The American Civil War Essay Example for Free

The American Civil War Essay After the War of Independence the United States of America was administered by the Articles of Confederation. This accommodated a feeble focal government and solid state governments. Notwithstanding, it demonstrated unworkable and another Constitution was embraced that brought about a more grounded Federal government with powers which included managing interstate trade just as outside undertakings. The various states had fluctuating approaches concerning subjection. In certain regions of the nation where strict gatherings, for example, the Quakersplayed a conspicuous job in political life, there was solid resistance to having slaves. Rhode Island nullified subjugation in 1774 and was before long followed by Vermont (1777), Pennsylvania (1780), Massachusetts (1781), New Hampshire (1783), Connecticut (1784), New York (1799) and New Jersey (1804). The new conditions of Maine, Michigan, Wisconsin, Ohio, Indiana, Kansas, Oregon, California and Illinois likewise didn't have slaves. The importation of slaves from different nations was prohibited in 1808. Be that as it may, the selling of slaves inside the southern states proceeded. Strife developed in the nineteenth century between the northern and southern states over the issue of servitude. The northern states were experiencing a modern upset and frantically required more individuals to work in its processing plants. Industrialists in the North accepted that, whenever liberated, the slaves would leave the South and give the work they required. The North additionally needed levies on imported remote products to secure their new enterprises. The South was still for the most part agrarian and bought a ton of merchandise from abroad and was subsequently against import taxes. In 1831 Arthur Tappan and Lewis Tappan set up the main Anti-Slavery Society in New York. At the point when after two years it turned into a national association, Tappan was chosen its first president. William Lloyd Garrison, Theodore Weld, Samuel Eli Cornish, Angelina Grimke, Sarah Grimke Robert Purvis, Wendell Phillips, John Greenleaf Whittier, Frederick Douglass, Lucretia Mott, Lydia Maria Child, William Wells Brownsoon rose as the principle figures in the association. Its primary supporters were from strict gatherings, for example, the Quakers and from the free dark network. By 1840 the general public had 250,000 individuals, distributed in excess of twenty diaries and 2,000 neighborhood sections. The development in the Antislavery Society stressed slaveowners in the South. They expected that the exercises of the abolitionists would make it progressively hard to run their manor framework. Where conceivable they needed to see an extension of bondage into different zones. They accordingly upheld the addition of Texas as they were sure it would turn into a slave state. They additionally preferred the Mexican War and unsettled for the extension of Cuba. Struggle developed in nineteenth century between the northern and southern states over the issue of subjugation. The northern states were experiencing a mechanical upheaval and frantically required more individuals to work in its manufacturing plants. Industrialists in the North accepted that, whenever liberated, the slaves would leave the South and give the work they required. The North likewise needed taxes on imported outside products to secure their new ventures. The South was still predominantly agrarian and bought a great deal of products from abroad and was thusly against import duties. In 1850 Congress passed the Fugitive Slave Law. In future, any government marshal who didn't capture a supposed runaway slave could be fined $1,000. Individuals associated with being a runaway slave could be captured without warrant and went over to a petitioner on simply his sworn declaration of proprietorship. A presumed dark slave couldn't request a jury preliminary nor affirm for their benefit. Any individual supporting a runaway slave by giving haven, food or some other type of help was subject to a half year detainment and a $1,000 fine. Those officials catching an outlaw slave were qualified for a charge and this urged a few officials to hijack free African Americans and offer them to slave-proprietors. Frederick Douglass, Wendell Phillips, William Lloyd Garrison and John Greenleaf Whittier drove the battle against the Fugitive Slave Law. Indeed, even moderate abolitionist subjugation pioneers, for example, Arthur Tappan proclaimed he was presently ready to ignore the law and thus helped support theUnderground Railroad. In 1854 Stephen A. Douglas acquainted his Kansas-Nebraska bill with the Senate. These states could now enter the Union with or without bondage. Frederick Douglass cautioned that the bill was an open greeting to a furious and unpleasant hardship. The consequence of this enactment was to open the domain to composed movements of master slave and hostile to slave gatherings. Southerners presently entered the territory with their slaves while dynamic individuals from the Antislavery Society likewise showed up. Henry Ward Beecher, censured the bill from his lectern and assisted with raising assets to gracefully weapons to those ready to restrict servitude in these domains. Kansas chose its first governing body in March, 1855. Albeit under 2,000 individuals were able to participate in these decisions, more than 6,000 individuals casted a ballot. These were essentially Missouri slave-proprietors who had crossed the outskirt to ensure ace bondage competitors were chosen. The new lawmaking body passed laws that forced capital punishment for anybody helping a captive to get away and two years in prison for having abolitionist writing. In 1856 Abraham Lincoln joined the Republican Party and fruitlessly tested Stephen A. Douglas for his seat in the Senate. Lincoln was against Douglass suggestion that the individuals living in the Louisiana Purchase (Louisiana, Arkansas, Oklahoma, Kansas, Missouri, Nebraska, Iowa, the Dakotas, Montana, and parts of Minnesota, Colorado and Wyoming) ought to be permitted to possess slaves. Lincoln contended that the regions must be saved free for destitute individuals to proceed to better their condition. Abraham Lincoln raised the issue of servitude again in 1858 when he delivered a discourse at Quincy, Illinois. Lincoln contended: We have in this country the component of household servitude. The Republican Party think it wrong we think it is a good, a social, and a political wrong. We think it isn't right not restricting itself only to the people of the States where it exists, however that it is an off-base which in its propensity, without a doubt, influences the presence of the entire country. Since we think it wrong, we propose a course of strategy that will manage it as a wrong. We manage it similarly as with some other wrong, to the extent that we can forestall it becoming any bigger, thus manage it that in the run of time there might be some guarantee of a conclusion to it. Lincolns discourse upset Southern slaveholders and helpless whites, who esteemed the higher economic wellbeing they delighted in over slaves. Be that as it may, with fast European movement occurring in the North, they had a declining impact over government. Rivals of subjugation were likewise getting progressively activist in their perspectives. John Brown and five of his children moved to Kansas Territory to help abolitionist powers get control of this area. With the help of Gerrit Smith and other noticeable Abolitionists, Brown moved to Virginia where he set up a shelter for out of control slaves. In 1859 John Brown drove a gathering of 21 men in an effective assault on the government ordnance at Harpers Ferry. Earthy colored trusted that his activity would urge captives to join his resistance, empowering him to shape a liberation armed force. After two days the arsenal was raged by Robert E. Lee and an organization of marines. Earthy colored and six men blockaded themselves in a motor house, and kept on battling until Brown was genuinely injured and two of his children had been slaughtered. Earthy colored was executed on second December, 1859. Southern slaveholders were insulted when in 1860 the Republican Party named Abraham Lincoln as its presidential competitor in 1860. They looked to the Democratic Party to guard its inclinations yet when it met in Charleston in April, 1860, it chose, Stephen A. Douglas. Discontent with this choice, Southern agents chose to hold another show in Baltimore in June, where they chose John Breckenridge of Kentucky to battle the political race. The circumstance was additionally confounded by the development of the Constitutional Union Party and the selection of John Bell of Tennessee as its presidential up-and-comer. Abraham Lincoln won with 1,866,462 votes (18 free states) and beat Stephen A. Douglas (1,375,157 1 slave state), John Breckenridge(847,953 13 slave states) and John Bell (589,581 3 slave states). In January 1862 the Union Army started to push the Confederates southward. The next month Ulysses S. Award took his military along the Tennessee River with a flotilla of gunboats and caught Fort Henry. This broke the interchanges of the all-encompassing Confederate line andJoseph E. Johnston chose to pull back his primary armed force to Nashville. He left 15,000 men to secure Fort Donelson on the Cumberland River yet this was insufficient and Grant had no trouble accepting this prize also. With western Tennessee currently made sure about, Abraham Lincoln was presently ready to set up a Union government in Nashville by selecting Andrew Johnson as its new representative. General George McClellan delegated Allan Pinkerton to utilize his specialists to keep an eye on the Confederate Army. His reports misrepresented the size of the foe and McClellan was reluctant to dispatch an assault until he had more fighters accessible. Under tension from Radical Republicans in Congress, Abraham Lincoln chose in January, 1862, to evacuate the preservationist Simon Cameron as Secretary of War, and supplant him with Edwin M. Stanton. Not long after this Lincoln requested George McClellan to show up before a board of trustees exploring the manner in which the war was being battled. On fifteenth January, 1862, McClellan needed to confront the antagonistic addressing of Benjamin Wade and Zachariah Chandler. Swim asked McClellan for what good reason he was declining to assault the Confederate Army. He answered that he needed to set up the best possible courses of retreat. Chandler the

North American Free Trade Agreement

Presentation The NorthAmerican organized commerce understanding (NAFTA) is an exchange understanding between the United States, Canada and Mexico. Affected in the year 1994, the understanding subbed the previous Canada-United States organized commerce understanding which just included the two countries.Advertising We will compose a custom exploration paper test on North American Free Trade Agreement explicitly for you for just $16.05 $11/page Learn More This paper tries to talk about how the arrangement of the North American unhindered commerce Agreement influenced legislative issues and economies of the three nations: Canada, Mexico and the United States. The paper will talk about the backgroundto the development of the understanding, its terms and the impacts that the understanding has affected in the governmental issues and the economies of three part nations. Foundation of NAFTA Prior to the arrangement of the North American Free Trade Agreement, there existed an exchange underst anding between the United States and Canada. The understanding that appeared to detach Mexico saw the nation of Mexico modify its structures and frameworks towards global exchange request to determine its financial emergency due to destabilized oil costs and overpowering outside obligations that Mexico had been encountering since the 1980s.Being attracted to worldwide exchange and the move that saw Mexico join the General Agreement on Tariffs and Trade (GATT) constrained Mexico to audit its guidelines and terms to universal exchange. The monetary changes done through decrease of exchange obstructions, in an offer to consent to the globalization wave, inspired Mexico to exchange understandings other than the ordinary universal exchange. This therefore prompted the preparation of Mexico to manufacture a monetary coalition with the effectively settled Canada-United States unhindered commerce understanding. This prompted the development of the North American Free Trade Agreement that wa s set up in the year 1992 (Kehoe 1). Terms of the North American Free Trade Agreement The organized commerce understanding made between the three nations had arrangements to help accomplish theobjectives of a facilitated commerce alliance and guidelines to help ensure ventures in the nations as far as upper hand. The understanding had arrangements to secure patent rights and control creation of fake merchandise. For the most part, the point of the understanding was to improve exchange among the three nations by absolute expulsion of duties and different impediments to global exchange, for example, universal exchange conventions and prerequisites. One of the arrangements of the exchange understanding was that the exchange among the three nations was to be liberated from government approaches which control global exchange. It additionally given to opportunity to â€Å"cross visitor administrations rules† (Trade1).Advertising Looking for research paper on global relations? We sh ould check whether we can support you! Get your first paper with 15% OFF Learn More This implied organizations and associations inside the three nations had the opportunity to pick their exchange areas liberated from control by any of the legislatures. The understanding additionally accommodated all inclusive access to governments’procurement forms in the three nations to empower providers offer for any open tenders in any of the nations without confinements. The understanding likewise accommodated the selection and utilization of comparative traditions governs in the three nations. In its terms, the North American Free Trade Agreement gave â€Å"protection against unjustified actions† (Trade1) by any nation against brokers from other part nations. It likewise guaranteed arrangements for â€Å"fairness for investors† among its part states. Under these arrangements, the modes for undertaking a â€Å"safeguard action† was laid out with a further arrangement that any such activities expected remuneration to any part nation influenced by the activity. The conditions of the understanding likewise accommodated â€Å"environmentally solid investments† (Trade1), insurance to support giving organizations and assurance to â€Å"intellectual rights† among others (Trade1). Financial Impacts of NAFTA on its Member Countries The development and usage of the North American Free Trade Agreement impactsly affected the nations attributable to the way that hindrances to exchange were wiped out expanding the volume of exchange among the three nations. Mexico and NAFTA With thought to the exchange exercises between the United States and Mexico, there were critical effects in the Mexican economy got from the changed exchange. As a rule terms, the exchange understanding carried huge advantages to the Mexican economy. In an exploration led by the World Bank in the year 2005, it was understood that in its commitment to the Mexican economy, the North American Free Trade Agreement improved the advancement levels in Mexico. The examination really looked at the improvements in Mexico at the opportunity to that of the United States. This can be seen as lift to the Mexican economy contemplating that Mexico was in a monetary emergency two decades sooner. The changed exchange, as per the World Bank study, improved the innovation in the Mexican modern sector.The ensuing development of the division along with the improved innovation improved the â€Å"number and nature of jobs†(Villareal 17).Advertising We will compose a custom exploration paper test on North American Free Trade Agreement explicitly for you for just $16.05 $11/page Learn More The exchange advancement additionally uncovered the three part states to the affectability to each other’s economies. The free exchange of products and ventures among the nations has the effect of moving financial ramifications along with the progression of merchandise and enter prises. An expansion in the cost of crude materials in a single nation will affect on the cost of the final result of the asset. This will be moved to different nations initiating its effect in the goal nation. It has likewise been set up that the exchange understanding was central in the Mexican monetary recuperation that was acknowledged in the year 1995. Through the conditions of the exchange understanding, Mexico improved its monetary arrangements. This move helped the certainty of remote financial specialists and thus pulled in ventures into the nation. Concerning the reports from World Bank, Mexico has overwhelmingly experienced financial turns of events and the improved monetary status is credited toward the North American Trade Agreement. The exchange understanding likewise added to average change in the wages in Mexico. It is noticed that with the establishment of the North American Free Trade Agreement, the pay rate offered in Mexico expanded consistently between the years 1990 and 2000. The compensation rate has from that point forward been fluctuating along a mean rate (Villareal 18).Mexico has especially been forced to bear the exchange understanding. Because of the expanded universal exchange because of the NAFTA exchange understanding, the Mexican worldwide exchange expanded from around thirty five percent to more than 60% in a range of eight years. Fares in the modern parts have, for instance, expanded by around 300 percent because of the exchange advancement actuated by the exchange concurrence on the Mexican economy (Vazqueze and Chen 3). The United States and Canada Though more fundamentally felt in Mexico when contrasted with the United States and Canada, the North American Free Trade Agreement has had financial effects among all its three part states.Advertising Searching for research paper on worldwide relations? How about we check whether we can support you! Get your first paper with 15% OFF Find out More The impact of the understanding expanded exchange the district and all inclusive by not moving business exercises from different locales toward the North America, however by making greater open door for business. The United States for instance found a rich market for its items in Mexico. The impacts of the understanding are additionally observed to have caused an adjustment in business frameworks in theUnited States and Canada. The adjustment in exchange designs and the business exercises because of the changed course of action prompted a move from â€Å"blue neckline jobs† to â€Å"white neckline jobs†. This move in the work structure has a killing impact of loss of business openings in a single calling and an ensuing production of occupations in another division of the economy. There will in any case be a net impact coming about because of this move in work structure since the compensation rates in these kinds of employments are generally extraordinary (Laursen 54). T he General Impact NAFTA can be professed to have â€Å"succeeded in boosting the three part states monetary performance† (Chambers and Smith 244). There have been expanded degrees of global exchange among the three part nations. The affectability made by the exchange advancement among the three nations likewise prompted improvement of worldwide exchange between the nations and the remainder of the world. Mexico, for instance, balanced from its previous prohibitive approaches that constrained worldwide exchange to financial strategies that are progressively fair to universal exchange. The NorthAmerican Trade Agreement is additionally noted to have prompted a for the most part negative effect on the pattern of work rates among the part nations. An investigation of the work information pattern in Mexico shows that the activity creation in Mexico that is credited to the exchange understanding influenced the Mexicans in a fairly negative manner. The agreement,however, influenced t he progression of laborers from the United States into Mexico; Americans are said to have overflowed Mexico. This had the ramifications of expanded rivalry for occupations consequently dislodging Mexicans from their employments and expanding joblessness rates. A comparative danger to employmentsecurity was seen in Canada on the beginning of the previous exchange understanding among Canada and the United States. In the game plans Canada o

