Legalization Of Drungs Essays - Drug Control Law, Drug Culture

MLK - I have a Dream essays

MLK - I have a Dream expositions Martin Luther Kings I Have a Dream conveys an incredible message driven by dreams of fellowship and equity. The discourse not just interests to similar dreams shared by his audience members yet additionally to their feeling of reason and understanding that they will likely right and unquestionable wrong. Through various analogies and recorded references, Dr. Lord can make a mixing and enthusiastic discourse sure to draw out the best in all who hear it out. Lord puts forth an admirable attempt to draw substantial examinations between the Negros predicament and, for goodness' sake, banking. By doing this, Dr. Lord can improve what could be translated as a perplexing contention into the essential procedure of cash(ing) a check. Nonetheless, in the Kings discourse, the individual giving out the check is America and, a lot to his and the Negro people groups discontent, the check is being returned for deficient assets. Ruler accepts that once the check can be gotten the money for, the Negro individuals will have the option to request the wealth of opportunity and security of equity. Ruler keeps on making more analogies when he starts to draw correlations among opportunity and nature. Lord accepts that that dark individuals should ascend from the dull and ruined valley of isolation to the sunlit way of racial equity. This is an intrigue to those not in the battle to ascend and start requesting equity. Nobody ought to need to live their lives in a barren valley yet rather should get away from the sand traps of racial bad form and climb the strong stone of fellowship. Ruler even proceeds to portray the racial atmosphere as a boiling summer which won't go to pre-winter until opportunity and equity are there for all to share. This can be viewed as a notice to the developments restriction that, indeed, the Negro individuals are rankled and will battle, however calmly, until equity has poured down acros... <!

What Is Psychoanalytic Therapy

What Is Psychoanalytic Therapy Psychotherapy Print What Is Psychoanalytic Therapy? The Process, Benefits, and Possible Downsides of Psychoanalytic Therapy By Kendra Cherry facebook twitter Kendra Cherry, MS, is an author, educational consultant, and speaker focused on helping students learn about psychology. Learn about our editorial policy Kendra Cherry Medically reviewed by Medically reviewed by Steven Gans, MD on January 11, 2016 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on August 13, 2019 Alberto Ruggieri / Illustration Works / Getty Images More in Psychotherapy Online Therapy In This Article Table of Contents Expand Overview History Effectiveness Benefits Downsides Conditions Success Rates Other Treatments Finding a Therapist View All Back To Top Psychoanalytic therapy is one of the most well-known treatment modalities, but it is also one of the most misunderstood by mental health consumers. The goal of psychoanalytic therapy is to help patients better understand the unconscious forces that can play a role in current behaviors, thoughts, and emotions. This type of therapy is based upon the theories and work of  Sigmund Freud, who founded the school of thought known as psychoanalysis. What Is Psychoanalytic Therapy? Freud described the unconscious as the reservoir of desires, thoughts, and memories that are below the surface of conscious awareness. He believed that it was these unconscious influences that could often lead to psychological distress and disturbances. Psychoanalytic therapy looks at how the  unconscious mind  influences thoughts and behaviors. Psychoanalysis frequently involves looking at early childhood experiences in order to discover how these events might have shaped the individual and how they contribute to current actions. The History of Psychoanalytic Therapy Psychoanalytic theory grew out of the work of the famous psychoanalyst Sigmund Freud who began developing his therapeutic techniques in the late 1800s. In 1885, Freud began to study and work with Jean-Martin Charcot at the Salpêtrière in Paris. Charcot used  hypnosis  to treat women suffering from what was then known as  hysteria. Symptoms of the illness included partial paralysis, hallucinations, and nervousness. Freud continued to research hypnotism in treatment, but his work and friendship with colleague Josef Breuer led to the development of his most famous therapeutic technique. Breuer described his treatment of a young woman, known in the case history as  Anna O., whose symptoms of hysteria were relieved by talking about her traumatic experiences. Freud and Breuer collaborated on a book called  Studies on Hysteria  and Freud continued to develop his use of this talk therapy. This approach proposed that simply talking about problems could help relieve psychological distress. How Does Psychoanalytic Therapy Work? Psychoanalytic therapists generally spend time listening to patients talk about their lives, which is why this method is often referred to as the talking cure. The therapy provider will look for patterns or significant events that may play a role in the clients current difficulties. Psychoanalysts believe that childhood events and unconscious feelings, thoughts, and motivations play a role in mental illness and maladaptive behaviors. Techniques Used in Psychoanalytic Therapy Psychoanalytic therapy also makes use of other techniques including free association, exploration of transference, observing defenses and feelings patients may not be aware of, as well as  dream interpretation. The Psychoanalytic Process People undergoing psychoanalytic therapy often meet with their therapist at least once a week and may remain in therapy for a number of weeks, months, or even years. Through this process, the hope is that people will be able to gain insight and awareness of the unconscious forces that contribute to their current mental state. Treatment Can Be Intensive Patients may sometimes find that psychoanalysis can be quite intense and personal. It involves talking a great deal about past experiences, relationships, and feelings. This can also lead to feelings of discomfort as unconscious forces are brought to light. While the process can sometimes result in uneasiness, it can also be a great way to gain insight and deal with feelings that are difficult to put into words.?? Dealing With Unconscious Forces This approach to therapy often involves provoking emotional responses and overcoming defense mechanisms. Success often hinges on the ability to confront potentially stressful or triggering past experiences. Gaining insight into your feelings, behaviors, and experiences can help you better understand the unconscious forces that continue to exert and influence on your actions, your relationships, and your sense of self. Psychoanalytic therapy may also help you learn techniques for coping when future problems arise. Rather than falling back on unhealthy defenses, you may be better able to recognize your feelings and deal with them in a constructive manner. What Are the Benefits of Psychoanalytic Therapy? As with any approach to mental health treatment, psychoanalytic therapy can have its pluses and minuses. The degree to which these potential benefits and pitfalls influence the choice to use this approach depends on a variety of factors including the individuals preferences and severity of symptoms. In the last few decades, there has been significant research validating this approach’s benefits. The therapist offers an empathetic and nonjudgmental environment where the client can feel safe in revealing feelings or actions that have led to stress and difficulties in his or her life. Often, simply sharing these burdens in the context of a therapeutic relationship can have a beneficial influence. Furthermore, it has been shown that this type of self-examination can lead to continued emotional growth over time. What Are the Downsides to Psychoanalytic Therapy? As with all treatment methods, there are also potential downsides that should be considered. Costs Costs are often cited as the biggest downside of psychoanalytic therapy. Many clients are in therapy for years, so the financial costs associated with this treatment modality can be potentially very high. Time This  type of therapy  has had critics who claim that psychoanalytic therapy is too time-consuming, expensive, and generally ineffective. Some such as Noam Chomsky and Karl Popper suggested that psychoanalysis lacked a scientific basis. Misconceptions of this type of treatment are often connected to some of the earlier, more classical Freudian applications of psychoanalytic treatment. What Conditions Can Psychoanalysis Treat? Psychoanalysis may be used to treat a number of different psychological conditions. Some of the concerns that can be treated using psychoanalytic therapy include: Obsessive-compulsive disorderDepressionPsychosomatic disordersPhobiasAnxietyIdentity problemsEmotion struggles or traumaSelf-destructive behaviorRelationship issuesSexual problems People who are likely to benefit from this form of therapy are often those who have been experiencing symptoms for some time. Long-term symptoms of anxiety, depressed mood, and behaviors that have a negative impact on functioning and enjoyment of life are some possible reasons why people might choose to try psychoanalytic therapy. What Are the Success Rates of Psychoanalysis? While some critics have derided the success rates of psychoanalytic therapy, recent research suggests that this treatment modality can be an effective treatment for a range of issues.?? Psychoanalytic Therapy Is Effective at Symptom Reduction One review of the effectiveness of long-term psychoanalytic therapies found moderate to large success rates for reducing symptoms of a variety of psychopathologies. Another large-scale study looking found that short-term psychoanalytic therapy was effective for general symptom improvement. In addition to these general improvements, the review also found that the psychoanalytic treatment led to lasting improvements in symptoms of somatic symptoms, depressive symptoms, and anxiety symptoms. Psychoanalytic Therapy Leads to Lasting Improvements Patients who receive psychoanalytic treatment retain these gains and may continue to improve even after treatment ends. A 2010 review published in American Psychologist found that the scientific evidence supports that psychodynamic therapy was as effective as other evidence-based treatments. How Does Psychoanalysis Differ From Other Treatments? What makes psychoanalytic therapy different from other forms of treatment? A review of the research comparing psychodynamic approaches to cognitive-behavioral therapy (CBT) identified seven features that set the psychoanalytic approach apart.?? The focus on emotions and how they are expressed. Where CBT is centered on cognitions and behaviors, psychoanalytic therapy explores the full range of emotions that a patient is experiencing.The exploration of avoidance. People often avoid certain feelings, thoughts, and situations that they find distressing. Understanding what patients are avoiding can help the therapist and client better explore why such avoidance comes into play.The identification of recurring patterns and themes in thoughts, feelings, and behaviors. In some cases, people are aware of such repetitious actions but may be unable to break out of these unhealthy or destructive patterns. At other times, patients are not aware of how such patterns influence their behaviors.The emphasis on talking about past experiences. Other therapies often focus more on the here-and-now, or how current thoughts and behaviors influence how a patient functions. The psychoanalytic approach helps the patient explore their past and underst and how it affects both the present and future.The exploration of interpersonal relationships. Through the therapy process, patients are able to explore their relations with others, both current and past.The focus on the therapy relationship itself. Because psychoanalytic therapy is so personal, the relationship between the therapist and the patient is an important part of the treatment process.Exploring the patients fantasy life. Where other therapies are often highly structured and goal-oriented, psychoanalytic therapy allows the patient to explore freely. Patients are free to give voice to fears, desires, dreams, and other urges that they have never spoken of before. Tips for Finding a Psychoanalytic Therapist If psychoanalytic therapy sounds like it might be right for you, there are some things you can do to find a therapist in your area. The first step is to begin looking for a therapist who specializes in this form of treatment. How can you find a qualified psychoanalytic therapist? Talk to your doctor. Asking your primary care physician for recommendations is a good first step. Your doctor can also put you in touch with a referral service if needed.Ask a friend. Friends who have had a good experience with psychoanalytic treatment can also be another good source of recommendations.Look online. If you do not have a good referral from someone you know, there are a number of online therapist networks and directories that can point you in the right direction. Once you have identified a potential therapist, make a call to set up an initial consultation. During this consultation, you can further explore if psychoanalytic therapy is the right approach for you. A Word From Verywell Psychoanalytic therapy is just one mental health treatment approach that you may want to consider. This approach may provide benefits that might be well-suited to your particular situation, but always talk to your doctor or therapist to determine which  psychotherapy  method might be the most effective for your individual needs. Try Online Psychotherapy with These Online Therapy Programs

William Shakespeare s Hamlet And The Duchess Of...

