your reader, and each sentence thereafter becomes more
specific identifying the historical context and key issues at
stake in your paper. Somewhere in the middle of your
introduction, you should name Greenberg and the title of his
article, explaining the overall purpose in his text. The last

3. sentence is typically your thesis statement, which should
explain your point of view and be convincingly argued in 2-3
pages.
Each of your supporting paragraphs needs a clear topic
sentence that directly relates to your thesis. Your paragraphs
should be cohesive and analyze the specific topic of the
paragraph fully. You’ll need transitions from paragraph to
paragraph.
Your conclusion should remind your reader of your thesis,
summarize your main points, and offer your reader something
extra to ponder regarding your overall topic.
Format
All papers are typed and double spaced, with footnotes and a
bibliography. Include images when necessary. In your text
please indicate that there is an image by placing the word fig.
followed by a number after the title and use parentheses:
Leonardo painted Mona Lisa (fig. 1) in c. 1503-6.
Your Name: _______________________
5 Financial diagnostic categories
Walmart

4. Target
Formulas applicable to the categories
Liquidity of short-term assets
1
Current ratio
Current Assets/Current liabilities
Cash ratio
Cash/Current Liabilities
Quick ratio
(Current Assets - Inventory)Current Liabilities
Long-term debt-paying ability
2
Debt ratio

5. Total Debt/Total Assets
Debt-Equity Ratio
Total Debt /Total Equity
Times Interest earned
EBIT/Interest Expense
Profitability
3
Profit Margin
Net Income/ Revenues
ROA
Net Income/ Total Assets
ROE

6. Net Income/ Total Equity
Asset utilization/management efficiency
4
Total Asset Turnover
Revenues/ Total Assets
Inventory Turnover
Cost of goods sold/ Average Inventory
Receivables Turnover
Revenues on credit/ Average Receivables
Market measures: Use Yahoo Finance
5
P/E ratio

7. Price as on 2016/Basic EPS
EPS
Basic EPS
(this does not apply to Starbucks 4.1)
Sheet1Name: Unit 3 Assignment 2 Financial Analysis Wal-Mart
vs. Target: The Basis for your Ongoing Analysis (Step 8 to
support Step 9) Financial diagnostic
categoriesRatioWalMartTargetCommentary, which company is
'better' and whyBe sure to use the worksheet with the
formulas1.) Liquidity Management-Current ratioNotes
here:ca/cl-Cash ratiocash/CL-Quick ratio(ca -inv)/cl2.) Debt
ManagementDebt/AssetsNotes here:d/aDebt/Equity
d/eEBIT/Interest ebit/interest3.) ProfitabilityProfit MarginNotes
here:ni/sReturn on Assetsni/aReturn on Equityni/e4.) Asset

8. Management Total asset turnoverNotes here:s/taInventory
turnovercogs/invA/Receivable turnovers/ar5.) Market
ValuePrice/Earnings ratioNotes here:yahoo financeEarnings per
Share
Sheet2
Sheet3
WMT TGT Income StatementsWalmart Income
StatementTarget Income Statement1/31/171/28/17Total
Revenue485,873,000Total Revenue69,495,000Cost of Goods
Sold361,256,000Cost of Goods Sold48,872,000Gross
Profit124,617,000Gross Profit20,623,000Selling General and
Administrative101,853,000Selling General and
Administrative13,356,000Operating Income or
Loss22,764,000Others2,298,000Total Other Income/Expenses
Net100,000Operating Income or Loss4,969,000Earnings Before
Interest and Taxes22,864,000Earnings Before Interest and
Taxes4,969,000Interest Expense2,367,000Interest
Expense1,004,000Income Before Tax20,497,000Income Before
Tax3,965,000Income Tax Expense6,204,000Income Tax
Expense1,296,000Minority Interest2,737,000Net Income From
Continuing Ops2,669,000Net Income From Continuing
Ops14,293,000Discontinued Operations68,000Net
Income13,643,000Net Income2,737,000
You will find the WMT TGT Balance Sheet dat a is in tab
below: Income Statement data is shown on this above/page.
WMT TGT Balance SheetsWalmart Balance SheetTarget
Balance Sheet Period Ending1/31/17Period
Ending1/28/17Current AssetsCurrent AssetsCash And Cash
Equivalents6,867,000Cash And Cash
Equivalents2,512,000Accounts
Receivable5,835,000Inventory8,309,000Inventory43,046,000Ac
counts Receivable1,169,000Other Current
Assets1,941,000Other Current Asssets0Total Current
Assets57,689,000Total Current Assets11,990,000Property Plant
and Equipment114,178,000Property Plant and

