Tet Offensive A Major Turning Point Essay Example For Students

Tet Offensive: A Major Turning Point Essay Tet Offensive: A Major Turning PointVillagers carried coffins filled with guns and ammunition through towns, accompanying them were the sounds of fireworks and flutes. Those sounds soon turned to the sound of assault rifle fire and explosions. Flares and green tracers dart through the night sky like hundreds of fireflies; gun flashes replaced Tet fireworks, and could be seen as far as the eye could see. This major event in the Vietnam War is called the Tet Offensive. After a surprise attack in the beginning, the United States and South Vietnamese army came back to overpower the Vietcong and NVA (North Vietnamese Army) and decisively win all the battles. Even though the United States and South Vietnamese won the Tet Offensive, it was a major turning point towards ending the Vietnam War. Escalation of the war would end and withdraw would begin. The Vietcong and NVA lost the battle on the battlefield but they had won a major political battle. The American public became disillusioned wit h what was called a military intervention. Intelligence failure, Johnson’s over confidence in the war, and its profound impact on American attitudes about involvement in Vietnam are three major reasons why the Tet Offensive was the turning point in ending the war. We will write a custom essay on Tet Offensive: A Major Turning Point specifically for you for only $16.38 $13.9/page Order now Intelligence failure was one of the main reasons why the Tet offensive happened. The allies undergo a failure of intelligence before Tet, a failure that helped plan the stages for changes in the strategies of the US. The four parts of intelligence are crucial in determining the actions of the enemy. The four tasks consist of collection of information, the analysis of the information, the decision to respond to a warning issued in the analytical stage, dissemination of the order to respond to the field commanders. The first task in intelligence is the collection of accurate information about the opponent’s intentions and capabilities. There are many ways to obtain the accurate information needed, which include reading a foreign press release to advanced monitoring technology. Though this may seem simple, the enemy government goes through great lengths to prevent accurate information from reaching their enemies. In the spring of 1967, General Giap, in charge of the NVA, began ba ttles in the outlying country away from cities in an attempt to draw the US army and ARVN (Army Republic of Vietnam) away from the large cities and provincial capitals. This was so General Giap could sneak in large amount of supplies, weapons, and ammunition. A secondary plan was to have the stronger US troops deployed away from the areas he planned to attack. The second stage of intelligence is the analysis of the information gathered. From April to December of 1967, the intelligence was unable to accurately predict the coming Tet Offensive on January 30th and 31st 1968. Why wasnt the intelligence organization aware that no battles were being fought around major cities of Sigon, Hue, and Da Nang? Why didn’t they see the massive amount of troop build up from the North? They even missed all the supplies being brought down from the North to stage the attacks. Almost 3,000 vehicles a month are coming down the Ho Chi Minh trail near the end of 1967. In the many months before Tet, it is hard to believe that the civilian and government of South Vietnam did not see or hear about the pending offensive. The third stage is the decision to respond to the warning issued in the analytical stage. The third stage of intelligence was not even responded to because of the failure of intelligence in the second stage. In fact, almost the opposite was true. President Lyndon Johnson and the American public were fed false information from General Westmoreland and the Joint Chiefs of Staff that we were winning the war. In fact, they were able to build the American troops strength to 500,000 troops and significantly increase military spending. At the same time they were not aware of General Giap’s plan to attack the entire South Vietnam. The fourth stage of intelligence is dissemination of the order to respond to the field commanders. The realization of the pending attacks comes only days before the Tet offensive. The US military