Shakespeare and Webster represent the female characters in ‘Hamlet’ and ‘The duchess of Malfi’ by using general themes such as the patriarchy and the social control, the female identity and its independence, this institution of marriage, the expressions of sexuality and finally women shown to be either conformist or transgressive. Men were firmly in control in the Elizabethan and Jacobean era, and the expectations for women were to stay home, cook, clean and raise a family. Women’s status and roles were subject to the Tyranny of patriarchy, they were given strict disciplinary rules to follow whether by law or unspoken norms to prevent from rebellion. Women’s rights were restricted, legally, socially and economically, unlike today were women are more powerful and independent. Today women and men are seen to be equal and women can do pretty much everything a man can do (voting, working, becoming president) although there are many people still tod ay who disagree with women having these rights. There are aspects of renaissance patriarchy demonstrated in both plays, which is exercised as a form of social control using dominant gender ideologies. Hamlets in his first soliloquy talks about his mother and how quick she was to remarry after only 1 month of his father’s death, he then says â€Å"Frailty, thy name is woman† not only including his mother but the whole women population also indicating that he has superior intellect and moral understanding. He dedicates the word frailty to aShow MoreRelatedComparing Hamlet And The Duchess Of Malfi2373 Words   |  10 PagesCompare the depictions of Madness in Hamlet and The Duchess of Malfi. What is the significance of madness in each play? During the late sixteenth century, dramas an plays became a big role in entertainment and madness became one of the major themes, as Salkeld recognises that the use of madness as a metaphor for subversion became increasingly marked throughout the first half of the seventeenth century . (Salkeld, 1994, pg.144)This madness created a spark within the Elizabethan era and caused

Evaluation Of A Project And Discuss Aspects Of The Film

This Critique will be going over five different aspects, I will be covering the roles adopted during the project by each group member, I will present an argument on one aspect of the project that I believe was strong, and I will be identifying aspects of my project that I think could have been strengthened and how these could have been changed to improve the work. I will also be providing a rationale for the final cut of the project and discuss how the peer review did or did not help in the development of the project and I will be analysing my final product of the project and discuss aspects of the film itself. First for this assignment I tried to stand back and not take over being the leader as it did not work for another assignment in the past. Standing back at first was not working for no one was standing up to lead the group as I felt no one wanted to be the leader. We ended up all being the leader and no one being the leader. For the roles in this assignment, it was more group based leadership where everyone contributed to making the movie move forward. The first few weeks I found it was difficult getting hold of people as one of our group member’s, Luyao as she only showed up for the first class and we did not see her during filming and editing, also hasn’t really contributed to the film as far as I know. Qiaochu says she has done some filming with her, but as I have only seen her once I could not tell you if she has done any work towards the filming part. The firstShow MoreRelatedMeasurement and Evaluation2510 Words   |  11 Pagescharacteristics such as attitude, mot ives, interests and other personality traits. As for the psychomotor domain in relation to assessment involves assessing the learners’ ability to use his or her own hands for example in handwriting, construction and projects Continuous assessment is based on a radically different premise namely that the best and the fairest way to assess students’ performance is to assess each stage of courses as soon and after it has been completed as possible or in some cases whileRead MoreLeadership Assessment4632 Words   |  19 Pagesthe workplace. He knew the vital aspect of the workplace is working well with others. That included everyone from peers to supervisors. He knew not all employees will not always like each other, but knew they needed to set aside their personal or even work-related differences to reach a larger goal. In many instances, those who are not considered â€Å"team players† could have faced demotion. On the other hand, those who work well with others often advanced on that aspect alone, in the Army teamwork sometimesRead MoreRegal Entertainment Group: Addressing Industry Dependency and Differentiation7165 Words   |  29 Pagesboth within the film entertainment industry (as with Netflix and pirated films) and with substitute goods, such as live performances, restaurants, and sporting events. In addition, industry competitors have an extremely low level differentiation from one another, which is partially due to the reactive nature of the industry. It is also due to the considerable dependency on major film production companies. Regal’s dependency on the film production companies for profitable films and film advertisingRead More Reflection Paper on Heard Around the Common2354 Words   |  10 Pageswith space and receives information. I also used the case study, â€Å"What I Learned Doing a Multimedia Project on the French Revolution,† to see how another designer thought through her project, and handled financial and time constraints. The readings on being culturally sensitive, and including other viewpoints into one’s work, helped me think about how to incorporate diverse perspectives in my project, and encouraged me to believe in my original goal of including multiple points of view. I also enjoyedRead MoreIncorporation Of Multimodal Texts And Digital Technologies1970 Words   |  8 PagesTechnology has provided a new opportunity for teachers. As a consequence, teachers are integrating different aspects of technology in the curriculum to facilitate comprehension and accomplish the n eeds of their learners. Moreover, teachers employ the usage of technology in their classrooms to accomplish the needs of socially and culturally diverse learners. Underpinning on this, the essay is going to discuss how multimodal texts and digital technologies can be integrated in the Grade 3-4 curriculum. BackgroundRead MoreGraded Unit Plan Hnd Music Performance Essay4460 Words   |  18 PagesThe graded unit project consists of a project and an interview that will take place with someone, whether that is an employer  or someone who has had a consistent role in the area that you are presenting about. The whole project itself must contain  areas of all of the course modules and how it has helped me construct this piece of work. By the end of the year I should have a detailed portfolio that shows that I can present that I have learned the required and  necessary aspects of the core unitsRead MorePhilippine Independent film as a Medium for Political and Social issues5632 Words   |  23 Pagesï » ¿ PHILIPPINE INDEPENDENT FILM AS A MEDIUM FOR POLITICAL AND SOCIAL ISSUES AS PERCEIVED BY MSEUF PROFESSORS AND STUDENTS An Undergraduate Thesis Presented to the Faculty of the College of Arts and Sciences Manuel S. Enverga University Foundation Lucena City In Partial Fulfillment of the Requirements for the Degree of Bachelor of Science in Mass Communication by: LEANDRA L. JARDELEZA CHAPTER I THE PROBLEM: ITS BACKGROUND AND RATIONALE Background of the Study Since today is a fast changingRead MorePersonal Experience: My Teaching Philosophy2434 Words   |  10 Pagescollaboration must be a part of he current classroom climate. It must be . Students need to embrace critical and independent thinking. They need to trust their own instincts with somethingdoes not look right or fit into the bigger picture of the projects intendedoutcome. I facilitate a culture of learning that is centered around self growth, relections, invstigatn and problem solving. How does one teach art? Its been a question that has been thrown around a lot, and in years of faculty meetingsRead More The Death of the ‘Authorlessness Theory’? Essay6470 Words   |  26 Pageswould be a faux pas give his idea such a naà ¯ve reading—a reading strictly limited to written texts. When applied to projects such as Group art, music and film, his theory gains greater validity. Three such works that illustrate the complexities of authorship are Judy Chicago’s The Dinner Party (1979), Gram Parsons’ second solo album, Grievous Angel (1974), and the 1939 MGM film version of The Wizard of Oz. Adding to Barthes’ idea proposed in â€Å"The Death of the Author† will be discussions of MichelRead MoreEvaluation Research Design Literature19283 Words   |  78 Pages253 Chapter 6 Evaluation Research Design: Literat ure Reviews Synthesis Frequently a research question or hypothesis can be answered through secondary research, i.e., a literature review or synthesis. Both strategies requires the researcher to mine existing data sources; ―pull outâ€â€" relevant data or information; summarize it; logically analyze and/or statistically treat it; and report results. In many instances, the issue, problem, question, etc. which prompted the idea for an evaluation study is resolved

