The Lightbulb Essay -- essays research papers

Among all of the inventions created in 1750 -1900, the barge bulb was perhaps one of the most telling to the everyday lives of people. Its invention is credited to Thomas Alva Edison, an American inventor and businessman, who created it in 1879. The design of his light bulb was a carbonized filament inside a glass bulb with a screw base. It glowed when an electric current pass through it, possessed high electrical resistance, and lasted a lot longer than previous sources of light had.Before Thomas Edisons light bulb, gas was the best source of lighting so people turned to candles, oil lanterns, and gas lamps to light up their rooms. It would remove many candles, oil lanterns, or gas lamps to fully light up a good-sized room. Not only would they burn out after a a couple of(prenominal) minutes, but they were also very messy and hazardous. Gas would leave large quantities of soot everywhere, potentially causing explosions and fires. Its imaginable how hard it would be to have to slip by children, fine furniture, and pets away from these dangers. The soot had t...

The Representation of Tone in The Turn of the Screw by Henery James Ess

The tone of a novel is defined as a way for the author to express his/her attitude toward such(prenominal) bilgewater elements as characters, setting, or situation. Tone is present in every novel any authors writes, as it is this literary device that sets the mood of the story for the proofreader. Henry pile uses tone very effectively in the novel, The Turn of the Screw. The story begins with a happy and dreamy mood to frightening and furious in the middle and finishes with affliction and mournful in the end. The shifts in tone are caused by the changes in attitude and actions by the governess.In the starting line of The Turn of The Screw, the tone is very joyful and dreamy. The story begins with Douglas and friends all telling each other scary stories. It is very peaceful and everyone is enjoying the stories being told. The tone is very joyful as represented by Is nt anybody going? It was almost the tone of hope. Everyone will hold fast (James, 6). This shows that everybody is having fun telling each other scary stories and are willing to stay and wait to here the story from Douglas. It was very hopeful as the stories being told were pleasant for the people around the campfire. The tone remains positive at the beginning of the governesss story. The governess arrives at the house and sees this beautiful girl who is very polite and is too good for her own self. The governess is very happy that she was able to get the bewilder for the job and to experience all of it that she believes that it is almost a dream. This is shown when she says such a place as would somehow, for diversion of the you idea, take all colour out of story-books and fairy-tales(James, 16). This proves that the governess believes that everything such as Bly, the place in which they are s... ...clusion, the mood represents that the governess has truly given up on the children and is very sad that nothing else can be do to help them and get rid of the ghosts that are haunting them.In conclusion, the shifts in actions and attitudes of the governess cause the tone to shift throughout the novel. The tone begins with being joyful and dreamy to furious in the middle and mournful in the end. This all concludes, that the literary device tone is very effective in portraying the mood of the story through the characters actions to the reader. Tone is perhaps one of the most important literary devices authors use to connect the mood of the story to a readers heart and really makes them feel for the characters and what they go through.Works CitedJames, Henry. The turn of the screw and other short fiction. Bantam classic ed. Toronto Bantam Books, 1983. Print.

Should the 22nd Admendment be Repealed Essay -- essays research papers

In the political world today there are so many an(prenominal) different opinions about several different topics. The topics that I will address to you will be, should the 22nd Amendment be repealed and also should the foreign born be allowed to campaign for president. In both topics you may have your pros and cons, but I am strongly against the both of them because I feel that the Constitution should not be taken advantage of. Government should not be allowed to manipulate the Constitution to suit his or her deals. While making adjustments to the Constitution to allow different things to take nursing home for convenience doesnt leave any form respect of the Constitution. There should be a line drawn to keep this from happening for years to cope on these issues and others as well. Some will like for the 22nd amendment to repealed to keep who they like in office, but my feeling towards this is give other the opportunity to pack our world a better place. There are more than enou gh qualified people to make a difference for our country no need to stick to one person who eventually will get tired of it anyway. In addition, with the foreign born, this issue came to play all over Schwarzenegger getting O.K. up by Congress and other governors in California to try to make necessary changes to the Constitution (CNN News, 2004).According to the US Term Limits, the 22nd amendment states, No person shall be elected to the office of the President more than twice, and no person who has held the office of Preside...

Sports And Money :: essays research papers

Anywhere you look today you can see take down McGwire hitting a home run, or Kobe Bryant dunking over someone. Every time someone watches television or reads a newspaper these, and many other, athletes can be found. Professional sports atomic number 18 all around us theyre a part of our culture. But, in the last few decades some changes have started to take place. As the popularity of superior athletics has increased, so has the cost to render them and their players salaries. Many of the contracts signed today are for millions of dollars. This is unreasonably exorbitant for doing something gaiety. These days sports are centered around bills and not focused on the love for the game and entertaining the fans.Some economists argue the point that major league sports, their products, players, and stadiums endow millions of dollars to our economy. This is true, but the fine print that goes along with it is a good deal overlooked. Stadiums, for example, cost millions of dollars to bui ld, maintain, etc. The funds to do this are provided by the tax paying citizens of that city. Many teams then, in return, relocate to other cities in search of more(prenominal) money and better facilities. This is no way to reward fans for years of loyal support. There are many programs, scholarships, foundations, etc. formed by many players and organizations though. These are good ways to give back to the communities that sustain them and use their grand salaries in a nice, resourceful manner.Now the major appeal of playing in the big leagues is landing big contracts and getting endorsements instead of a higher, superior level of competition. A prime example of this is Elton Brand, who bypassed his junior and senior year at Duke to go directly to the NBA. Another athlete looking for a big paycheck is Kevin Brown, who recently signed a $105 million dollar contract with the Los Angeles Dodgers. This is an terrible remuneration for someone that plays a game. Not only are athletes ov erpaid, many ignore the rules of etiquette that come along with being in the major leagues.

The Paradox of Heroism in Homer’s Iliad Essay -- Iliad essays

The Paradox of Heroism in Homers Iliad The Iliad presents a full range of valorous warriors the Achaians Diomedes, Odysseus, and the Aiantes the Trojans Sarpedon, Aeneas, and Glaukos. These and many others are Homers models of virtue in arms. Excelling all of them, however, are the epics two central characters, Achilleus, the son of Peleus and, Hector, the son of Priam. In these two, one finds the physical strength, intense determination, and strenuous drive that kick in them head start place within their respective armies. Further, in their inner struggles they together present a unload archetype of the hero. The Homeric vision of the hero presents Achilleus and Hektor settle the paradox of embodying the ideals of their communities and at the same time standing utterly apart from their fellow humans. This battle between alienation from and integration with all of humankind first arises in the question of the heroes motives this implies different choices of Other or Self, in which one finds implications for leadership and chemical reaction to human fate, respectively. It is the struggle of interests and destiniestheir own against their communitiesthat takes them beyond the frame of medium human life. The basis for the heroes actions arises from the conflict between concern for self and concern for otherstheir egoistic and selfless impulses. The former draws them to seek eternal glory for themselves, establishing a corpus of deeds that men will recount in song and story for generations. The latter places the guard and wholeness of the community as the highest cause, fulfilling the role of protector and preserver. slice one first encounters Achilleus and Hektor formally fighting for someone elses honorAchill... ...or perfects this balance that they get wind both aspects of each self-combat brings them to the very limits of kindness. Moreover, each is made complete by the other, since each spurs the other to supreme glory and tests his resolve to attain greatness. The image of the concluding confrontation between Achilleus and Hektor crystallizes the heroes place in the natural do even as they stand just beyond the walls of the city, so they stand just orthogonal the gates to endless life. Though they cannot ultimately escape their deaths, they and journey farther than any man on the path to immortality in the presentexperiencing humanity in its fullest degree, yet also touching the divine. NOTES 1. The author wishes to utilise this essay to Mrs. Martin Luther King2. Homer, Iliad, trans. Richard Lattimore (Chicago University of Chicago Press, 1951). The Paradox of Heroism in Homers Iliad demonstrate -- Iliad essaysThe Paradox of Heroism in Homers Iliad The Iliad presents a full range of valorous warriors the Achaians Diomedes, Odysseus, and the Aiantes the Trojans Sarpedon, Aeneas, and Glaukos. These and many others are Homers models of virtue in arms. Excelling all of them, however, are the ep ics two central characters, Achilleus, the son of Peleus and, Hector, the son of Priam. In these two, one finds the physical strength, intense determination, and strenuous drive that give them first place within their respective armies. Further, in their inner struggles they together present a complete archetype of the hero. The Homeric vision of the hero presents Achilleus and Hektor resolving the paradox of embodying the ideals of their communities and at the same time standing utterly apart from their fellow humans. This conflict between alienation from and integration with all of humankind first arises in the question of the heroes motives this implies different choices of Other or Self, in which one finds implications for leadership and response to human fate, respectively. It is the struggle of interests and destiniestheir own against their communitiesthat takes them beyond the frame of ordinary human life. The basis for the heroes actions arises from the conflict between c oncern for self and concern for otherstheir egoistic and altruistic impulses. The former draws them to seek eternal glory for themselves, establishing a corpus of deeds that men will recount in song and story for generations. The latter places the safety and wholeness of the community as the highest cause, fulfilling the role of protector and preserver. While one first encounters Achilleus and Hektor formally fighting for someone elses honorAchill... ...or perfects this balance that they experience both aspects of each self-combat brings them to the very limits of humanity. Moreover, each is made complete by the other, since each spurs the other to supreme glory and tests his resolve to attain greatness. The image of the final confrontation between Achilleus and Hektor crystallizes the heroes place in the natural order even as they stand just beyond the walls of the city, so they stand just outside the gates to endless life. Though they cannot ultimately escape their deaths, they n evertheless journey farther than any man on the path to immortality in the presentexperiencing humanity in its fullest degree, yet also touching the divine. NOTES 1. The author wishes to dedicate this essay to Mrs. Martin Luther King2. Homer, Iliad, trans. Richard Lattimore (Chicago University of Chicago Press, 1951).