Vineyard Essay Example

Vineyard Essay Example Vineyard Paper Vineyard Paper Calaveras Vineyards Calaveras Vineyard was originally established in 1883 to make wine for the Catholic Church. They occupied 220 acres in California out of which 175 acres was occupied by the vineyard. They had now expanded into production of table wines for retailers and restaurants. It had changed three ownerships in the last nine years. The most recent owner was Stout Plc. which was looking to sell Calaveras and the management of Calaveras was the interested party in this transaction. The main strategy from 1987 was broadening the company’s position on premium brand category and this is evident from the fact that they were now concentrating on wines in the premium and super-premium category. The five C? s analyses is an important approach to evaluate the creditworthiness of a potential client. The five metrics that will be analyzed are character, capacity, capital, conditions, and collateral. Character will translate the quality of the management team and major owners and how these major players behave related to business. Related to Lynna Martinez, she has a high level of education and is graduated from important universities in France and USA. She has done researchers in the field and has experiences as a professional in the industry, being Vice president of Calaveras Vineyard since 1987. The other partner – Peter Newsome, has a degree in Business Administration and has experience in the field in different areas of this industry, such as operating and purchasing. It is possible to say that this metric is maybe one the most important for the future of this business since both of them have strong experience in the field. Related to the capacity analysis, it is unclear, based on historical data, the ability of the company in handle a high debt level, since there no information about Calaveras Vineyards – Team No. 1 18-Feb-2013 debt from the balance sheet. However, the company has a significant position as current assets what provide quick liquidity for the business as well as a strong free cash flow in both considered scenarios to repay the loan, even though the free cash flow in 1994 is negative. The apital metrics will measure whether the company has enough capital, in this point also matter the commitment of the owners with the business. In the management leveraged buyout, the new owners will have $ 1 million invested and thus they would have invested 25% of the total demanded fund. It seems that the new owners are putting an great effort on this business since they are buying a company that they have experience in and they believe it can do better than what the previous owners were doing. The economic conditions for the wine business seems to be in a good moment, even though the alcoholic market has been stagnated, the wine market has grown by 7. 4%, new researches about the benefits of wine has driven the demand up and thus the market is being benefited. Based on the Pro Forma Historical Financial Statements, it seems that the management team is able to control the expenses and cost of goods sold as the sales increase and decrease. It is possible to see it using the decreasing trend of the COGS related to sales and the SGA related to sales that has been the same (14. 9%) for the last 4 years. The company has as collateral, the Accounts Receivables and fixed assets. In 1993 the company had $316,782 as receivables, $2,332,241 as inventories and $4,487,193 as gross fixed assets. In case of liquidation, the Receivables may be sold at 85% of the face value, or $292,264; Inventory can be sold at 75% of its face value or $1,749,180. The fixed cost can be sold by 40% of the book value that is $1,794,877. This liquidation would provide a total of $3,836,321 which is more than Calaveras Vineyards – Team No. 1 8-Feb-2013 the total loan provided in 1994 ($3,122,000). It provides a good standard for the potential creditor of this company. Moody’s SGL framework can also be used to assess the creditworthiness of Calaveras Vineyards. The rating system gives a score ranging from SGL-1 to SGL-4, where one represents companies with very good liquidity and four represents companies with weak liquidity. There are several characteristics that are evaluated in rating a company using this framework. The first point is the capacity for financing capital expenditures and net working capital internally. Calaveras has an expected negative free cash flow in 1994 based on Anne Clemen’s projection (Exhibit 3), so it will not be able to fund internally. However, the company still has the flexibility of drawing money from its revolving credit line since the borrowing base has sufficient amount. Exhibit 3 also shows that the negative cash flow is due to a significant addition to net working capital. The addition is larger than average because the company is increasing its sales to the same level of 1992. The company is projected to have positive free cash flows starting in 1995 and will be able to finance internally. The EBIT/(interest and principal) ratio is moderate in 1994 but projected to increase throughout the years (Exhibit 3) and has an average of two. The second characteristic that needs to be analyzed is the flexibility of the company in generating cash from selling its assets in times of distress. Anne Clemen expected that Calaveras’ accounts receivable would able to generate 80% of book value and inventory for 85% of book value, while land, plant and equipment would only generate 40%. However, these assets are crucial to the operations of Calaveras and cannot be sold. Thus, the company has no flexibility in generating additional cash flow. Additionally, the assets mentioned before are used as collateral for both the term loan and the revolving credit. This relates to the final characteristic that is the extent Calaveras Vineyards – Team No. 1 18-Feb-2013 in which the company’s assets are encumbered. Calaveras is expected to secure its term loan through land, plant and equipment, and its revolver’s borrowing base is equal to 85% of receivables and 75% of inventories. In other words, most of Calaveras’ assets are encumbered and this limits the financial flexibility. After analyzing Calaveras’ through the SGL framework, we believed that the company should receive a score of SGL-3. The increase in the size of the wine market is an opportunity for Calaveras to increase their market share especially in the premium and super-premium category where the company has secure brand position and stable relationships with the distributors. It is heavily dependant on two dealers who account for 50% of their sales. It might bode well for them to increase their dealership base. Financial ratio analysis: To better understand Calaveras Vineyards’ financial ondition, we analyzed those financial ratios that Anne prepared. EBIT coverage ratio and current ratio in 1994 were