Napoleon Free Essays

Napoleon I was born on the French island of Corsica on the 15th of August 1769. Trained in the art of war at military academies in France, little did his supervisors know at that time that one day, this young officer was going to rise up the ranks in the army to become a General, play an important part in the French Revolution by being at the forefront of effective military operations against the First Second Coalitions, then overthrow the same revolutionary government he helped install (1799), rule over France as First Consul and then Emperor(1804-1815) and by cleverly crafted wars and political alignments, hold offices and titles as diverse, but equally powerful, as   King of Italy, Mediator of the Swiss Confederation and Protector of the Confederation of the Rhine, thus effectively becoming the master of much of Mainland Europe. His military and political actions entailed significant influence on European History for years to come. We will write a custom essay sample on Napoleon or any similar topic only for you Order Now [1] Following expansionary policies, from 1800-1810, the French armed forces were engaged in pitched battles against and/or in the whole of Europe. Napoleon’s military and political prowess earned him a dominating influence over much of mainland Europe. His tactful masterpieces at Austerlitz and Friedland established his military power and forced alliances with weaker states, unwilling to stand up to the fury of his armies. He further consolidated his position by installing members of his family and close associates as the rulers of all states under French influence, with himself as supreme commander. [2] However, Napoleon’s success story was halted by the catastrophic expedition sent to conquer Russia in 1812. He was out smarted by the retreating Russians and when he ordered a retreat following the conquest of Moscow, he ensured the destruction beyond resurrection of his own Grande Armà ©e. The powers that formed the Sixth Coalition inflicted on him another resounding defeat at Leipzig in 1813, and subsequently stepped foot on French soil. Surrounded by the invading armies, Napoleon vacated office in April 1814, and was forcefully exiled   to the island of Elba. However, refusing to admit defeat, he returned to France, established himself as ruler and proceeded to fight against his foes. However, his endeavors had limited success and he was finally defeated at the battle of Waterloo on 18 June 1815. He was exiled again to the uninhabited island of St. Helena where he died a quiet man in 1821. [3] Although Napoleon spent a lifetime on the battle field and his military conquests provide ample proof of his intelligence as a general, originality of technique was lacking at his end. He is credited though with the concept of fusing artillery into batteries and rearranging the military hierarchy to ensure that requirement of each core in the army was met adequately. These have become generally accepted principles in modern warfare. To this day, the Napoleonic wars are the subject of scholarly and academic study around the world. History remembers him for his military conquests and for his development of a bureaucratic structure (the Napoleonic Code), still followed in present day French. [4] Effects that Napoleon had on France In my opinion, the Napoleonic era proved healthy for France as Napoleon himself was a populist leader and developed the French armed forces into a mighty military machine. Governing France The French vote largely sided with Napoleon and approved of his actions. By the year 1804, Napoleon had established himself as unrivaled in power and authority in all of France. Realizing that the only way he could continue to consolidate his position was through garnering populist support; he continued the radical reform process while slowly tightening his grip on the political machinery. Although there was no single authority in the French state and all laws were made by an elected National Assembly (the lower house elected, the upper house appointed), Napoleon ensured that the weight age of power remained tilted towards him by choosing friendly elected candidates to the upper tier of the National Assembly. Since all laws were made by the Assemblies, Napoleon had considerable influence on all matters. [5] Napoleonic Code The Napoleonic Code was a law passed by the Napoleon administration that balanced, modernized, restructured, expanded and consolidated many of the previous reforms into a single source document. The code proclaimed the equal standing of all citizens and liberty to practice one’s religion of choice and labor mobility. However, some of the driving points of the revolution were left out of this code and in many places the interests of the common man were made subordinate to the interests of the state. Some laws, including those which guaranteed the rights of females and infants/children, were also repealed. [6] French Economy and society Napoleon understood that to finance his war machinery, he needed adequate finances and thus enshrined in law that all citizens pay taxes to the national exchequer. His policies helped reduce the level of inflation and ensured that a more just and equal distribution of income and wealth could be brought about. Thus, he abolished feudalism and introduced land reforms in turn increasing peasant land ownership. Furthermore, he ensured that the peasants were rid of their obligations to the Catholic Church as he settled the differences of the Vatican and the French State. On the other hand, the nobles were given freedom to rule over their respective lands as long as they plead political, economic and military allegiance to Napoleon. Dedication to the French State and its principles of hard and honest work were acknowledged through the introduction of the Legion of Honor (1802) which remains the highest civil and military award in the Modern French State. Changes to education Education also saw attention from Napoleon and soon reform was introduced in this sector too. Government run schools were set up and the curriculum standardized. The schools advocated radical love for the country and the state. The schooling system was divided amongst the primary, secondary, military and technical schools. Although primary education remained more or less the same, the rest of the schooling system advocated discipline, unity and faith along with a strong emphasis on military training. [7] The Catholic Church Napoleon understood that although the people had strong associations with religion, reform was also the need of the hour. Therefore, he tried to find a balance between the enshrined laws of the church and his new laws. In 1801, he signed a Concordat with the Vatican thus ending the long lasting feud between the state and the Catholic Church.   The agreement changed the way Bishops were chosen. Previously elected, they would now be appointed by the French government. No one but the pope would yield influence over them. In return, the Church ended its demand that all material interests taken under custody or destroyed by the revolution be returned or compensated for. [8] Building and roads Napoleon understood that a strong infrastructure would greatly help him in war. Therefore, finances were used in the development of roads, bridges and canals to facilitate the movement of troops and goods from the rural areas to the urban centers. At the same time, to signify his own glory, Paris underwent a huge beautification program under which the existing buildings were renovated, new ones were erected and various monuments were put up to signify the greatness of Napoleon and the revolution. [9] It would be harsh to judge Napoleon as a dictator for it can be inferred that a good number of his measures were aimed at improving the affairs of the common French lot. While many of his measures were unjust, one can argue that they were the need of the hour to protect the revolution and ensure the establishment of a republic. However, his appointment of himself as emperor negates this view. France fought wars on different fronts from 1792 to 1815 in order to ensure the continuity and survival of the revolution, under threat from the armies of other European monarchist powers, afraid that revolution in France would encourage populist uprising in their own empires. Napoleon’s skill and expertise ensured that the invading powers were kept at bay for as long as possible given the inherent limitations of any country. At its peak, the French empire spanned the whole of Mainland Europe. The whole area, from the shores of the Atlantic Ocean to the very borders of Russia was controlled by Paris. Moreover, Napoleon exported the ideology of the French revolution to all areas under French control. [10]His measures included freedom of religion, an end to serfdom, and loosening the grip of the Catholic Church on the state. The Napoleonic Code also found itself being implemented in other countries as the source law. However, calamity can strike anytime. Napoleon invaded Russia and despite his hopes of defeating the Russians quickly, saw himself engaged in a long and draining fight with the retreating Russian soldiers. Napoleon was forced to chase the retreating army deep inside Russian soil and when he finally managed to win Moscow, the gravity of the situation dawned on him. He understood that maintaining a garrison in war torn Russia was impossible and ordered a retreat and this decision co incided with the Russian winter, known for its ferocity.   The climate and the shortages of food and shelter took the lives of many soldiers while the remaining fell prey to the resurgent Russian military. Despite all his attempts to resurrect his powerful military machine, Napoleon soon found out that time was not on his side and was soon forced to abdicate following the conquest of Paris in 1814 by the Coalition powers. [11] The years from the start of the revolution to the abdication of Napoleon have had a marked effect on France in particular and Europe in general. He introduced equality and justice throughout the lands he governed and even though France returned to having an emperor, the new King had limited power. Napoleon’s wars were followed by the concept of nationalism in Europe that helped shape the future Geo political landscape. In my opinion, the Napoleonic years had a resounding effect on European history and although some of his actions are controversial, it can be argued that he was able to help France move towards a republic. [12] References Baily, J.T. Herbert. Napoleon. London: The Cranford Press, 1908. Bainesville, Jacques. Napoleon. Boston: Little, Brown and Company, 1933. Barnett, Correlli. Bonaparte. New York: Hill and Wang, 1978. Bergeron, Louise. France Under Napoleon. Princeton: Princeton University Press, 1990. Bowden, Scott. The Glory Years of 1805 -1807: Napoleon and Austerlitz. Chicago: The Emperor’s Press, 1997. Bruce, Evangeline. Napoleon Josephine. New York: Kensington Books, 1995. Carrington, Dorothy. Napoleon and His Parents. New York: Dutton, 1990. [13] Castelot, Andre. Napoleon. New York: Harper and Row, 1968. Chandler, David G. The Campaigns of Napoleon. New York: Scribner, 1966. Connelly, Owen. The French Revolution and Napoleonic Era. Fort Worth: Holt, Rinehart and Winston, 1991. Cronin, Vincent. Napoleon. London: Harper Collins Publishers, 1971. Geyl, Pieter. Napoleon For and Against. London: Jonathan Cape, 1957. [1] Bainesville, Jacques. Napoleon. (Boston: Little, Brown and Company, 1933). 53. [2] Chandler, David G. The Campaigns of Napoleon. (New York: Scribner, 1966). 124 [3] Cronin, Vincent. Napoleon. (London: Harper Collins Publishers, 1971). 111 [4] Chandler, David G. The Campaigns of Napoleon. (New York: Scribner, 1966). 126 [5] Bergeron, Louise. France Under Napoleon. (Princeton: Princeton University Press, 1990). 225 [6] Baily, J.T. Herbert. Napoleon. (London: The Cranford Press, 1908). 26 [7] Castelot, Andre. Napoleon. (New York: Harper and Row, 1968). 68 [8] Connelly, Owen. The French Revolution and Napoleonic Era. (Fort Worth: Holt, Rinehart and Winston, 1991). 91 [9] Connelly, Owen. The French Revolution and Napoleonic Era. (Fort Worth: Holt, Rinehart and Winston, 1991). 123. [10] Cronin, Vincent. Napoleon. (London: Harper Collins Publishers, 1971). 73 [11] Geyl, Pieter. Napoleon For and Against. (London: Jonathan Cape, 1957). 58 [12] Baily, J.T. Herbert. Napoleon. (London: The Cranford Press, 1908). 192 How to cite Napoleon, Essay examples