The Paradox of Heroism in Homer’s Iliad Essay -- Iliad essays

The puzzle of Heroism in Homers Iliad The Iliad presents a full range of valorous warriors the Achaians Diomedes, Odysseus, and the Aiantes the Trojans Sarpedon, Aeneas, and Glaukos. These and more others are Homers models of virtue in arms. Excelling solely of them, however, are the epics two central characters, Achilleus, the son of Peleus and, Hector, the son of Priam. In these two, champion finds the physical strength, intense determination, and strenuous drive that give them commencement exercise place within their respective armies. Further, in their inner struggles they together present a distinguish archetype of the hero. The Homeric vision of the hero presents Achilleus and Hektor resolving the puzzle of embodying the ideals of their communities and at the same time standing utterly apart from their fellow charitables. This conflict in the midst of alienation from and integration with all of military personnelkind first arises in the question of the heroes motive s this implies different choices of Other or Self, in which one finds implications for leadership and response to human fate, respectively. It is the struggle of interests and destiniestheir own against their communitiesthat takes them beyond the frame of ordinary human life. The basis for the heroes actions arises from the conflict between concern for self and concern for otherstheir egoistic and altruistic impulses. The author draws them to seek eternal glory for themselves, establishing a corpus of whole works that men will recount in song and story for generations. The latter places the safety and integrity of the community as the highest cause, fulfilling the role of protector and preserver. While one first encounters Achilleus and Hektor formally fighting for someone elses honorAchill... ...or perfects this balance that they experience both(prenominal) aspects of each self-combat brings them to the very limits of humanity. Moreover, each is made complete by the other, since each spurs the other to supreme glory and tests his resolve to attain greatness. The image of the final confrontation between Achilleus and Hektor crystallizes the heroes place in the natural order in time as they stand just beyond the walls of the city, so they stand just outside the provide to endless life. Though they cannot ultimately escape their deaths, they nevertheless jaunt farther than any man on the path to immortality in the presentexperiencing humanity in its fullest degree, yet also touching the divine. NOTES 1. The author wishes to dedicate this test to Mrs. Martin Luther King2. Homer, Iliad, trans. Richard Lattimore (Chicago University of Chicago Press, 1951). The Paradox of Heroism in Homers Iliad Essay -- Iliad essaysThe Paradox of Heroism in Homers Iliad The Iliad presents a full range of valorous warriors the Achaians Diomedes, Odysseus, and the Aiantes the Trojans Sarpedon, Aeneas, and Glaukos. These and many others are Homers mod els of virtue in arms. Excelling all of them, however, are the epics two central characters, Achilleus, the son of Peleus and, Hector, the son of Priam. In these two, one finds the physical strength, intense determination, and strenuous drive that give them first place within their respective armies. Further, in their inner struggles they together present a complete archetype of the hero. The Homeric vision of the hero presents Achilleus and Hektor resolving the paradox of embodying the ideals of their communities and at the same time standing utterly apart from their fellow humans. This conflict between alienation from and integration with all of humankind first arises in the question of the heroes motives this implies different choices of Other or Self, in which one finds implications for leadership and response to human fate, respectively. It is the struggle of interests and destiniestheir own against their communitiesthat takes them beyond the frame of ordinary human life. Th e basis for the heroes actions arises from the conflict between concern for self and concern for otherstheir egoistic and altruistic impulses. The former draws them to seek eternal glory for themselves, establishing a corpus of deeds that men will recount in song and story for generations. The latter places the safety and wholeness of the community as the highest cause, fulfilling the role of protector and preserver. While one first encounters Achilleus and Hektor formally fighting for someone elses honorAchill... ...or perfects this balance that they experience both aspects of each self-combat brings them to the very limits of humanity. Moreover, each is made complete by the other, since each spurs the other to supreme glory and tests his resolve to attain greatness. The image of the final confrontation between Achilleus and Hektor crystallizes the heroes place in the natural order even as they stand just beyond the walls of the city, so they stand just outside the gates to endles s life. Though they cannot ultimately escape their deaths, they nevertheless journey farther than any man on the path to immortality in the presentexperiencing humanity in its fullest degree, yet also touching the divine. NOTES 1. The author wishes to dedicate this essay to Mrs. Martin Luther King2. Homer, Iliad, trans. Richard Lattimore (Chicago University of Chicago Press, 1951).

An Exploration of Individualism as Described by Alexis de Tocqueville in Democracy in America Essay

The classic meet Democracy In America by Alexis de Tocqueville has been the reason for scholarly pursuit as well as bout within that same community. Through a brief examination of this text, several of Tocquevilles arguments helped to define many of the constructs that made America what it was as well as those that have led to what it has become today. Of the many themes and ideas presented by Tocqueville, his thoughts on individualism struck the loudest chord with me.Tocqueville threads America as a connection of joiners because of the fact that it is a country almost entirely composed of immigrants. This, in admission to the pursuit and promise of equality of conditions that Americas touted as an unofficial theme, brought citizens from many classes together in close at hand(predicate) proximity and relation. Although this sounds like a good thing, Tocqueville argued that with this blending of social classes and increased opportunity people would isolate themselves, bond of hu man affections is extended and loosened (p. 483). As people gained riches and left behind the daily struggle to survive many sought out education and as a result of this judgment developed the habit of al way of lifes considering themselves in isolation (p. 484).This individualism is likened to selfishness by Tocqueville but he is careful to horizontal surface out that he does not think that it is the same thing. He does this by describing selfishness as a indignationate and exaggerated love of self that causes man to relate everything to himself alone, and individualism as a ruminative and peaceable sentiment that disposes all(prenominal) citizen to . . . withdraw to one side with his family and friends (p. 482). The way in which individualism caused people to separate from society with only their friends and family caused a problem, in that, by doing so a public conscience can not be established. Individualism leads to a slowd sustain of democratic culture and the results i n much(prenominal) fabric of time is torn at every moment and the trace of generations is effaced (p. 483). If people are not careful equality of conditions can, over time, make each man forget his ancestors . . . and scourgeens finally to confine him wholly in the solitude of his own heart (p. 484).Tocqueville goes on to say, all the passions that equality gives birth to or favors, thither is one . . . that it sets in the hearts of all men at the same time the love of well-being (p. 422). Unfortunately this kind of passion usually manifests itself as an uncontrollable desire to acquire wealth and material things. The thwack for material enjoyments, must be considered the first source of this secret restiveness revealed in the actions of Americans and of the insincerity of which they give daily examples (p. 512). Although this kind of materialistic pursuit of wealth may appear to be true freedom for some, Tocqueville argues that it is in fact the manifestation of the midsectio n class Americans overwhelming fear of death. He who has confined his heart solely to the search for the goods of this world, Tocqueville observes, is always in a hurry. . . . In addition to the goods that he possesses, at each instant he imagines a thousand others that death will prevent him from enjoying if he does not hasten (p. 512). Equality of conditions awakens the upcountry feeling of hope and happiness in all people, but unchecked theses feelings can lead to an all consuming obsession with ones own mortality that ignites and hinders passion which leads to unceasing trepidation compelling a person to change his designs and his place at every moment (p. 512).Tocqueville then goes on to describe an America where the individualism described above leads to a desire for materialistic wealth that disposes men to believe that all is nothing but matter (p. 519). He talks about how this can lead to an American society that emphasizes development of the goods of the body (p. 521) and disregards the development of the mind and care of the soul. Tocqueville qualifies these statements by making the claim that there is no other country that is less occupied with philosophy than the United States (p. 403). It is both profound and interesting that Tocqueville saw this happening in his time as it has certainly continued and grown since then. The epidemic of people, like the Kardashians, becoming celebrities for doing nothing perfectly illustrates what he describes as minds so disposed, every new method that leads to wealth by a shorter path . . . every discovery that facilitates pleasures and augments them seems to be the most magnificent effort of human intelligence (p. 436).These observations lead to another important point of Tocquevilles, the lack of understanding and allowance for the profound, slow work (p. 435) of ones own mind. During his travels Tocqueville found few people that would take the time to develop a true passion and desire for introspection and con templation. It is because of this that America eventually gave birth to philosophy and the practice of pragmatism only serves to illustrate what Tocqueville described as Americas unique energy toward application (p. 437). This unparalleled energy is what led to the practice of planned obsolescence and why it is an ever increasing part of day to day life in America. With the rapid advancement of technology it is not unheard of for a computer or other device to be obsolete within weeks. Although the device was different, Tocqueville find this phenomenon when speaking with a sailor, art of navigation makes such rapid progress daily that the most beautiful ship would soon become almost vapid if its existence were prolonged beyond a few years (p. 428). Rapid advancement, in addition to the populations desire for the latest and greatest laboured craftsman to make many imperfect things very rapidly (p. 441) just to satisfy demand. Even language in America changed and began to mirror th is industrial taste(p. 435)With the ever increasing emphasis that was placed on progress and application it is not surprising that the purity of the arts were affected as well. Tocqueville described the way in which art and artists in America could not escape the desire to be relevant when he talked about how the work turned from depicting sentiments and ideas to emotions and sensations (p. 442). The physique of this, according to Tocqueville, is best illustrated by Americas obsession with theatre, which he regarded as most natural to democratic peoples (p. 467). He goes on to say roughly of those who attend the acting on the stage do not seek pleasures of the mind, but lively emotions of the heart. They do not expect to find a work of literature but a spectacle (p. 467 / 468). This is the direct consequence to and result of the practical, contested, and monotonous (p. 448) lives that were created due to the emphasis that was placed on the materialistic growth we discussed earlier . Through television receiver and film, this kind of spectacle, which Tocqueville criticized and ascribed to democratic societies, has reached a level of cultural relevance and depravity that he could have never predicted.Tocqueville believed that a strong and flourishing democratic society could cultivate, in the spirit of its people, a consciousness of the delicate balance between the finite amount of material goods this world has to offer and the overwhelming affect of an empyreal and almost fierce spiritualism (p. 510). Throughout the examination of Tocquevilles words it became clear that biggest threat to America is not foreign enemies or the government, the greatest threat to America are its citizens. Only through understanding and the abandonment of the selfish practice of individualism will America survive.