Voting in America free essay sample

The numbers are in. All Americans reserve the privilege to cast a ballot, when they turn the age of eighteen then each and every one of them can cast a ballot. In the event that youre dazzle there is brail, if you’re hard of hearing the races are done on the PC so you can understand it. You dont must have a particular measure of cash or own a specific measure of land, people can cast a ballot and all races can cast a ballot. However still scarcely 50% of every qualified voter appear and cast a voting form at every political race. The number rises when presidential races come around yet it despite everything has neither rhyme nor reason. People yielded their lives for us to have the option to remove a couple of moments from our day and vote. We, the individuals get the chance to have a state in our administration. Outside nations would actually execute for an opportunity like that but then numerous Americans exploit their privileges. We will compose a custom exposition test on Casting a ballot in America or then again any comparative theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page What bothers me the most is individuals will decide not to proceed to cast a ballot but then they despite everything need to whine about how our administration is run. From the moment, that our incredible legends in history like Thomas Jefferson plunked down and thought of an administration they incorporated the individuals completely and ensured the privilege was there to cast a ballot. It took somewhat longer to start deciding in favor of all genders and races however it was a fight we won. By what means can we not value something we buckled down for? The subject of this exposition is to tell in the case of casting a ballot ought to be required for every single individual. It would be so natural for me to address yes to that question; in any case, doing that would disregard our unalienable privileges of the constitution. Everybody in America has opportunity that can't be removed. Constraining individuals to cast a ballot would make us look misleading to the various remote nations. I accept that despite the fact that we ought not drive every person to cast a ballot we ought to advance democratic considerably more. Individuals will in the end acknowledge how much democratic really intends to the legislature, and exactly how much their one vote can change the man who drives our nation, or the pace of duties, or who is chosen onto their childs educational committee. I likewise accept we have to advance all races not simply the presidential one. Choosing the president is a significant political decision yet individuals likewise need to understand that the individuals chose on their educational committee will make rules for their kids, the duties decided on will influence them, and while choosing a senator they will require one to work with them. On the off chance that individuals genuinely knew the amount of an effect the other democratic had I accept the democratic rate would go up perceptibly.

Promoting effective communication Essay

There are various elements to think about while advancing compelling correspondence. When utilizing verbal correspondence with patients it is critical to talk seeing them, talking gradually and unmistakably and utilizing basic language,. Note that when working with patients with learning handicaps we have ensured they have comprehended what I have said. When talking with associates or experts the language I use can be progressively intricate and frequently I will talk quicker anyway most factors continue as before, it is as yet significant that data given verbally is clear and brief. A case of this is the point at which this is the point at which I have tutored new staff I ensure I talk over everything gradually and unmistakably and I likewise get then to rehash a portion of that data back to show they have comprehended. Verbally conveying along these lines will contrast dependant on climate I am chatting on a balanced premise or to a gathering. In the event that I am conversing with a gathering I should make sure to address everybody and not bar anybody. When utilizing non-verbal correspondence there are a wide range of elements to consider. For instance, in the event that I am slummed in a seat, it might show that I am not intrigued by the discussion. Eye to eye connection is likewise significant as this can show that I am occupied with the discussion, different interesting points would be hand signals, non-verbal communication and outward appearances, for instance, on the off chance that I scowl or have my arms collapsed I may give a negative impression. At long last it is critical to recall that for viable correspondence to happen it includes the two gatherings to be locked in. Having the option to listen well is essential in a two manner discussions.

Tourist destinations †Drayton Manor and Salisbury Cathedral Free Essays

Drayton house is a recreation center visited for the most part by * Adults * Children * Families * Mother and babies * Education bunches from schools, universities and colleges * Organized gatherings and excursions * Grandees (60 or more) * Disabled gathering Openness: Area Drayton house is situated close to the M42 Not a long way from Birmingham southwest and urban areas like Nottingham and Derby. Opening occasions Drayton houses as of now shut and Thomas land opened on the twelfth February 2011-27th February 2011 half term The recreation center will completely open on the nineteenth walk †the 30th October 2011. The staff will begin placing in work rides at 9:30 and the rides will be prepared for clients to come on them at 10:30, and will close at 5pm. We will compose a custom article test on Visitor goals †Drayton Manor and Salisbury Cathedral or then again any comparative theme just for you Request Now Transport joins You can get to Drayton Manor Park by * your own vehicle You can embed their code (B78 3SA) on your route satellite and it will carry you directly to the recreation center, you likewise get free vehicle leaving when you bring your own vehicle so you won’t need to pay for vehicle leaving. * Train administration You can take transport from any place you are found and go to trains station when you arrive at your train station you take the train with the London midland-towards Crewe and afterward you get down at the first stop which is Tamworth. Range items The have places for children’s like Thomas land and at Thomas land there are assortments of activities like: 1. Thomas land parties: the birthday youngster goes in the recreation center for nothing, memorial photograph for the birthday kid with their gathering in Thomas land and furthermore with companions. They likewise have play regions for children’s to invest the energy and play any kind of game they need. 2. 100 rides and attractions For example, * The abundance * Maelstrom * G-power * Pandemonium * Shockwave * Storm power 10 * end of the world 3. 15 section of land zoo and zoo ranch 4. Nursery focus 5. Outdoors and parade ground 6. Games/slows down 7. Arcade Administrations gave: * The recreation center brings to the table the accompanying offices to impaired individuals: 1. They associates who will assist you with strolling around with the impaired gatherings and help you in the event that you need anything. 2. They have quick goes for every single crippled individuals 3. They ensure every single crippled can are accessible 4. They have additional wheelchairs for recruit that cost à ¯Ã¢ ¿Ã¢ ½5 and electronic ones will cost à ¯Ã¢ ¿Ã¢ ½10. 5. They have clench hand helps and clinical focuses incase any of them feels wiped out of nowhere. * The recreation center additionally has offices fir mother and their infants, for example, 1. Agreeable and private destinations where they can nurture their infants. 2. Child changing offices 3. They have shops where they can purchase nourishment for their children incase they don’t need to carry a ton of things with them or they need extra. 4. Have shops where they can purchase child nappies and furthermore employ infant surreys for à ¯Ã¢ ¿Ã¢ ½5. 5. They additionally have individuals who are involvement in babies that can deal with your infants for you incase you need to accomplish something. Typical cost for basic items Age gatherings Cost Online cost 12-64 years à ¯Ã¢ ¿Ã¢ ½32.00 à ¯Ã¢ ¿Ã¢ ½21.95 4 †11 years à ¯Ã¢ ¿Ã¢ ½ à ¯Ã¢ ¿Ã¢ ½19.95 2 †3 years à ¯Ã¢ ¿Ã¢ ½ à ¯Ã¢ ¿Ã¢ ½2.50 Under 2 years FREE à ¯Ã¢ ¿Ã¢ ½ Grandee (matured 65+) à ¯Ã¢ ¿Ã¢ ½19.00 à ¯Ã¢ ¿Ã¢ ½19.00 à ¯Ã¢ ¿Ã¢ ½ Handicapped/Helper (each) à ¯Ã¢ ¿Ã¢ ½22.00 à ¯Ã¢ ¿Ã¢ ½ 3 Family Members à ¯Ã¢ ¿Ã¢ ½73.50 à ¯Ã¢ ¿Ã¢ ½ 4 Family Members à ¯Ã¢ ¿Ã¢ ½98.00 à ¯Ã¢ ¿Ã¢ ½ 5 Family Members à ¯Ã¢ ¿Ã¢ ½122.50 à ¯Ã¢ ¿Ã¢ ½ Yearly Pass they have a yearly pass that permits to get in to the recreation center, so baisially you won't need to pay at the passageway, you will simply need to show them your pass and you can go in and an a superb day at the recreation center. There is an alternate cost for each age gathering * à ¯Ã¢ ¿Ã¢ ½90 for matured 12 to 64 * à ¯Ã¢ ¿Ã¢ ½70 for matured 4 to 11 * à ¯Ã¢ ¿Ã¢ ½55 for matured 65 or more * à ¯Ã¢ ¿Ã¢ ½65 for an enlisted handicapped guest * à ¯Ã¢ ¿Ã¢ ½35 for matured 2 to 3. Salisbury Cathedral Openness: Area Salisbury, Wiltshire, England Opening occasions: The Cathedral is open from 7:15am to 6:15pm The Chapter house, eatery and shops are open at 9:30am-5:30p You can visit around the towers throughout the mid year at 11:15am, 2:15pm, and 3:15pm to 5pm and in winter 2:15pm as it were. Transport joins: Apiary (501) WILTON (502) BRITFORD (503) LONDON ROAD (504) Scope of items: * The house of God * Shop where individuals can discover trinket * Special occasions like: 1. Craftsmanship for grown-up courses 2. The historical backdrop of Christianity in 27 items 3. Organ presentations 4. Concerts†¦ * Salisbury Cathedral * Oldest Clock in the World * The Spire of Salisbury Cathedral * the first Magna Carta in the part House Administrations gave: The house of prayer give various individuals who communicate in various sort of dialects that can walk you around the church, show you better places and furthermore inform you concerning them. There is diverse kind of dialects, for example, English Dutch Hungarian Chinese Latvian French Italian Czech Japanese Portuguese German Spanish Clean Russian Danish They additionally have offices for incapacitated individuals, for example, Simple access to each fascination and everything in the house of God and outside it. Toilets are accessible at unsurpassed. You can likewise employ wheelchair. They have a pooch collaborator to walk you around. They have Braille pamphlets and books for individuals who can’t hear and talk. There are shops and an eatery hotel the church incase you need to have a little rest and eat something. Cost living: Tower visit: à ¯Ã¢ ¿Ã¢ ½8 grown-ups, à ¯Ã¢ ¿Ã¢ ½6 kids/seniors Church building: its permits you to make a gift of à ¯Ã¢ ¿Ã¢ ½5 for grown-ups, à ¯Ã¢ ¿Ã¢ ½4.25 senior and understudies and kids 5-17 in particular on the off chance that you need to. Picture: Individuals like families and schoolchildren, would prefer to proceed to invest energy at Drayton Manor than Salisbury Park since Salisbury is a strict spot and it draws in social individuals who like history. Drayton Manor Park is encircled by inns, eateries shops which is acceptable incase for families as they will have a spot to remain, where to shop and where to eat. Step by step instructions to refer to Tourist goals †Drayton Manor and Salisbury Cathedral, Papers