The Impact of Social Norms on Seat Essay Example

The Impact of Social Norms on Seat Essay Every person entering the theater thereafter is subject not only to their wan theater experience preferences but more importantly by the seating selections of all the people already seated. There are many norms for attending a movie theater. These include explicit norms, norms that have been openly written or spoken (Starker, 1) and implicit norms, norms that are understood but not precisely recorded (Cornball, 59). Explicit or formal norms have clear rules for punishment. Creating a disruption during the movie Is grounds for ejection from the theater. Most theaters openly state during the previews that cell phones need to be turned off and that talking should be kept to a minimum. Implicit or Informal norms regulate seat selection In a theater where at least one person is already present and seated. These informal norms are strengthened by the anticipation of a crowd. The anticipation of a crowd has been shown to encourage more socially isolated seating choices and an increase in the avoidance of contact with others (Greenberg, 672). As additional people enter the theater, their seating choices are no longer based on the anticipation of a crowd but on the reality of the remaining availability of seats. The dwindling number of empty seats forces the choice of seats that are closer to other people. For example, the first persons entering the theater chooses the seat they consider perfect, the center seat In the center row. The second person enters, surveys the locations of any other patrons In the theater and picks a seat using a loosely formed set of Informal norms or rules. We will write a custom essay sample on The Impact of Social Norms on Seat specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Impact of Social Norms on Seat specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Impact of Social Norms on Seat specifically for you FOR ONLY $16.38 $13.9/page Hire Writer All subsequent people repeat these steps taking Into account the locations of each of the seats filled. The unstated rules are either more or less strictly interpreted based on the percentage of the theater capacity filled. The second and third people entering the theater are expected to interpret the rules strictly, thus anticipating a crowd in the theater. As the theater fills, the interpretation weakens. Most of the norms are related to the amount of personal space around each person in the theater. In American society intimate space is defined as 0-18 inches, personal space 1. To 4 feet, and social space 4 to 10 feet. (iron) These distances serve as a basis for the social norms used to select seating. In an attempt to explain the decisions related to seat selection in a movie theater, I propose the following as the Implicit norms observed by American movie theater patrons; 1) do not obstruct anyone elses view of the screen, 2) do not it directly In front of another person, 3) do not sit directly behind another person, and 4) do not sit In the seat adjacent to another person.. The second and third people entering strictly interpret the norms by choosing seats in entirely different sections; I. E. Ten TLS person chosen center row, center seat; Ten second person wall choose the right front section, and the third person will chose the left section closer to the rear. These seats were chosen as a way of avoiding contact with those already seated and creating the greatest amount of social isolation possible. As the theater ills, the implicit rules are interpreted less strictly. Eventually the amount of social isolation is decreased to the point where the norms are actually broken. High attendance on opening night at many popular movies will cause all of the implicit norms to be broken. The previously defined social norms must be adjusted slightly when couples or groups are attending a movie together. If the couple is two females or a male and female then the two are likely to sit side-by-side. Two males will often leave an empty seat between them. Groups will usually sit together in a general area sometimes using similarly located seats on multiple rows. Their seats may not be located side-by-side but are considered a single unit. Available seats that comply with the implicit norms are still not directly in-front of or directly behind any person in the couple or group. Also, at least one seat should be vacant to the left and right of the couple or outermost members of the group unless extremely high movie attendance prohibits. What happens when the implicit rules are not properly interpreted while determining seat selection? More specifically, how would a person react if a stranger sat in the adjacent seat in a nearly empty movie theater? As a jugular movie theater patron I evaluated my own reaction were I put in the proposed situation. If a stranger sat beside me in a theater where there were numerous other seats available, I believe I would get up and move too different seat. I posed this question to several other people and each replied they would be uncomfortable and relocate to another seat. I decided to break this informal norm and observe whether the affected person reacted as anticipated. I needed a movie that had a low percentage of the theater seats filled. To predict which movie would have low attendance I took into consideration the number of weeks the movie had been in heaters, the amount of current publicity about the movie and the stereotype of the average person attending the movie. Movies showing at discount cinemas have been in theaters the greatest number of weeks. So I picked the Pollack Tempe Cinema which shows second-run movies for $2. 00. To ensure the smallest number in attendance at the Pollack Tempe Cinema, I also had to pick a night other than Tuesday, when the ticket prices are reduced even further to $1. 5 and attendance soars. Next I deduced that movies having recently won an Oscar would have an increased amount of publicity thus leading to an increase in attendance. Lastly, I decided to eliminate childrens movies from my choices because that implies an audience of parents and children and might discourage single individuals from attending. Ultimately, I chose a 7:pm showing of Oceans 12 on a Thursday night. I entere d the theater at almost exactly 7:pm. The lights were dimming and the previews beginning as I studied the available seating locations throughout the theater. This theater had a seating capacity of 400 and on this particular night was about 25% full. There were numerous seats available that did not violate any of the implicit norms regulating seat selection. My observation partner, Alistair, took a seat in the center of the second row from the rear. The nearest occupied seats were located two rows forward to the left and one row behind in the right section separated Dye Ten ales . Alligators seat console neared to all AT Ten Internal norms. In the fifth row from the rear, three seats to the left of the aisle sat a lone male, Ralph. Since he was alone and in clear view of my observation partner Ralph seemed to be a perfect choice. I walked down the aisle and decided that I would sit in the second seat from the aisle, which was the adjacent seat on Rallys right. This would mean that Ralph would have to cross in front of me to easily relocate to another seat, which was what I expected. When I arrived at the end of Rallys aisle I leaned down, gestured toward the empty seat to his right and asked if the seat was taken. This offered Ralph an opportunity to protect his personal space and create a reason why I should not sit in the available seat. Instead, it seemed as if he stammered for a moment but ultimately replied no. This indicated to me that Ralph was aware that I was taking the seat and he was not stopping me. I sat down in the center of my seat, UT my soda in the cup holder to my right and began eating my popcorn. I sensed unease from Ralph but did not turn to face him or acknowledge him any further than my initial question about the availability of the seat. Since I was already nervous about sitting down next to a stranger in a dark movie theater, I was unsure if the perceived unease was real or imagined. Alistair, later stated that from his rear viewpoint it appeared as if Ralph was extremely uncomfortable but he continued watching the preview on the screen. He did not turn toward me again after I sat down but rather shifted in his seat to the side furthest away. As the first preview ended and the second began, I wondered if Ralph would remain in his seat throughout the entire movie. I speculated that if the roles were reversed I would have probably relocated to a new seat already. As each moment passed I felt my own apprehension dissipating. Then out of my peripheral vision I saw a women walking slowly down the aisle to my right. Silently I begged her to keep walking past me but somehow I already knew where she was going. Fully aware of her presence as she stopped at the end of the row shared only by Ralph and myself, I realized that Ralph was not alone as I had previously deduced. Instead Ralph and Alice were attending the movie as a couple. Not only had I purposely broken the social rules affecting seat selection but I had inadvertently broken a much stronger social norm that extends beyond the movie theater. Do not sit adjacent to the opposite sex member of a couple, when another less invasive seat is available. In response to Lices arrival at her seat, which I was currently occupying, I rose with my popcorn and soda in hand and moved to the aisle. Alistair reported that from his vantage point, it appeared as though I realized I had taken someone elses seat and was moving to another location in the theater. Instead of relocating I decided to sit down in the open seat between Alice and the aisle. I continued eating my popcorn and watching the movie previews as though nothing out of the ordinary had occurred. Alice did not speak to me or look in my direction after she sat down. She began talking to Ralph loudly in Spanish, which I could not understand. She was gesturing emphatically and acting very agitated. Ralph responded in Spanish but his tone was much quieter. Alistair later said that he could hear Alice from three rows back and that she was directing her irritation toward Ralph. Alistair described Ralph as quietly facing the screen while being berated by Alice. After a few minutes of outwardly ignoring the disturbance beside me I decided to take a quick peek at the situation to my let Alice was gesturing toward me Walt near let nana Ana speaking spans quickly with an angry tone. I decided that if I remained in my seat much longer that Alice might decide to direct her anger toward me. I quickly rose and moved to the seat beside my observation partner. Immediately upon my departure Alice became silent. For nearly thirty minutes there was silence between Ralph and Alice. They leaned away from each other in their seats and did not share any physical contact. Then Alice left the theater and returned with popcorn. They quietly shared the popcorn while slowly shifting in their seats. First toward the center of their seats but by approximately 8:20 they were intimately pressed shoulder to shoulder. After the movie ended, I quickly left the theater. I had initially planned to break only one social norm by sitting beside a stranger. In the process, I had actually broken an even stronger norm by taking the seat adjacent to that of someones spouse or significant other. I was concerned that Alice might feel a need to confront me about what she possibly perceived as an attempt to intrude on her relationship with Ralph. This experiment clearly showed how breaking one social norm can easily result in the violation of additional unexpected norms. Movie theaters offer an unusual environment for seating. Movies are shown in the dark which creates an intimate setting. Ata movie theater the price of the ticket is not related to the location of the seat, unlike concerts or live performance theaters. Also, movie theater patrons chose their own seats, unlike restaurants where the establishment often provides a hostess o direct seating locations. American society has developed a set of informal norms to regulate which seats people choose in a theater in the absence of official guidance.

Names of Stores and Shops in Spanish

Names of Stores and Shops in Spanish Planning to do some shopping when you visit Spanish speaking country? It would be a good idea to learn one of the most common suffixes used with Spanish nouns, -erà ­a, typically used to indicate where something is made or sold. Youll run into the word most often as the names of specialty stores, such as zapaterà ­a for shoe store  and joyerà ­a for jewelry store.  It is less commonly used for a place where an item is manufactured or processed, such as herrerà ­a for an ironworks or blacksmiths shop. Names for Stores and Shops Following are some examples of shop names using -erà ­a. All of these nouns are feminine in gender. This list is far from complete but includes most  of them youre likely to come across. aguardenterà ­a - liquor store (from aguardiente, moonshine or liquor)azucarerà ­a - sugar shop (from azà ºcar, sugar)bizcocherà ­a - pastry shop (from bizcocho, type of cake or biscuit; this term is most common in Mexico)boleterà ­a  - ticket office, box office (from boleto, admission ticket)cafeterà ­a - coffeeshop, snack bar (from cafà ©, coffee)calceterà ­a  - hosiery shop (from calceta, sock or knitting)carnicerà ­a - butcher shop (from caherrrne, meat)charcuterà ­a - delicatessen (from French charcuterie; term used in Spain)cervecerà ­a - brewery, bar (from cerveza, beer)confiterà ­a - candy store (from confite, candy)droguerà ­a - drugstore, variety store (from droga, drug)ebanisterà ­a - cabinet shop, place where cabinets are made (from ebano, ebony)ferreterà ­a - hardware store (from an old word for iron)floristerà ­a - flower shop (from flor, flower)fruterà ­a - fruit shop (from fruta, fruit)heladerà ­a - ice-cream parlor (from helado, ice cream)herboristerà ­a - herbalists shop (from hierba, herb)herrerà ­a - blacksmiths shop (from hierra, iron) joyerà ­a - jewelry shop (from joya, jewel)jugueterà ­a - toy shop (from juguete, toy)lavanderà ­a - laundry (from lavar, to wash)lecherà ­a - dairy (from leche, milk)lencerà ­a - linen shop, lingerie shop (from lienzo, linen)librerà ­a - bookstore (from libro, book)mueblerà ­a - furniture store (from mueble, piece of furniture)panaderà ­a - bakery (from pan, bread)papelerà ­a - stationery store (from papel, paper)pastelerà ­a - pastry shop (from pastel, cake)peluquerà ­a - hairdressers shop, beauty shop, barbershop (from peluca, wig)perfumerà ­a - fragrance shop, perfume storepescaderà ­a - seafood store (from pez, fish)pizzerà ­a - pizzeria, pizza parlor (from pizza, pizza)platerà ­a - silversmiths shop (from plata, silver)pulperà ­a - small grocery store (from pulpa, fruit pulp; Latin American term)ropavejerà ­a - used-clothing store (from ropa vieja, old clothes)salchicheria - pork butchers shop (from salchicha, sausage)sastrerà ­a - tailors s hop (from sastre, tailor)sombrererà ­a - hat shop, hat factory (from sombrero, hat) tabaquerà ­a  - tobacco shop (from tabaco, tobacco)tapicerà ­a - upholstery shop, furniture store (from tapiz, tapestry)tintorerà ­a - dry-cleaners (from tinto, red wine or dye)verdulerà ­a - produce store, greengrocers, vegetable market (from verdura, vegetable)zapaterà ­a - shoe store (from zapato, shoe) Shopping Vocabulary Here are some words you may see posted in stores: abierto - opencajero - cashiercerrado - closeddescuento, rebaja - discountempuje - push (on a door)entrada - entrancejale - pull (on a door)oferta - saleprecios bajos - low pricestienda - store or shop Here are some words and phrases you may find useful when shopping: Hola. - Hello, hiPor favor. - Please.Busco _____. - Im looking for _____. ¿Dà ³nde puedo encontrar _____? - Where can I find _____? ¡Me gusta! - I like it! ¡Cul me recomendarà ­a? - Which one would you recommend? ¿Hay algo ms barato (caro)? - Is there anything cheaper (more expensive)?Voy a comprar esto. Voy a comprar estos.  - Ill buy this. Ill buy these. ¿Habla inglà ©s? - Do you speak English?Horario de atencià ³n - Times when a business is open.Estar en stock, estar fuera stock - To be in stock, to be out of stock.Tamaà ±o - Size ¿Dà ³nde est el/la _____ ms cerca? (Where is the nearest _____?)Gracias. - Thanks. Etymology The suffix -erà ­a comes from the Latin suffix -arius, which had a far more general usage. In a few cases, the suffix can be used to form a noun from an adjective. For example, the state of being unmarried  can be called solterà ­a, from soltero, alone. The suffix exists in English in the form of -ary, as in apothecary, although that suffix also has a more general meaning than does -erà ­a.