Managing Working Capital

MANAGING WORKING CAPITAL immediate payment Budgets and Current Assets Learning Objectives Upon reading this chapter, students should Be able to comp atomic number 18 and communication channel working and fixed great Understand the impact of the direct motorbike on the size of enthronization in accounts receivable and inventories Know the differences surrounded by the common chord motives Be able to differentiate between bluster, pick upion float, and disbursement float Know how to appraise a unshakables quote worthiness Be able to appraise the effectiveness of a signs breed vigilance policiesChapter compendious A inviolable shadower invest in some(prenominal) working capital and fixed capital. Working capital is a menages current assets and includes hard money in, salable securities, inventory, and accounts receivable. Fixed capital is a bulletproofs fixed assets and includes plant, equipment and property. Firms that fanny non obtain short-run financin g become candidates for argotruptcy. Management of working capital is particularly important to the entrepreneurial or venture besotted because thither is such(prenominal) a pull on resources.Two important concepts in managing working capital ar the operating bike and the capital renewal bike The operating cycle measures the prison term between receiving tippy materials and stash away the funds from computer address gross revenue posted to accounts receivable The cash passage cycle measures the duration it takes to collect money from the companys customers and use those finances to throw its suppliers Calculating three ratios go forth reveal the average out length of these cycles 1. stock old age = 365 / (Cost of goods change / Inventories) 2.Accounts receivable end (average compendium plosive) = Accounts receivable / ( loot sales / 365) 3. Average profitsment terminus = Accounts collectible / (Cost of goods interchange / 365) The operating cycle is the inventory conversion full point plus the average collection stop. The cash conversion cycle is the operating cycle minus the average earnings intent. In army to determine average investment in accounts receivable, multiply net sales per solar solar twenty-four hourslight by the average collection period. With this number, a manager can now estimate what the investment in accounts receivable will be fore ht following stratum given sales make ups and average collection period.In order to determine investment demand in inventories, multiply average cost of goods sold per day by inventory conversion period. The required heart of accounts account payable can be form by multiplying the cost of goods sold per day by average payment period. Armed with these song, a manager can tweak the business practices and use these numbers as metrics for improvement. If savings can be wrung out of the operating cycle and conversion cycle, this subject matter less money will have to be rai sed in financing. A cash budget details the cash in blends and outflows of a sign of the zodiac over a particular(prenominal) sentence frame.Small unshakables may furbish up annual or monthly cash budgets while larger firms will forecast cash flows weekly or daily. Most firms have a lower limit desired cash balance that depends on the firms ability to acquire financing on short nonice, management preferences, and the predictability of cash inflows and outflows. Estimates of cash inflows be driven by twain main factors 1. gross sales forecast (may exhibit seasonality) 2. Customer payment patterns Cash outflows will go to suppliers, payroll, taxes, operating expenses, and purchases of plant and equipment.In order to cook the cash budget, list all expected cash inflows and therefore all expected cash outflows for the particular period, generating a net cash flow amount. As a general rule of thumb, the average firm has 1/3 or more of its assets in the form of current assets (cash, accounts receivable and inventory). seasonal worker payoff and forecasting can go bad to idle plant capacity and laid-off workers during the off-season. Under a direct production plan, the equal amount of raw material is purchased and the same amount of finished product is manufactured every month. there atomic number 18 three types of motives for holding cash 1. The transactions motives atomic number 18 demands for holding cash cash is inevitable to conduct day-to-day operations 2. Precautionary motives are demands that may be caused by unpredictable events, such as delays in production or in the collection of receivables marketable securities are held in such a contingency 3. Speculative motives are demands for notes to take advantage of out-of-the-way cash discounts for needed materials Cash and marketable securities include Cash itself U. S. Treasury bills Commercial paper short-term, unsecured notes of well- don business firms passable certificates of dep osit a receipt issued by a bank in exchange for a deposit of funds Bankers acceptances primarily used to finance exports and imports Eurodollars deposits placed in alien banks that perch denominated in U. S. dollars There are several reasons why U. S. banks have entered the Eurodollar market through overseas branches 1. To finance business activity abroad 2. To turn over Eurodollars into other currencies 3. To lend to other Eurodollar banksIn general, managers try to speed up cash collections while slowing down the payment process. The float is the time between move out payments and having them actually be charged to the bank account. The collection float is the time between when a payer sends payment and funds are ascribe to the payees bank account. The disbursement float is the time between when a payer sends payment and when the funds are deducted from the payers bank account. blow has three components 1. Delivery or transmission float the delay in transferring the me ans of payment from the payer (customer) to the payee ( domiciliater of goods/services) 2.Processing float once payment r for each onees the destination, it needs to be entered and processed 3. Clearing float delay in transferring funds because of the banking system itself In order to speed up the process Preauthorized checks are regular (typically monthly) deductions by a vendor from a customers checking account. Under the Check 21 law, enacted in 2004, payee banks can present electronic or digital images of checks to payer banks rather than having to physically deliver the paper checks for payment.In order to facilitate sales, firms often offer the customers acknowledgement for purchases this process calls in credit analysis. The five Cs of credit analysis are 1. Character ethical quality of the applicant and the history of paying bills on time (credit checks) 2. Capacity the ability to pay bills (liquidity ratios) 3. Capital enough of owners candour relative to existing liabilities 4. Col latishral whether assets are lendable to provide security 5. Conditions current economic climate and state of the business cycleCredit bureaus obtain credit entropy about business firms and individuals two such organizations are Experian and Equifax. Dun & Bradstreet reports contain information assembled through many channels and is one of the best sources of information on privately-held companies reports are typically divided into five sections (1) rating and summary (2) trade payments (3) financial information (4) operation and location and (5) history. Trade credit is elongated on purchases to a firms customers. Sometimes, customers are given a discount if they pay early.The financial manager must be careful not to impose onerous credit name that will alienate customers and lower sales. With respect to global credit, the concern is forex. There are two ways to dispense the issue 1. Invoice customers in the firms home currency 2. Hedge the forex risk origin management The just-in-time (JIT) inventory control system is a system where there are enough materials in inventory to cover needs for a short time, but not more inventory than is needed for short-term needs.Vendor and manufacturer work together to take down lead time, setup time, and production time so that inventory shows up just in time JIT II further integrates the activity of vendor and purchaser, wherein the position of buyers purchasers or materials planners is eliminated and replaced by a representative of the supplier Tracking inventory to a fault allows firms to sign on the inventory conversion period and the cash conversion cycle. RFID (radio frequency identification) tags send out a radio signal to electronic readers that allow companies to know the location of inventory at any timeInventory management can result in reduced cost of warehousing and handling inventory. Cost savings and littler asset bases should lead to spunkyer return on assets and increasi ng shareholder wealth. Technology is improving asset management by making information available with which managers make business decisions in a real-time setting. Technology may be the key to reducing procurement and supply chain be. Portals are specialised and secure Web sites through which clients can access order and account information. Key TermsCapacity The ability to pay bills and often involves an examination of liquidity ratios. Capital The adequacy of owners equity relative to existing liabilities as the underlying support for creditworthiness. Cash budget The cash inflows and cash outflows of a firm over a specific time frame. Cash conversion cycle The time it takes to collect money from the companys customers and use those funds to pay its suppliers.Character The ethical quality of the applicant and his/her willingness to pay bills on time and is best judged by reviewing the then(prenominal) credit history for the company or person. Collateral Assets that secure credi t. Collection float The time between when a payer sends payment and the funds are credited to the payees bank account. Conditions The current economic climate and state of the business cycle.They are an important consideration in assessing whether the applicant can meet credit obligations. Credit bureaus Firms that obtain credit information about business firms and individuals. Disbursement float The time between when a payer sends payment and when the funds are deducted from the payers bank account. Fixed capital A firms fixed assets, which include plant, equipment, and property. Float The time between sending out payments and having them actually be charged to the bank account.Level production plan Schedule where the same amount of raw material is purchased and the same amount of finished product is manufactured every month. Operating cycle The time between receiving raw materials and collecting the cash from credit sales posted to accounts receivables. Portals Specialized and s ecure web sites through which clients can access order and account information. Pre-authorized checks Regular (typically monthly) deductions by a vendor from a customers checking account.Precautionary motives Demands for funds that may be caused by unpredictable events, such as delays in production or in the collection of receivables. Speculative motives Demands for funds to take advantage of unusual cash discounts for needed materials. Trade credit Credit that is extended on purchases to a firms customers. Transactions motives Demands for holding cash is that cash is needed to conduct day-to-day operations.Working capital A firms current assets as shown on the balance sheet and includes cash in the bank accounts, marketable securities, inventory, and accounts receivable. Suggestions for Additional Resources 1. http//en. wikipedia. org/wiki/Just_In_Time_%28business%29 2. http//www. lean. org/ 3. http//www. equifax. com/ 4. http//www. experian. com/ 5. http//www. investopedia. com/te rms/c/creditbureau. asp 6. http//en. wikipedia. org/wiki/Credit_bureau 7. http//www. investopedia. com/terms/w/workingcapital. asp 8. http//en. wikipedia. org/wiki/Working_capitalAnswers to Summary Questions 2. Fixed capital would be defined as the firms fixed assets, which include plant, equipment and property. True or false? True. . 3. The operating cycle measures the time it takes between ordering materials and collecting cash from receivables. True or false? True. . 4. If a firm has $50,000 in profit and pays out about one one-half to the owners of the company, the amount of profit retained in the firm would show up as (a) an growing in owners equity (b) a reducing in owners equity (c) a decrease in retained earnings (d) a decrease in long-term debt . 5.The accounts payable period is the time between a firms paying its suppliers for inventory and collecting cash from inventories. True or false? False. . 6. Increases in the cash conversion cycle will lower the firms short-term financing needs. True or false? False. . 7. The inventory conversion period is calculated by inventory divided by costs of goods sold. True or false? False. . 8. Activities that decrease the cash conversion cycle will increase the firms need to obtain financing. True or false? False. . 9. More efficient management of working capital assets will lessen the firms needs for financing.True or false? True. . 10. A cash budget is a tool the treasurer uses to forecast future cash flows and estimate future short-term borrowing needs. True or false? True. . 11. To ramp up a cash budget, two sets of information are needed estimated cash inflows and estimated cash outflows. True or false? True. . 12. The estimated cash inflows are affected by the sales forecast and customer payment patterns. True or false? True. . 13. Assume a firms production process requires an average of 80 age to go from raw materials to finished products and another 40 old age before the finished goods are sold.If the a ccounts receivable cycle is 70 years and the accounts payable cycle is 80 days, what would the short-term operating cycle be? (a) 110 days (b) 130 days (c) 190 days (d) 270 days . 