FPL Group Essay -- GCSE Business Marketing Coursework

DIVIDEND POLICY AT FPL GROUP INC Q.1 DIVIDEND POLICY AT FPL GROUP, INC In 1994 FPL Group, the parent company of Florida Power and Light Company, announced a reduction in its quarterly dividend from $.62 ($2.48 annual) a share to $.42. This was the first-ever dividend cut for a healthy utility, so the company did its best to explain to investors why it had taken such an unusual step. Table 1. ----------------------------------------------------------------------------------------- Year Dividend Earnings Dividend Dividend Earnings Dividend Dividend per share per share payout ratio payout (%) per share payout payout (%) before ratio extraordi- nary items ----------------------------------------------------------------------------------------- 1993 2.47 2.30 1.07 107.39 2.76 0.89 89.49 1992 2.43 2.65 0.92 91.70 2.65 0.92 91.70 1991 2.39 1.48 1.61 161.49 2.66 0.90 89.85 1990 2.34 (2.86) (0.82) (81.82) 2.64 0.89 88.64 1989 2.26 3.12 0.72 72.44 2.99 0.76 75.59 1988 2.18 3.42 0.64 63.74 3.12 0.70 69.87 1987 2.10 3.10 0.68 67.74 2.69 0.78 78.07 1986 2.02 2.90 0.70 69.66 2.90 0.70 69.66 1985 1.94 3.11 0.62 62.38 3.11 0.62 62.38 1984 1.77 2.62 0.68 67.56 2.65 0.67 66.79 Mean 68.23 78.20 ----------------------------------------------------------------------------------------- Analysing dividend policy of FPL Group we could track some major steps, which leads company to that decision. From table 1, the number shows that FPL has paid very high dividend comparing to the earnings. Dividend has been increased every year. Furthermore, from the record, this company has a 47 years history of dividend increases. We can see that in 1990 dividend payout ratio was increased sharply compare to the previous years. Also, we can see that FPL had a loss in 1990, but the company still increased dividend. Furthermore, in 1991 to 1993 dividend payout ratio was significantly high when compare to the historical data. These sharp changes ... ...pected in a rational market, within a month of the announcement, the stock price had more than recovered it's initial loss. Bibliography: 1. M.H. Miller and K. Rock, "Dividend Policy Under Asymmetric Information," Journal of Finance, 40:1031-1052 (September 1985). 2. J. Lintner: "Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes," American Economic Review, 46:97-113(May1956). 3. P. Healy and K. Palepu, "Earnings Information Conveyed by Dividend Initiations and Omissions," Journal of Financial Economics 21 (1988), pp149-175. 4. R. Comment and G. Jarrell, "The Relative Signaling Power of Dutch-Auction and Fixed Price Self-Tender Offers and Open Market Share Repurchases," Journal of Finance 46 (September 1991), pp 1243-1271. 5. S.C. Myers, "The Capital Structure Puzzle," Journal of Finance 39 (July 1984), pp 581-582. 6. M.H. Miller and F. Modigliani: "Dividend Policy, Growth and the Valuation of Shares," Journal of Business, 34:411-433 (October 1961). 7. R.A. Brealey and S.C. Myers, Principles of Corporate Finance, 6th Edition, Irwin McGraw-Hill, Chapter 16.