already larger than 1 and was increasing from 1994 to 1998, indicating this company was profitable enough to pay off its interest expense and short-term obligation. Although current ratio was not so good compared with comparable companies, it was improving through years. The debt rat io was less than 1 and reduced quickly from 1994 to 1998, which was a good signal to investor and creditors that the risk of this company was decreasing. In addition, its decreasing assets/equity ratio indicated the quick increase of equity, which was the result of quick increase of net income. The return on sales and return on assets were much higher than the comparable companies and were increasing from 1994 to 1998, indicating this Calaveras Vineyards – Team No. 1 18-Feb-2013 company had good profitability in the industry. Its increasing sales/assets ratio showed an improvement of its ability to generate sales revenue from each dollar of asset, indicating this company operated more and more efficiently. Through analysis, we found these ratios looked good and some of them were even better than the industry level. The ratio analysis showed Calaveras Vineyards was a healthy company and had an optimistic future. New Scenario A new scenario was drawn in order to assess how the financial health of the company would be if the COGS and SGA were higher than the predicted by the company initially. In this situation, it is possible to see that the company is still able to operate under the conveants imposed by Goldengate Capital. Additional consideration and recommendation: We based our analysis on the ratio analysis done by Anne Clemen. The ratio analysis shows us favourable trend about financials about this company. The leverage ratio goes on reducing and the times interest earned as well as Profit margin show favourable forecasts. Based on our current analysis, we think Calaveras had good profitability and has enough ability to service the debt, and we agreed that Anne Clemens should participate in the loan. However, there are still some factors that can influence our evaluation of Calaveras. For example, if the price of its wine decreased quickly because of intensive competition or there was a big drop in the production of grape due to some catastrophe, the sales revenue will decreased dramatically, which would result in a shrunken free cash flow and influence its ability to pay back the loan. In Calaveras Vineyards – Team No. 1 18-Feb-2013 addition, if the cost of goods sold increased quickly because of a sudden increase of material price or the SGA soared up for expanding marketing and advertising to compete with competitors, the free cash flow would also decreased dramatically. So we suggested Anne to keep monitoring these unstable factors carefully to see whether Calaveras would have a credit risk. Additionally, to decrease the default risk, Anne could also make covenants with Calaveras to regulate its financial ratios and make part of its assets as collaterals. Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 2 Calaveras Vineyards – Team No. 1 18-Feb-2013 Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 7 New Forecasted Income Statement 1994 1% Sales Revenue Cost of Goods Sold Estates Selected Chardonnay California Generic Special Accts. Winery TOTAL Gross Profit Selling, General and Admin. Amortization of Organizational Costs EBIT Interest Expense (avg. balance) Profit Before Taxes Tax Expense Net Income Dividends to Common Shareholders Retentions to Equity $ $ $ $ $ $ $ 448,180 272,027 432,977 179,934 224,371 655,916 90,130 $ $ $ $ $ $ $ 594,307 325,923 535,400 121,580 233,639 683,012 93,853 $ $ $ $ $ $ $ 678,342 383,808 645,546 126,603 243,291 711,228 97,730 $ $ $ $ $ $ $ 706,365 399,663 733,324 131,833 253,341 740,608 101,767 $ $ $ $ $ $ $ $ 31,406 416,173 763,618 137,279 263,807 771,203 105,971 2,081,995 (966,861) (60) 1,115,074 (134,514) 980,559 362,807 617,752 617,752 $ 3,707,423 1995 1% $ 4,199,960 1996 1% $ 4,693,764 1997 1% $ 4,984,664 $ 1998 1% 5,371,451 $ (2,303,533) $ (2,587,715) $ (2,886,547) $ (3,066,901) $ (3,289,456) $ 1,403,889 $ 1,612,246 $ 1,807,216 $ 1,917,763 $ (667,336) $ (755,993) $ (844,877) $ (897,239) $ $ $ (60) $ 736,493 $ (60) $ 856,193 $ (60) $ 962,279 (60) $ $ $ 1,020,463 (109,625) $ (2 14,987) $ (198,101) $ (170,752) $ $ $ $ $ $ 626,869 231,941 394,927 394,927 $ $ $ $ $ 641,206 237,246 403,960 403,960 $ $ $ $ $ 764,178 282,746 481,432 481,432 $ $ $ $ $ 849,711 314,393 535,318 535,318 $ $ $ $ $ Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 8 Forecasted Balance Sheets (At Closing) Cash Accounts Receivable Inventory Organization Costs-Current Total Current Assets Land Plant and Equipment Gross PPE Accum. Depreciation Net PPE Organization Costs-Noncurrent Total Assets Payables Accruals Debt-Current Portion LTD Revolving Line of Credit Total Current Liabs. Debt, non-current Total Liabilities Common Stock Retained Earnings Total Equity Total Liabilities Equity Memorandum: Borrowing base (85% AR, 75%Inv) Revolver $ $ $ $ 2,255,917 2,304,288 $ $ 2,521,907 2,218,955 $ $ 2,699,146 1,949,595 $ $ 2,890,789 1,643,991 $ $ 3,025,581 1,187,490 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1,124 60 1,184 1,124 582 1,706 1,706 240 3,130 130 400 530 1,600 2,130 1,000 1,000 3,130 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1994 50 370,742 2,587,715 60 2,958,567 1,124 832 1,956 116 1,840 180 2,960,587 258,771 400 2,304,288 2,563,459 1,200 2,564,659 1,000 394,927 395,927 2,960,587 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1995 50 419,996 2,886,547 60 3,306,654 1,124 1,082 2,206 283 1,923 120 3,308,697 288,655 400 2,218,955 2,508,010 800 2,508,810 1,000 798,887 799,887 3,308,697 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1996 50 469,376 3,066,901 60 3,536,387 1,124 1,332 2,456 499 1,957 60 3,538,404 306,690 400 1,949,595 2,256,685 400 2,257,085 1,000 1,280,319 1,281,319 3,538,404 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1997 50 498,466 3,289,456 60 3,788,033 1,124 1,582 2,706 766 1,940 3,789,973 328,946 400 1,643,991 1,973,337 1,973,337 1,000 1,815,637 1,816,637 3,789,973 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1998 50 537,145 3,425,344 3,962,539 1,124 1,832 2,956 1,082 1,874 3,964,413 342,534 1,187,490 1,530,024 1,530,024 1,000 2,433,389 2,434,389 3,964,413 Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 9 Forecast Assumptions Key Assumptions: Case Sales $/Case Gross Margins Estates Select-other Chardonnay California Generic Special Accts Winery Dividend Payout: Now-1996 1997After 0 0 0. 47 0. 35 0. 37 0. 35 0. 26 0. 35 0. 46 Exhibit 11 Exhibit 11 Cash Minimum (m) AR/Sales INV(T)/COGS(T+1) CL(T)/COGS(T+1) SGA/Sales Depreciation Capital Expenditures Interest Rate Tax Rate Inflation Rate Real Price Growth 50 0. 1 1 0. 1 0. 18 5-yr, S-L 250 0. 095 0. 37 0. 031 0. 01 Amortiz. Organization Costs: 5 years. Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 10 Solvency ratio EBIT/ (Interest and Principal) Current ratio Debt ratio Assets/Equity Efficiency ratio Sales/Assets Profitability ratio Return on sales Return on assets Return on equity 1994 1. 32 1. 24 0. 67 3. 6 0. 75 11% 8% 28% Anne Clemens Ratio Analysis 1995 1996 1997 1. 53 1. 8 2. 05 1. 24 1. 33 1. 48 0. 59 0. 5 0. 39 2. 82 2. 22 1. 8 0. 79 12% 9% 26% 0. 85 13% 11% 24% 0. 88 14% 12% 21% 1998 2. 48 2. 16 0. 25 1. 45 0. 94 15% 14% 20% Comparables ratio Upper Quartile Median Lower Quartile 5. 5 0. 97 2. 5 0. 99 1. 5 0. 995 1. 04 7. 30% 8. 10% 16. 60% 0. 73 2. 80% 2. 30% 7. 70% 0. 35 -0. 20% -0. 10% 1. 10% Calaveras Vineyards – Team No. 1 18-Feb-2013 Exhibit 11 Cash Flow Components Cumulative Surplus or Deficit Cash Flow Cash Flow Components Cumulative Surplus or Deficit Cash Flow Cash Flow Items Initial Inputs Net Results Initial Inputs Net Results Operating Inflows (Net Sales) Operating Outflows COGS Depreciation SGA Exp Taxes Other Total Operating Outflows Total Net Operating Cash Flow (NOF) Changes in Working Capital Receivables (AR) Inventory (INV) Other Current Assets (OCA) Accounts Payable (AP) Other Current Liabilities (OCL) Total Changes in Net Working Capital (NWC) Surplus or Deficit Cash Flow after Working Capital Investment Capital Investment Change in Net Fixed Assets Depreciation Net Investment Flow Free Cash Flow to Firm Surplus or Deficit (FCFF) Interest Income (II) Fixed Coverage Expenditures (Interest) (FCE) Surplus or Deficit Cash Flow Avaiable for Dividends Dividends (DIV) $ 2,836,062. 00 $ 1,899,853. 00 $ 528,456. 00 $ $ $ 2,428,309. 00 $ 407,753. 00 $ 43,356. 00 $ 654,835. 00 $ (7,012. 00) $ (121,880. 00) $ $ 569,299. 00 $ 977,052. 00 $ 4,193,000. 00 $ 2,294,000. 00 $ 587,000. 00 $ 287,000. 00 $ $ 3,168,000. 00 $ 1,025,000. 00 $ (49,000. 00) $ (281,000. 00) $ $ 28,000. 00 $ $ (302,000. 00) $ 723,000. 00 $ 268,332. 00 $ (394,512. 00) $ (126,180. 00) $ 850,872. 00 $ $ $ (83,000. 00) $ (167,000. 00) $ (250,000. 00) $ 473,000. 00 $ $ (308,000. 00) $ 165,000. 00 $ $ 850,872. 00 $ Calaveras Vineyards – Team No. 1 18-Feb-2013 Cash Flow Statements – Contd. Surplus or Deficit Cash Flow Avaiable for Dividends Dividends (DIV) Managements Discretionary Cash Flow Surplus Financial Cash Flow Change in Long-Term Debt Change in Short-Term Borrowing Change in Preffered Stock Change in Common Stock Change in Other Total Change in Net Finncial Cash Flow (NFF) Goodwill/Other Assets Other Liabilities Change in Goodwill Other Asset Change in Other Liabilities Change in GwillOAssets Other Liabilities Surplus or Deficit Cash Flow (Sum of 13 Cash Flow Components) Change in Cash (Cash) Surplus or Deficit after all Cash Flows $ $ 45,006. 00 13,241. 00 $ 850,872. 00 $ $ 850,872. 00 $ $ $ $ (729,402. 00) $ $ (729,402. 00) $ (400,000. 00) $ 236,000. 00 $ $ $ $ (164,000. 00) $ 165,000. 00 $ $ 165,000. 00 $ (153,235. 00) $ $ (153,235. 00) $ (31,765. 00) $ $ $ $ $ $ 1,000. 00 1,000. 00 Calaveras Vineyards – CASH FLOW STATEMENT 1000 Dec-96 Cash Flow Items Initial Inputs Net Results Cash Flow Components Cumulative Surplus or Deficit Cash Flow Initial I nputs Dec-97 Net Results Cash Flow Components Cumulative Surplus or Deficit Cash Flow Operating Inflows (Net Sales) Operating Outflows COGS Depreciation SGA Exp Taxes Other Total Operating Outflows Total Net Operating Cash Flow (NOF) Changes in Working Capital Receivables (AR) Inventory (INV) Other Current Assets (OCA) Accounts Payable (AP) Other Current Liabilities (OCL) Total Changes in Net Working Capital (NWC) Surplus or Deficit Cash Flow after Working Capital Investment Capital Investment Change in Net Fixed Assets Depreciation Net Investment Flow Free Cash Flow to Firm Surplus or Deficit (FCFF) Interest Income (II) Fixed Coverage Expenditures (Interest) (FCE) $ 4,681,000. 00 $ $ 2,526,000. 00 $ 655,000. 00 $ 349,000. 00 $ $ 3,530,000. 00 $ 1,151,000. 00 $ (49,000. 00) $ (169,000. 00) $ $ 17,000. 00 $ $ (201,000. 00) $ 950,000. 00 $ 4,967,000. 00 $ $ 2,644,000. 00 $ 695,000. 00 $ 394,000. 00 $ $ 3,733,000. 00 $ 1,234,000. 00 $ (29,000. 00) $ (208,000. 00) $ $ 21,000. 00 $ $ (216,000. 00) $ 1,018,000. 00 $ (34,000. 00) $ (216,000. 00) $ (250,000. 00) $ 700,000. 0 0 $ $ $ (280,000. 00) $ 17,000. 00 $ (267,000. 00) $ (250,000. 00) $ 768,000. 00 $ $ $ (235,000. 00) Calaveras Vineyards – Cash Flow Statements – Contd. Surplus or Deficit Cash Flow Avaiable for Dividends Dividends (DIV) Managements Discretionary Cash Flow Surplus Financial Cash Flow Change in Long-Term Debt Change in Short-Term Borrowing Change in Preffered Stock Change in Common Stock Change in Other Total Change in Net Finncial Cash Flow (NFF) Goodwill/Other Assets Other Liabilities Change in Goodwill Other Asset Change in Other Liabilities Change in Gwill Other Liabilities Surplus or Deficit Cash Flow (Sum of 13 Cash Flow Components) Change in Cash (Cash) Surplus or Deficit after all Cash Flows $ $ $ 420,000. 00 $ $ 420,000. 00 $ (400,000. 00) $ (20,000. 00) $ $ $ $ (420,000. 00) $ (400,000. 00) $ (132,000. 00) $ $ $ $ (532,000. 00) $ 533,000. 00 $ $ 533,000. 00 $ $ $ $ $ $ $ $ $ $ 1,000. 00 1,000. 00 Calaveras Vineyards – Team No. 1 18-Feb-2013 CASH FLOW STATEMENT Dec-98 Cash Flow Items Initial Inputs Net Results Cash Flow Components Cumulative Surplus or Deficit Cash Flow Operating Inflows (Net Sales) Operating Outflows COGS Depreciation SGA Exp Taxes Other Total Operating Outflows Total Net Operating Cash Flow (NOF) Changes in Working Capital Receivables (AR) Inventory (INV) Other Current Assets (OCA) Accounts Payable (AP) Other Current Liabilities (OCL) Total Changes in Net Working Capital (NWC) Surplus or Deficit Cash Flow after Working Capital Investment Capital Investment Change in Net Fixed Assets Depreciation Net Investment Flow Free Cash Flow to Firm Surplus or Deficit (FCFF) Interest Income (II) $ 5,348,000. 00 $ 2,803,000. 00 $ 749,000. 00 $ 461,000. 00 $ $ 4,013,000. 00 $ 1,335,000. 00 $ (38,000. 00) $ (126,000. 00) $ $ 12,000. 00 $ (400,000. 00) $ (552,000. 00) $ 783,000. 00 $ 66,000. 00 $ (316,000. 00) $ (250,000. 00) $ 533,000. 00 $ Calaveras Vineyards – Team No. 1 18-Feb-2013 Net Investment Flow Free Cash Flow to Firm Surplus or Deficit (FCFF) Interest Income (II) Fixed Coverage Expenditures (Interest) (FCE) Surplus or Deficit Cash Flow Avaiable for Dividends Dividends (DIV) Managements Discretionary Cash Flow Surplus Financial Cash Flow Change in Long-Term Debt Change in Short-Term Borrowing Change in Preffered Stock Change in Common Stock Change in Other Total Change in Net Finncial Cash Flow (NFF) Goodwill/Other Assets Other Liabilities Change in Goodwill Other Asset Change in Other Liabilities Change in GwillOAssets Other Liabilities Surplus or Deficit Cash Flow (Sum of 13 Cash Flow Components) Change in Cash (Cash) Surplus or Deficit after all Cash Flows $ $ $ $ (250,000. 00) $ 533,000. 00 $ (173,000. 00) $ 360,000. 00 $ $ 360,000. 00 $ $ (360,000. 00) $ $ $ $ (360,000. 00) $ $ $ $