14. If a firm has net sales of $400,000, annual cost of goods sold of $315,000, an inventory turnover of 4. 5 times a year, and an accounts receivable turnover of five times a year, the combined investment in inventories and accounts receivable would be (a) $64,500 (b) $92,000 (c) $122,500 (d) $150,000 . 15. Calculation of a firms average collection period is the same as scheming the (a) accounts receivable cycle (b) inventory cycle c) accounts payable cycle (d) short-term operating cycle . 17. A take aim production plan has businesss, such as idle plant and laid-off workers during slow sales months and production bottlenecks during busy times. True or false? False. . 18. The account receivable period may be calculated as accounts receivable divided by sales. True or false? False. . 19. The account re ceivable period may be calculated as accounts receivable divided by daily sales. True or false? True. . 20. The transactions motive is the demand for holding cash. True or false? True. . 22. The federal official funds rate is normally several points lower than the Treasury Bill rate.True or false? False. . 23. The five Cs of credit analysis is a popular concept used by inventory managers. True or false? False. . 24. A mercantile credit bureau serves primarily as a (n) (a) collection agency for delinquent accounts (b) common meeting place where credit managers may exchange information (c) organization through which accounts receivable may be sold to other businesses (d) central record-keeping organization for credit information on business firms . 25. The objective of just-in-time (JIT) inventory control is to carry a minimum level of inventories.True or false? True. . 26. The delivery or transmission float is the delay in transferring the means of payment from the payer (customer) t o the payee (the provider of goods or services). True or false? True. . 27. The disbursement float is the delay in transferring the means of payment from the payer (customer) to the payee (the provider of goods or services). True or false? False. Answers to Review Questions . 1. What is meant by working capital? Net working capital is defined as current assets minus current liabilities. . 2. Briefly describe a manufacturing firms operating cycle.The operating cycle measures the time between receiving materials and collecting cash from receivables. Raw materials are purchased and products are manufactured from them to become finished goods. Effort then is made to sell the finished goods. If the goods are sold on credit, then the receivables must be collected. . 3. Explain how the cash conversion cycle differs from the operating cycle. The cash conversion cycle typically is shorter than the operating cycle. The cash conversion cycle measures the time between when a firm pays for its s upplies or raw materials and when it collects cash from receivables. 4. spot how the length of the cash conversion cycle is determined. It is equal to the operating cycle (inventory period minus the accounts receivable period) minus the payables period. . 5. Explain how the length of the operating cycle affects the amount of funds invested in accounts receivable and inventories. All else being equal, a longer (shorter) inventory period and receivables period will increase (decrease) the amount of inventory and accounts receivable carried by the firm. . 6. What affects the amount of financing provided by accounts payable as viewed in terms of the cash conversion cycle?The level of the firms cost of goods sold and the average payment period affect the amount of financing provided by accounts payable. . 7. What is a cash budget? How does the treasurer use forecasts of cash surpluses and cash deficits? A cash budget lists, period by period, expected cash inflows and outflows. The trea surer can plan ahead to find suitable marketable securities in which to invest excess cash. If cash deficits are forecast, the treasurer can arrange for short-term financing sources. . 8. Three sets of information are needed to construct a cash budget.Explain what they are. The firms minimum desired cash balance, forecasted cash inflows, and forecasted cash outflows are needed to construct a cash budget. . 9. why might firms want to maintain minimum desired cash balances? Firms want to maintain minimum desired cash balance to ensure they can pay bills on time (transactions motive) and to have a cushion, as forecasts of cash flows may differ from actual future cash flows. . 10. What are the sources of cash inflows to a firm over any time frame? The main sources of cash inflows are cash sales and customer payments on credit sales. . 11.What are the sources of cash outflows from a firm over any time frame? The main sources of cash outflows are payments for raw materials, labor and over head expenses, rent/lease payments, plant and equipment purchases, intimacy and principal payments, dividend payments, and taxes. . 12. How does the choice of level or seasonal production affect a firms cash over the course of a year? Under level production, inventory becomes large before the peak marketing season whatever cash the firm has will probably be borrowed funds as cash is used to pay workers and suppliers over the course of the year as inventories are building.Under seasonal production, there is still a build-up of inventories prior to the marketing season but probably less than under level production, as inventory can be sold shortly after it is made. Cash is conserve for much of the year materials and labor expenses are less during the off-peak times when production is low. . 13. take out what happens to a firms current asset accounts if the firm has seasonal sales and they use (a) level production (b) seasonal production. a. Under a level production plan, the same amount of raw materials are purchased and the same amount of finished product is manufactured every month.Inventory builds up in anticipation of higher seasonal sales while cash and accounts receivable are instead low. When the selling season begins, inventories total and receivables rise. After a time, inventories are nearly exhausted, and the firm is collecting cash from its customers. The changing composition of current assets for a firm with a seasonal sales pattern is illustrated in Figure 15. 4. b. Under seasonal production, raw material purchases will rise or fall in anticipation of higher or lower sales.Such a strategy can help minimize the effect of seasonal sales on inventory goods are manufactured shortly before sale. Receivables will rise during the peak selling season but will fall thereafter as cash is collected. . 14. Describe the three motives or reasons for holding cash. a. need for day-to-day bill-paying? Transactions motive b. hold funds to meet unexpected needs a safety level of? Precautionary motive cash hold funds? c. Speculative motive to take advantage of attractive input prices or discounts 15. What characteristics should an investment have to fix as an acceptable marketable security?Marketable securities must be highly liquid (easily converted into cash at a price shut up to fair market value) with little chance of price risk or default risk. . 16. Identify and briefly describe several financial instruments used as marketable securities. Marketable securities that can be used as a means to park the firms excess cash include a. short-term securities issued and backed by the U. S.? U. S. Treasury Bills government b. a banks temporary excess reserves that are lent to other banks? Federal money on a day-to-day basis c. short-term unsecured notes of large financially stable? Commercial Paper firms . large dollar CDs ($100,000 or more) for? Negotiable Certificates of Deposit which a secondary market has evolved e. business paper used to finance international trade, backed? Bankers Acceptances (accepted) by a bank with a high quality rating f. deposits placed in foreign banks that remain denominated in U. S.? Eurodollars dollars (so there is no currency risk) . 17. What is float? Why is it important to cash management? Float is the delay between when funds are sent by a payer to a payee. Collection float is the time between when a payer sends payment and the funds are credited to the payees bank account.Disbursement float is the time lag between when a payer sends payment and when the funds are deducted from the payers bank account. It is important to cash management as the firm will have larger cash balances to invest and to reduce its own financing needs, all else being equal, the shorter the collection float and the larger the disbursement float. . 18. What are the three components of float? Which are under the control of the firm seeking to reduce collection float? The three components of float are delivery (or transmission) float, bear upon float, and clearing float.Delivery float and affect float are or so directly under the control of the firm. Clearing float is controlled mainly by the banking systems check-clearing process but the firm can try to reduce it (and delivery float) by using lockboxes that are geographically closer to customers then the firms main office. . 19. What are some strategies a firm can use to speed up its collections by reducing float? Using a lockbox, incoming receipts are placed in a mail service Office box which can be emptied several times a day by bank personnel, who process the payments and deposit the incoming funds into the firms accounts.This reduces mail delivery delay and processing delay, as the bank processes the payments rather than the firm. A second popular method, best used for regular payments such as utility, cable bills, or insurance premiums, is the use of preauthorized checks that allow the firm to deduct funds from the payers bank acco unt. . 20 How can processing float be reduced? Vendors reduce processing float by improving the process of receiving payments and depositing them. Large incoming payments (say, over $1 million) are automatically flagged and deposited expeditiously.Electronic check images and electronic payments (rather than the use of paper checks) remove the human component and thus can reduce processing delays. Lockboxes and preauthorized checks reduce processing delays, as processing is handled by banks, speeding deposit of incoming receipts. .. 21. How can a firm use float to slow down its disbursements? A firm can increase mail float by mailing payments from out-of-the-way locations, but that may hurt its reputation with suppliers who can direct the firm to send payments to another, closer, lockbox location.Another means are to use disbursement banks that are located around the country to increase disbursement float via the check-clearing process. So excess (and noninterest bearing) funds are not kept in a disbursement account, a firm can arrange to use a zero balance account for its disbursements. A bank will transfer sufficient funds every day into the ZBA to cover the days presented checks other funds can remain invested in marketable securities. . 22. Why cant a firm that wants to increase disbursement float simply make payments after the stated due date?There is an ethical issue with paying invoices late. If a vendor has provided needed goods and services the customer should pay for them in a timely and appropriate manner. Paying late can lead to negative notations on credit reports. Credit availability to late payers can be discontinued if the vendors credit standards are tightened. . 23. What is credit analysis? Identify the five Cs of credit analysis. Credit analysis involves appraising the creditworthiness or quality of a potential credit customer. Credit analysis includes examining the 5 Cs of credit. a. illingness to repay debts? Character b. ability to repay debts (liquidity)? Capacity c. equity cushion? Capital d. what assets can provide security for the credit? Collateral e. the state of the business cycle and its expected movement during the? Conditions credit period . 24. Describe various credit-reporting agencies that provide information on business credit applicants. Credit bureaus provide firms with information about a firms financial condition and its record on paying its past debts. Local credit bureaus service community credit information needs.The National Credit Interchange System facilitates exchange of information between bureaus. The National knowledge of Credit Management established the Foreign Credit Interchange Bureau to service firms with overseas customers. Dun & Bradstreet is perhaps the best-known private firm render credit information. . 25. How can a firm control the risk of changing exchange rates when billing an overseas customer? First, a firm can invoice the overseas customer in the firms home currency thi s transfers the risk of changing exchange rates to the customer.Second, if the customer may pay in their own currency, the supplier can use currency futures or options contracts to hedge or reduce the risk of changing exchange rates. . 26. What risks arise when a firm lowers its credit standards to try to increase sales volume? Marginal and poor-risk customers may purchase the firms goods/services on credit. If they are ineffective to make payment, the firm must revise its sales figures and faces the added expense of trying to recover the goods and whatever funds it can from the delinquent customer. . 27. How do credit terms and collection efforts affect the investment in accounts receivable?All else being equal, lax credit terms increase the investment in accounts receivable and increase the chance for larger bad debts. Stricter credit terms will likely reduce receivables balances, but at the cost of possibly losing sales to competitors with easier standards. Collection efforts ar e aimed at having customers with overdue accounts pay their bills. Thus, successful collection efforts can reduce receivable balances and bad debt expense. On the other hand, collection efforts that offend customers can lead to lost future business. 