9. Equipment24,658,000Goodwill17,037,000Goodwill0Other
Assets9,921,000Other Assets783,000Total
Assets198,825,000Total Assets37,431,000 Current
LiabilitiesCurrent LiabilitiesAccounts
Payable63,008,000Accounts Payable10,989,000Short/Current
Long Term Debt3,920,000Short/Current Long Term
Debt1,718,000Other Current Liabilities0Other Current
Liabilities1,000Total Current Liabilities66,928,000Total
Current Liabilities12,708,000Long Term Debt42,018,000Long
Term Debt11,031,000Deferred Long Term Liability
Charges9,344,000Other Liabilities1,878,000Minority
Interest2,737,000Deferred Long Term Liability
Charges861,000Total Liabilities121,027,000Total
Liabilities26,478,000Common Stock305,000Common
Stock46,000Retained Earnings89,354,000Retained
Earnings5,884,000Capital Surplus2,371,000Capital
Surplus5,661,000Other Stockholder Equity-14,232,000Other
Stockholder Equity-638,000Total Stockholder
Equity77,798,000Total Stockholder Equity10,953,000
Be sure to scroll down for all data
GM506 | Strategic Financial Analysis
Unit 3 Assignment 2 Rubric: Financial Analysis Report— Part
2
Please complete and submit steps 7–8 of the Financial Analysis
Report —Part 2 White Paper for
instructor review in this unit.
Complete the following steps dues now in Unit 3:
7. Go to: http://www.sec.gov/edgar/searchedgar/webusers.htm
Research EDGAR’s database for additional SEC report filings:

10. 8-k, 10-Q.
8. The following table is the type of Excel or Word table that
should be used to gather and report the ratio
and financial performance data that reflect the most current full
year’s annualized financial ratio data.
Note the 5 financial diagnostic categories that should be used in
your analysis. Use 2–3 ratios per
diagnostic category. Place your ratio calculations in the table
for your selected companies — primary
company and benchmark competitor. Using 5 diagnostic
categories, and 3 ratios to assess each category,
report the 15 ratio measures per company that will be compared
side by side.
• To validate your research, use the most current year’s
annualized financial ratio data. The White
Paper template can be found in Doc Sharing. Use the existing
table provided or create a table in
Word or Excel.
There are many different ratios that you can use. Here are some
examples. a. Liquidity of short-term assets: Current,
Quick, Cash Ratios; b. Long-term debt-paying ability: Long-
term Debt/Equity, Interest Coverage, Debt service, Time
Interest Earned Ratios; c. Profit: Gross Margin, Operating
Margin, Net Margin, ROA, ROE; d. Asset
utilization/management
efficiency: Inventory turnover, Day Sales inventory,
Receivables turnover, Fixed asset turnover, Total asset turnover
ratios;
e. Market measures: P/E, PEG, Dividend yield, P/B.
Financial diagnostic categories
for the most current full year’s data:

11. Chosen company vs. Benchmark competitor
1) Liquidity of short-term assets
2) Long-term debt-paying ability
3) Profitability
4) Asset utilization/management efficiency
http://www.sec.gov/edgar/searchedgar/webusers.htm
http://www.sec.gov/edgar/searchedgar/webusers.htm
GM506 | Strategic Financial Analysis
Scroll down to view the grading rubric…
5) Market measures
GM506 | Strategic Financial Analysis
Criteria Level 4 Level 3 Level 2 Level 1
(Excellent) (Good) (Fair) (Poor) Earned
Criterion 1: (8
pts.)
Writing,
spelling, and
grammar
Consistently

12. and ably
uses properly
structured
paragraphs,
sentences,
grammar,
and spelling.
Consistently
and ably uses
properly
structured
paragraphs,
sentences,
grammar, and
spelling, with
some minor
errors.
Inconsistently
uses properly
structured
paragraphs,
sentences,
grammar, and
spelling.
Document
includes quite a
few errors.
Does not
consistently
use properly
structured
paragraphs,
sentences,

13. grammar, and
spelling.
Document
includes
obvious errors.
Mechanics and
Structure 8 7 6 5
Earned:
Criterion 2: (20
pts.)
Checklist:
7) Researches
EDGAR’s
database for
additional
SEC report
filings: 8-k,
10Q.
8) Inserts in
the table- 5
financial
diagnostic
categories
and 3 ratios
per diagnostic
category for
the most
recent full
year’s
financial ratios
for a company
and a

14. benchmark
competitor.
• Validates
research, by
comparing
the most
current full
year’s
Demonstrates a
thorough and
insightful
understanding
of ratio
analysis
(10 pts.)
Uses correct
ratio analysis to
thoroughly
compare a
public company
and a
benchmark
competitor
addressing all
of the required
checklist items
validating all
research. (10
pts.)
Demonstrates
a somewhat
firm grasp of