Partnership Essay

Q-1Define Partnership and explain the features of Partnership? Ans. A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it â€Å"passes through† any profits or losses to its partners. Each partner includes his or her share of the partnership’s income or loss on his or her tax return. Partners are not employees and should not be issued a Form W-2. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partners by the date Form 1065 is required to be filed, including extensions. If you are a partnership or a partner (individual) in a partnership, use the information in the charts below to help you determine som e of the forms that you may be required to file. a)The main features of partnership are given below: 1.Agreement There must be agreement between the parties concerned. This is the most important characteristics of partnership. Without agreement partnership cannot be formed. â€Å"No agreement no partnership.† But only competent persons are entitled to make a contract. There are some provisions contained in the partnership agreement. These are determined clearly before the commencement of business. But it differs from business to business. This documents may be written or oral. But it must be written so that disputes may be settled according to the provisions of agreement. 2.Number of Partnership There should be more than one person to form a partnership. But there is restriction for the maximum number of partners. In case of ordinary business, the partners must not exceed 20 and in case of banking must not exceed 10 (before nationalization). 3.Business The object of the formation of partnership is to carryon any type of business. It may be manufacturing or merchandise type small or large scale business. But it should not be illegal business in the country concerned. 4.Profit motive The basic motive of the formation of partnership is to earn profit. This profit is distributed among the partners according to agreed proportion. If there is loss it will be sustained by all partners except the minor. 5.Conduct of Business The business of partnership is conducated by all the partners or any or them acting for all. But each partner is allowed to participate in the management by law. 6.Entity It has no separate entity apart from its members. It is not independent of the partners. Law has not granted it any legal entity. 7.Unlimited liability This is the prominent feature of partnership that the liability of each partner is not limited to the amount invested but his private property is also liable to pay the business obligations. 8.Investment Each partner contributes his share in the capital according to the agreement. Some persons become partners without investing any capital to the business. But they devote their time, energy and ability to their business instead of capital and receive profit. 9.Transferability of share There is restriction to transfer the share from one partner to another person without the consent of existing partners. So the investment in the partnership remains confined into few hands. 10.Position One partner is an agent as well as principal to other partner. He can bind the other person by his act. In the position of an agent he can make contract with another person or parties on behalf of his concerned firm. 11.Mutual Confidence The business of the partnership cannot be conducted successfully without the element of mutual confidence and cooperation of partners. So the members must have trust and confidence in each other. 12.Free Operation There are no strict rules and regulations to control the partnership activities in our country i.e. no restriction for the audit of accounts, submission of various reports and other copies to any government authority. So this organization may operate freely without any interference. Q-2Explain the advantages and disadvantages of Partnership? Ans.The main advantages and disadvantages can be explained as: – a) Advantages of Partnership Partnership is preferred to other forms of business due to the following advantageous points. 1.Ease of Organization Partnership can be organized without any legal formalities. There is no license fee, registration fee, registration fee for the formation of this type of organization. No formal documents are required to be submitted to the Registrar’s Office. Two or more persons may start this type of business at any time. But the formation of the Joint Stock Company is needed long complicated process. 