28. How is the financial manager involved in the management of inventories? Inventory management concerns the financial manager because inventory, like all other assets, must be financed. Overly large inventories use warehouse space and have larger financing costs and insurance costs. Smaller inventories run the risk of selling out and causing customer dissatisfaction. Answers to Applying this Chapter Questions 2. The Robinson Company has the following current assets and current liabilities for these two years 2004 2005 Cash and marketable securities $50,000 $50,000 Accounts receivable 300,000 350,000 Inventories 350,000 500,000 Total current assets $700,000 $900,000 Accounts payable $200,000 $250,000 Bank loan 0 150,000 Accruals 150,000 200,000 Total current liabilities $350,000 $600,000 If sales in 2004 were $1. 2 million and sales in 2005 were $1. 3 million, and cost of goods sold was 70 percent of sales, how long were Robinsons operating cycles and cash conversion cycles in each of these years? What caused them to change during this time?AR period = $350,000/($1,300,000/365) = 98. 27 days (2005) = $300,000/($1,200,000/365) = 91. 25 days (2004) Inventory period = $500,000/($910,000/365) = 200. 55 days (2005) = $350,000/($840,000/365) = 152. 08 days (2004) AP period = $250,000/($910,000/365 ) = 100. 27 days (2005) = $200,000/($840,000/365) = 86. 90 days (2004) Operating cycle = AR period + Inventory period = 98. 27 + 200. 55 = 298. 82 days (2005) = 91. 25 + 152. 08 = 243. 33 days (2004) Cash conversion cycle = Operating cycle AP period = 298. 82 100. 27 = 198. 5 days (2005) = 243. 33 86. 90 = 156. 43 days (2004) Both the OC and CCC rose in 2005, primarily because of a large rise (almost 48 d ays) in the inventory period. 5. The Robinson Company from Problem 2 had net sales of $1,200,000 in 2004 and $1,300,000 in 2005. (a) Determine the receivables turnover in each year. AR turnover = gross revenue/AR = $1,300,000/$350,000 = 3. 71 (2005) = $1,200,000/$300,000 = 4. 00 (2004) (b) Calculate the average collection period for each year. Average collection period = AR/(gross revenue/365) = $350,000/($1,300,000/365) = 98. 7 days (2005) = $300,000/($1,200,000/365) = 91. 25 days (2004) (c) Based on the receivables turnover for 2004, estimate the investment in receivables if net sales were $1,300,000 in 2005. How much of a change in the 2005 receivables occurred? Receivables investment = Sales per day ? Average collection period = ($1,300,000/365) ? 91. 25 days = $325,000 6. Suppose the Robinson Company had a cost of goods sold of $1,000,000 in 2004 and $1,200,000 in 2005. (a) Calculate the inventory turnover for each year. Comment on your findings.Inventory turnover = COGS/In ventory = $1,200,000/$500,000 = 2. 40 (2005) = $1,000,000/$350,000 = 2. 86 (2004) Inventory turnover evil in 2005 inventory rose more quickly than cost of goods sold. (b) What would have been the amount of inventories in 2005 if the 2004 turnover ratio had been maintained? Inventories investment = COGS per day ? Inventory period = $1,200,000/365 ? (365/2. 86) = $419,580. 42 7. Given Robinsons 2004 and 2005 financial information presented in problems 2 and 4, (a) Compute its operating and cash conversion cycle in each year. Robinson Company 2004 2005 Sales $1,200,000 $1,300,000 Cost of Goods sold $1,000,000 $1,200,000 profit margin 5. 0% 5. 0% Accounts Receivable $300,000 $350,000 Inventory $350,000 $500,000 Accounts Payable $200,000 $250,000 Sales/ day = $3,287. 67 $3,561. 64 = $1,300,000/365 COGS/day= $2,739. 73 $3,287. 67 = $1,200,000/366 Inventory conversion period = Inventory/COGS per day 127. 75 days 152. 8 days Ave rage collection period = AR/sales per day 91. 25 days 98. 27 days Average payment period = AP/COGS per day 73. 0 days 76. 4 days Operating cycle = Inventory conversion + collection periods 219. 00 days 250. 35 days Cash cycle = Inventory conversion + collection period payment period 146. 00 days 174. 31 days (b) What was Robinsons net investment in working capital each year? Net investment in working capital = AR + Inventory AP (as used in his chapter) 2004 2005 =$300,000+$350,000-$200,000 =$350,000+$500,000-$250,000 =$450,000 =$600,000 8. Robinson expects its 2006 sales and cost of goods sold to grow by 5 percent over their 2005 levels. (a) What will be the affect on its levels of receivables, inventories, and payments if the components of its cash conversion cycle remain at their 2005 levels? What will be its net investment in working capital? If the ratios remain the same, a 5 percent increase in sales and COGS will increase AR, inventory, and AP proportionately in 2006 AR $350,000 + 5%= $367,500 Inv $500,000 + 5%= $525,000 AP $250,000 + 5%= $262,500 Net investment in working capital = AR + Inventory AP =$367,500 + $525,000 $262,500 = $630,000 The new sales will be $1,300,000 + 5% = $1,365,000 Sales/day = $3,739. 3 The new COGS will be $1,200,000 + 5% = $1,260,000 COGS/day = $3,452. 05 (b) What will be the impact on its net investment in working capital in 2006 if Robinson is able to reduce its collection period by five days, its inventory period by six days, and increase its payment period by two days? The new sales will be $1,300,000 + 5% = $1,365,000 Sales/day = $3,739. 3 The new COGS will be $1,200,000 + 5% = $1,260,000 COGS/day = $3,452. 05 Estimated AR if collection period reduced by 5 days wise AR = sales/day x collection period Sales/ day = $3,739. 73 Old collection period 98. 27 unexampled collection period 93. 27 New AR estimate= $348,801. 7 Estimated inventory if conversion period reduced by 6 days New Inv = COGS/day x conversion period COGS/day $3,452. 05 Old conversion period 152. 08 New conversion period 146. 08 New Inv estimate= $504,287. 7 Estimated AP if payment period increased by 2 days New AP = sales/day x payment period COGS/day $3,452. 05 Old payment period 76. 04 New payment period 78. 04 New AP estimate= $269,404. 1 2006 working capital = AR + Inventory AP =$360,020. 55 + $514,643. 84 $259,047. 95 =$583,684. 93 which is a reduction of $46,315. 07 from part a) 9. Robinson expects its 2006 sales and cost of goods sold to grow by 20 percent over their 2005 levels. (a) What will be the affect on its levels of receivables, inventories, and payments if the components of its cash conversion cycle remain at their 2005 levels? What will be its net investment in working capital? If the ratios remain the same, a 20 percent increase in sales and COG S will increase AR, inventory, and AP proportionately in 2006 AR $350,000 + 5%= $420,000 Inv $500,000 + 5%= $600,000 AP $250,000 + 5%= $300,000 Net investment in working capital = AR + Inventory AP =$367,500 + $525,000 $262,500 = $720,000 The new sales will be $1,300,000 + 20% = $1,560,000 Sales/day = $4,273. 97 The new COGS will be $1,200,000 + 20% = $1,440,000 COGS/day = $3,945. 21 b) What will be the impact on its net investment in working capital in 2006 if Robinson is able to reduce its inventory period by ten days? Estimated AR if collection period reduced by 0 days New AR = sales/day x collection period Sales/ day = $4,273. 97 Old collection period 98. 27 New collection period 98. 27 New AR estimate= $420,000. 0 Estimated inventory if conversion period reduced by 10 days New Inv = COGS/day x conversion period COGS/day $3,945. 21 Old conversion period 152. 08 New conversion period 142. 08 New Inv estimate= $560,547. 5 Estimated AP if payment period increased by 0 days New AP = sales/day x payment period COGS/day $3,945. 21 Old payment period 76. 04 New payment period 76. 04 New AP estimate= $300,000. 0 2006 working capital = AR + Inventory AP =$360,020. 55 + $514,643. 84 $259,047. 95 $680,547. 95 which is a reduction of $39,452. 05 from part a) 10. Following are financial statements for the Genatron Manufacturing Corporation for the years 2004 and 2005 Selected Balance Sheet Information 2004 2005 Cash $ 50,000 $ 40,000 Accounts receivable 200,000 260,000 Inventory 450,000 500,000 Total current assets $700,000 $800,000 Bank loan, 10% $ 90,000 $ 90,000 Accounts payable 130,000 170,000 Accruals 50,000 70,000 Total current liabilities $270,000 $330,000 Long-term debt, 12% 300,000 400,000 Selected Income Statement Information 2004 2005 Net sales $1,300,000 $1,500,000 Cost of goods sold 780,000 900,000 Gross profit $ 520,000 $ 6 00,000 Net income $93,000 $ 114,000 Calculate Genatrons operating cycle and cash conversion cycle for 2004 and 2005. Why did they change between these years? Inventory period = Inventory/(COGS/365) = $500,000/($900,000/365) = 202. 78 days (2005) = $450,000/($780,000/365) = 210. 58 days (2004) AR period = AR/(Sales/365) = $260,000/($1,500,000/365) = 63. 27 days (2005) = $200,000/($1,300,000/365) = 56. 15 days (2004) AP period = AP/(COGS/365) = $170,000/($900,000/365) = 68. 94 days (2005) = $130,000/($780,000/365) = 60. 83 days (2004) Operating cycle = Inventory period + AR period 202. 78 days + 63. 27 days = 266. 05 days (2005) = 210. 58 days + 56. 15 days = 266. 73 days (2004) Cash conversion cycle = Operating cycle Average payment period = 266. 05 days 68. 94 days = 197. 11 days (2005) = 266. 73 days 60. 83 days = 205. 90 days (2004) The operating cycle remained constant in 2004 and 2005 as a reduction in the inventory period was balanced by an increase in the average co llection period. The cash conversion cycle sell for 2005 was longer. Genatron took, on average, longer to pay its suppliers. 11.Genatron Manufacturing expects its sales to increase by 10 percent in 2006. Estimate the firms investment in accounts receivable, inventory, and accounts payable in 2006. If the inventory, collection, and payment periods remain constant, each account should rise by 10 percent. $260,000 (1. 10) =? Accounts receivable $286,000 $500,000 (1. 10) = $550,000? Inventory $170,000 (1. 10) = $187,000? Accounts payable 12 . With concerns of increased competition, Genatron is intend in case its 2006 sales fall by 5 percent from their 2005 levels. If cost of goods sold and the current asset and liability accounts decrease proportionately, (a) Calculate the 2006 cash conversion cycle. 5% decline 2004 2005 2006 Sales $1,300,000 $1,500,000 $1,425,000 Cost of Goods sold $780,000 $900,000 $855,000 profit margin 7. 2% 7. 6% Net income $93,000 $114,000 Accounts Receivable $200,000 $260,000 $247,000 Inventory $450,000 $500,000 $475,000 Accounts Payable $130,000 $170,000 $161,500 Sales/ day = $3,561. 64 $4,109. 59 = $1,500,000/365 $3,904. 11 COGS/day= $2,136. 99 $2,465. 75 = $900,000/366 $2,342. 47 Inventory conversion period = Inventory/COGS per day 210. 58 days 202. 78 202. 8 Average collection period = AR/sales per day 56. 15 days 63. 27 63. 27 Average payment period = AP/COGS per day 60. 8 days 68. 94 68. 4 Operating cycle = Inventory conversion + collection periods 266. 73 days 266. 04 266. 04 Cash cycle = Inventory conversion + collection period payment period 205. 90 days 197. 10 197. 10 (b) Calculate the 2006 net investment in working capital. Net investment in working capital = AR + Inventory AP (as used in this chapter) 2004 2005 2006 =$247,000+$475,000-$161,500 $520,000 $590,000 =$560,500 13. .In problem 10 we assumed the cur rent asset and liability accounts decrease proportionately with Genatrons sales. This is probably unrealistic following a decline in sales.What will be the impact on the working capital accounts if its collection period lengthens by five days, its inventory period lengthens by seven days, and its payment period lengthens by three days if Genatrons sales and COGS fall 5 percent from their 2005 levels? The new sales will be $1,500,000 5% = $1,425,000 Sales/day = $3,904. 11 The new COGS will be $900,000 5% = $855,000 COGS/day = $2,342. 7 Estimated AR if collection period lengthens by 5 days New AR = sales/day x collection period Sales/ day = $3,904. 11 Old collection period 63. 27 (from problem 10) New collection period 68. 27 New AR estimate= $266,520. 5 Estimated inventory if conversion period lengthens by 7 days New Inv = COGS/day x conversion period COGS/day $2,342. 47 Old conversion period 202. 78 New conversion period 209. 8 New Inv estimate= $491,397. 26 Estimated AP if payment period increased by 3 day New AP = sales/day x payment period COGS/day $2,342. 47 Old payment period 68. 4 New payment period 71. 94 New AP estimate= $168,527. 40 2006 working capital = AR + Inventory AP =$266,520. 55 + $491,397. 26 $168,527. 40 =$589,390. 1 which is an increase of $28,890. 41 from problem 10. 14. .Suppose Global Manufacturing is planning to change its credit policies next year. It anticipates that 10 percent of each months sales will be for cash two thirds of each months receivables will be collected in the following month, and one-third will be collected two months following their sale. assume the Globals sales forecast in Table 10. 5 remains the same and the expected cash outflows in Table 10. 6 remain the same, determine Globals revised cash budget. Nov. Dec. Jan. Feb. Mar. Apr.Sales $80,000 $100,000 $ 30,000 $ 40,000 $ 50,000 $ 60,000 Cash (10%) 3,000 4,000 5,0 00 6,000 1 Month Later (2/3) 60,000 18,000 24,000 30,000 picpicpicpic 2 Months Later (1/3) 24,000 30,000 9,000 12,000 Total Cash Receipts $ 87,000 $ 52,000 $ 38,000 $ 48,000 picpicpicpic less(prenominal) Total Cash Payments 60,000 127,000 44,000 40,000 Net Cash Flow $ 27,000 $ 75,000 $ 6,000 $ 8,000 picpicpicpic Beginning Cash Balance 25,000 52,000 25,000 25,000 Cumulative Cash Balance $ 52,000 $ 23,000 $ 19,000 $ 33,000Monthly impart (or repayment) 0 48,000 6,000 8,000 Cumulative Loan Balance 0 48,000 54,000 46,000 Ending Cash Balance