A Good List of Opinion Essay Topics

A Good List of Opinion Essay Topics Some good opinion essay topics include: Should the voting age be changed? Should the driving age be raised? Should people be allowed to keep exotic animals as pets? Should sexual education be taught at school? Should abortions be legal? Should there be a bike sharing program? Should America start using the metric system? Should there be free public Wi-Fi? Should you punish people who download music illegally? Should boys and girls be in separate classes? Intro on an opinion essay In an opinion essay, you express your thoughts on a given topic. It would seem that any work is an expression of one’s own thoughts. What is the essence of this kind of essay? In opinion essays, you need not just to reflect your point of view but also look at the proposed topic from different angles. Consider all aspects of the issue, write your opinion, and necessarily confirm it with confident arguments. An essay-opinion plan includes: Introduction. You specify the topic of reasoning. Main part. You express your opinion and confidently argue it. Here it is also desirable to consider the opinion opposite to yours and explain to the reader why you do not share this point of view. The conclusion. You sum up, finally formulating your point of view on the proposed topic. What to describe in essay? An opinion essay is the paper where you share your opinion on a certain issue. Therefore, one main idea is the foundation of reasoning, its core that is accurately formed, clear, and grounded from various opinions. Step one. Clearly form the idea you want to talk about. You can check the success of this step in the following way. Step two. Choose the arguments that support your idea and arrange them in the following order: very convincing â€" convincing enough â€" the most convincing. Useful reference on how to write opinion essay An opinion essay consists of the following: Thesis (that idea, opinion, judgment that you formed and which you are going to defend in your paper). Statements (your every statement should be regarded as a visual proof, achieved, and thus an authentic proof of your ideas). A conclusion (it talks once again about the thesis bringing it to a new level with the usage of forecasts, advice, recommendations, etc.). A desirable section of the reasoning is a brief intro, the task of which is to engage the reader in a dialogue, define the main idea and relevance of the issue. For instance, the the topic of the essay is “First Love”. The first thing you need to do is to create the thesis. If your thesis is “The first love happens in the life of every person and greatly influences the future”, the intro can be: “For teens, the first love is often the meaning of life, while adults only smile at it. However, in vain parents and acquaintances grin: according to psychologists, the first love hides the source of our adult happiness and misfortune”. Argumentation in the essay should be no more than two thirds of the whole size. It is best to have three arguments for a small paper. The best statements are those that are known to everyone such facts from history or at least those that can be easily verified using the specialized literature and documents. Good evidence will be statistical data, the events under discussion. In the practice of school essays, the weightiest argument is a literary work, not all, but that episode, the story line, the hero’s story that confirm your idea. To correctly choose statements, spell your thesis out every time you read it and ask it the question “Why?” For instance, here is another thesis related to the theme “First Love” â€" “To love means to become better”. Why? A personal experience can also be an argument but remember that such evidence is least convincing and it is well represented in the form of an extension to the main facts, known and authoritative. Then choose the arguments that support your idea and arrange them from the least convincing to the most convincing. Conclusion deepens the thesis and contains advice, rules or offers forecasts. For instance, no matter when the first love occurs in your life, it can make a person tough cynic, an unrecognizable romantic or a realist. The first one will be deeply unhappy: he cannot love, which means that he will remain alone. The second from the absolute optimism of love often turns to the same pessimism of “no love”. And only the third is able to find harmony. In order to have more people like this, adults, relatives, friends should be careful and serious about the feelings of adolescents and children. Essay samples for inspiration An opinion essay is a kind of creative work. Do not be shy of your thoughts. Don’t think your thoughts and opinions will be stupid. Pretend that you’re talking to a friend and sharing your opinion on the subject. Often, there are difficulties with writing the first sentence. You do not know where to start. In this case, the writing of the entry should be postponed. That is, first write the main part of the work, then the conclusion, and only then return to the introduction. In order not to be shy of your thoughts, it’s recommended writing anonymous essays in order to read them in the future for the whole class and make out your mistakes on your example. Everyone recognizes their own essay and is not afraid of the ridicule of fellow students or bad evaluation. You will understand what was incorrect in your work (in stylistic terms, in the logic of presentation, etc.). At the same time, teachers should not read even very funny excerpts from the works, especially with the indication of the author. After such an analysis, the student may have a persistent hatred for writing works. It should be noted that the key to good writing is reading books and communicating with adults. Talk more often sharing your opinion on certain things, discuss everything you see and hear, everything that interests you. Tips for writing Here are the tips to follow when writing an opinion essay: Stick to the structure of the essay. Once you have received the assignment, determine the type of essay and the plan by which you will write it. After that, come up with the title, the intro, several paragraphs of the main part, and the conclusion. Use a draft. Since there is not much time to write an essay use the draft. Outline your thoughts and arguments using short theses. This will allow you not to forget important thoughts while writing a final version of the text. Prepare for any topic. The essay shows not only your level of language knowledge but also erudition. Therefore, before preparing for the exam read the texts on different topics. Leave time for the check-up. Allocate the time so that at the end of the exam you have at least 5 minutes left to check the essay. Define the appropriate style. The style of writing an essay should be semi-formal or formal. Do not use slang and word abbreviations. Be concise. The essay is a short written work. Keep within the limits of the text. Give arguments. Each written thought should not sound unfounded. Support it with arguments, a vivid example, statistics, etc. Use the word-bundles. Introductory words for essays are important links that link sentences together, forming a logical chain of your thoughts. Use a variety of vocabulary and grammar. Avoid repetition of words, use synonyms and complex grammatical constructions. Present your thoughts correctly. Essay is a written expression of your thoughts on a particular topic. And here it is important not to forget about elementary delicacy. Write softly. Though you should write your thoughts on the issue, try not to use the structures such as “I’m sure that ”, “I know that ”, etc. List of topics for opinion essay If you’re at a loss about what topic to choose for your opinion essay, search online where you can find many interesting opinion paper topics to get an idea of what you can write about. How to choose a right topic? In order to choose the right topic for your paper, the topic should be interesting for you and you should have a desire to write about it and research it. Conclusion on an opinion essay Now you know how to write an essay perfectly. In order for this theoretical knowledge to bring you practical knowledge in the form of a high score on the exam, actively use them. Practice writing essays on different topics â€" this will be the best preparation for the exam.

The Morality of a Scoundrel Understanding Mr. Doolittles Importance - Literature Essay Samples

At first glance and introduction, it seems Mr. Doolittle is no more than a slovenly and crude navvyman. He serves the plot as nothing more than a physical representation of where Eliza comes from. However, in the two scenes he is in, he steals the show. His listless and content nature belies a man with a sharp mind, sharp ideals, and an even sharper tongue. Alfred Doolittle is a man who knows what makes him happy, and does not like the responsibility that he would gain if he improved his quality of life. One of the most important parts of Mr. Doolittle’s character is his words. His natural gift of rhetoric reveals the brilliant mind underneath his calloused exterior. It is the audience’s first clear look at the true depth of Mr. Doolittles character. One of the things Doolittle talks most about in his first appearance is his own contentment. One instance arises in lines 255-259 of Act II, where he says, â€Å"Undeserving poverty is my line. Taking one station in society with another, its—its—well, its the only one that has any ginger in it, to my taste.† Before and after his â€Å"transformation,† he talks about being satisfied with his current position. All he desires is some simple, earthly pleasures on occasion. He speaks about his own disgust with the codependency and responsibility that comes with being a member of the middle-class, the â€Å"middle-class morality†. His complaints are most easily summarized in lines 67 and 68 of A ct V when he sighs and says, â€Å"Im expected to provide for everyone now, out of three thousand a year.† His words are his greatest strength in this play, and he only wishes to use them for the bare minimum of his desires. They make his lack of motivation clear. Whereas Mr. Doolittle’s words tell the reader his strengths and values, his actions tell the reader his relationship to morality. The first thing he does in the play is use Eliza’s position with Henry to ask for money. This insight into the morals of Doolittle gives the audience a basis of comparison for his further development. He regards morality as a privilege afforded only to the upper-class. Later, when he becomes wealthy, he regards his own responsibility towards his family as a terrible curse he must bear. Another one of his defining actions, is his rejection of any offer he thinks is above him. Twice, Higgins offers him something beyond his original request: â€Å"a seat in the Cabinet† and ten pounds. Both times, Doolittle refuses, saying all he wants is to have a small splurge then continue his normal life. Due to the underlying sarcasm and manipulation in Doolittle’s words, it is hard to judge his motives. However, one could argue that Doolittle ’s sense of self-worth is, in its own sense, a form of morality. It is made clear that his sense of morality is directly tied to his financial situation. When he becomes wealthy, he immediately falls â€Å"victim† to the same sensibilities he claimed himself above when he was poor. He has few convictions that are not subject to change at the slightest shift in financial situation. The reactions of the characters to Mr. Doolittle give, in some ways, clearer pictures of his character than his own words. Eliza’s bitter anger and revulsion towards him imply a long history of cruelty and neglect at his hands. This is further confirmed by Doolittle’s encouragement that Higgins should beat Eliza. It is Higgins’s own curiosity in Mr. Doolittle that truly cements that, although not a good person, there is something very interesting about him. The audience already knows that Higgins sees everything as compared to himself, with little regard or empathy for anyone or anything, similar to Doolittle himself, so his attitude towards Doolittle as a specimen of sorts are not surprising. The most interesting reactions are what the â€Å"polite and upper class† characters, Pickering and Mrs. Higgins, think of Doolittle. Naturally, upon their first meeting they are both relatively horrified. That being said, their later, more pleasant feelings, toward him are a testament to his own power of charisma. If one keeps character bias in mind, these second-person perspectives on the character of Doolittle can add much to the analysis. They further support the idea that Doolittle is the perfect archetype of the â€Å"charming rascal.† But what is the importance of Mr. Doolittle? How does he help convey the ideas of the story? Doolittle is important at the beginning of the story in relation to Eliza. Now, the audience knows what type of person Eliza was raised to be. He is a point of reference for how far she will come. Doolittle is also extremely important in relation to Higgins. He works as a parallel to Higgins They are both wise, both have terrible manners and tempers, and they are both satisfied with their position in life. What makes one of them a gentleman and the other a scoundrel? The central theme of the show is where the line between classes is drawn and why. Doolittle’s character serves as an important reminder that civility is not skin deep, and is always subjective. Doolittle is a man who takes what he is given and does not work for what is not handed to him. His scruples are nonexistent, and he follows convention when he feels he must. His oratory gift is his greatest strength and his greatest weakness in that it makes him a casualty of middle-class morality. He does not aid in the character’s personal growth, but instead serves as a message to the audience that anyone can be a â€Å"gentleman†. It is the humor and irony of satire that gives him an end with his worst fear, a life better than he deserves.