2.Sufficient Capital In the sole proprietorship the capital remains limited but this problem does not arise in the partnership firm due to number of partners i.e. 20 in ordinary business and 10 banking business. As such partner contributes his share in the business so capital volume can be sufficiently increased for business activities. 3.Borrowing Facilities The partnership firm is considered safe organization for providing credit facilities due to unlimited liability of partners. Thus sufficient funds in terms of credit can be: procured from financial institutions or other sources in time of need. 4.Simplicity in Dissolution There are no complicated legal requirements for the dissolution of the partnership firm. Partners may dissolve their business very easily at any time. On the other side, Joint Stock Company cannot be dissolved without fulfillment of the long process of the company ordinance 1984. 5.Combined Abilities A firm may enjoy the combined abilities of several heads. There may be different abilities of partners i.e. purchaser, administrator, accountant and Technician. So the firm is in a position to utilize their services for product1ve purposes. 6.Skilled Workers As the firm enjoys larger financial sources therefore, it is possible for the organization to hire the services of qualified and competent persons for indefinite period of time. Thus capital and financial sources of firm may be utilized maximum in profitable sector. 7.Minority Protection Minority protection in a partnership cannot be neglected by law. All the policy matters are decided with the consent of each partner. If any matter is disposed of without the willingness of one partner, the dis-agreement partner may withdraw his share and may dissolve the firm. Thus there is no risk of any conspiracy against the minority partners on behalf of the majority partners. 8.Personal Interest The partnership firm is in a better position in respect of personal element as compared with Joint Stock Company. As number of members in ordinary business cannot exceed 20, so all the benefit is confined among these partners. This factor creates the effective motivation to efficiency, economy, production and strong financial position. 9.Minimum Legal Restrictions This form of organization is fee from following restrictions: (a)Declaration of Profit. (b)Submission of the Report to the Registrar’s office. (c)To audit the annual accounts. (d)To call the meeting. (e)To dispose of the Resolution. (f)To maintain the statutory books. (g)To publish certain statements. On the other hand, public company has to follow strictly the above mentioned restrictions by law. But partnership may operate freely without interference from any legal authority. 10.Public Trust People show more confidence on partnership firm than sole tradership. If firm is registered they think .these are working under the supervision of the government. So people feel no risk in creating relation with such business. Thus goodwill is established in the market which increases the income earning capacity of the firm. 11.Expansion of Business There are more chances to expand the business volume due to the following factors: (a)Large number of partners. (b)Combine judgment and abilities. (c)Personal interest of each partner. (d)Fore-sight element due to unlimited liability. (e)Administrative and technical abilities. (f)Borrowing facilities. But some important factor are not found in sole tradership. So its business cannot be expanded comparatively. 12.Flexible Management This organization is considered flexible as compared with Joint Stock Company. Partners can change their business policy with mutual consultation. They thus make immediate decision, since there is no necessity of disposing of resolution. The quickness of action is the most important element in the field of management as well as in marketing. 13.Secrecy As there is no compulsion to publish its accounts for partnership firm so the business secrecy remains confined within the partners. This sector is important for successful operation of the business. But Public Company has to publish all types of accounts by law. 14.Moral Promotion Partnership is the best organization for small investors and to show themselves the proprietors of the firm. This factor promotes the moral courage of partners.