Price Policy

The purpose of this essay is threefold. First,to identify specific factors and the environment affecting an merchandise equipment casualty policy. Second, to analyse thisthese factors within our dissolute and to extract the top hat decisions given our starting point. Finally, to consider the above and to give guidelines governing thatwhat should be applied in the planetary marketing price. It should be noned that in any(prenominal) cases cod to an in instituteation deficiency, assumptions should be madee. Pricing is the moment of truth (Stottinger,2001).Probably this affirmation is essentially valid in domestic marketing, even more in global marketing. Surprisingly, the literature in this atomic number 18a is characterized by a gap there is a gap in the literature in this atomic number 18a. Given theirits impressiveness, pricing havehas non attracted much schoolman research interest compared with other tools of marketing (Stottinger, 2001). Nevertheless(prenominal), t his should not be and fecesnot be a barrier for the look of this essay. Albaum and Duerr (2008) no havehave not given a construct means regarding the level of difficulty slightly practice of establishing an international price.However, for a large influx of authors export price differs from domestic price, and due to thatthis the environment is sui generis in each country (Jain, 1989). It is the source? s opinion that an overview of the challenge gives the impression that it is somewhat more difficult than in domestic marketing. Sometimes the pricing procedure is too tangled to be pliant to a general sort of description (Diamantipoulous and Mathews, 1995). In summary, despite of finding similar market threats in the international arena, every market havehas non-identical consequences and a constellationof elements (Kublin,1900).All of this leads to talk of international factors affecting pricing. The goal is to analyze the factors and bring them in line with our crop. Someti mes these factors are so-called such aslabelled Internal and External factors (Tellis, 1986). The writers intention is not to follow the system of any author concretely and to blend the just about important literature and match with the firm. To avoid excessive interminable gunpoints, these factors are exclusively factors that differ from domestic factors, or actorsthose such as competition, or emptors perception that are fall in in the domestic market save now are completely unknown in the reinvigorated scenario. personify has been and is being one of the most vital factors affecting price determination (Albaum & Duerr, 2008). It is useful because the system cost creates a limit where prices below are not permitted to stayit creates a system where prices are not permitted to stay below a current limit. (Simon,1995). Historically, the quandary is somewhere between direct cost and full cost.The weft of the cost floor depends on the familiaritys goal. In the futureLater the companysthis goal will be explained, but so far, it is enough to say that full costs fits better. The company objectives are to build a new market in the long-run, and using full cost enabling the company to recovered all the cost.. Apart from a new packaging, the new central cost is based on transportation. It is important to take into account theat volume of the production when consideringis another important costs. (Albaum & Dueer).In some cases companies fail due to only takinge into account this factor (Backman, 1953). It given that should we mightis essential that we emphasize other factors. Market conditions it is time to analyze demand. An important idea of our demand is the concept of elasticity. Should I give as done thatThe elasticity of our customer tends not to be inelasticgreat. A pPerson who owns a pedigree dog or an exotic animal, tends to give allwant the best for their animals, and consequently are less price-sensivitysensitive (or there is less price sensitivity ).Broadly speaking, they buy regardless of price, but always in the limits of consumer? s price awareness. The better place the product, the more difficult it is to make a comparison between different products and the higher the quality and the prestige image of the product, the lower the price sensivity. (Nagle, 1987). Theseis three characteristics should beare present in our product, therefore the customer should tend to be inelastic Competition is a pivotal factor and reflects supply in economic theory.Cost draws a minimum price, demand delineates a maximum price, and competitors will condition a final price between these limits. (Albaum & Duerr, 2008). Due to lack of information, it should be assumingassume some level of competition. The firm must expect some degree of competition, but owing to the kind of product (premium product for a pedigree animal) the market should be clearly delimited. Anyway, in this stage the advice for the firm should be to stay aware of our nearest competitors and extract abide by information of the background of our competitorsfrom our competitors background.Legal or political widely speaking, after the accord of Maastricht and the constitution of the European Community the legal or political issues between European countries have been removed. It Ccan be interesting to mention one aspect of the polity related with our product, and in last instance it can affect price decision. The European Parliament has passed some regulation concerning to animal feeds, certifying that Community legislation on animal health is properly binding and fulfilling.The law of the EU is directly applicable in UK, therefore, it should be noticed that if our firm has passed the controls for selling in UK there is not going to be a problem achieveing a license to sell around Europe. It is not necessary to argue about economic themes since has been created a homogeneous economic area has been created. Company policies and marketing mix It is inevita ble to speak about the product of the company. Price should be related to product considerations (Albaum & Duer, 2008).The characteristics of the product i. e type of demand, physical and psychological attributes, packaging, quality, degree to which competitors are considered acceptable substitutes differentiation, state of maturity and so on influence the prizeprice. (Kaplan, Dirlam, Lanzillotti,). Assuming that Edzell Wood has a product range and product positioning similar to that sold for garden and aviary birds under the Charnwood brand some specifications should be made for relating price and product.If the product range is large and product positioning is premium, this makes it advisable to establish a rather high price. To what extent will depend more or less highon its weighting with other factors. Some studies, under some premises, have showned that high price is associated with high quality( ) It can be interesting to speak about the nature of the product that Edzell is selling and to connect this with the buyers perception, another relevant factor.Following Nelson (1970) (Darbi and Karni 1973) goods can be divided into two types experience good and creed goods. An experience good is one whose features can be ascertained only upon consumption. A second category might be that of credence goods, when quality cannot be determined even after consumption. With all probability, our product may be among experience goods and credence goods. It is the writers opinion that in this field the labels brand didnt practise because it is a kindthe type of good where the brand plays a crucial role.Have you seen animal feeds branded by tesco? The consumers are in part blind and are using non physical attributes to value the utility of the product and transform this utility in terms of money. It might be a compulsory stop to speak at length about terms such us value and utility but it is beyond the scope of this essay. Suffice it to say that if the consumer is n ot in a position to judge accurately the value of the product directly, consumers in concern to reduce the risk will be willing to pay higher prices as safeto re primary(prenominal) safe.Pet owners or Zoological centres want to give all the best for their animals. People dont eat feeds animalsanimal feed and consequently cannot check the quality of the product. It is the total software system including complementary features such as veterinarian advice, delivery, support with any problem related with the animal and food, analysis of components, demonstration about quality, certificates, as well as the symbolic features such as prestige and status that are perceived as delivering more value than our competitors in a pricing point (Hanna & Dodge, 1995).The company should take advantage of this. It is time put on the table matto analyse how the pricing philosophy and pricing objectives play a strong role in this process. In line with previous aspects it should be speak about price sy stem. It is strongly adviceadvisable to the firm to follow a strategic pricing related to a product differentiation. The firm should stressed differentiation through product characteristics and position in the industry that are conducive to lay the emphasis on the value of our brand name and enjoying some price premiumpremium prices in consequence.Pricing models can be mixed and matched. Probably there is no a strategy price (skimming,sliding dismantle the demand curve, ando so on) that fsuits perfectly with our task. The price strategy should be a relatively high price related with a high premium product, putting the emphasis in the quality and the complementary features. It should try to implement some promotions to try to encourage the customer to know the product in the first stage. It can be dangerous to play upping or downing the price, becausedue to the quality image can be affected.The objective of our price strategy should integrated goals such uas, obtaining the highest growth on investment, maintaining or increaseing market share, meeting a specified gross sales goal, meeting a specified profit goal, profit maximisation, meeting competition and so on (Teacher). The objective of our price strategy should integrate goals such as, obtaining the highest return on investment, maintaining or increasing market share, meeting a specified sales goal, meeting a specified profit goal, profit maximisation, meeting competition and so on (Teacher)Firm and management the international experience of the firm and commitment to the move are important factors. Assuming that Edzell does not have international experience and it is a small enterprise it should be noticeded that it is important to advise the firms members about the importance of pricing decisions. Furthermore, the firm should be completely conscious and to have a strong commitment withto go internationalexpanding internationally. This is commonly forgotten in some companies, especially smaller ones. , Aall of thisthese factors influence setting the right price.It is usual to forget this in some