The Reverse Resource Curse Costa Rica Essay - 1803 Words

The Reverse Resource Curse The Republic of Costa Rica is a small nation; it is home to just over 4.8 million people in an area roughly comparable to Vermont and New Hampshire combined. The land that comprises modern Costa Rica is significantly lacking in terms of ‘classical natural resources,’ that is, fossil fuel deposits, and precious metals, among others. Sections of the nation that do contain such deposits are often protected national forests, or in some cases purposefully undeveloped. Thus, economic development historically oriented towards export-focused agrarian production. Despite this, Costa Rica has been able to commit to a renewable energy grid, abolish its military, and in recent years, develop industries in consumer electronics, medical equipment, and information technology. One of the most curious questions concerning the peculiar situation in Costa Rica is â€Å"Why?† Why has a small Latin American nation been able to completely reform energy production and do away with its m ilitary far earlier than its neighbors and much of the world? Ironically, Costa Rica has been aided in these endeavors by its lack of resources, in a ‘reverse-resource curse.’ That is, a lack of resources has contributed positively toward the development of a stable government and economy. Without large domestic sources of fossil fuels, energy production has specialized in the form of renewable generation. Similarly, the Costa Rican government’s ability to abolish the military stems almostShow MoreRelatedYasuni Itt7226 Words   |  29 Pagesregulates the separation of banking from the media and other financial business outside their strictly financial scope. In addition, subjecting transnational oil and energy companies to service-provider contracts in which it is clear that non-renewable resources are joint property of Ecuadorians represented by the State; declaring certain sections of foreign debt as illegitimate; creating a tax on outgoing capital12, and carr ying out tax reforms with an emphasis on direct taxes, are other measures that showRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesin transcontinental economic integration, in transportation and communication technology, and in the movement of people. These upsurges and their regional unevenness created unprecedented incentives for long-distance migrations, as well as the resources and technologies that made them possible. In turn, these migrations provided the labor and markets that made these upsurges in production, integration, and flows possible. Modern migration is unprecedented in its volume and in its temporal concentrationRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 Pageschanging the fundamental dimensions of business strategy and the meaning of its implementation. These changes affect a broad range of decisions, including the following: ââ€"  ââ€"  ââ€"  ââ€"  ââ€"  ââ€"  ââ€"  How to invest in technology How to lead meaningful human resources initiatives How to maintain alliances successfully What the speed of new product or service development should be What the appropriate time horizons for investments and financial planning are How to implement productive cost reduction How to recognize

World War Two And Polish Propaganda - Free Essay Example

Sample details Pages: 6 Words: 1729 Downloads: 4 Date added: 2019/10/30 Category Politics Essay Level High school Topics: Propaganda Essay Did you like this example? In 1932, during the Great Depression, Poland formed a pact of nonaggression with the Soviet Union. Then in 1934 signed a similar pact with Natzi Germany, which was broken five years later. World War Two began due to the United Kingdom Declared war on Germany for their invasion of Poland in 1939. Don’t waste time! Our writers will create an original "World War Two And Polish Propaganda" essay for you Create order In the same year the Soviet Union invaded Poland from the East, and divides Poland between the two countries. In 1941 the German concentration camps Auschwitz, Treblinka, Majdanek are built. The Warsaw ghetto uprising in 1943 breaks out against attempts to transport the remaining Jewish inhabitants to concentration camps lasting nearly four weeks before the ghetto is finally burned down. In 1944 Polish resistance forces take control of Warsaw in August, however the city is recaptured by the   Germans in October and burnt to the ground.   After the German surrender and subsequent end of World War Two in 1945 the Soviet forces captured Warsaw in January and forced all German forces out of Poland by the following March. Polands   new borders are set by the post-war Potsdam conference, causing   Poland   to lose territory to the Soviet Union but gain some from Germany. After a Soviet run election in 1947, Poland became a Country under Communist rule. In 1955 Poland joined the Soviet ran Warsaw Pact. Over 50 people are killed during rioting in Poznan over demands for greater freedom in 1956. There are riots due to food price in Gdansk, by the time the protests are suppressed, hundreds were already killed. In 1989, Tadeusz Mazowiecki became the first non-Communist Polish prime minister since 1946. The ever-present Soviet troops begin to leave Poland in 19991. From the end of World War Two to the time that Poland was under oppression, propagandist music was created in order to sway the public. This music was created by the Polish military, and the various grassroots resistance movements that had sprung up throughout this time period. This essay will contain an analysis of some of the propaganda music that was created by the underground resistance movements, and the Polish military during this time.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In order to first determine how a musical piece works as propaganda influencer, propaganda must be defined. It can be relatively easily defined as a type of communication that possesses the intention to influence the behavior and to persuade specific groups of people.2 It is based on the exploitation of emotions by using an us against them model appealing to patriotism, exploiting pre-existing prejudices, etc. Propaganda relies on a medium determined by its sender in order to distribute the senders message to their intended audience. Music is an effective medium for a message to relayed to an intended audience because music influences human behavior by strongly influencing, or affecting emotions; music can be used as a symbol of a groups identity; music can be used to coordinate large groups of people; and music can build association between certain emotions and certain objects. 3 One of the most famous and popular Polish protest songs during World War Two was Siekiera, motyka, translated Axe, Hoe. The song was originally a folk tune with constantly changing lyrics created in 1917, which was then changes into a military song in 1938 with a different name. The wartime protest lyrics was created in 1942 in Warsaw shortly before the riots by Anna Jachnina. Within the next year it was being distributed by the Polish underground resistance. The song describes the life that occurs in German occupied Warsaw, and criticizes the German practice of   practice of ?‚apankas, which were street round-ups that carted off random passersby into forced labor duties.   Siekiera, motyka and similar songs were banned by the German forces in late 1942, however it remained one of the most popular patriotic street songs during occupied Poland.4 Siekiera, motyka Axe, hoe, moonshine, drinking glass, days ?‚apanka, at night air-raid, axe, hoe, lights on, AC current, when will they get out of here. We have no more place to hide, dogcatchers dont let us live. they are running through the streets, looking who else can be snatched. Axe, hoe, hand saw, rope line, heres the Prussia, theres Treblinka axe, hoe, lights on, AC current, run, you bastard, away right now. Axe, hoe, January, February Hitler and Duce lose their shoes, axe, hoe, rope line, wire, Mr. Painter is kaputt. Axe, hoe, hand saw, vodka stupid painter lost the war, axe, hoe, hand saw, knife, he lost the war just now, now, now Siekiera, motyka was an effective piece of propaganda due to several factors such as its widespread popularity, and its emotional appeal.   The song is used to express the frustration of the Polish citizens in Warsaw and eventually all of Poland. Frustration over the near constant air raids, the ?‚apanka where their friends, families and neighbors would be carted off to labor camps with little chance of returning, and the fact that even more of their people would be shipped off to the concentration camps with almost no chance of return. The song was a call to action against the German forces, but it was not one of the more violent examples of songs that were created during this time period. Another popular song from this time period was Marsz Gwardii Ludowe,   which translates to The March of the Peoples Guard, and is an example of the more violent resistance works that were created during this time. The poem was initially written by Wanda Ziele?„czyk, who gave the poem a different title. However, over time, the more popular name was used more often.   Eventually a melody was added to the words when The March of the Peoples Guard was published. Unfortunately, Wanda was arrested by the Gestapo, and Wanda and her family were shot soon after its release. 5 Marsz Gwardii Ludowe We, from burnt villages, We, from starving cities For hunger, for blood, For years of tears, The time has come for revenge. For hunger, for blood, For years of tears, The time has come for revenge. So, register your weapon And measure in the heart of the enemy! Dumb our step, Million step, Sounds guerrilla singing. Dumb our step, Million step, Sounds guerrilla singing. When you fall in the field, then Trees will rustle in tact. Oh, how beautiful And how easy it is For free Poland, die like that. Oh, how beautiful And how easy it is For free Poland, die like that. So forward, Guards, march! The world is burning around us And the enemy will tremble And the enemy will die From the hand of folk masses! And the enemy will tremble And the enemy will die From the hand of folk masses! The song March of the Peoples Guard was a form of more violent protest. It called for the common people to take up arms and fight for a Poland free from German oppression, and that if they were to die then it would be for a worthy cause and history will remember those who fell in battle favorably. It was written and most often used by members of the underground resistances. The March of the Peoples Guard has a similar theme   to the song Red Poppies on Monte Cassino in that if a person were to fall in battle in service for their country, then they will be remembered and their sacrifice is worthwhile.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The song Czerwone maki na Monte Cassino or   Red Poppies on Monte Cassino is one of the best known military songs written during World War Two. it was written in 1944 during the battle of Monte Cassino in Italy.6 However, It was banned for a period when Poland was occupied by the Soviet Union, this is because the communist   government sought to decrease the memory of the wartime Polish Armed Forces that fought in World War Two.7 Czerwone maki na Monte Cassino Do you see that rabble on the peak? There, your foe is hiding like a rat You have to, you have to, you have to Grab his neck and from the clouds, knock him down And they went ferocious and mad And they went to kill and to avenge And they went like always unyielding Like always, for honor, fight Red poppies on Monte Cassino Instead of dew, were drinking Polish blood Through these poppies walked soldier and died But stronger than death was his wrath Years go by and centuries will pass The traces of old days will last And all the poppies on Monte Cassino Will be redder because from Polish blood theyll grow They charged through fire, expendable Not just one, took a bullet and died Like those madman of Samosierra Like those, years before, at Rac?‚awice They charged with force of madmen And they made it. The assault was successful And their white and red banner Was raised on the rubble among the clouds Red Poppies Do you see this row of white crosses? There Pole with honor, took oath. Walk forward, the farther, the higher The more of them youll find at your feet This earth belongs to Poland Although, Poland is far away from here Because freedom, by crosses, is measured This is historys, one mistake Red poppies Czerwone maki na Monte Cassino was written on the eve of a decisive battle during the retreat of Natzi forces at the end of World War Two by Feliks Konarski. At that time all the soldiers knew many of them would die, so the song was used to instill patriotism into said soldiers and as an outlet for their grieving, which is how it is a useful form of propaganda. The message is that if the soldiers die in battle, it was for a just cause, and history and their country will remember them for their sacrifice.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   All music that has been written contains a message, what the message is and the messages purpose is what determines if it is qualified as propaganda or not. An influx of   propagandist music was created in order to sway the public from the time near the end of World War Two and the time that Poland was under oppression by the Soviet Union after the war. The resistance propaganda, which is normal during war time in a country that was taken over was very successful as seen in the numerous uprisings that occurred. This music was created by the Polish military, and the various grassroots resistance movements that had sprung up throughout this time period.

Pakistan History, Culture, Geography and Climate

The nation of Pakistan is still young, but human history in the area reaches back for tens of thousands of years. In recent history, Pakistan has been inextricably linked in the worlds view with the extremist movement of al Qaeda and with the Taliban, based in neighboring Afghanistan. The Pakistani government is in a delicate position, caught between various factions within the country, as well as policy pressures from without. Capital and Major Cities Capital: Islamabad, population 1,889,249 (2012 estimate) Major Cities: Karachi, population 24,205,339Lahore, population 10,052,000Faisalabad, population 4,052,871Rawalpindi, population 3,205,414Hyderabad, population 3,478,357All figures based on 2012 estimates. Pakistani Government Pakistan has a (somewhat fragile) parliamentary democracy. The President is the Head of State, while the Prime Minister is the Head of Government. Prime Minister Mian Nawaz Sharif  and President Mamnoon Hussain were elected in 2013. Elections are held every five years and incumbents are eligible for reelection. Pakistans two-house Parliament (Majlis-e-Shura) is made up of a 100-member Senate and a 342-member National Assembly. The judicial system is a mix of secular and Islamic courts, including a Supreme Court, provincial courts, and Federal Sharia courts that administer Islamic law. Pakistans secular laws are based on British common law. All citizens over 18 years of age have the vote. Population of Pakistan Pakistans population estimate as of 2015 was 199,085,847, making it the sixth most populous nation on Earth. The largest ethnic group is the Punjabi, with 45 percent of the total population. Other groups include the Pashtun (or Pathan), 15.4 percent; Sindhi, 14.1 percent; Sariaki, 8.4 percent; Urdu, 7.6 percent; Balochi, 3.6 percent; and smaller groups making up the remaining 4.7 percent. The birth rate in Pakistan is relatively high, at 2.7 live births per woman, so the population is expanding rapidly. The literacy rate for adult women is only 46 percent, compared with 70 percent for men. Languages of Pakistan The official language of Pakistan is English, but the national language is Urdu (which is closely related to Hindi). Interestingly, Urdu is not spoken as a native language by any of Pakistans main ethnic groups and was chosen as a neutral option for communication among the various peoples of Pakistan. Punjabi is the native tongue of 48 percent of Pakistanis, with Sindhi at 12 percent, Siraiki at 10 percent, Pashtu at 8 percent, Balochi at 3 percent, and a handful of smaller language groups. Most Pakistan languages belong to the Indo-Aryan language family  and are written in a Perso-Arabic script. Religion in Pakistan An estimated 95-97 percent of Pakistanis are Muslim, with the remaining few percentage points made up of small groups of Hindus, Christians, Sikhs, Parsi (Zoroastrians), Buddhists and followers of other faiths. About 85-90 percent of the Muslim population are Sunni Muslims, while 10-15 percent are Shia. Most Pakistani Sunnis belong to the Hanafi branch, or to the Ahle Hadith. Shia sects represented include the Ithna Asharia, the Bohra, and the Ismailis. Geography of Pakistan Pakistan lies at the collision point between the Indian and Asian tectonic plates. As a result, much of the country consists of rugged mountains. The area of Pakistan is 880,940 square km (340,133 square miles). The country shares borders with Afghanistan to the northwest, China to the north, India to the south and east, and Iran to the west. The border with India is subject to dispute, with both nations claiming the mountain regions of Kashmir and Jammu. Pakistans lowest point is its Indian Ocean coast, at sea level. The highest point is K2, the worlds second-tallest mountain, at 8,611 meters (28,251 feet). Climate of Pakistan With the exception of the temperate coastal region, most of Pakistan suffers from seasonal extremes of temperature. From June to September, Pakistan has its monsoon season, with warm weather and heavy rain in some areas. The temperatures drop significantly in December through February, while spring tends to be very warm and dry.  Of course, the Karakoram and Hindu Kush mountain ranges are snowbound for much of the year, due to their high altitudes. Temperatures even at lower elevations may drop below freezing during the winter, while summer highs of 40 °C (104 °F) are not uncommon. The record high is 55 °C (131 °F). Pakistani Economy Pakistan has great economic potential, but it has been hampered by internal political unrest, a lack of foreign investment, and its chronic state of conflict with India. As a result, the per capita GDP is only $5000, and 22 percent of Pakistanis live under the poverty line (2015 estimates). While GDP was growing at 6-8 percent between 2004 and 2007, that slowed to 3.5 percent from 2008 to 2013. Unemployment stands at just 6.5 percent, although that does not necessarily reflect the state of employment as many are underemployed. Pakistan exports labor, textiles, rice, and carpets. It imports oil, petroleum products, machinery, and steel. The Pakistani rupee trades at 101 rupees / $1 US (2015). History of Pakistan The nation of Pakistan is a modern creation, but people have been building great cities in the area for some 5,000 years. Five millennia ago, the Indus Valley Civilization created great urban centers at Harappa and Mohenjo-Daro, both of which are now in Pakistan. The Indus Valley people mixed with Aryans moving in from the north during the second millennium B.C. Combined, these peoples are called the Vedic Culture; they created the epic stories upon which Hinduism is founded. The lowlands of Pakistan were conquered by Darius the Great around 500 B.C. His Achaemenid Empire ruled the area for nearly 200 years. Alexander the Great destroyed the Achaemenids in 334 B.C., establishing Greek rule as far as the Punjab. After Alexanders death 12 years later, the empire was thrown into confusion as his generals divided up the satrapies; a local leader, Chandragupta Maurya, seized the opportunity to return the Punjab to local rule. Nonetheless, Greek and Persian culture continued to exert a strong influence on what is now Pakistan and Afghanistan. The Mauryan Empire later conquered most of South Asia; Chandraguptas grandson, Ashoka the Great, converted to Buddhism in the third century B.C. Another important religious development occurred in the 8th century A.D. when Muslim traders brought their new religion to the Sindh region. Islam became the state religion under the Ghaznavid Dynasty (997-1187 A.D.). A succession of Turkic/Afghan dynasties ruled the region through 1526 when the area was conquered by Babur, founder of the Mughal Empire. Babur was a descendant of Timur (Tamerlane), and his dynasty ruled most of South Asia until 1857 ​when the British took control. After the so-called Sepoy Rebellion of 1857, the last Mughal Emperor, Bahadur Shah II, was exiled to Burma by the British. Great Britain had been asserting ever-increasing control through the British East India Company since at least 1757. The British Raj, the time when South Asia fell under direct control by the UK government, lasted until 1947. Muslims in the north of British India, represented by the Muslim League and its leader, Muhammad Ali Jinnah, objected to joining the independent nation of India after World War II. As a result, the parties agreed to a Partition of India. Hindus and Sikhs would live in India proper, while Muslims got the new nation of Pakistan. Jinnah became the first leader of independent Pakistan. Originally, Pakistan consisted of two separate pieces; the eastern section later became the nation of Bangladesh. Pakistan developed nuclear weapons in the 1980s, confirmed by nuclear tests in 1998. Pakistan has been an ally of the United States in the war on terror. They opposed the Soviets during the Soviet-Afghan war but relations have improved.