How to Write your Perfect Paper in a Harvard Format with no Mistakes

How to Write your Perfect Paper in a Harvard Format with no Mistakes Writing any successful college, university, or school paper requires a set of important skills that include your in-depth knowledge, qualitative and technical expertise, and other aspects. Don’t forget your ability to present the information that you take from reliable resources in the right format that expresses your points without undermining the works and studies that you mention in your essay. There are many formats to reference all sources correctly on each page. They educate and guide people in a detailed structure, organization, and order of referenced sources, including general Harvard outline format instructions. Why do References Matter in Academic Writing? When you write any academic paper, you need to support every argument or thesis in a sentence with relevant references to other experimental findings or published works. They perform a few important tasks in the writing process: Letting readers to quickly search and find the sources of your referred materials; Enabling you to acknowledge the ideas of other authors and avoid plagiarism; Indicating to other people the depth and scope of your research. A standard Harvard outline format will help you do that. The Definition of Harvard Referencing Harvard is a popular referencing style because students use it in a number of academic disciplines, such as sciences, humanities, business subjects, and social sciences. Harvard law outlines are available in two citation types: Reference lists that you should create and place at the end of your work to provide full information for all sources; In-text citations that you put in the main body (they should contain fraction of full bibliographical data). There are some institutional and stylistic Harvard outline format variations. ORDER MY ESSAY IN HARVARD STYLE Harvard Outline Peculiarities Look through a range of standard Harvard outline format peculiarities to understand how to use this referencing style correctly. One of its greatest benefits is the simplicity and ease of referencing. That’s because it’s simple to trace and follow. The Harvard formatting outline uses a standard set of instructions and requirements for citing the sources of information that you use for your essay. You need to include writers’ names, titles, publication years, publishers, and publication places when referencing your academic papers in this format. The Harvard outline requires students to provide specific in-text references. They must include the year, name, and page reference of citations. When it comes to the general arrangement of your paper, this formatting style isn’t strict because it requires you only to include the right font and double spacing. Its basic objective is to make essays more user-friendly for readers. The key Harvard outline focus is on citations and references, so it’s important for you to be quite consistent and follow the necessary requirements to identify the right format for online sources, books, journal citations, etc. This referencing style is popular, and that’s why there are many updated changes that you can always find online or in libraries. Use the right Harvard outline when writing the first draft. Take notes of any useful information about your sources to avoid forgetting important details when writing your references and citations. Harvard Outline Formatting Quotations This referencing style dictates that when students use the exact words of other authors (known as direct quotes), they must place them in special quotation marks or inverted commas and follow them by in-text citations. What do they need to include? In-text citations must contain authors’ surnames, page numbers, and years. Quotation marks or inverted commas can be either double or single, and all you need to do to format your paper based on Harvard outline standards is to be consistent or consult with your tutors. Short quotations are 2-3 lines long; Long quotations are longer than 3 lines (indent and write them in a separate paragraph without including any quotation marks or inverted commas). GET ASSISTANCE HERE What are Key Things to Remember? When you use the ideas of other people from specific pages in your sources of information, this format requires you to include page numbers rather than direct quotes. If you’re unclear when to do that, discuss that with your professors. Bring them examples to simplify everything. In your reference list, you need to provide all the sources you use alphabetically based on their authors’ last names. If you use multiple citations of the same author, list them chronologically based on their publication years to earn good grades. How should you cite your sources? You can do that either indirectly (to show that you use other people’s idea without quoting them) or directly (writing direct quotes). If you quote directly from your sources, use page numbers. If you quote indirectly, don’t use them. When page numbers aren’t available, feel free to use paragraph numbers (if they aren’t available, use special abbreviations to show that). Online Sources and Citations for Chapters in Edited Books When you cite a single chapter in big books, ensure that you add a page range that it spans. Harvard outline standard requires you to include a book edition in citations. When you cite websites, you need to ascertain their authorship. If you use articles on the sites that aren’t online journals, magazines, or newspapers, there should be an individual author (if not, credit a website name with its authorship). Where to Get Help? If you find Harvard formatting guidelines hard to follow, don’t hesitate to get our professional assistance online because our trained specialists are there to help you. Contact our team available around the clock to get answers to your questions and order our reliable services.

Frist assay in helth an safety management Essay

Frist assay in helth an safety management - Essay Example It includes both large scale civic surroundings i.e. places of work, as well as personal places such as homes. The phrase, today, has been widely known and used to illustrate the interdisciplinary field of study which seeks to address various aspects of man – made surrounding such as its design, management, and safety issues in relation to human activities. The construction industry has a disturbingly low safety mechanism as compared to the other industries where accidents which involves temporary access systems, fitting of defective components, unauthorized modification of structures, omission of barriers as well as other more common factors arising on account of management failure such as failure to control and prevent risk, unsafe methods and practices, and inadequate training and supervision account for a large proportion of injuries in the construction industry worldwide1. Although the construction industry has been widely appreciated for making major contributions in accelerating development across the globe, its image has been tarnished by the number of accidents and health hazards that occur on an almost regular basis on the sites. This research paper deals with the various aspects involved in the workplace safety management practices with regard to the construction industry. It analyses and discusses the contemporary issues, current trends and strategies that could be used to improve the working conditions and reduce the health hazards which are faced by construction workers. According to HSE approximately 2.2 million3 people work in Britain’s construction industry, which is incidentally considered to be one of the most dangerous places to work, making it one of the largest industries in the country. Statistics suggest that nearly 2800 people have died as a result of accidents on construction sites in the past 25 years4. Most of the accidents occurring on

Western Civilization Movie Term Paper Example | Topics and Well Written Essays - 2250 words

Western Civilization Movie - Term Paper Example Secondly, because of the first issue, there were not many written works in wide circulation and therefore not many people who were fully educated enough to both enjoy reading as a past-time or to serve as scribes to create more manuscripts. Within the story of Sir Gawain and the Green Knight, the story opens at a point where Gawain is a young knight in the service of the legendary King Arthur and thus addresses the historical existence of this figure. However, the narrative story is not considered a reliable source of information because there are few existent facts to support it and there is sufficient evidence to suggest that the Gawain author borrowed from older legends, such as the legend of Cuchulain (Brewer, 1992), to create his story. Despite this, the story still has numerous merits that help us understand more about life in medieval times such as the important elements of being a knight and the latent criticism of the male-ordered ‘civility’ represented by King Arthur and his knights as they turned their backs on nature and the natural element in man. At the beginning of the story, Gawain comes to the realization that he is the only knight capable of accepting the challenge of the Green Knight who has come bursting into Arthur’s court issuing a New Year’s Day challenge. This is because he feels he is the least valuable knight in the court and therefore the one most expendable should he fail to win the challenge. â€Å"I am the weakest, the most wanting in wisdom, I know, and my life, if lost, would be least missed, truly† (I.16.354-355). This reveals the context of defining the true knight in which humility is seen to be prized over bravery regardless if it is true. According to Garbis, the concept of the reluctant hero is an important element of the Arthurian tradition. â€Å"Some kind of shock occurs that makes one aware of the self† (Garbis, 2002). However, it often goes unnoticed that the Green Knight is clearly a supernatural figure that

Human Resource Management at Delphi Essay -- HR HRM

Human Resource Management at Delphi Human Resource Management is the utilization of human resources to achieve organizational objectives. Various studies have concluded that an organization?s human resources is its people. It can be a significant source of competitive advantage. Achieving competitive success through people requires a fundamental change in how managers think about an organization workforce and how they view the work relationship. It's a new approach within the framework of organizational, behavior that goes beyond the role of just personnel administration. I have learned How job analysis is a systemic process of determining the skills, duties and knowledge required for performing jobs in an organization, How compensation includes all reward that individuals recovery as a result of their employment, and The Occupational Safety and Health is an approved state occupational safety and health program. With today?s work force becoming increasingly diverse, a organization must do more to maximize the benefits of the different employees. Human Resource Managers are evolving from the ?Old School? sideline player to the front line fighters. People have always been central to organizations, but their strategic importance is growing in today?s society. Whereas the human resource inventory is concerned with telling management what individual employees can do, Job Analysis is more fundamental. It defines the jobs within the organization and the behaviors that are necessary to perform the job. It is essential and pervasive human resource technique. The purpose of job analysis is to obtain answers to six important questions: 1) What physical an mental tasks does the worker accomplish? 2) ... ...a hazardous tag on it, if it?s hazardous. The organization needs a system that can control the containers. When a person checks out the container, that same person should check it in at the end of the shift. This will ensure proper labeling of the containers. In conclusion, all these things can be benefical to an organization if utilize in proper context. I have learned How job analysis is a systemic process of determining the skills, duties and knowledge required for performing jobs in an organization, How compensation includes all reward that individuals recovery as a result of their employment, and The Occupational Safety and Health is an approved state occupational safety and health program. Whether an organization choose to implement high performance work practices or the organization has qualified people to perform the work that needs to be done.