companies, especially in small companies. A crucial place occupies the price decision controlPrice decision control occupies a crucial place the step within the firm at which the decision is tooktaken. (Myers,Cavusgil, Diamantopoulous, 2002). To verifyied that the person who sets the prices has the skills to do it. It is important not to forget channel distribution as a factor affecting price. A product ishas much more than a physical value,value it is also on how it is sold and after-sales service and so on.The customers willingness to pay is directly influenced by these features. The firm should teach the channel distribution how to give this high quality service. Remembering that animal feed is a very intangible product for the buyer and these details are the key point to give a message in consonance with our price. In our case, assuming that direct export has been choosedchosen the goal should be relatively factibleachievablee(? ). Also regarding channels and distribution our firm should avoid structures tending to result in export-price scalationthe escalation of export price (Cavusgil and Zou, 1994).It is necessary to highlight that a good relationship with the channels is very useful to control the final price. (Bowersox et al, 1992). It is the writer? s opinion that the choice ofto choose a direct mode of exportationing hasis have been influenced by theseis parameters. Our company should weight up the benefits of pricing the goods and services in euros or in sterling. Intuitively, most eurozone customers will prefer to see prices in euros. Using a sterling prices list may lose part of our business. The main disadvantage of making and accepting euro payments is that it exposes our firm to currency risks.One way to hedge against exchange rate movements can be to arrange a forward alien exchange contract this is an agreement initiated by you to buy or sell a specific amount of foreign currency at a certain rate, on or before a certain date. In the field of price quotation, our exportations should use the system definition based on Incoterms (International Commercial Terms). Although the detail of which incoterms should be choosechosen is beyond the scope of this essay, exporters should consider some factors.Between others shipment, insurance coverage, availability of information, currency convertibility problems, and son on (Albaum Duerr, 2008). Ultimately, price quotations should be in a form that customers and channels find suitable, and at least as convenient for the customer as those offered by competitors. Anyway, the price quotations should be reflected in the final price. All of these factors should be complemented with some basic guidelines. Pricing flexibility is a principle that should guide all the decisions. The right placeprice(? today, cannot be the right price tomorrow. The issue, more than to think if our price haveha s to be higher, lower or the same level compared with our domestic prices or the competition prices it is to set the right price in the right moment. Probably, some factors hashave been omitted but not forgotten due to limited space. And always remember that setting a price It is not a science, but it is an art. (John I. Leahy, Black Decker) Bibliography Stottinger, B. (2001) Strategic export pricing a long and winding road. ledger of International Marketin, 9 (1). 40-55Jain, S. C (1989) Standardization of international marketing strategy some research hyphoteses Journal of marketing, Vol 53, January, pp. 70-9 Kublin, M. (1990) A guide to export pricing, Industrial Management, Vol. 32 No. 3, pp. 29-32 Diamantopoulos, A. and Mathews, B. (1995), Making pricing decisions A study of Managerial Practice, Chapman Hall, London. Mathews, B. Cavusgil, Diamantopoulos, A. (2002), Antecedents and actions of export pricing strategy A conceptual framework and research propositions. European J ournal of Marketing, Vol. 36, No ? , 2002, pp. 159-188.

Break-Even Analysis

Managers must know how different costs behave as the volume of sales expands or contracts. The film of the interrelationships of sales, costs and net income is called cost-volume-profit analysis. It is a key factor in many planning decisions. The essence of cost-volume profit analysis is gaining an under domiciliateing of how costs and profits transfigure in response to changes in volume. This study is ofttimes called break-even-point analysis. This is a mistake because break-even-point, the point of zero net income is just a part of the cost-volume-profit concept and is often only incidental to the planning decision at hand.However, it is often the starting point of the analysis and provides insights into the possible dangers of trustworthy courses of action (Peralta, J. l979). The following situation entrust be used as a basis for discussion and to demonstrate the techniques of and the need for cost-volume-profit analysis. We shall assume that any cost may be classified as eith er icy or inconstant. Fixed costs are costs, which remain constant in total, within the current period, regardless of changes in the level or volume of activity.Variable costs are those, which are expected to fluctuate, in total, in proportion to sales, production or other measures of activity. The O-BUSH Company operates a sandwich theme at the Osama Memorial Stadium selling hotdog sandwiches during game days. The company is now in the process of negotiating for a lease of a sandwich stand at the Al Qaeda Coliseum during NBA games. The company has determined that the following costs and monetary values will probably characterize the new stand Selling price per sandwich $2. 00 100% Variable expenses per sandwichHotdog $ 0. 75 Sandwich bread . 30 Mustard/catsup . 05 Commission to the coliseum . 10 1. 20 60% Contribution Margin . 80 40% Fixed Expenses per game day Rental of stand $500 Wages for 8 employees at $37. 50 300 Other rooted(p) expense 200Total $1,000 Should the company e nter into a lease agreement with Al Qaeda? O-BUSH will have to answer certain questions before a decision can be made. Break-Even Point Computation Question What would be the break-even-point of the company in terms of numbers of units (sandwiches) sold and horse of sales? At break-even point, revenue is precisely equal to costs, no profits are realized, and no losses are incurred. For the purpose of this illustration, the unit contribution get on is used.The approach is based on the fact that every unit sold generates or provides a certain amount of contribution margin that goes toward the covering of the fixed costs. The contribution margin is the excess of sales price over the variant expenses pertaining to the unit in question Unit sales price $2. 00 Unit variable expenses 1. 20 Unit contribution margin to fixed Expenses and net profit $ . 80 To find the number of units must be sold to break-even, total fixed cost must be shared out by unit contribution margin.Thus, $1,000 d ivided by $0. 80 is 1,250 sandwiches. If only the percentage relationship between variable expenses and sales is known, the formula can still be used to compute the break-even point in dollar sales. Sales price 100% Variable expenses 60% Contribution margin 40% Total Fixed Cost divided by contribution margin ratio equals break-even point in dollar sales. Thus, $1,000 divided by 40% is $2,500. The company must sell more than 1,250 sandwiches in order to have a profit. Reference Peralta, J. (l979). Management Accounting, An Introduction. GIC Enterprises & Co. , Inc. Manila

Dark Romanticism in “The Devil and Tom Walker” Essay

During the nineteen century in America, gamy Romanticism was very popular. Dark Romanticism is a literary subgenre that emerges from Transcendentalism. Transcendentalism believed that to discover truth people must see beyond the physical world, to a fault believed that people can find God flat on nature. Dark romanticism explores the conflict between good and evil and the psychological effect of sin and guilt in the human mind. One of the illustrious Dark romantic writers is Washington Irving. He is well known for his short stories and his unrealistic characters and his detailed description of nature. Irving develops the characteristic themes of dark romanticism through symbolism in The Devil and Tom Walker. Many Dark romantics writer thought that nature had a spiritual influence over people, as a mysterious being. One of the main themes of the Dark Romanticism is nature. Irving describes with detail the nature conniption around the characters.In this story Irving says The swamp was thickly grown with neat gloomy pines and hemlocks, some of them ninety feet high, which made it dark at noonday and a retreat for all the owls of the neighborhood. In this sentence he is describing the setting described as dark, decaying and mystifying. Another theme presented in this story is the presence of the devil. Irving gives the devil human qualities and describes him as a great black man, incomplete Negro nor Indian, with a pair of great red eyes and with an ax in his shoulder. The devil is said to have various names among the countries and he claims to have witness great battles and conflicts in America. Dark Romantics used images of evil in form of vampires, devils, ghosts and other human-characterized figures. In this case Irving uses the devil as a symbol of evil. Dark Romantics presents human beings as susceptible to sin. The author presents different sins in this story for example, avarice.This sin was present in Tom Walker and also in his wife. In the story it said that the husband was continually prying about to detect her secret hoards and there were conflicts about what ought to have been common shoes. This says that the woman hid things to her husband, in order to save it from herself. Dark Romantics explore the conflict between good and evil. In this case the devil wanted to make an pact with Walker. At first Walker refused because he knew that when devil granted favors, there was one condition he had to be at his service. The wanted him to become a slave trader, but he refused his proposal because he was against slavery. He instead became a usurer.When Tom Walker committed sins, he went to church to feel better about it. These visits to church are a symbol used to present guilt. He tried to focus in reading the Bible, but he kept censuring his neighbors and scamming his clients. He thought that every sin his neighbors committed became a credit in his own sins. Also, Walker tried to hide his guilt in his newsbreak by building a great and incomplete place, just as Captain Kidd hid his treasure between the big trees in the forest. Washington Irving uses many symbols in this story to present the themes of Dark Romanticism. The forest is a symbol of the nature, and the devil is representative of the evil influence over the human being. Walkers house represents a place to hide guilt and Walkers wife is a symbol of greed. The Devil and Tom Walker describes very well the themes of Dark Romanticism.