Piaget s Theory Of Cognitive Development - 1132 Words

Psychologist Jean Piaget was the first to make a study surrounding the theory of cognitive development. The interesting thing about Piaget’s way of studying was that he was more concerned about how children’s thoughts got to the answer in relation to their IQ rather than simply their ability to answer a question correctly. The cognitive development theory detailed observational studies of cognition in children by a series of tests, which furthermore revealed different cognitive abilities. Before Piaget’s study, it was assumed that because children are younger, they are less competent thinks than that of adults. However, test results showed that it was actually quite opposite; young children simply think in remarkably different ways than adults. â€Å"According to Piaget, children are born with a very basic mental structure (genetically inherited and evolved) on which all subsequent learning and knowledge is based,† (McLeod). What made his theory so much different than his colleagues is that Piaget focused on three aspects: strictly children, development rather than learning, and discrete stages of development marked by qualitative differences rather than a gradual increase. The main goal of this was to explain the process in which infants and children develop into an individual who can reason and think using hypotheses. â€Å"[It] was a progressive reorganization of mental processes as a result of biological maturation and environmental experience. Children construct anShow MoreRelatedPiaget s Theory Of Cognitive Development1289 Words   |  6 Pagesare many great cognitive theorists, but the one that comes to mind is a development psychologist by the name of Jean Piaget. One of his prized declaration was in 1934, where he declared that education is capable of saving our society from collapsing whether its violent or gradual. Piaget had a key effect on education and psychology, and because of that effect he made many contributions to learning and to cognition. One of most important contribution was a model that was made by Piaget. This modelRead MorePiaget s Cognitive Development Theory1077 Words   |  5 PagesAccording to Piaget (1957), cognitive development was a continuous restructuring of mental processes due to varied situations and experiencing the world and maturing biologically. His view of cognitive development would have us look inside a child’s head and glimpse the inborn process of change that thinking goes through. â€Å"He was mainly interested in the biological influences on â€Å"how we come to know’† (Huitt and Hummel, 2003). Piaget’s views helps us to have appropriate expectations about children’sRead MorePiaget s Theory Of Cognitive Development1813 Words   |  8 Pages ECH-130 Sociocultural Tables LLlllll Cognitive Development Definition Examples of Application of Concept Strategies to Support and/or Assess Learning Birth to Age 5/Pre-K Piaget Sensorimotor stage: :the first stage Piaget uses to define cognitive development. During this period, infants are busy discovering relationships between their bodies and the environment. Researchers have discovered that infants have relatively well developed sensory abilities An infant who recently learned how to rollRead MorePiaget s Cognitive Theory And Cognitive Development1494 Words   |  6 Pages 1) Examine how Piaget’s cognitive theory can help to explain the child’s behavior. Piaget confirms â€Å"Each cognitive stage represents a fundamentally new psychological reorganization resulting from maturation of new functions and abilities† (as in Greene, 2009, p.144). The case Vignette describes Victors’ stages of development through Piaget’s stages of cognitive development as exhibited behavior that occurred during the sensorimotor, preoperational, as established areas. Victor experienced a normalRead MorePiaget s Theory On Cognitive Development1449 Words   |  6 Pagesstrengths and weaknesses of Piaget’s theory on cognitive development. It will focus on Piaget’s work highlighting positive attributes and how they’re being applied in modern day and also delve on key limitations of the theory. Piaget was a Swiss psychologist who was interested on why children would give similar but wrong answers in an intelligence test (Vidal, 1994). Based on his observations, he concluded that children undergo sequential cognitive d evelopment patterns which occur in defined stagesRead MorePiaget s Theory Of Cognitive Development969 Words   |  4 Pages20th century, the development of psychology is constantly expanding. Erikson and Piaget are two of the ealier well known theorist, both being significant in the field. Their belief s are outlined in Piaget s Cognitive Development Theory and Erikson s Psychosocial Development Theory. These theories, both similar and different, have a certain significance as the stages are outlined.Erikson and Piaget were similar in their careers and made huge progressions in child development and education. WithRead MorePiaget s Theory Of Cognitive Development1519 Words   |  7 Pagesrelates to both Piaget and Vygotskian theories in the sense that they describe how the child s mind develops through different forms of stimuli that occur during early childhood. Piaget s theory focuses mainly on things such as; how children think; how the world around them is perceived and how th e newly found information is explained through the language they use. Vygotsky s theory however differs as the effects of different forms of social interaction occur in cognitive development such as; internalisation;Read MorePiaget s Theory Of Cognitive Development1111 Words   |  5 PagesPiaget’s theory of cognitive development Piaget’s theory of cognitive development was based around his belief that children will develop their intelligence through a series of stages: Sensorimotor (birth – 2yrs), Preoperational (2-7yrs), Concrete Operational (7-11yrs) and Formal Operational (11+). He believed these stages to be invariant, the same stages taking place in a fixed order, and universal, the same for every child regardless of their background or culture. (McLeod, 2015) Piaget believedRead MorePiaget s Theory Of Cognitive Development Essay1790 Words   |  8 PagesCognitive developmental theories provide a framework for understanding about how children act and perceive the world. However, every theory has both strengths and weaknesses. A certain theory may explain one aspect of cognitive development very well, but poorly address or completely ignore other aspects that are just as important. Two well known theories of cognitive development are Piaget’s stage theory and Vygotsky’s sociocultural theory. As I plan to be a pediatric nurse, these two theories willRead MorePiaget s Theory Of Cognitive Development1325 Words   |  6 PagesJean Piaget developed a systematic study of cognitive development. He conducted a theory that all children are born with a basic mental structure. He felt that their mental structure is genetically inherited and their learning evolved from subsequent learning and knowledge. Piaget’s theory is differ ent from other theories and he was the first to study a child’s learning by using a systematic study of cognitive development. His theory was only concerning the learning of children, their development