Case study Benefits of Cooperative Learning

Cooperative larning benefits all pupils, from the higher academic degree to the lower academic degree. This paper will travel over all the benefits of concerted acquisition for English Language Learners ( ELL ) . Benefits include larning from their equals, larning academic vocabulary, and developing cognitive linguistic communication accomplishments. This paper will besides travel over the benefits of concerted acquisition for pupils how are non English Language Learners. Cooperative acquisition besides benefits peer relationships which helps pupils have a better and more positive attitude about school and go toing school. Benefits of Cooperative Learning For ELL Students An increasing figure of kids geting in schools in the U.S. are capable to troubles when it comes to larn how to read going literate in the English linguistic communication because they are non native English talkers. Besides, their early childhood experiences have non assisted in larning English, which is the chief linguistic communication in schools ( Greenwood, Arreaga-Mayer, Utley, Gavin, & A ; Terry 2001 ) . A concern in unifying ELL pupils into English merely classrooms became evident when it came to faculty members. Not merely did instructors of ELL pupils need to utilize second-language techniques, but they had to somehow acquire their ELL pupils more involved ( Greenwood, Arreaga-Mayer, Utley, Gavin, & A ; Terry 2001 ) . In recent old ages, more and more schoolrooms are turning to cooperative larning with their pupils. In traditional schoolrooms where the lesson is centered on the instructor giving talk, ELL pupils obtain less instructor and equal interaction, and any interaction is at a lower lingual and cognitive degree ( Gomleksiz 2007 ) . Lessow-Hurley ( 2003 ) found that ELL pupils are placed in lower tracked schoolrooms and are hence non able to win academically. In lower tracked schoolrooms, instructors are frequently excessively busy or preoccupied with pupil behaviour. This comes at the cost of the ELL pupils being overlooked in the schoolroom. Concerted larning groups consisted of high degrees of pupil battle and the usage of higher degree cognitive procedures ( Greenwood, Arreaga-Mayer, Utley, Gavin, & A ; Terry 2001 ) . Concerted acquisition is more accommodative and helpful than competitory and individualistic acquisition experiences ( Gomleksiz 2007 ) . Teachers need to hold high degree outlooks for all their pupils, including their ELL pupils. Concerted larning groups can assist all pupils obtain higher degree thought and accomplishment ( Cohan & A ; Honigsfeld, 2006 ) . Concerted Learning and Cognitive Skills When kids from all backgrounds, including ELL, work together in concerted groups, they develop an apprehension of the intent of the group and of the lesson. They develop a demand to assist and back up each other ‘s acquisition. When pupils worked in concerted groups in the schoolroom, they were continuously more accommodative and supportive. They used linguistic communication that was more comprehensive and would give more description to help other pupils with their apprehension ( Gillies & A ; Ashman, 2000 ) . ELL pupils can profit from concerted acquisition because the equals in their groups are at times more cognizant than the instructors at what precisely the pupils do non understand. Their equals can assist concentrate on the job and explicate the needful information in looks that are more easy understood ( Gillies & A ; Ashman, 2000 ) . In concerted acquisition groups, ELL pupils are able to see a higher degree of accomplishment when it comes to accommodating to the basic civilization, linguistic communication, and imposts of the schoolroom. Concerted acquisition helps student acquisition and keeping by triping and prosecuting the pupils ‘ cognitive procedure of cryptography, incorporating, uniting, and changing the standard information into a more personally meaningful signifier ( Buttaro, 2002 ) . It is of import that pedagogues should believe about what is of import in the lesson that is utilizing concerted acquisition and what precisely should all pupils gain from it. When decently implemented, pupils are non merely able to work together, but they are able to better their interpersonal communicating accomplishments. Students are besides learn how to work with a diverse group of pupils. Cooperative acquisition allows all pupils to work together to work out jobs, create undertakings, and develop increased cognition ( Stewart & A ; Gonzalez, 2006 ) . Concerted Learning and Peer Relationships Cooperative acquisition besides promotes larning and positive equal relationships. Positive equal relationships are of import to pupils during the early stripling old ages because their peer relationships take precedency during this clip in pupils ‘ lives. A pupil ‘s equal relationship plays a really important and critical function with the pupil ‘s connexion to school. Students who did non get positive equal relationships during this clip are more likely to drop out of school. As stated before, concerted acquisition has been shown to ease academic acquisition for all pupils, including ELL pupils, better and more encouraging equal relationships, and better attitudes toward school ( Stevens 2006 ) . Stevens besides found positives when it came to group ends and mutuality when instructors used concerted acquisition in their schoolrooms: Typically concerted acquisition utilizations group ends, where for one member of the group to win all of the members of the group must win. As a consequence, positive mutuality develops within the group – the equals support and actuate one another, taking to more positive equal dealingss and more societal credence of one another. As the same clip, the single answerability promotes each person ‘s acquisition, ensuing in greater accomplishment. In kernel, concerted acquisition uses equals as both an instructional and motivational resource, taking advantage of pupils ‘ increasing sense of independency and stronger equal orientations during adolescence. Decision Cooperative larning benefits all pupils when set together decently by the pedagogue. ELL pupils are able to larn from their equals and make a higher degree of academic accomplishment. Students non merely will larn from each other, but they will be able to larn how to work in groups with other pupils from different backgrounds. Learning how to work with others is an indispensable accomplishment for all pupils to hold in their academic calling and in their professional calling when they become older. Cooperative larning non merely benefits pupils when larning a specific accomplishment or criterion, but it besides benefits ELL pupils when larning academic vocabulary and communicating accomplishments. Most ELL pupils remain quiet in the schoolroom because they are diffident of the academic vocabulary. Because of this, ELL pupils tend to go over looked. Concerted larning groups will assist ELL pupils become more involved in the assignment and hence derive more acquisition and vocabulary. Once ELL pupils gain more of the vocabulary, they will more likely to go more involved in category treatments. ELL pupils will besides make better academically on separately assignments when they are able to larn from their equals and larn the academic vocabulary. Educators should utilize concerted acquisition more and more in their schoolrooms. Cooperative larning non merely benefits ELL pupils, but pupils with learning disablements are besides able to larn from their equals. They besides are able to have the same benefits when larning a new criterion or accomplishment and academic vocabulary as ELL pupils. High degree pupils are able to larn how to work with pupils who are at a lower degree. Learning how to work with their equals at all different degrees will profit them when it comes to working in groups in the hereafter.

Comparing the Grandmother in The Necklace and A Good Man...

The Grandmother in The Necklace and A Good Man is Hard to Findnbsp;nbsp; The main characters Mrs. Loisel in The Necklace and the grandmother in A Good Man is Hard to Find are very similar because both these characters refused to admit to a mistake that they had made. They both had the same motivation prior to the mistake and they also had the same reason as to why they wanted to keep quiet about it. Although Mrs. Lisles and the grandmothers penalties were different, it is still fair to compare the two because either way, dead or alive, both their lives were ruined. Mrs. Loisel and the grandmother are very similar due to the fact that they both had the same motivation prior to their accident. It was a selfish motivation that†¦show more content†¦Instead, both the grandmother and Mrs. Loisel chose to be selfish, and it got them in a whole lot of trouble. Mrs. Loisel and the grandmother are also similar in their reasons for keeping quiet. They were both too embarrassed to say anything when they found out they had made a mistake. Mrs. Loisel was too embarrassed to tell her friend that she had lost the necklace, because she thought so highly of her rich friend. She had a rich friend, a schoolmate at the convent, whom she did not like to visit, she suffered so much when she returned. (66) Because Mrs. Loisel thought so highly of her friend, she was too embarrassed to tell her that the diamond necklace was gone. Instead she chose to keep her secret quiet and work to pay off the loans they got when they purchased a new necklace. If Mrs. Loisel would have swallowed her pride, and told her friend what happened, it would have saved 10 years of her life, and her appearance. The grandmother also kept her secret quiet due to embarrassment. When she realized that the house she was talking about was in Tennessee not Georgia, she was too embarrassed to say anything. The thought was so embarrassing that she turned red in the face and her eyes dilated and her feet jumped up. . .the cat, sprang onto Baileys shoulder. (163) Because the grandmother chose to keep her secret quiet, it cost her family their lives. Bailey got scared, the car wrecked,Show MoreRelatedUnder the Mango Tree by Hugh Aaron4693 Words   |  19 Pagescartons of cigarettes, cans of fruit juice. Repeatedly sweeping past us like zephyrs, each child snatched a bar of sweet chocolate from our extended hands. We were no less boisterous than they, shouting along with them, asking their names, having a good time ourselves, caught up in the infectious joy of their freewheeling abandon. Such was the character of our entry into Lubao time after time. As we walked down the village street, people waved from their houses repeating our names, people we didn’t

Fines Needed for NFL Players Using Performance Enhancing...