Treatment Of Substance Abuse Treatment Facilities

History Historically, substance abuse issues were thought of as a male problem (Bride 2011). Treatment center programs, methods and models are constructed around the male psychological needs rather than mix-gender needs. Literature shows that 12-step programs, therapy, individual counseling, group therapy and many other models provide to the increase in success stories however there is a lack in research focusing on the needs of the gender individual (Marsh, Cao, Shin 2009). Substance abuse treatment facilities have utilized very similar models of treatment throughout history with very little change in the programs. Throughout the years, many more facilities have implemented different gender specific treatment programs but very little research has been conducted on these programs. Comparing men and women in relation to their specific needs found that women typically report more psychiatric symptoms, more depression and anxiety, lower self esteem and much higher rates of childhood se xual abuse than men (Bride 2011). Many studies show that treatment is more effective when tailored to meet specific client needs. According to Marsh, Cao, and Shin (2009) substance abuse treatment is more effective when health, mental health, parenting, vocational, housing and legal issues are addressed. Women in treatment programs express more concern about specific needs although the program itself is specific towards male needs. The reoccurring issue in substance abuse treatment historyShow MoreRelatedA Substance Abuse Treatment Facility1606 Words   |  7 PagesNon-Discrimination As a substance abuse treatment facility we are required to protect the fundamental human, civil, constitutional and statutory rights of each client receiving services with us. In accordance with Federal Law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, creed, color, religion, gender, national origin, age, or disability. Bannock Youth Foundation supports and welcomes opportunities to define the special, uniqueRead MoreSubstance Abuse Affects An Estimated 25 Million Americans895 Words   |  4 PagesSubstance abuse affects an estimated 25 million Americans. This includes the individual abusing the substance, as well as others that are indirectly affected by the substance abuse, such as: friends and family of the abuser as well as people injured or killed in accidents related to substance abuse impairment. There are 16 million adults that are considered alcoholics (heavy drinkers) and almost 300,000 people under th e age 18 (Mental Health America, 2015). Alcoholism relapses are common. AfterRead MoreDrug Abuse And Substance Abuse Essay1451 Words   |  6 PagesAbstract Approximately eighty percent of the inmates in correctional facilities have problems related to substance abuse. The number of male inmates has increased considerably in the recent years mainly due to a high number arrests and prosecutions that are drug related. Many correctional facilities offer educational and treatment interventions to help them. However, significant gaps remain.The Justice’s Arrestee Drug Abuse Monitoring program in the U.S tracks prevalence trends and the type of drugsRead MoreThe Abuse Affects An Estimated 25 Million Americans844 Words   |  4 PageslSubstance abuse affects an estimated 25 million Americans. This includes the individual abusing the substance as well as others that are indirectly affected by the substance abuse, such as: friends and family of the abuser as well as people injured or killed in accidents related to substance abuse impairment. There are 16 million adults who are considered alcoholics (heavy drinkers) and almost 300,000 peop le under the age 18 (Mental Health America, 2015). Alcoholism relapse is common. After completingRead MoreA Report On Substance Abuse Treatment Essay893 Words   |  4 Pagesexplains substance abuse treatment which our company SAFE Foundation OP Detoxification and Substance Abuse Treatment Centre treat and educate individuals daily. The Brownsville community is associated with our facility which includes specialized treatment for our patients. Our effective treatment programs focuses on adult and youth, include several different types of interventions simultaneously, and provide intensive treatment. This proposal concludes with comments on improving substance abuse patientsRead MoreTransitional Housing For Incarcerated Addicts : Analysis1092 Words   |  5 Pagesin the forensic substance abuse population. I currently live in Mercer County, Pennsylvania, which is a rural county that has extremely limited resources. Within the whole county, there is not a single inpatient residential drug and alcohol treatment facility, and only 2 li censed drug and alcohol outpatient treatment centers, as well as 2 methadone clinics. While treatment is highly important, my intervention plan focuses on the crucial time post-release from prison and/or treatment, where vulnerabilityRead MoreMental Illness Of The Mentally Ill On Deinstitutionalization1514 Words   |  7 PagesMental illness in America has become an increasingly popular topic of discussion. Rather than being placed in hospitals for treatment, mentally ill individuals are being placed into correctional facilities for their actions. Persons with serious mental illness (SMI) such as bi-polar disorder, severe depression, schizophrenia and etc. have trouble within society. Many lack income and stable living arrangements to be able to succeed in the community. Side effects of their illness can enable them toRead MoreThe Substance Abuse Social Worker1052 Words   |  5 PagesThe Substance Abuse Social Worker Social workers have long worked with people who abuse substances, beginning in the 1800’s with sobriety houses and inebriate asylums, to settlement houses in the profession’s beginnings to developing self-help, consumer-driven programs, designing inpatient detoxification programs, and to applying youth-oriented prevention and education programs. As an addictions counselor, the social worker is a part of a specialized profession that began with the wounded healerRead MoreIllegal Substance Abuse And Addiction1196 Words   |  5 PagesIllegal substance abuse and addiction can have far-reaching negative impacts that affect not only the people who abuse drugs but also their friends, family members, the community, and government resources. Substance abuse can lead to domestic violence, child abuse, suicide, crime, automobile accidents, sexually transmitted diseases, HIV/AIDS, and unwanted pregnancy. A particular area of concern of drug use and abuse is the impact of methamphetamine (meth) labs on public safety and the environmentRead MoreOur Traditional Criminal Justice System957 Words   |  4 Pagesthese issues would be to have more certified substance abuse counselors. Other key factors would be to work on strategies, have key components in place, key partnerships to make the goals attainable, and above all to help the offender/clients (http://www.ncpc.org/topics/drug-abuse/strategies/strategy-substance-abuse-counseling-in-correctional-facilities). I feel that there should be more private and state run facilities that have certified substance abuse counselors. I have three younger sisters