15. ratio analysis
(8 pts.)
Uses correct
ratio analysis to
effectively
compare a
public company
and a
benchmark
competitor in a
somewhat
informative and
thoughtful
manner in
response to
most of the
checklist items
validating
research. (8 pts.)
Demonstrates a
general grasp
of ratio analysis
(7 pts.)
Uses mostly
correct ratio
analysis to
compare a public
company and a
benchmark
competitor in a
generally
informative and
thoughtful

16. manner in
response to most
of the checklist
items, generally
validating
research. (7 pts.)
Demonstrates a
limited basic
knowledge of
ratio analysis.
(6 pts.)
Uses some
correct ratio
analysis in a
limited manner
to compare a
public company
and a
benchmark
competitor in
response to
some of the
checklist items
and only
partially
validating
research. (6
pts.)
GM506 | Strategic Financial Analysis
annualized
financial

17. data.
Content 20 16 14 12 Earned:
Criterion 3: (12
pts.)
Critical thinking
and analysis
Response
exhibits strong
higher-order
critical thinking
and analysis
(e.g., evaluation).
Paper shows
original thought.
Response exhibits
some higher-order
critical thinking
and analysis (e.g.,
application of
information).
Paper shows
some original
thought.
Response
exhibits simplistic
or reductive
thinking and
analysis but does
demonstrate
general
comprehension.

18. Paper shows no
original thought.
Response
exhibits simplistic
or reductive
thinking and
analysis and
demonstrates
limited general
comprehension.
Critical thinking
and analysis
12 9 8 7
Total (40 pts.) Less than poor = 0
pts.
Earned::
Running head: WAL-MART COMPANY FINANCIAL
ANALYIS 1
WAL-MART COMPANY FINANCIAL ANALYIS
Financial Analysis of Walmart and Target
Unit 1Richard Hairston
GM506 Strategic Financial Analysis
Dr. Richard Carter 9/4/17

19. Wal-Mart has been and is still the world’s largest retailer
company that was founded by Sam Walton when he decided to
lower his profits, reduce sale prices thus achieve higher sales
volume than his competitors as his main objective was to help
people save money to be able to live better lives. Wal-Mart has
almost 3000 stores in at least 14 countries hence has the largest
revenue in the world.
Particularly, I chose Wal-Mart company since it is the retailer
with the largest market share in the world thus enjoys
economies of scale as it is able to share its fixed cost over many
products hence the cheapest retailer for customers. The
company is able to efficiently and effectively use its available
resources like information system, distribution facilities,
knowledge and skills over various locations. It always strive to
improve on its performances and implement strategies on
managing stores, hiring of new employees hence huge gains.in
terms of risk management, the company experience minimal risk
since it experiment with less risks in various stores (Hausman &
Leibtag, 2007).
The size of Wal-Mart makes it to exercise market power over its
competitors like Target and its suppliers. It also sells selected
items at cheaper prices than its competitors this driving out
competitors to gain market power. Target on the other hand is
the one of the biggest competitor of Wal-Mart thus it is
important to bench mark the company with its major competitor
so as to ensure that the company maintain its market position
and to react to their competitors effectively without risking
being out of business.
The main difference between Wal-Mart and Target is in terms of
the market size. Wal-Mart has a larger market share than Target

20. hence can get huge discounts from their suppliers and is
therefore able to pass the savings to the customers through sale
of cheaper products than at Target (Hausman & Leibtag, 2007).
For investment purposes, it is very important to first assess the
company’s competitors, suppliers, and customers to be able to
understand how the company works to determine if it is
profitable or not. By looking at financial statement of the
company, one is able to conclude how long the company has
existed, if it has been growing. This is to mean that profits and
revenues have been growing for the last three or five years
(Koller & Wessels, 2010).
For this analysis, looking at both Wal-Mart and Target’s
company income statement for the year 2017,it is clear that the
total revenue for Wal-Mart is greater( $485,873,000) than that
of Target ( $69,495,000). The net income for Wal-Mart is also
greater (S13, 643,000) than that of Target ($2,737,000). From
these descriptions, it I would prefer to invest in Wal-Mart since
its revenues has been growing and it has a promising future for
investors (Koller & Wessels, 2010).
Reference
Hausman, J., & Leibtag, E. (2007). Consumer benefits from
increased competition in shopping outlets: Measuring the effect
of Wal‐Mart. Journal of Applied Econometrics, 22(7), 1157-
1177.
Koller, T., Goedhart, M., & Wessels, D. (2010). Valuation:
measuring and managing the value of companies (Vol. 499).
john Wiley and sons.

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