The problem with the NFL not fining its players for PED use it makes the league seem soft. They only give the players a four game suspension which doesn’t help them learn anything for the use of PEDs. The players in the NFL now get away without being caught because they are looking for other drugs too, and the players that are caught is very few because of all the other tests going on. This is relevant today because it affects everyone in the US that watches the sport and makes them want to stop watching it, when the people stop watching the NFL loses money from that, so intern everyone loses out on the players using steroids. With the use of PEDs spreading throughout the NFL it seems like a good idea to start teaching all the rookies early about how fast the use of steroids can to do a players career after some time. With the NFL getting new players every year, some of them seem to pick up on veteran players habits for instance they use steroids to make themselves bigger and better like the older players they look up to. With the younger players seeing the older players as role models they make them pay for the drugs they used while playing, to make an example of how wrong it is in the NFL to get caught with a positive steroid test, and have more than just a four game suspension. Having a higher penalty for using PEDs will hopefully make some of the newer players scared to go anywhere near a drug that improves their performance. They should start making rookies andShow MoreRelatedEssay on Drug Abuse in the NFL2195 Words   |  9 PagesDrug Abuse in the NFL Its nothing new for the National Football Leagues players to be abusing anabolic steroids and other performance enhancing drugs. Drug abuse in the league has recently focused around recreational drugs such as marijuana, cocaine, and alcohol. The newest drug being abused is painkillers. The commissioner and his personal need to change their policies. Will they wait until many more players start to die before they tighten up their drug policies? The National FootballRead MorePED in Sports Essay1644 Words   |  7 Pages PED in Sports Performance enhancing drugs have been a longstanding problem in sports. It not only deteriorates the honesty of the game, but also can have broader social affects that one may not even realize. The use of performance enhancing drugs is especially apparent in Major League Baseball. This problem can be traced back to the 1980’s when baseball was facing one of its first â€Å"dark periods†. During the 1980’s Major League Baseball was experiencing a home run drought. Home run totals wereRead MoreHenry David Thoreau And Ralph Waldo Emerson1992 Words   |  8 PagesHenry David Thoreau and Ralph Waldo Emerson, a group of transcendentalists who brought great ideals with them through the mid 1800’s. Their philosophy stated that people needed to stay true to themselves and their own ideas, not those of society. One essay where Thoreau thoroughly exemplifies this is in Civil Disobedience. Throughout this essay, Thoreau tries to show his point that even though the government consists of more people, it will not always be correct. This means that the majority doesRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesValues to the Workplace 148 Person–Job Fit 148 †¢ Person–Organization Fit 150 International Values 150 Summary and Implications for Managers 154 S A L Self-Assessment Library Am I a Narcissist? 132 Myth or Science? Personality Predicts the Performance of Entrepreneurs 142 glOBalization! 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USING THE COCHLEARâ„ ¢ CASE AS A TRAINING CASE This case analysis process is easy to use once you have learned it, and the best way to learn is to try it out. The Cochlearâ„ ¢ case in this book is designedRead MoreChemical Hazards43022 Words   |  173 Pagesidentified in various aspects of the management of chemical accidents, transport accidents and medical emergencies. The management of chemical disasters will aim at prevention and mitigation with the introduction of safer process technologies, improved performance of safety devices and reduction of human error. Immediate effects of a disaster can be mitigated through installing engineering systems like scrubbers, flares and venting systems. The various work areas and activities that can be undertaken within

What is a Friend Essay - 619 Words

What is a friend? A friend is someone who supports you, sympathizes with you, or patronizes a group. An easily definition of that would be a person you know, like and trust. In these tough times we count on friend to help us get through. I like to think of friendship as everlasting, but is friendship truly forever? Can miles drive you away from friends you made after graduating from places like high school or college? Just imagine walking across the stage and never seeing the people you graduated with. Well for those instances you can always join networking places like Facebook. Facebook helps you connect with the people in your life. In those ways you would never be without your friends. On these sites you can write to each other on†¦show more content†¦A friendship can be everlasting depending on the personalities in that relationship. Sometimes personalities can change for the good the bad in many friendships. You can never change a person through a friendship. Differences can set you apart. The definition of a friend has changed over the years therefore that could be a contributing factor to why we can count our friend on one hand. Think ab out it! When separating from friends for a while physically values and beliefs start to change. Many may argue that is not true, but I will say I have lost many friends do to personality changes and belief. Some reasons maybe be because everyone in college likes to smoke and drink. I am not a fan of either which I believe is gross so I drop many friends due to that reason. I have also lost a lot of friends due to the ways they act towards me or others when different people are around. In the urban world we call that being â€Å"fake.† Fake is another way of saying you aren’t what you claim to be. You don’t stay true to yourself and totally honest. On the other side people can change for the good to help each other in a friendship. Friendships can gain trust through one another in due to the people you are around. In a relationship trust is being able tell a secret under confidence to other people hoping they wont tell. If you gain some ones trust when you come to a problem you are likely to come to that personShow MoreRelatedWhat Makes A Friend?1028 Words   |  5 Pagesto either heal or destroy our perspectives, future relationships, and self-esteem. Because friendships appear to rest natural, â€Å"we don’t often explicate our expectations about what it means to be a friend, but most of us nevertheless have rules for relationships that are shared cultural beliefs about what behaviors friends should perform† (Miller, 2012, p. 220). Through ensuing an innate governance of expectations, friendships subsist informal and effortless, until an individual breaks expectancyRead MoreWhat Makes A Good Friend?962 Words   |  4 Pageson. 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Managing Working Capital Free Essays