Kimmel Financial Accounting Solutions Ch12 Free Essays

CHAPTER 12 Statement of Cash Flows Study Objectives 1. Indicate the usefulness of the statement of cash flows. 2. We will write a custom essay sample on Kimmel Financial Accounting Solutions Ch12 or any similar topic only for you Order Now Distinguish among operating, investing, and financing activities. 3. Explain the impact of the product life cycle on a company’s cash flows. 4. Prepare a statement of cash flows using the indirect method. 5. Use the statement of cash flows to evaluate a company. *6. Prepare a statement of cash flows using the direct method. Summary of Questions by Study Objectives and Bloom’s Taxonomy |Item | |? 1. | |? 1. | |? 1. | |? 1. |? 1. | |? 1. |2 |C |? 4|6* |AP|? 7. | | | | |. | | | | | | | | | | | | |1A | |Distinguish among operating, investing, and financing | |Simple | |10–15 | | | |activities. | | | | | | | | | | | | |2A | |Determine cash flow effects of changes in equity accounts. | |Simple | |10–15 | | | | | | | | | |3A | |Prepare the operating activities section—indirect method. |Simple | |20–30 | | | | | | | | | |*4A | |Prepare the operating activities section—direct method. | |Simple | |20–30 | | | | | | | | | |5A | |Prepare the operating activities section—indirect method. |Simple | |20–30 | | | | | | | | | |*6A | |Prepare the operating activities section—direct method. | |Simple | |20–30 | | | | | | | | | |7A | |Prepare a statement of cash flows—indirect method, and compute cash-based ratios. |Moderate | |40–50 | | | | | | | | | |*8A | |Prepare a statement of cash flows—direct method, and compute cash-based ratios. | |Moderate | |40–50 | | | | | | | | | |9A | |Prepare a statement of cash flows—indirect method. |Moderate | |40–50 | | | | | | | | | |*10A | |Prepare a statement of cash flows—direct method. | |Moderate | |40–50 | | | | | | | | | |11A | |Prepare a statement of cash flows—indirect method. | |Moderate | 40–50 | | | | | | | | | |12A | |Identify the impact of transactions on ratios. | |Moderate | |25–35 | | | | | | | | | |1B | |Distinguish among operating, investing, and financing | |Simple | |10–15 | | | |activities. | | | | | | | | | | | | |2B | |Determine cash flow effects of changes in plant asset | |Simple | |10–15 | | | |accounts. | | | | | | | | | | | | | |3B | |Prepare the operating activities section—indirect method. |Simple | |20–30 | | | | | | | | | |*4B | |Prepare the operating activities section—direct method. | |Simple | |20–30 | | | | | | | | | |5B | |Prepare the operating activities section—indirect method. |Simple | |20–30 | | | | | | | | | |*6B | |Prepare the operating activities section—direct method. | |Simple | |20–30 | | | | | | | | | |7B | |Prepare a statement of cash flows—indirect method, and compute cash-based ratios. |Moderate | |40–50 | | | | | | | | | ASSIGNMENT CHARACTERISTICS TABLE (Continued) |Problem | | | |Difficulty | |Time | |Number | |Description | |Level | |Allotted (min. | | | | | | | | | |*8B | |Prepare a statement of cash flows—direct me thod, and compute cash-based ratios. | |Moderate | |40–50 | | | | | | | | | |9B | |Prepare a statement of cash flows—indirect method. |Moderate | |40–50 | | | | | | | | | |*10B | |Prepare a statement of cash flows—direct method. | |Moderate | |40–50 | | | | | | | | | |11B | |Prepare a statement of cash flows—indirect method. | |Moderate | |40–50 | | | | | | | | | ANSWERS TO QUESTIONS ?1. (a)The statement of cash flows reports the cash receipts, cash payments, and net change in cash resulting from the operating, investing, and financing activities of a company during a period in a format that reconciles the beginning and ending cash balances. (b)Disagree. The statement of cash flows is required. It is the fourth basic financial statement. ?2. The statement of cash flows answers the following questions about cash: (a) Where did the cash come from during the period? (b) What was the cash used for during the period? nd (c) What was the change in the cash balance during the period? ?3. The three activities are: Operating activities include the cash effects of transactions that create revenues and expenses and thus enter into the determination of net income. Investing activities include: (a) purchasing and disposing of investments and productive long-lived assets and (b) lending money and collecting loans. Financing activities include: (a) obtainin g cash from issuing debt and repaying amounts borrowed and (b) obtaining cash from stockholders, repurchasing shares, and paying them dividends. ?4. a)Major sources of cash in a statement of cash flows include cash from operations; issuance of debt; collection of loans; issuance of capital stock; sale of investments; and the sale of property, plant, and equipment. (b)Major uses of cash include purchase of inventory, payment of cash dividends; redemption of debt; purchase of investments; making loans; redemption of capital stock; and the purchase of property, plant, and equipment. ?5. The statement of cash flows presents investing and financing activities so that even noncash transactions of an investing and financing nature are disclosed in the financial statements. If they affect financial conditions significantly, the FASB requires that they be disclosed in either a separate schedule at the bottom of the statement of cash flows or in a separate note or supplementary schedule to the financial statements. ?6. Examples of significant noncash activities are: (1) issuance of stock for assets, (2) conversion of bonds into common stock, (3) issuance of bonds or notes for assets, and (4) noncash exchanges of property, plant, and equipment. ?7. Comparative balance sheets, a current income statement, and certain transaction data all provide information necessary for preparation of the statement of cash flows. Comparative balance sheets indicate how assets, liabilities, and equities have changed during the period. A current income statement provides information about the amount of cash provided or used by operations. Certain transactions provide additional detailed information needed to determine how cash was provided or used during the period. ?8. (a)The phases of the corporate life cycle are the introductory phase, growth phase, maturity phase, and decline phase. (b)During the introductory phase, cash from operations and investing would be expected to be negative, and cash from financing would be positive. Questions Chapter 12 (Continued) During the growth phase, a company would be expected to show some small amounts of cash from operations while continuing to show negative cash from investing and positive cash from financing. During the maturity phase, cash from operations, investing, and financing would all be expected to be positive while in the decline phase, cash from operations and investing would continue to be positive while cash from financing would be negative. ?9. Tootsie Roll has positive cash from operations that exceeds its net income. Cash from operations exceeded its investing needs and it retired shares of stock and paid dividends. Tootsie Roll appears to be in the middle to late maturity phase. 10. The advantage of the direct method is that it presents the major categories of cash receipts and cash payments in a format that is similar to the income statement and familiar to statement users. Its principal disadvantage is that the necessary data can be expensive and time-consuming to accumulate. The advantage of the indirect method is it is often considered easier o prepare, and it provides a reconciliation of net income to net cash provided by operating activities. It also tends to reveal less company information to competitors. Its primary disadvantage is the difficulty in understanding the adjustments that comprise the reconciliation. Both methods are acceptable but the FASB expressed a preference for the direct method. Yet, the indirect method is the overwhelming favorite of companies. 11. When total cash inf lows exceed total cash outflows, the excess is identified as a â€Å"net increase in cash† near the bottom of the statement of cash flows. 12. The indirect method involves converting accrual net income to net cash provided by operating activities. This is done by starting with accrual net income and adjusting for items that do not affect cash. Examples of adjustments include depreciation and other noncash expenses, gains and losses on the sale of noncurrent assets, and changes in the balances of current asset and current liability accounts from one period to the next. 13. It is necessary to convert accrual-based net income to cash-basis income because the unadjusted net income includes items that do not provide or use cash. An example would be an increase in accounts receivable. If accounts receivable increased during the period, revenues reported on the accrual basis would be higher than the actual cash revenues received. Thus, accrual-basis net income must be adjusted to reflect the net cash provided by operating activities. 14. A number of factors could have caused an increase in cash despite the net loss. These are (1) high cash revenues relative to low cash expenses; (2) sales of property, plant, and equipment; (3) sales of investments; (4) issuance of debt or capital stock, and (5) differences between cash and accrual accounting, e. . depreciation. 15. Depreciation expense. Gain or loss on sale of a noncurrent asset. Increase/decrease in accounts receivable. Increase/decrease in inventory. Increase/decrease in accounts payable. Questions Chapter 12 (Continued) 16. Under the indirect method, depreciation is added back to net income to reconcile net income to net cash provided by operating activitie s because depreciation is an expense but not a cash payment. 17. The statement of cash flows is useful because it provides information to the investors, creditors, and other users about: (1) the company’s ability to generate future cash flows, (2) the company’s ability to pay dividends and meet obligations, (3) the reasons for the difference between net income and net cash provided by operating activities, and (4) the cash and noncash financing and investing transactions during the period. 18. This transaction is reported in the note or schedule entitled â€Å"Noncash investing and financing activities† as follows: â€Å"Retirement of bonds payable through issuance of common stock, $1,700,000. 19. (a)The current ratio is an accrual-based ratio that measures liquidity while the current cash debt coverage ratio is a cash-based ratio that measures liquidity. (b)Solvency can be measured by the debt to total assets ratio (accrual-based) or the cash debt coverage ratio (cash-based). *20. Net cash provided by operating activities un der the direct approach is the difference between cash revenues and cash expenses. The direct approach adjusts the revenues and expenses directly to reflect the cash basis. This results in cash net income, which is equal to â€Å"net cash provided by operating activities. | | | | | |  + Decrease in accounts receivable | |*21. |(a) |Cash receipts from customers = Revenues from sales | | | | | | | | | |  Ã¢â‚¬â€œ Increase in accounts receivable | | | | | | | | | | | | |  + Increase in inventory | | |(b) |Purchases = Cost of goods sold | | | | | | | | | |  Ã¢â‚¬â€œ Decrease in inventory | | | | | | | | | | | | |  + Decrease in accounts payable | | | |Cash payments to suppliers = Purchases | | | | | | | | | |  Ã¢â‚¬â€œ Increase in accounts payable | | | | | | | | 22. Sales$2,000,000 Add: Decrease in accounts receivables 100,000 Cash receipts from customers$2,100,000 *23. Depreciation expense is not listed in the direct method operating activities section because it is not a cash flow item—it does not affect cash. SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 12-1 (a)Cash inflow from financing activity, $200,000. (b)Cash outflow from investing activity, $150,000. (c)Cash inflow from investing activity, $20,000. (d)Cash outflow from financing activity, $50,000. BRIEF EXERCISE 12-2 (a)Investing activity. (d)Operating activity. (b)Investing activity. (e)Financing activity. (c)Financing activity. (f)Financing activity. BRIEF EXERCISE 12-3 Cash flows from financing activities Proceeds from issuance of bonds payable$300,000) Payment of dividends(70,000) Net cash provided by financing activities$230,000) BRIEF EXERCISE 12-4 (a)Cash from operations would be lower than net income during the growth phase because inventory must be purchased for future projected sales. Since sales during the growth phase are projected to be increasing, inventory purchases must increase and inventory expensed on an accrual basis would be less than inventory purchased on a cash basis. Also, collections on accounts receivable would lag behind sales; thus, accrual sales would exceed cash collections during the period. (b)Cash from investing is often positive during the late maturity phase and the decline phase because the firm may sell off excess long-term assets that are no longer needed for productive purposes. BRIEF EXERCISE 12-5 Net cash provided by operating activities is $2,680,000. Using the indirect approach, the solution is: Net income$2,500,000 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$110,000) Accounts receivable decrease? 350,000) Accounts payable decrease(280,000) 180,000 Net cash provided by operating activities$2,680,000 BRIEF EXERCISE 12-6 Cash flows from operating activities Net income$280,000 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$70,000 Loss on sale of plant assets? 22,000 92,000 Net cash provided by operating activities$372,000 BRIEF EXERCISE 12-7 Net income$200,000 Adjustments to reconcile net income to net cash provided by operating activities Decrease in accounts receivable$80,000) Increase in prepaid expenses(28,000) Increase in inventories(40,000) 12,000 Net cash provided by operating activities$212,000 BRIEF EXERCISE 12-8 Original cost of equipment sold$22,000 Less: Accumulated depreciation 5,500 Book value of equipment sold? 16,500 Less: Loss on sale of equipment 3,500 Cash flow from sale of equipment$13,000 BRIEF EXERCISE 12-9 (a)Free cash flow = $127,260,000 – $221,160,000 – $0 = ($93,900,000) (b)Current cash debt coverage ratio = $127,260,000 ? $243,668,000 = .52 times (c)Cash debt coverage ratio = $127,260,000 ? $928,464,500 = . 14 times BRIEF EXERCISE 12-10 (a)Free cash flow = $405,000 – $200,000 – $0 = $205,000 (b)Current cash debt coverage ratio = $405,000 ? $150,000 = 2. 7 times (c)Cash debt coverage ratio = $405,000 ? $225,000 = 1. 