Not Winning a Contest Doesnt Mean Your Writing is No Good

Not Winning a Contest Doesnt Mean Your Writing is No Good Not Winning a Contest Doesnt Mean Your Writing is No Good Not Winning a Contest Doesnt Mean Your Writing is No Good By Maeve Maddox The votes are in and the winners announced for the Second DWT Short Story Competition. Congratulations to winner Violet Toler and runner-up Easton Miller. Your stories pleased many readers. Contests are rough on writers. If we enter and dont win, its very hard to shake the feeling that our writing isnt any good. Possibly it isnt. But another possibility is that it just didnt appeal to the judgesin this case, 667 DWT readers from every walk of life and from many different countries and cultures. Hey, you cant please everybody! I didnt read all 97 entries, but I did read the eleven that made the final cut. And I read the tabulation of the votes with interest. The two entries I liked best came nowhere near the top in the voting. My picks were Crazy Fay by Sherry Roth and 2 AM and Counting by Katrina Mohr. Crazy Fay by Sherry Roth In this story, set during a Florida hurricane, a middle-class woman glimpses a homeless woman in a coffee shop. The images are striking and the language fresh. I especially like the detail of the raindrop earrings: Several people stood in line ahead of me, including one woman who had matted, wet salt-and-pepper hair, with rainwater droplets bizarrely hanging from her earlobes like a poor excuse for earrings. I tried not to stare, but those little droplets had me mesmerized. For her part, she didn’t seem to notice them. Roths descriptions and the inner dialogue of the narrator work together towards a poignant climax in which the narrators good intentions, belatedly conceived, come to nothing. Now thats true to life. 2 AM and Counting by Katrina Mohr I cant say I liked Katrina Mohrs story about the drug addict, but I certainly admire her skill in taking me inside the head of a junkie waiting to rob a liquor store. From the first sentence I know that hes a man who thinks about consequences and contingencies: The car window was crank-powered, not electric, but he preferred it that way. He never warmed up to the idea of being entombed in his car should it refuse to start. The author chooses words and descriptions to appeal to all the senses: the silver Zippo hissed he watched the smoke rise with his breath in the cold air The ashtray was full, spilling butts and gray-white powder Bruises along the underside of his arm throbbed impatiently and he felt like he was about to puke again. Congratulations to Daniel for generating so much participation in his second DWT writing competition. I look forward to the next one. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Fiction Writing category, check our popular posts, or choose a related post below:50 Handy Expressions About Hands50 Nautical Terms in General UsePhrasal Verbs and Phrasal Nouns

Technology Forecast Assignment Example | Topics and Well Written Essays - 1250 words

Technology Forecast - Assignment Example This paper discusses the forecasted development of information technology industry through the year of 2013. Industry Overview Davis (1989) defines information technology as the use of telecommunication equipment and computers to keep, retrieve, transmit and manipulate data mostly in the field of a business or any other activity. Davis (1989) adds that this term is mostly used as a replacement for computers and everything that has to do with them, including other information delivery technologies, such as television and telephones. In the business setting, Information Technology Association of America defined information technology as the studying, scheming, developing, instigating, applying technical support, as well as handling computer-based information systems. People who work in this field are responsible for network administration, installing and developing software and even planning and managing an organization’s life cycle, under which software and hardware is upheld, upgraded or exchanged. It is through such processes the information technology is being developed in such a way that it enhances productivity and efficiency of employees and organizations. Indisputably, introduction of information technology within the contemporary business environment has had great impact on human daily routine. Chesbrough and Spohrer (2006) assert that information technology demand is driven by the high rate of rapid technology improvements. The profit of a modern company heavily depends on technical know-how, innovative services as well as real advertising by means of hi-tech. Chesbrough and Spohrer (2006) add that large companies have advantages over small companies in that they have broad global reach as compared to small companies that may choose to compete by specializing in market niche. The small companies may as well choose to partner with the big ones to enable their services are being rendered at a more productive rate. The business worth of information technology depends on the mechanization of business procedures, providing information in making decision, linking the businesses with customers and providing other productive tools to increase efficiency. Organizations, businesses, and individuals continue to employ information technology features and systems within the operations with the main aim of increasing efficiency and effectiveness. There is no doubt that since the coming of information technology many business operations, processes, and activities have considerably changed. The world continues to spend a lot of money to adopt and implement information technology in daily life at all levels. Amongst the aspects that the world spends so much money on in respect to information technologies there are devices, data system centers, enterprise software, information technology services, and telecom services, as illustrated in the following chart. The following charts show how global information technology has spread over the last two years. World spending in the year 2012 was found to amount at $3