Large Public Buildings

(Introduction mention that unexclusive buildings exist in all cities and towns, large and small, e. g. post office, court pause, places of worship, theater) A public building is a building that belongs in some way to the state. The number of public buildings in any town or village will depend on the size of it of that community and its needs. For example, you will usually find a town hall of some sort, a school and a place of worship at he least.In anger communities there will be a police station, law courts, a library and maybe a theater funded by he state. (Pros city pride, beautiful to look at, useful/necessary buildings, create a city center. ) The desire to build impressive buildings is not new. The ancient cities of the Middle atomic number 99 and South America were designed with large public buildings to impress visitors and enemies and give a sense of pride. In modern times, outstanding public buildings still. reate a salient sense of local and national pride. They are wh at gives a city its character and they form asocial center, a place where people like to meet. (Cons waste of public money, intimidating, nationalistic. Give opinion on whether they stop us from building houses or whether they can be compatible. ) However, some people argue that governments have constructed unnecessary, and sometimes ugly, buildings merely to make themselves timber important.I tend to feel that such buildings may be a waste of public money but I am not sure we can claim that they prevent houses from being built, because these governments have often ensured that adequate housing was also available. Houses and public buildings can exist align by side. (Conclusion sum up the two parts to the answer. Leave the reader thinking. ) The answer lies in finding ape right balance. We want o feel pride in our town, but we also want our citizens to have comfortable homes. It is hard to please everyone.

Narrative Structure and Narrative Function From Movies The English Patient Essay

Plot is series of events, usually presented in chronological or causal order. Thats a plot, a range of events. Story would be a narrative connection between all these events. Thats whats missing.The film opens with an introduction to Hana, a young nurse. She lives in an toss out villa, the Villa San Girolamo, that is filled with hidden, undetonated bombs. In her care is the English Patient. All that she knows about the patient is that he was burned beyond recognition in a matted fragment before being taken to the hospital by a Bedouin tribe and that he claims to be English.The only possession that the Patient came with was a copy of Herodotus histories that he carried through the fire. He has annotated these histories and, in a sense, become a part of them. He is constantly remembering his explorations in the desert in great detail, barely cannot state his own name. The Patient is, in fact, Lszl de Almsy, a Hungarian desert explorer. He, however, chose to erase his identity and nationality. It is unknown whether this was for protection or as a metaphorical statement.Prompted to tell his story, the Patient begins to reveal all. He had an affair with Geoffrey Cliftons wife, Katharine. They both accompanied the patients desert exploration team. The Patients job was to draw maps of the desert and The Cliftons plane made this job much easier. One of their earlier discoveries was the cave of swimmers.Almsy fell in love with Katherine Clifton one shadow as she read from Herodotus histories aloud around a campfire. They soon began a very intense affair, notwithstanding in 1938, Katharine cut it off, claiming that Geoffrey would go mad if he discover them. Geoffrey, however, does find out of the affair when he tricks her into thinking hes out of town for the day (wanting to surprise her for their first wedding anniversary) and sees Katherine acquire into a car.When World War II broke out in 1939, the members of the exploration team decided to pack up base camp and Geoffrey Clifton offered to plunk up Almsy in his plane. However, Geoffrey Clifton arrived with Katharine and tried to kill all three of them by crashing the plane, leaving Almsy in the desert to die. Geoffrey Clifton was immediately killed. Katharine was also horribly injured. Almsy took her to the cave of swimmers and covered her with a parachute so he could leave to find help. After four days, he reached a town, but the British were suspicious of him because he had a foreign sounding last name. They locked him up as a spy.When Almsy finally gets away, he knew it was too late to save Katharine so he joined the Germans, dowry their spies cross the desert into Cairo in exchange for gas and a car to get back to Katherine. After leaving Cairo, his car broke buck in the desert. He went to the cave of swimmers to find Katharine. He retrieved her body and took it to the crashed plane which had been buried under the sand. He tried to fly back to civilization, but the plane malfunct ioned during flight. Almsy parachuted down covered in flames which was where the Bedouins found him.Caravaggio, who had had suspicions that the Patient was not English, fills in details. Geoffrey Clifton was, in fact, an English spy and had intelligence about Almsys affair with Katharine. He also had intelligence that Almsy was already working with the Germans but whether he was or not is unclear.The film also focuses on Kip. Kips brother had ceaselessly distrusted the West, but Kip entered the British Army willingly. He was trained as a sapper by Lord Suffolk, an English gentleman, who welcomed Kip into his family. Under Lord Suffolks training, Kip became very skilled at his job. When Lord Suffolk and his team get blown up by a bomb, Kip becomes separated from the world and emotionally removed from everyone. He decides to leave England and begin defusing bombs in Italy.Kip forms a romantic relationship with Hana and uses it to reconnect to humanity. He becomes a part of a union a gain and begins to feel comfortable as a lover. Then he hears news of the atomic bomb being dropped on Japan. He becomes enraged. He feels deceived and betrayed by this western world that he has tried to assimilate to. He threatens to kill the English Patient, but instead just leaves the Villa.For some time after their breakup Hana wrote Kip letters, but he never responded. She eventually stopped. Years later Kip is happily married with children and is a successful doctor however, he quiet down often thinks of Hana.The film is set during World War II and depicts a critically burned man, at first known only as the English patient, who is being looked after by Hana, a French-Canadian nurse in a ruined Italian monastery. The patient is suffering from amnesia, but through a series of flashbacks he is gradually able to rediscover his past. It is slowly revealed that he is in fact a Hungarian geographer, Count Lszl de Almsy, who was making a map of the Sahara Desert, and whose affair wit h a married woman ultimately brought about his present situation. As the patient remembers more, David Caravaggio, a Canadian thief, arrives at the monastery. Caravaggio lost his thumbs man being interrogated by officers of the German Africa Corps, and he gradually reveals that it was the patients actions that had brought about his torture.In addition to the patients story, the film devotes time to Hana and her day-dream with Kip, an Indian sapper in the British Army. Due to various events in her past, Hana believes that anyone who comes close to her is likely to die, and Kips position as a bomb defuser makes their crush full of tension.Narrator Function The narrator is omniscient, and conveys the points of view of several different characters. The narrator is capable of knowing, seeing, and telling whatever he or she wishes. It is characterized by liberty in shifting from the exterior world to the inner selves of a number of characters and a freedom and movement in both time an d place but to and event greater extent characterize it by the freedom of the narrator to comment on the meaning of actions.Referencehttp//en.wikipedia.org/wiki/The_English_PatientA Hand Book to Litrature by C. Hugh Holman, William Harmon

International studies Essay

1. Business and Economics WEEK 4 Theories of International Trade and Investment2. Mercantilism is a bankrupt theory that has no place in the modern world. Discuss.3. Mercantilism a landed estate should maintain a trade surplus, even if that means that imports atomic number 18 limited by government intervention. Bankrupt theory because Inconsistent with the general notion of globalization. Eventually, a country will find it difficult to export if it imposes oppressive quotas and tariffs on its imports. Consumers in the mercantilist country suffer. Denied access to both cheaper or more sophisticated goods from other countries.4. Is free trade fair? Discuss.5. Trade theory suggests that distinction and free trade benefits all countries. However, a case can be made in many situations for imposing trade barriers. E.g. Infant industry argument National security6.What are the potential cost of adopting a free trade regime? Do you think governments should do anything to reduce the se costs? What?7. business organisation loss Government should provide retraining programs OR Do nothing, it will all come aside in the wash8. THE RISE OF BANGLADESHS TEXTILE TRADE (PG. 206) CLOSING CASE9. Why was the sky to a free trade regime in the textile industry good for Bangladesh?10. Until 2005, Bangladeshs opportunities in the developed nations were governed by a quota system. Introduction of free trade policies enabled Bangladesh to increase its exports. Competitive advantage in the production of textiles. low cost, productive labour force. strong network of supporting industries. Also, attracted Western importers waiting to veer their supplier base.11. Who benefits when retailers in the United States source textiles from low wage countries such as Bangladesh? Who might doze off? Do the gains outweigh the losses?12. BANGLADESH low cost, lower price competitive advantage US higher(prenominal) price fewer garments purchased locally Possible job loss13. What internat ional trade theory, or theories, scoop explain the rise of Bangladesh as a textile exporting powerhouse?14. Exporting powerhouse relatively low wages. Investments in boosting productivity levels. Network of supporting industries. Theory of comparative advantage Porters theory of competitive advantage15. How secure is Bangladeshs textile industry from foreign competition? Whatfactors could in conclusion lead to a decline?16. Bangladesh is attractive due to low cost garments the opportunity for importers to diversify their come forth base (Importers do not want to solely rely on China and see Importers do not want to solely rely on China and see Bangladesh as an attractive alternative to hedge risks. However, their infrastructure could prove to be problematic for its exporters. If importers find that infrastructure problems disrupt their supplies, they could begin to look for new source countries. Bangladesh should make the necessary investments to avoid any disruptions in the industry.17. THE REGULATORY FRAMEWORK adjoining WEEK