8 times BRIEF EXERCISE 12-11 Free cash flow = $123,100,000 – $20,800,000 = $102,300,000 BRIEF EXERCISE 12-12 Free cash flow is cash provided by operations less capital expenditures and cash dividends paid. For Payne Inc. this would be $364,000 ($734,000 – $280,000 – $90,000). Since it has positive free cash flow that far exceeds its dividend, an increase in the dividend might be possible. However, other factors should be considered. For example, it must have adequate retained earnings, and it should be convinced that a larger dividend can be sustained over future years. It should also use the free cash flow to expand its operations or pay down its debt. *BRIEF EXERCISE 12-13 | | | | | | + Decrease in accounts receivable | |Receipts from |= |Sales | | | | | |customers | |revenues | | | | | | | | | | | | – Increase in accounts receivable | | | | | | | | | $1,285,759,000 = $1,287,672,000 – $1,913,000 (Increase in accounts receivable) *BRIEF EXERCISE 12-14 | | | | | | + Decrease in income taxes payable | |Cash payment |= |Income Tax | | | | | |for income taxes | |Exp ense | | | | | | | | | | | | – Increase in income taxes payable | | | | | | | | | $125,000,000 = $370,000,000 – $245,000,000* *$522,000,000 – $277,000,000 = $245,000,000 (Increase in income taxes payable) *BRIEF EXERCISE 12-15 | | | | | | + Increase in prepaid expenses | | | | | | | | | |Cash |= |Operating | | | | – Decrease in prepaid expenses | |payments for | |expenses, | | | | | |operating | |excluding | | | | | |expenses | |depreciation | | | | | | | | | | | | | | | | | | | |and  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | + Decrease in accrued expenses payable | | | | | | | | | | | | | | | | – Increase in accrued expenses payable | | | | | | | | | $79,000 = $90,000 – $6,600 – $4,400 SOLUTIONS TO DO IT! REVIEW EXERCISES DO IT! 12-1 (1)Financing activity (2)Operating activity (3)Financing activity (4)Investing activity (5)Investing activity DO IT! 12-2 Cash flows from operati ng activities Net income$100,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense$6,000 Patent amortization expense2,000 Gain on sale of equipment(3,600) Decrease in accounts receivable6,000 Increase in accounts payable   3,200  Ã‚  Ã‚  Ã‚  13,600 Net cash provided by operating activities$113,600 DO IT! 12-3 (a) Free cash flow = $73,700 – $27,000 –$15,000 = $31,700 b) Cash provided by operating activities fails to take into account that a company a must invest in new plant assets just to maintain the current level of operations. Companies must also maintain dividends at current levels to satisfy investors. The measurement of free cash flow provides additional insight regarding a company’s cash-generating ability. SOLUTIONS TO EXERCISES EXERCISE 12-1 (a)Noncash investing and financing activities. (b)Financing activities. (c)Noncash investing and financing activities. (d)Financing activities. (e)Investing a ctivities. (f)Operating activities. (g)Operating activities. EXERCISE 12-2 |(a) |Operating activity. | |(h) |Financing activity. |(b) |Noncash investing and | |(i) |Operating activity. | | |financing activity. | |(j) |Noncash investing and financing | |(c) |Investing activity. | | |activity. | |(d) |Financing activity. | |(k) |Investing activity. | |(e) |Operating activity. | |(l) |Operating activity. | |(f) |Noncash investing and financing activity. | |(m) |Operating activity (loss); investing | | |Operating activity. | | |activity (cash proceeds from sale). |(g) | | |(n) |Financing activity. | EXERCISE 12-3 |Point in Time | |Phase | | | | | |A | |Introductory phase | |B | |Decline phase | |C | |Maturity phase | |D | |Growth phase | During the introductory phase (point A), cash from operations and investing are expected to be negative while cash from financing would be positive. In the growth phase (point D), a company would continue to show negative cash from operations and investing and positive cash from financing. EXERCISE 12-3 (Continued) During the maturity phase (point C), cash from operations and net income would be approximately the same. Cash from operations would exceed investing needs. In the decline phase (point B), cash from operations would diminish while cash from financing would be negative. EXERCISE 12-4 JEREZ COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income$190,000 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$35,000 Loss on sale of equipment 5,000 Increase in accounts payable? 17,000 Decrease in accounts receivable? 15,000 Decrease in prepaid expenses 4,000 76,000 Net cash provided by operating activities$266,000 EXERCISE 12-5 KITSELTON INC. Partial Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income$153,000 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$34,000) Increase in accrued expenses payable? 10,000) Decrease in inventory? 4,000 Increase in prepaid expenses (5,000) Decrease in accounts payable(7,000) Increase in accounts receivable  (11,000) 25,000 Net cash provided by operating activities$178,000 EXERCISE 12-6 FELIX CORPORATION Statement of Cash Flows—Indirect Method For the Year Ended December 31, 2010 Cash flows operating activities Net income$284,100 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$187,000 Increase in income tax payable4,700 Decrease in accounts payable     Ã‚  (3,700) Increase in accounts receivable(8,200) Increase in inventory   (11,000)   168,800 Net cash provided by operating activities452,900 Cash flows from investing activities Sale of land     Ã‚  35,000 Purchase of building  (129,000) Net cash used by investing activities(94,000) Cash flows from financing activities Issuance of bonds200,000 Payment of dividend   (12,000) Purchase of treasury stock     (32,000) Net cash provided by financing activities   156,000 Net increase in cash514,900 Cash at beginning of period  Ã‚  Ã‚  Ã‚  45,000 Cash at end of period$559,900 EXERCISE 12-7 TOVAR CORP Partial Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income$? 72,000) Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$28,000) Loss on sale of equipment 8,000) 36,000) Net cash provided by operating activities? 108,000) Cash flows from investing activities Sale of equipment? 11,000* Purchase of equipment(70,000) Construction of equipment(53,000) Net cash used by investing activities(112,000) Cash flows from financing activities Payment of cash dividends? (19,000) *Cost of equipment sold$49,000) *Accumulated depreciation (30,000)) *Book value? 19,000) *Loss on sale of equipment? (8,000)) *Cash proceeds$11,000) EXERCISE 12-8 (a)MATSUI COMPANY Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income$ 93,000) Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$34,000) Decrease in inventory? 19,000) Increase in accounts receivable? (9,000) Decrease in accounts payable(8,000) 36,000) Net cash provided by operating activities? 129,000) Cash flows from investing activities Sale of land? 20,000) Purchase of equipment(60,000) Net cash used by investing activities? (40,000) Cash flows from financing activities Issuance of common stock? 42,000) Payment of cash dividends (35,000) Redemption of bonds (50,000) Net cash used by financing activities? (43,000) Net increase in cash 46,000) Cash at beginning of period 22,000) Cash at end of period$? 68,000) EXERCISE 12-8 (Continued) (b)1. Current cash debt coverage ratio: |Net cash provided |? Average current | |by operating activities | |liabilities | |$129,000 |? |[pic] |= |3. 0 times | |[Per Part (a)] | | | | | 2. Cash debt coverage ratio: |Net cash provided |? |Average total | |by operating activities | |liabilities | $129,000 ? [pic] = . 59 times *$47,000 + $200,000 **$39,000 + $150,000 EXERCISE 12-9 | | | |PepsiCo |Coca-Cola | |(a) |L iquidity | | | | | | |Current cash debt | |[pic] = . 75 times | |[pic] = . 64 times | | |coverage ratio | | | | | |(b) |Solvency | | | | | | |Cash debt coverage ratio | |[pic] = . 38 times | |[pic] = . 6 times | | | | | | | | | |Free cash flow | |$6,084 – $2,068 – $1,854 | |$5,957 – $1,407 – $2,911 | | | | |= $2,162 | |= $1,639 | PepsiCo’s liquidity is higher (better) than Coca-Cola’s. PepsiCo’s current cash debt coverage ratio is 17% higher than Coca-Cola’s. Coca-Cola’s solvency is slightly higher than PepsiCo’s since its cash debt coverage ratio is higher but its free cash flow smaller. EXERCISE 12-10 | | |Hoyt | |Rex | | | | |Corporation | |Corporation | |(a) |Liquidity | | | | | | |Current cash debt | |[pic] = 2. 0 times | |[pic] = 1. 0 times | | |coverage ratio | | | | | |(b) |Solvency | | | | | | |Cash debt | |[pic] = . 50 times | |[pic] = 0. 0 times | | |coverage ratio | | | | | | | | | | | | | |Free c ash flow | |$100,000 – $40,000 – $5,000 | |$100,000 – $70,000 – $10,000 | | | | |= $55,000 | |= $20,000 | Hoyt’s liquidity and solvency ratios are higher (better) than Rex’s comparable ratios. In particular, Hoyt’s current cash debt coverage ratio is twice as high as Rex’s. This ratio indicates that Hoyt is substantially more liquid than Rex. Hoyt’s solvency, as measured by the cash debt coverage ratio and free cash flow, is also better than Rex’s. *EXERCISE 12-11 Revenues$192,000) Deduct: Increase in accounts receivable(70,000) Cash receipts from customers*$122,000 Operating expenses 83,000) Deduct: Increase in accounts payable(23,000) Cash payments for operating expenses** 60,000 Net cash provided by operating activities$? 62,000 |** |Accounts Receivable | | |Balance, Beginning of year    | | | |Revenues for the year 192,000   |  Cash receipts for year 122,000 | | |Balance, End of year ? 70,000   | | |** |Accounts Payable | | | |  Balance, Beginning of year 0 | | |Payments for the year ? 0,000   |  Operating expenses for year ? 83,000 | | | |  Balance, End of year ? 23,000 | *EXERCISE 12-12 (a)Cash payments to suppliers Cost of goods sold$5,349. 7million Add: Increase in inventory 4. 7 Cost of purchases$5,354. 4m illion Deduct: Increase in accounts payable(156. 1) Cash payments to suppliers$5,198. 3million (b)Cash payments for operating expenses Operating expenses exclusive of depreciation ($11,791. 6 – $1,249. 9)$10,541. 7million Deduct: Decrease in prepaid expenses$(204. 5) Increase in accrued expenses payable  (37. 0) (241. 5) Cash payments for operating expenses$10,300. 2million *EXERCISE 12-13 Cash flows from operating activities Cash receipts from Customers$240,000* Dividend revenue 18,000* ?258,000* Less cash payments: To suppliers for merchandise$105,000 For salaries and wages? 53,000 For operating expenses? 28,000 For income taxes? 12,000 For interest     Ã‚  10,000? 208,000* Net cash provided by operating activities$? 50,000* *$48,000 + $192,000 *EXERCISE 12-14 MOSQUITO HOLLOW CORP. Statement of Cash Flows—Direct Method For the Year Ended December 31, 2010 Cash flows form operating activities Cash receipts from customers$566,100 Less: Cash payments: For goods and services$279,100 For income taxes93,000 For operating expenses77,000 For interest  Ã‚  Ã‚  Ã‚  22,400   471,500 Net cash provided by operating activities94,600 Cash flows form investing activities Sale of building202,400 Purchase of equipment  (113,200) Net cash provided by investing activities89,200 Cash flows from financing activities Issuance of common stock355,000 Payment of cash dividend (21,800) Purchase treasury stock(57,300) Cash paid to redeem bonds at maturity  (200,000) Net cash provided by financing activities  Ã‚  Ã‚   75,900 Net increase in cash259,700 Cash at beginning of period  Ã‚  Ã‚  Ã‚  Ã‚  11,000 Cash at end of period$270,700 *EXERCISE 12-15 Cash payments for rentals Rent expense$ 30,000* Add: Increase in prepaid rent? ?3,100* Cash payments for rent$ 33,100* Cash payments for salaries Salaries expense$ 54,000* Add: Decrease in salaries payable? ?2,000* Cash payments for salaries$ 56,000* Cash receipts from customers Revenue from sales$160,000* Add: Decrease in accounts receivable 9,000* Cash receipts from customers$169,000* SOLUTIONS TO PROBLEMS |PROBLEM 12-1A | | | | |Cash Inflow, Outflow, or No Effect? | | | | | | |Transaction |Where Reported | | |(a) |Recorded depreciation |O |No cash flow effect | | |expense on the plant assets. | | | |(b) |Recorded and paid interest expense. |O |Cash outflow | |(c) |Recorded cash proceeds from a sale of plant assets. |I |Cash inflow | |(d) |Acquired land by issuing |NC |No cash flow effect | | |common stock. | | |(e) |Paid a cash dividend |F |Cash outflow | | |to preferred stock holders. | | | |(f) |Distributed a stock dividend |NC |No cash flow effect | | |to common stockholders. | | | |(g) |Recorded cash sales. |O |Cash inflow | |(h) |Recorded sales on account. O |No cash flow effect | |(i) |Purchased inventory for cash. |O |Cash outflow | |(j) |Purchased inventory on |O |No cash flow effect | | |account. | | | |PROBLEM 12-2A | (a)Net income can be determined by analyzing the retained earnings account. Retained earnings beginning of year$270,000 Add: Net income (plug) 60,500* 330,500 Less: Cash dividends20,000 Stock dividends 10,500 Retained earnings, end of year$300,000 ($300,000 + $10,500 + $20,000 – $270,000) (b)Cash inflow from the issue of stock was $14,500 ($165,000 – $140,000 – $10,500). Common Stock | |140,000 | | | |10,500 |Stock Dividend | | |14,500 |Shares Issued for Cash | | |165,000 | | Cash outflow for dividends was $20,000. The stock dividend does not use cash. c)Both of the above activities (issue of common stock and payment of dividends) would be classified as financing activities on the statement of cash flows. |PROBLEM 12-3A | GRIDER COMPANY Partial Statement of Cash Flows For the Year Ended November 30, 2010 Cash flows from operating activities Net income$1,650,000 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$ 80,000 Decrease in inventory500,000 Decrease in accrued expenses payable  (100,000) Increase in prepaid expenses(150,000) Increase in accounts receivable(300,000) Decrease in accounts payable  (350,000)  Ã‚   (320,000) Net cash provided by operating activities$1,330,000 |*PROBLEM 12-4A | GRIDER COMPANY Partial Statement of Cash Flows For the Year Ended November 30, 2010 Cash flows from operating activities Cash receipts from customers$7,400,000(1) Less cash payments: To suppliers$4,750,000(2) For operating expenses? 1,320,000(3)? 6,070,000 Net cash provided by operating activities$1,330,000 Computations: (1)Cash receipts from customers Sales$7,700,000 Deduct: Increase in accounts receivable (300,000) Cash receipts from customers$7,400,000 (2)Cash payments to suppliers Cost of goods sold$4,900,000 Deduct: Decrease in inventories (500,000) Cost of purchases? 