The Quality Improvement Program in the X-rays Department Research Paper

The Quality Improvement Program in the X-rays Department - Research Paper Example Various hospitals today use X-rays to diagnose different diseases among the patients. However, there is still a need for improvement in this area in order to ensure that the quality of health is improved. As such, this project paper seeks to assess the quality improvement program that can be implemented in the X-ray department in Rashid Hospital, Dubai, United Arab Emirates. The paper starts by defining the project and this is followed by an outline of the data collection methods that can be implemented in order to outline the organizational aspect of the program as well as its implementation details with regards to performance measures used, health core frequency of data collection, data analysis, and reporting mechanisms Basically, epidemiology is a sector in the medical field that specifically deals with diagnosing as well as controlling of diseases. Of notable concern is the fact that the term disease can be said to have a wide connotation to the healthcare practitioners such as the nurses and doctors compared to ordinary people who often think that it only refers to an infection on the body. Most patients have little knowledge about the nature of their illnesses as well as their cure or control. On the other hand, it can be noted that the quality of healthcare services offered can only be enhanced through the use of sophisticated equipment such as x-rays. Colmer (3) posts to the effect that without a high order of technical competence and anatomical knowledge in surgeon and nurse alike, no operation could be a success. Usually, many people from different disciplines are involved in the delivery of healthcare and treatment of patients. However, before a treatment is administered to a patient, it can the noted that a diagnosis of the disease has to be carried out. In some instances, some illnesses cannot be diagnosed by a naked eye and this is where x-rays are needed.

The Ku Klux Klan prevented African Americans from gaining civil rights Essay Example for Free

The Ku Klux Klan prevented African Americans from gaining civil rights Essay The â€Å"Ku Klux Klan† were an Anglo-Saxon based cult who believed solely on white supremacy. The movement was first formed in the 1860’s in order to protect white rights; they mainly formed in the very deep southern states of America. Since starting the â€Å"KKK† has gone through phases of popularity followed by essentially fading in number. However in 1915 the â€Å"KKK† was reestablished with great force, now standing for what they described as Americanism, Christianity and Morality. After this The â€Å"KKK† continued to grow in number up until the late 1960’s, boasting numbers between two and five million members including some important political influence. The â€Å"KKK† mostly used there aggressive manner and force they brought upon the black people. This intimidation stopped the black people from living near white communities and also made sure they would not complain or try to use their rights. This was so affective because the black people were so afraid or murder and torture they did not complain or protest for civil rights, therefore keeping this problem from the rest of America and the world. The â€Å"KKK† were ruthless in the south at this time as they preformed murders and destroyed black communities in order to install such fear that the blacks would keep quiet. Most black people felt so intimidated they couldn’t even vote because of the almost inevitability that the â€Å"KKK† would find out which would result in murders and firebombing of households. The â€Å"KKK† was such a significant group because of the vast amount of members that belonged to the movement, especially in the southern states. The black people could not work out who was a Klan member or not so became scared and untrustworthy of all people, this lead to black even losing faith in the law and American politics. This was because many members and supporters of the Klan were very powerful at the time in America and held some powerful jobs. Senators, judges and police chiefs all potentially could have been Klansmen. This installed an even greater fear into the black people of America. These members also made sure that politically civil rights laws were not passed and in a state bases laws were not even kept. For example Bull Conner had powerful jobs within Birmingham, Alabama and the police chief for that town and due to his known racism made sure that all black citizens of Birmingham were treated badly and were refused freedom of speech, therefore this create d an even bigger state of fear for citizens of Alabama at that time. Many Black people living within Southern states as soon as they saved enough money or sorted out arrangements’ moved form the south to the north were they knew they would be treated fairer. This was made sure by the â€Å"KKK† that there were not enough blacks to even fight for their rights even if they could, for example if they could vote there would not be enough black people to make a difference and made sure that integration into white schools was not a problem. Also if black people were fleeing from the south to the north the â€Å"KKK† had won as they did not want to live amongst them anyway and made sure they knew they had forced them out by their intense persecution. On the other hand, it can be argued that the â€Å"KKK† failed in their overall aim to stop black people from gaining civil rights in America. Schools and collages in both North and South stats became desegregated despite the Klan’s abuse. This proved that no matter what the black population still united and eventually won against this racial Tierney form the â€Å"KKK†. This also proved that still the majority of politicians believed in civil rights and proved that the â€Å"KKK† did not have as much influence within politics as they thought. The obvious other victory of this was that the younger generations began to accept black people as human beings and integrated them into same societies which proved that the â€Å"KKK† could not last forever and once the last of the Klansmen die out there will be very few people to take their places. The â€Å"KKK† might have hindered the progress of civil rights being achieved in some states within southern America but there was still a large part of America who by this times supported civil rights and sympathized with how the blacks were treated in the south by the â€Å"KKK†, this created resentment for the North against the Klan and built up more support and votes for pro civil rights politicians. Therefore in the long run the Klan just hindered themselves and made sure essentially that the black were treated better and given more rights. The influx of many civil rights activist groups such as the NAACP and the SCLC essentially cancelled out the â€Å"KKK† as these groups thanks to the likes of Martin Luther King used clever modern tactics to counteract the Klan’s forces. These groups supported blacks in all areas from peaceful protest to help in the court rooms. The Klan’s unimaginative and predictable methods were no match for the power of things like the media and use of making sympathy for the black people in the south. The NAACP even helped black people get the vote in southern states so. Therefore there were civil rights sympathizes even in southern states. In conclusion, The â€Å"Ku Klux Klan† was a successful movement and stopped many black people from succeeding in gaining Civil Rights mainly in the South. However, In 1964 The Civil Rights Act was passed and therefore could not succeed and never really stopped it, essentially they just succeeded in prolonging this act for a while.