string(28) " of credit analysis are: 1\." MANAGING WORKING CAPITAL Cash Budgets and Current Assets Learning Objectives Upon reading this chapter, students should: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Be able to compare and contrast working and fixed capital †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Understand the impact of the operating cycle on the size of investment in accounts receivable and inventories †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Know the differences between the three motives †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Be able to differentiate between float, collection float, and disbursement float †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Know how to appraise a firm’s credit worthiness †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Be able to appraise the effectiveness of a firm’s inventory management policies Chapter Summary A firm can invest in both working capital and fixed capital. Working capital is a firm’s current assets and includes cash, marketable securities, inventory, and accounts receivable. Fixed capital is a firm’s fixed assets and includes plant, equipment and property. We will write a custom essay sample on Managing Working Capital or any similar topic only for you Order Now Firms that cannot obtain short-term financing become candidates for bankruptcy. Management of working capital is particularly important to the entrepreneurial or venture firm because there is such a pull on resources. Two important concepts in managing working capital are the operating cycle and the cash conversion cycle: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The operating cycle measures the time between receiving raw materials and collecting the cash from credit sales posted to accounts receivable †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The cash conversion cycle measures the time it takes to collect money from the company’s customers and use those funds to pay its suppliers Calculating three ratios will reveal the average length of these cycles: 1. Inventory days     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   =   365 / (Cost of goods sold / Inventories) 2. Accounts receivable period (average collection period) =   Accounts receivable / (Net sales / 365) 3. Average payment period   =   Accounts payable / (Cost of goods sold / 365) The operating cycle is the inventory conversion period plus the average collection period. The cash conversion cycle is the operating cycle minus the average payment period. In order to determine average investment in accounts receivable, multiply net sales per day by the average collection period. With this number, a manager can now estimate what the investment in accounts receivable will be fore ht following year given sales increases and average collection period. In order to determine investment required in inventories, multiply average cost of goods sold per day by inventory conversion period. The required amount of accounts payable can be found by multiplying the cost of goods sold per day by average payment period. Armed with these numbers, 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 means less money will have to be raised in financing. A cash budget details the cash inflows and outflows of a firm over a specific time frame. Small firms may prepare annual or monthly cash budgets while larger firms will forecast cash flows weekly or daily. Most firms have a minimum desired cash balance that depends on the firm’s ability to acquire financing on short notice, management preferences, and the predictability of cash inflows and outflows. Estimates of cash inflows are driven by two main factors: 1. 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 construct the cash budget, list all expected cash inflows and then 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 production and forecasting can lead to idle plant capacity and laid-off workers during the off-season. Under a level production plan, the same amount of raw material is purchased and the same amount of finished product is manufactured every month. There are three types of motives for holding cash: 1. The transactions motives are demands for holding cash – cash is needed 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 funds to take advantage of unusual cash discounts for needed materials Cash and marketable securities include: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cash itself †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   U. S. Treasury bills   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Commercial paper – short-term, unsecured notes of well-known business firms †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Negotiable certificates of deposit – a receipt issued by a bank in exchange for a deposit of funds †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Bankers’ acceptances – primarily used to finance exports and imports †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eurodollars – deposits placed in foreign banks that remain 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 switch Eurodollars into other currencies 3. To lend to other Eurodollar banks In general, managers try to speed up cash collections while slowing down the payment process. The float is the time between sending 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 credited to the payee’s bank account. The disbursement float is the time between when a payer sends payment and when the funds are deducted from the payer’s bank account. Float has three components: 1. Delivery or transmission float – the delay in transferring the means of payment from the payer (customer) to the payee (provider of goods/services) 2. Processing float – once payment reaches 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: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Preauthorized checks are regular (typically monthly) deductions by a vendor from a customer’s checking account. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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 credit for purchases; this process calls in credit analysis. The five Cs of credit analysis are: 1. You read "Managing Working Capital" in category "Essay examples" 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 – adequacy of owners’ equity relative to existing liabilities 4. Collateral – whether assets are available to provide security 5. Conditions – current economic climate and state of the business cycle Credit bureaus obtain credit information 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 extended on purchases to a firm’s customers. Sometimes, customers are given a discount if they pay early. The financial manager must be careful not to impose onerous credit terms that will alienate customers and lower sales. With respect to global credit, the concern is forex. There are two ways to handle the issue: 1. Invoice customers in the firm’s home currency 2. Hedge the forex risk Inventory management: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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 reduce lead time, setup time, and production time so that inventory shows up â€Å"just in time†Ã‚   †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   JIT II further integrates the activity of vendor and purchaser, wherein the position of buyer’s purchasers or materials planners is eliminated and replaced by a representative of the supplier †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Tracking inventory also allows firms to reduce 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 time Inventory management can result in reduced cost of warehousing and handling inventory. Cost savings and smaller asset bases should lead to higher return on assets and increasing 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 costs. Portals are specialized and secure Web sites through which clients can access order and account information. Key Terms Capacity  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The ability to pay bills and often involves an examination of liquidity ratios. Capital  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The adequacy of owners’ equity relative to existing liabilities as the underlying support for creditworthiness. Cash budget  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The cash inflows and cash outflows of a firm over a specific time frame. Cash conversion cycle  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The time it takes to collect money from the company’s customers and use those funds to pay its suppliers. Character  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The ethical quality of the applicant and his/her willingness to pay bills on time and is best judged by reviewing the past credit history for the company or person. Collateral  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Assets that secure credit. Collection float  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The time between when a payer sends payment and the   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   funds are credited to the payee’s bank account. Conditions  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Firms that obtain credit information about   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   business firms and individuals. Disbursement float  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The time between when a payer sends payment and when the funds are deducted from the payer’s bank account. Fixed capital  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A firm’s fixed assets, which include plant, equipment, and property. Float  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The time between sending out payments and having them actually be charged to the bank account. Level production plan  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Schedule where the same amount of raw material is purchased and the same amount of finished product is manufactured every month. Operating cycle  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The time between receiving raw materials and collecting the cash from credit sales posted to accounts receivables. Portals  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Specialized and secure web sites through which clients can access order and account information. Pre-authorized checks  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Regular (typically monthly) deductions by a vendor from a customer’s checking account. Precautionary motives  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Demands for funds that may be caused by   unpredictable events, such as delays in production   or in the collection of receivables. Speculative motives  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Demands for funds to take advantage of unusual cash discounts for needed materials. Trade credit  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Credit that is extended on purchases to a firm’s customers. Transactions motives  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Demands for holding cash is that cash is needed to conduct day-to-day operations. Working capital  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A firm’s 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/terms/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_capital Answers to Summary Questions 2. Fixed capital would be defined as the firm’s 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 half to the owners of the company, the amount of profit retained in the firm would show up as: (a) an increase in owners’ equity (b) a decrease 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 firm’s paying its suppliers for inventory and collecting cash from inventories. True or false? False. .   6. Increases in the cash conversion cycle will lower the firm’s 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 firm’s need to obtain financing. True or false? False. .   9. More efficient management of working capital assets will lessen the firm’s 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 construct 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 firm’s production process requires an average of 80 days to go from raw materials to finished products and another 40 days before the finished goods are sold. If the accounts receivable cycle is 70 days 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 firm’s average collection period is the same as calculating the: (a) accounts receivable cycle (b) inventory cycle c) accounts payable cycle (d) short-term operating cycle . 17. A level production plan has problems, 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 receivable 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 funds rate is normally several points lower than the Treasury Bill rate. True or false? False. . 23. The five C’s 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) to 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 â€Å"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 firm’s 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 supplies or raw materials and when it collects cash from receivables.    4. Describe 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 p eriod 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 firm’s 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 treasurer 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 firm’s 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 overhead expenses, rent/lease payments, plant and equipment purchases, interest and principal payments, dividend payments, and taxes. . 12. How does the choice of level or seasonal production affect a firm’s cash over the course of a year? Under level production, inventory becomes large before the peak selling 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 selling season but probably less than under level production, as inventory can be sold shortly after it is made. Cash is conserved for much of the year; materials and labor expenses are less during the off-peak times when production is low. . 13. Describe what happens to a firm’s 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 quite low. When the selling season begins, inventories fall 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 qualify as an acceptable marketable security? Marketable securities must be highly liquid (easily converted into cash at a price close 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 â€Å"park† the firm’s excess cash include a. short-term securities issued and backed by the U. S.? U. S. Treasury Bills: government b. a bank’s temporary excess reserves that are lent to other banks? Federal Funds: 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: dollar s (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 payee’s bank account. Disbursement float is the time lag between when a payer sends payment and when the funds are deducted from the payer’s 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, processing float, and clearing float. Delivery float and processing float are most directly under the control of the firm. Clearing float is controlled mainly by the banking system’s 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 firm’s 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 Post Office box which can be emptied several times a day by bank personnel, who process the payments and deposit the incoming funds into the firm’s 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 payer’s bank account. . 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 day’s presented checks; other funds can remain invested in marketable securities. . 22. Why can’t 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 vendor’s credit standards are tightened. . 23. What is credit analysis? Identify the five C’s of credit analysis. Credit analysis involves appraising the creditworthiness or quality of a potential credit customer. Credit analysis includes examining the 5 C’s 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 f irms with information about a firm’s 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 Association of Credit Management established the Foreign Credit Interchange Bureau to service firms with overseas customers. Dun Bradstreet is perhaps the best-known private firm supplying 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 firm’s home currency; this 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 firm’s goods/services on credit. If they are unable 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 are 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 â€Å"Applying this Chapter† Questions 2. The Robinson Company has the following current assets and current liabilities for these two years: 2004   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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 Robinson’s 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)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $300,000/($1,200,000/365) = 91. 25 days (2004) Inventory period  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $500,000/($910,000/365) = 200. 55 days (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $350,000/($840,000/365) = 152. 08 days (2004) AP period   = $250,000/($910,000/365 ) = 100. 27 days (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $200,000/($840,000/365) = 86. 90 days (2004) Operating cycle = AR period + Inventory period = 98. 27 + 200. 55 = 298. 82 days (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 91. 25 + 152. 08 = 243. 33 days (2004) Cash conversion cycle = Operating cycle – AP period = 298. 82 – 100. 27 = 198. 5 days (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 243. 33 –   86. 90 = 156. 43 days (2004) Both the OC and CCC rose in 2005, primarily because of a large rise (almost 48 days) 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)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Determine the receivables turnover in each year. AR turnover  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = Sales/AR = $1,300,000/$350,000 = 3. 71 (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $1,200,000/$300,000 = 4. 00 (2004) (b)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Calculate the average collection period for each year. Average collection period  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = AR/(Sales/365)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã ‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $350,000/($1,300,000/365) = 98. 7 days (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $300,000/($1,200,000/365) = 91. 25 days (2004) (c)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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  Ã‚  Ã‚  Ã‚  Ã‚   = Sales per day ? Average collection period   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = ($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)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Calculate the invent ory turnover for each year. Comment on your findings. Inventory turnover  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = COGS/Inventory = $1,200,000/$500,000 = 2. 40 (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $1,000,000/$350,000 = 2. 86 (2004) Inventory turnover fell in 2005; inventory rose more quickly than cost of goods sold. (b)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What would have been the amount of inventories in 2005 if the 2004 turnover ratio had been maintained? Inventories investment  Ã‚  Ã‚  Ã‚  Ã‚   = COGS per day ? Inventory period   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $1,200,000/365 ? (365/2. 86) = $419,580. 42 7. Given Robinson’s 2004 and 2005 financial information presented in problems 2 and 4,   Ã‚  Ã‚  Ã‚   (a)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Compute its operating and cash conversion cycle in each year. R obinson 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 | |   |   |   |   |   | |Average 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 + co llection periods | |   |219. 00 |days |250. 35 |days | |   |   |   |   |   | |Cash cycle = Inventory conversion + collection period – payment period | |   |146. 00 |days |174. 31 |days | (b)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What was Robinson’s 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)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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 red uced by |5 |days: | |New AR = sales/day x collection period |   |   | |Sales/ day = |$3,739. 73 |   |   | |Old collection period |98. 27 |   |   | |New 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 â€⠀œ $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)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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 COGS 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)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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 paym ent 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   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   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 I ncome Statement Information 2004   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2005 |Net sales |$1,300,000 |$1,500,000 | |Cost of goods sold |780,000 |900,000 | |Gross profit |$ 520,000 |$ 600,000 | |Net income |$93,000 |$ 114,000 | Calculate Genatron’s operating cycle and cash conversion cycle for 2004 and 2005. Why did they change between these years? Inventory period  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = Inventory/(COGS/365)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $500,000/($900,000/365) = 202. 78 days (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $450,000/($780,000/365) = 210. 58 days (2004) AR period = AR/(Sales/365) = $260,000/($1,500,000/365) = 63. 27 days (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $200,000/($1,300,000/365) = 56. 15 days (2004) AP period   = AP/(COGS/365) = $170,000/($900,000/365) = 68. 94 days (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = $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)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 210. 58 days + 56. 15 days = 266. 73 days (2004) Cash conversion cycle = Operating cycle – Average payment period   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 266. 05 days – 68. 94 days = 197. 11 days (2005)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   = 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 collection 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 firm’s 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 planning 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 = Inventor y 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 current asset and liability accounts decrease proportionately with Genatron’s 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 Genatron’s 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 |   |   | |Ol d 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 month’s sales will be for cash; two thirds of each month’s receivables will be collected in the following month, and one-third will be collected two months followin g their sale. Assuming the Global’s sales forecast in Table 10. 5 remains the same and the expected cash outflows in Table 10. 6 remain the same, determine Global’s revised cash budget. Nov. Dec. Jan. Feb. Mar. Apr. Sales  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $80,000  Ã‚   $100,000  Ã‚  Ã‚  Ã‚   $ 30,000  Ã‚   $   40,000  Ã‚  Ã‚  Ã‚   $ 50,000  Ã‚  Ã‚  Ã‚   $ 60,000   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cash (10%)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   3,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   4,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   5,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   6,000   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   1 Month Later (2/3)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   60,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   18,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   24,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   30,000 [pic][pic][pic][pic]  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2 Months Later (1 /3)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   24,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   30,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   9,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   12,000   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Total Cash Receipts  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $ 87,000  Ã‚   $   52,000  Ã‚  Ã‚  Ã‚   $ 38,000  Ã‚  Ã‚  Ã‚   $ 48,000 [pic][pic][pic][pic]  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Less: Total Cash Payments  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   60,000  Ã‚  Ã‚  Ã‚   127,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   44,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   40,000   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Net Cash Flow  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $ 27,000  Ã‚   $ –75,000  Ã‚  Ã‚  Ã‚   $ –6,000  Ã‚  Ã‚  Ã‚   $   8,000 [pic][pic][pic][pic]  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Beginning Cash Balance  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   25,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   52,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   25,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   25,000   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cumulative Cash Balance  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $ 52,000  Ã‚   $ –23,000  Ã‚  Ã‚  Ã‚   $ 19,000  Ã‚  Ã‚  Ã‚   $ 33,000 Monthly Loan  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚      (or repayment) 0  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   48,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   6,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   –8,000   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cumulative Loan Balance  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   0  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   48,000  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   54,000  Ã‚  Ã‚  Ã‚      46,000   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Ending Cash Balance  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   How to cite Managing Working Capital, Essay examples