4,400,000 Add: Decrease in accounts payable 350,000 Cash payments to suppliers$4,750,000 3)Cash payments for operating expenses Operating expenses, exclusive of depreciation$1,070,000* Add: Increase in prepaid expenses$150,000 Decrease in accrued expenses payable100,000 250,000 Cash payments for operating expenses$1,320,000 *$450,000 + ($700,000 – $80,000) |PROBLEM 12-5A | JANTZEN COMPANY Partial Statement of Cash Flo ws For the Year Ended December 31, 2010 Cash flows from operating activities Net income$230,000 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$70,000 Loss on sale of equipment16,000 Increase in accounts payable13,000 Increase in income taxes payable 6,000 Increase in accounts receivable  (10,000) 95,000 Net cash provided by operating activities$325,000 |*PROBLEM 12-6A | JANTZEN COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Cash receipts from customers$960,000(1) Less cash payments: For operating expenses$601,000(2) For income taxes 34,000(3)? 635,000 Net cash provided by operating activities$325,000 (1)Computation of cash receipts from customers Revenues$970,000 Deduct: Increase in accounts receivable ($70,000 – $60,000)? (10,000) Cash receipts from customers$960,000 2)Computation of cash payments for operating expenses Operating expenses per income statement$614,000 Deduct: Increase in accounts payable ($41,000 – $28,000)  Ã‚  Ã‚  (13,000) Cash payments for operating expenses$601,000 (3)Computation of cash payments for income taxes Income tax expense per income statement$ 40,000 Deduct: Increase in income tax es payable ($13,000 – $7,000)  Ã‚  Ã‚  Ã‚  Ã‚  (6,000) Cash payments for income taxes$ 34,000 |PROBLEM 12-7A | (a)TRAHAN COMPANY Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income$32,000 Adjustments to reconcile net income o net cash provided by operating activities Depreciation expense$17,500* Increase in accounts payable? 9,000 Decrease in income taxes payable? (1,000) Increase in merchandise inventory(7,000) Increase in accounts receivable  (19,000)? (500) Net cash provided by operating activities31,500 Cash flows from investing activities Sale of equipment8,500 Cash flows from financing activities Issuance of common stock4,000 Redemption of bonds (6,000) Payment of dividends  (20,000) Net cash used by financing activities  (22,000) Net increase in cash18,000 Cash at beginning of period  Ã‚  20,000 Cash at end of period$38,000 *$32,000 – ($24,000 – $9,500(A)) = $17,500 A)$18,000 (cost of e quipment) – $8,500 (book value) = $9,500 (accumulated depreciation for equipment sold) PROBLEM 12-7A (Continued) |(b) 1. |$31,500 |? |[pic] = 1. 17 times | | |[Per Part (a)] | | | *$15,000 + $8,000 **$24,000 + $7,000 2. $31,500 ? [pic] = . 55 times *$15,000 + $8,000 + $33,000 **$24,000 + $7,000 + $27,000 3. $31,500 – $0 – $20,000 = $11,500 |*PROBLEM 12-8A | (a)TRAHAN COMPANY Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Cash receipts from customers$223,000(1) Less cash payments: To suppliers$173,000(2) For operating expenses 6,500(3) For interest 3,000 For income taxes 9,000(4)? 191,500 Net cash provided by operating activities 31,500 Cash flows from investing activities Sale of equipment8,500 Cash flows from financing activities Issuance of common stock 4,000 Redemption of bonds (6,000) Payment of dividends? (20,000) Net cash used by financing activities? (22,000) Net decrease in cash 18,000 Cash at beginning of period 20,000 Cash at end of period$? 38,000 Computations: (1)Cash receipts from customers Sales$242,000 Deduct: Increase in accounts receivable  Ã‚  Ã‚  (19,000) Cash receipts from customers$223,000 *PROBLEM 12-8A (Continued) (2)Cash payments to suppliers Cost of goods sold$175,000 Add: Increase in inventory 7,000 Cost of purchases? 182,000 Deduct: Increase in accounts payable? ?9,000 Cash payments to suppliers$173,000 (3)Cash payments for operating expenses Operating expenses$24,000 Deduct: Depreciation $32,000 – ($24,000 – $9,500*)  Ã‚  17,500 Cash payments for operating expenses$ 6,500 *$18,000 – $8,500 = $9,500 (4)Cash payments for income taxes Income tax expense$8,000 Add: Decrease in income taxes payable 1,000 Cash payments for income taxes$9,000 |(b) 1. |$31,500 |? |[pic] = 1. 7 times | | |[Per Part (a)] | | | **$15,000 + $8,000 ***$24,000 + $7,000 2. $31,500 ? [pic] = . 55 times *$15,000 + $8,000 + $33,000 **$24,000 + $7,000 + $27,000 3. $31,500 – $0 – $20,000 = $11,500 |PROBLEM 12-9A | CIPRA INC. Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income$158,900 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$46,500 Increase in accounts payable 34,700 Loss on sale of plant assets7,500 Decrease in accrued expenses payable (500) Increase in prepaid expenses? (2,400) Increase in inventory? (9,650) Increase in accounts receivable  (54,800)? 21,350 Net cash provided by operating activities? 180,250 Cash flows from investing activities Sale of plant assets1,500 Purchase of investments (24,000) Purchase of plant assets (100,000) Net cash used by investing activities(122,500) Cash flows from financing activities Sale of common stock45,000 Payment of cash dividends (30,350) Redemption of bonds (40,000) Net cash used by financing activities (25,350) Net increase in cash 32,400 Cash at beginning of period 48,400 Cash at end of period$? 80,800 |*PROBLEM 12-10A | CIPRA INC. Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Cash receipts from customers$337,980(1) Less cash payments: To suppliers$110,410(2) For income taxes 27,280 For operating expenses 15,310(3) For interest 4,730? 157,730 Net cash provided by operating activities? 180,250 Cash flows from investing activities Sale of plant assets 1,500 Purchase of investments? (24,000) Purchase of plant assets (100,000) Net cash used by investing ? activities(122,500) Cash flows from financing activities Sale of common stock 45,000 Payment of cash dividends? (30,350) Redemption of bonds? (40,000) Net cash used by financing activities (25,350) Net increase in cash 32,400 Cash at beginning of period 48,400 Cash at end of period$? 80,800 Computations: (1)Cash receipts from customers Sales$392,780 Deduct: Increase in accounts receivableà ‚  Ã‚  Ã‚  (54,800) Cash receipts from customers$337,980 *PROBLEM 12-10A (Continued) (2)Cash payments to suppliers Cost of goods sold$135,460 Add: Increase in inventory 9,650 Cost of purchases? 145,110 Deduct: Increase in accounts payable? (34,700) Cash payments to suppliers$110,410 (3)Cash payments for operating expenses Operating expenses exclusive of depreciation$12,410 Add: Increase in prepaid expenses$2,400 Decrease in accrued expenses payable 500 2,900 Cash payment for operating expenses$15,310 |PROBLEM 12-11A | MERCADO COMPANY Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income$ 37,000 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$42,000 Decrease in accounts receivable? 12,000 Decrease in prepaid expenses 5,720 Increase in accounts payable? ,730 Loss on sale of equipment2,000 Increase in inventory  Ã‚   (9,450)? 57,000 Net cash provided by operating activities? 94,000 Cash flows from investing activities Sale of land? 25,000 Sale of equipment? 8,000 Purchase of equipment(95,000) Net cash used by investing activities? (62,000) Cash flows from financing activities Payment of cash dividends  (12,000) Net c ash used by financing activities  (12,000) Net increase in cash20,000 Cash at beginning of period? 45,000 Cash at end of period$65,000 Noncash investing and financing activities Conversion of bonds by issuance of common stock$40,000 |PROBLEM 12-12A | | | |Current Cash Debt Coverage | | | | | |Ratio |Cash Debt Coverage Ratio | | | |Free Cash Flow ($125,000) |(0. 5 times) |(0. 3 times) | | | | | | | | |Transaction | | | | |(a) |Recorded credit sales $2,500. |NE |NE |NE | |(b) |Collected $1,500 owing from customers. I |I |I | |(c) |Paid amount owing |D |D |D | | |to suppliers, $2,750. | | | | |(d) |Recorded sales returns of $500 and credited the |NE |NE |NE | | |customer’s account. | | | | |(e) |Purchased new equipment $5,000; signed a long-term |D* |NE |D | | |note payable for the cost of the equipment. | | | |(f) |Purchased a patent and paid $15,000 cash for the |D |NE |NE | | |asset. | | | | *Note to Instructor: If only cash capital expenditures are deducted, this answe r would be NE. |BYP 12-1 FINANCIAL REPORTING PROBLEM | (a)Net cash provided by operating activities: 2007 $90,064 2006 $55,656 Some causes of the significant changes in net cash provided by operating activities during 2007 were the decrease in the accounts receivable, a decrease in inventories, and a decrease in income taxes payable and deferred. (b)The increase in cash and cash equivalents for the year ended December 31, 2007 was $1,877,000. (c)Tootsie Roll uses the indirect method of computing and presenting the net cash provided by operating activities. (d)According to the statement of cash flows, accounts receivable decreased $2,591,000 in 2007. Inventories decreased $6,506,000 in 2007. Accounts payable (and accrued liabilities) decreased $3,234,000 in 2007. (e)The net cash used by investing activities in 2007 was $43,345,000. (f)The supplemental disclosure of cash flow information disclosed interest paid of $537,000 and income taxes paid of $11,343,000 in 2007. BYP 12-2 COMPARATIVE ANALYSIS PROBLEM | |(a) | | | |Hershey | |Tootsie Roll | | | | | | | | | | |1. |Current cash | |[pic] | |[pic] | | | |debt coverage | |= . 51 times | |= 1. 0 times | | | |ratio | | | | | | | | | | | | | | |2. |Cash debt | |[pic] | |[pic]= . 54 times | | | |coverage ratio | |= . 22 times | | | **$57,972 + $116,523 **$62,211 + $98,747 (b)Tootsie Roll’s current cash debt coverage ratio provides a ratio of $1. 50 of cash from operations for every dollar of current debt. It is a better representation of liquidity on an average day than the current ratio. Tootsie Roll’s higher ratio (1. 50 vs. .51) indicates Tootsie Roll was significantly more liquid in 2007 than Hershey but both measures are acceptable. The cash debt coverage ratio shows a company’s ability to repay its liabilities from cash generated from operating activities without having to liquidate the assets employed in its operations. Since Tootsie Roll’s cash debt coverage ratio was more than twice as large (. 54 vs. .22) as Hershey’s, Tootsie Roll’s ability to repay liabilities with cash from operations was significantly greater than Hershey’s in 2007. BYP 12-3 RESEARCH CASE | (a)The article suggests that most people aren’t concerned about Sears’s liquidity. Instead, the concern is that the company won’t have adequate cash to implement the changes it needs to make a return to profitability. Also, some investors were concerned t hat a cash shortage will reduce Sears’s ability to carry out the treasury stock buyback program that it had previously announced. (b) At the time of the article, Sears had not reported its cash flow numbers. It had, however, reported an estimate that by the end of the quarter the company would have $1 billion in cash on hand. This was lower that analysts had expected. Based upon estimates of amounts that the company had spent on treasury stock, debt repayment, and capital expenditures, analysts determined that it was likely that, to arrive at $1 billion in cash on hand, the company’s cash flow must have declined. (c)Individuals who tried to defend Sears said that they thought it was inappropriate to make such negative statements about the company based on estimates. They suggested it would be better to wait until the company reports its actual cash flow numbers before evaluating the company. (d)The article suggests that, if, in fact, Sears’s cash flow is declining, it is a bad time of year for that to be happening. Normally the fourth quarter would be a period when cash flows would be strong, because of the holiday shopping season. In contrast, Sears frequently experiences negative cash from operations during the first three quarters of the year. |BYP 12-4 INTERPRETING FINANCIAL STATEMENTS | (a)Current ratio—2001:$1,207. 9? $ 921. 4= 1. 31 —2004:$2,539. 4? $1,620. 4= 1. 57 Current cash debt ?coverage ratio—2001:($119. 8)? $ 948. 2= (. 13) times —2004: $566. 6? $1,436. 6= . 39 times Both Amazon’s current ratio and its current cash debt coverage ratio improved dramatically from 2001 to 2004. Amazon’s current ratio increased by 20% (from 1. 31 to 1. 57) during the 3-year period. In addition Amazon’s current cash debt coverage ratio improved by $. 52 per dollar of current liabilities (from a negative $. 13 per dollar in 2001 to a positive $. 39 per dollar in 2004). Amazon’s liquidity improved greatly from 2001 to 2004. (b)Cash debt ?coverage ratio—2001:($119. 8)? $3,090. 0= (. 04) times —2004: $566. 6? $4,773. 4= . 12 times Debt to total ?assets ratio—2001:$3,077. 5? $1,637. 5= 1. 88 —2004:$5,096. 1? $3,248. 5= 1. 57 Amazon’s solvency also improved significantly from 2001 to 2004. Its cash debt coverage ratio increased by $. 16 per dollar of total liabilities during the 3-year period. Amazon’s debt to total assets ratio also improved (decreased) by 16% from 2001 to 2004. c)Free cash flow—2001:($119. 8)–$50. 3 – $0= ($170. 1) —2004: $566. 6–$89. 1 – $0= $477. 5 Amazon’s free cash flow increased by almost $650 million from 2001 to 2004. The increase was caus ed by Amazon finally generating a profit in 2004. If Amazon is able to continue operating at a profit and producing a large free cash flow, it should be able to finance an expansion of its operations. BYP 12-4 (Continued) (d)While these measures tell us a lot about Amazon. com, they don’t tell us whether the stock price is reasonable. Amazon. com’s high stock price is a reflection of a belief by investors that Amazon. com will continue to grow incredibly fast. If this growth falters, its stock price will fall rather quickly. Also, Amazon. com’s heavy reliance on debt financing compounds the risk of investing in its stock because it may have a difficult time paying its debts if its growth does not continue. |BYP 12-5 FINANCIAL ANALYSIS ON THE WEB | Answers will vary depending on the company chosen by the student. |BYP 12-6 DECISION MAKING ACROSS THE ORGANIZATION | (a)DEVITO COMPANY Statement of Cash Flows For the Year Ended January 31, 2010 Cash flows from operating activities Net loss$(35,000)* Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense$? 55,000 Gain from sale of investment? ?(5,000)50,000 Net cash provided by operating activities15,000 Cash flows from investing activities Sale of investment 80,000 Purchase of investment ? (75,000) Purchase of fixtures and equipment  (320,000) Net cash used by investing activities(315,000)* Cash flows from financing activities Sale of capital stock? 405,000 Purchase of treasury stock? (10,000) Net cash provided by financing activities395,000 Net increase in cash 95,000 Cash at beginning of period? 40,000 Cash at end of period$235,000 Noncash investing and financing activities Issuance of note for truck$20,000 BYP 12-6 (Continued) *Computation of net income (loss) Sales of merchandise$385,000 Interest revenue 6,000 Gain on sale of investm How to cite Kimmel Financial Accounting Solutions Ch12, Essay examples