Free Process Essays - How to Travel with a Small Child :: Expository Process Essays

How to Travel with a Small Child When you travel with a small child, a properly packed diaper bag is the key element to a successful journey. The necessities of young children are many, and a pre-prepared satchel containing all of the required paraphernalia is of fundamental importance. When the diaper bag is not well stocked, the minutes before leaving the house are spent snatching diapers, seizing bottles and formula, searching for pacifiers and scouring the playroom for favorite toys in a haphazard attempt to collect all of the essentials. Certain fundamental apparatus must be contained in the diaper bag at all times. First, and perhaps the most obvious, are the diapers. Unfortunately, more than once, I have found myself locked in a bathroom stall at Kmart with three size 2 diapers and a wet and cranky baby who wears size 4. Since it is impossible to tape two of the size 2 diapers together to make a size 4 (I did learn some math in high school), it is essential to update the stash of diapers that remain in the diaper bag. Secondly, the various diaper changing accessories (zinc oxide cream, baby wipes, dry washcloths and changing pad) need to be inspected regularly to ensure their quality and quantity. Again, I speak from miserable experience. Once, my inventory of baby wipes unexpectedly dried out leaving me with a pile of crunchy paper cloths. Another time, I found the zinc oxide tube empty and spent the subsequent three days nursing an undoubtedly painful diaper rash. Yet a third memorable time, I discovered that I was sans changing pad, and ended up changing my son on a plastic grocery bag. Food is a third commodity that must be carried at all times. Because my son is still an infant, he is only able to eat baby food and to drink baby formula. Because this special food cannot be purchased at a fast food establishment, I must keep my supply current. The formula powder must be refrigerated after it is mixed with water, so I must carry two bottles. One of the bottles contains water and the other contains the formula powder. I must also remember to pack nipples for the bottle, washcloths to clean up after the meals, jars of food, spoons, and bowls. Into the diaper bag they go. Finally, and of the utmost importance, a diaper bag must contain toys.

Psychology and Research Essay

1. There are various methods in psychological research, both qualitative and quantitative. Among them are field experiment, which is more qualitative and the statistical survey which, as the name suggests, a highly quantitative approach. Field experiment is a scientific method in research approach where the researchers (psychology-related researchers in this case) examine the participants or the data in the real world rather than doing the research in the laboratory, but all the same, the â€Å"field researchers have followed the structured approach†1 in research. Statistical survey, on the other hand is used to gather quantitative information on a given subject or participant in a population. It involves statistical processes in arranging data for them to be useful information to readers. It is worth noting however that a research rarely relies on a single method alone. Oftentimes, it is a combination of two or more methods to make it/the theory or contention stronger and more reliable. 2. With the psychosis studies and experiences of R.D. Lang, a psychoanalyst and a radical psychiatrist, he was able to observe his patients for real or â€Å"on field† when he developed his research regarding the subject (psychosis). It is a condition when an individual lost contact with the real world. Psychosis is best described by broad diagnostic concepts such as schizophrenia or bipolar disorder, and that these concepts describe brain diseases that are probably inherited. The task of psychology and its related researches on the subject matter aims to identify neuropsychological abnormalities in patients, in the hope that these might provide clues about the aetiology of the presumed brain pathology. Within this method, there is little scope for psychological intervention, as it is assumed that brain diseases are unresponsive to this kind of treatment. Another psychological research is the intelligence test of Binet or the currently evolved Stanford-Binet Scale which is one of the psychologically related tests or research where statistical approach may be applied. This method was developed containing the idea of graded tests series, the concept of intelligence and the conception of the fundamental qualities of an intelligence test. It was originally composed of thirty items in increasing difficulty, with grouped testees either according to age or gender or any other classification that may be applied. 3 This is where the current IQ Tests evolved. 3. When conducting research with human participants, consent and confidentiality4 are the two very important aspects of the study. Consent of the subjects should be obtained first to let them be aware of the entire study and will let them adjust and not to feel deceived. This will also help the researchers and the participants work together in harmony and will facilitate the entire research process. Aside from these, respect is another reason why consent of the participants must be obtained first. Confidentiality, on the other hand, will secure the safety and honor of the subjects/participants and at the same time will protect the reliability and soundness of the research itself. All the ethical concerns mentioned are generally for the respect of human life, as an individual and in order for the psychology profession be respectable as well. No one can respect the profession if in return, it does not know how to value the dignity of humans in the case that the latter be a participant or a subject in a psychology-related research.

A Life Full of Snails

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Symbolism In Young Goodman Brown Essays - Young Goodman Brown

Symbolism In Young Goodman Brown Essays - Young Goodman Brown Symbolism In Young Goodman Brown Nathaniel Hawthorne's work is typically fraught with symbolism, much of it deriving from his Puritan ancestry; a great-great uncle was actually a judge in the Salem witchcraft trials (Roth 76). Not surprisingly, Hawthorne was obsessed with the twin themes of sin and guilt. Author John Roth notes that A number of recurring thematic patterns and character types appear in Hawthorne's novels and tales. These repetitions show Hawthorne's emphasis on the effects of events on the human heart rather than the events themselves (76). Because he is speaking of what we later would come to call the unconscious, Hawthorne extensively employed the use of symbolism, which bypasses the conscious, logical mind to tap into its more dreamlike processes. The story begins as a conventional allegory, creating the expectation that the characters will consistently exhibit the abstractions they symbolize (Levy 116). Young Goodman Brown is an allegory whose characters play a major role in displaying the determination of what to believe and what not to believe. The short story represents one man's wild journey to leave his faith, home, and security temporarily behind to take a chance with the devil on an adventure into a dark forest. In his short story Young Goodman Brown, the main character goes off into the forest and undergoes a life-transforming experience there. The forest is a very real symbol of the test of strength, courage, and endurance; it took real fortitude to survive in the forest, and a young person entering this forest would not emerge the same. However, this story is more symbolic than realistic, and the dangers are of the spirit. The story is a dream vision, or conscious day dream, that explains the theme of the story as being a formal allegory composed of massive symbolism. Many symbols help the protagonist Goodman Brown move toward a vision of evil which causes an unexpected effect of distrust due to his uncertain decision of experiencing a dream or reality. In Young Goodman Brown the author, Nathaniel Hawthorne, creates a short story that displays a clearly abstracted allegory through the determination of the conscious and unconscious, composed of an enormous amount of symbolism interpreted from the setting, characters, and plot in the story. To begin with, an allegory is a form of extended metaphor in which objects persons, and actions in a narrative, are equated with the meanings that lie outside the narrative itself. The underlying meaning has moral, social, religious, or political significance, and characters are often personifications of abstract ideas as charity, greed, or envy (Bereng 1). In this case, the story's setting, characters, and plot represent abstract concepts such as faith, innocence, and evil. The story is allegorically centered around Young Goodman Brown. The characters' names, Goodman and Faith, obviously indicate how Hawthorne uses them as a religious allegory to stand up against the evil in the story. It is no accident that such an experience should have taken place in a forest, for there is a long and extremely profound tradition in our literature for experiences of this nature having taken place in forest settings. Psychologist Bruno Betelheim, for example, shows that in the folk tale The Three Bears, Goldilocks encounters the cottage of the three bears in a forest; in Hansel and Gretel, the children's father takes them off into the forest to abandon them and they have to find their way back out; in Red Riding Hood, the little girl has to travel through the forest to her grandmother's house. Betelheim also observes that Since ancient times the near-impenetrable forest in which we get lost has symbolized the dark, hidden, near-impenetrable world of our unconscious. If we have lost the framework which gave structure to our past life and must now find our own way to become ourselves, and have entered this wilderness with an as yet undeveloped personality, when we succeed in finding our own way out we shall emerge with a much more highly-developed humanity (Betelheim 94). However, this does not happen in Young Goodman Brown. Instead of bravely battling down the dangers of the forest and emerging more mature, Goodman Brown emerges a ruined man. In order to determine why, it is necessary to look at some of

7 Workplace Tips For Getting a Promotion

7 Workplace Tips For Getting a Promotion Getting a promotion is often a matter of taking the right strategy. Here are a few workplace tips that will make sure you stay at the top of your game at the office and beyond.Dont flaunt your latenessOkay, so you’re running a few minutes late. No big deal. But if you’re running a few minutes late because you wanted to stop at Starbucks and there was a huge line? Problem. Whatever your reason for swanning in tardy, don’t come in with a cup of freshly purchased coffee in your hand.Watch your email toneYou think you’re being professional, but your client is persnickety. Or even if they aren’t- you just want to double check. Reread your email to yourself out loud in the snarkiest, most sarcastic tone possible. Still pass muster? Send away. But if you noticed any red flags where even you would see yourself getting offended, it might be prudent to rephrase.Coworkers stealing your pens?Be super devious and buy a bunch of red (refillable) pens and a bunch of blue ink cartridge refills. (This only works with a brand that has the same model pen in both colors, but it’s a great cheat.) Then put the blue cartridges in the red pens. No one ever â€Å"borrows† a red pen. You’ll never find yourself at your desk without a pen again!Coworkers asking for money for their kids?You know the drill. â€Å"My kid is selling ____ for ______.† Or worse! â€Å"My kid is raising money for the ________.† Instead of coughing up money to your coworker, give them your phone number and ask that their kids call you themselves, any time after 6pm. You won’t get many phone calls. And the kids that do call will have learned to put in the extra work.Coworkers stealing your milk?Put your milk in a jar or other container you’ve brought from home. No one is going to open up the fridge and take your milk if it isn’t in a recognizable milk container. They won’t know how long it’s been in there, for one, and for two? It could come from a sheep or a human or something- hardly worth the risk. You’ll drink your milk in peace.Pay your  job search forwardAs soon as you get hired at one job, copy and save the job description to a running file you store on your personal computer. When it comes time to update your resume and job search, you’ll be very glad you have it.Strike a poseBefore that big presentation, meeting, or interview, take two minutes in the privacy of the restroom or your car and strike a power pose. Hold that power in your body and your face and then walk in with your head held high. Even if you get nervous, your body will remember how you felt going in.flair:Careers Work

Marketing Essay Example | Topics and Well Written Essays - 3000 words - 2

Marketing - Essay Example outside of the marketing function impact upon marketing efforts. The report, takes the help of Sam’s Tailor, a fashion retailer in the Hong Kong market, to apply relevant methods of market analyses to the company’s marketing mix in order to determine the relationship between external market factors and other business units like finance, human resources and production, and their role in enforcing marketing efforts. ... The report will attempt to investigate all the above factors in relation to a fashion retailer in the Hong Kong retail market. It has to be noted that since the report is based on analysis of a fabricated situation in said market, whilst relevant background information is provided on the chosen company, an assumptive format will be employed when applying theory to the situation(s) explored. I.1 The organisation, Sam’s Tailors: Known as a tourist’s must visit enterprise, whether the tourist is a celebrity or a common person visiting Hong Kong, Sam’s tailors has earned a great reputation since its establishment in 1957 for providing high quality tailored suits for men and women. The company operates on the core traditions of quality and value for money. Their concept of the 24 hour suit has traditionally drawn many famous names like Bill Clinton, and Michael Palin, who in fact had a suit made within 24 hours whilst he was shooting his BBC travel documentary, Ã¢â‚¬Ë œAround the World in 80 Days’ (www.samstailor.biz; http://www.time.com/time/asia/2004/boa/boa_body_tailor.html). The current owner, Manu Melwani, son of the founder Sam Melwani, is very particular about maintaining strong relationships with past and present customers, as he thoroughly believes that a good tailor needs to know a lot about his customers. He travels extensively to Europe and America, where the majority of his clientele are, in order to understand more of their daily habits, personalities and public opinions about them to create suits tailor made for their image. The core competencies are the amount of research that goes into studying the behaviours of a considerably small but elite customer base, and a small corporate structure