The English Civil War - Free Essay Example

Sample details Pages: 1 Words: 402 Downloads: 2 Date added: 2019/05/18 Category History Essay Level High school Tags: Civil War Essay War Essay Did you like this example? The English Civil War although singular in name is resulted in three different consecutive conflicts. The first being the first war fought during the years of (1642-1646) between the roundheads which the parliamentarians and the cavaliers which represented the royalist. The second conflict only came a year after the first lasting itself only a year from (1648-1649). Don’t waste time! Our writers will create an original "The English Civil War" essay for you Create order While the third and final conflict resulted in a two-year stent from (1649-1651) where the parliamentarians came represented out with a victory at the battel of Worcester. Breaking these three conflicts down under the umbrella of the English civil war is going to be the focus of this paper. In order to better understand these wars, one must start with the beginning. How and why did the civil war happen? Secondly, exploring who the major players and characters are in this war? Lastly, concluding the civil war and its aftermath. With almost any war, war starts with two different parties in disagreement and in case of England at the time it was the disagreement of many things starting with Charles I. Charles the I between 1629 and 1640 ruled England without parliament. Charles terminated them because of the offering of the petition of rights. This demanded that at no freeman should be forced to pay any tax, loan, or benevolence, unless in accordance with an act of parliament; that no freeman should be imprisoned contrary to the laws of the land; that soldiers and sailors should not be billeted on private persons; commissions to punish soldiers and sailors by martial law should be abolished (Morris). Charles although passing the petition disliked it because of his believe in divine right of kings. This belief can be summed up as the belief that a king was a god gave the notion that he was of divine decent (Figgins 18). Meaning, Charles felt as if he could do what he wanted because of this belief, if he was wrong then God was wrong and how can God be wrong? Therefore, he disassembled parliament and started the personal rule. During this eleven-year period he applied plans without having to respond to anyone. Among these plans where controversy religious restructurings. William lord his arch bishop gave him advise to change out alters and genuflect while receiving the sacrament among other things. To the protestants this looked a lot like Catholicism and people started to talk whether he was being influenced by queen Maria.

Immigration During the Industrial Revolution - 822 Words

Immigration during the Industrial Revolution Immigration was a huge part of the industrial revolution, some migrated legal, some illegal. Either way, many immigrants came to the United States searching for a dream, the American dream to be precise. This leads to the question; Why did people immigrate to America? There can be many answers to this question, but some of the most important answers are: political, others economic, while yet others religious, whatever the case was, the United States became a mix of different cultures. However, the main reason for immigration was because of the â€Å"Industrial Revolution† Industrial Revolution is basically the changes in industry from the 18th century to the 19th century that started in Britain†¦show more content†¦The outcome of this farming change was higher access of food. The enclosure Movement also forced people into Industrial Revolution for example; farmers who worked in the farming industry where replaced by farming machines and where left homeless forced to f ind new jobs in the industrial revolution. Big business was also a change that created Mass Production. Mass Production shifted people from production at home, to production in large factories in cities. Mass production also allowed for lower prices on the good produced. In 1892, the government made an immigration station on Ellis Island, in a bay between New York and Jersey City, New Jersey. Every day, hundreds or even thousands of people arrived by boat and pass through inspections as they arrived, potential immigrants were escorted through a quick health exam. As immigrants climbed up a set of stairs, officials watched for symptoms of illnesses, heavy breathing, and signs of mental disturbances. These were indications that the person might not be able to find or maintain a job. Doctors then gave a six second physical and checked for diseases, including a contagious eye infection called trachoma. Sick people were sent to a hospital on Ellis Island to be treated, and escorted through the same immigration process again. After the physical checkup, potential immigrants were asked a series of questions by immigration inspectors. Life as an immigrant in the U.S was not all that great. First, they had to learn EnglishShow MoreRelatedImmigration Policy And Its Impact On America882 Words   |  4 Pagespermanently settling in America, the immigration policy has affected all aspects of society in terms of growth and development of economy, societal issues, and national security. As the immigration policy is a broad topic among senators, it needs to be prioritize for it to be better understood. In doing so will improve the immigration policy and grasp the significance of its impact in America. Many of the values that brings America together as a nation, is due to immigration. America is a melting pot ofRead MoreEssay on Nothing Like It in the World by Stephen E. Ambrose1210 Words   |  5 Pagesthe construction activities. These are immigration and race relationship. This paper aims at describing the relationship between the two themes as described in Ambrose’s book and the American history during that time. It also looks into how the themes relate to the modern times. In the book, immigration is indispensably linked to the construction of the transcontinental railroad. For instance, Ambrose writes that the intense need of manual laborers during the railroad construction attracted immigrantsRead MoreIndustrial Revolutions During Europe During The Industrial Revolution1298 Words   |  6 PagesIndustrial Revolution in Europe Before the industrial revolution, Europe was mostly dominated by farmers but as the industrial revolution progressed this changed dramatically. Industrial revolution had a significant impact in the process by making new demands that shaped the way of life through increased competition and technological innovation. Generally, it was a historical period that sparked in a stroke a number numerous changes in the economic, social and political dimensions. It is consideredRead MoreThe American Industrial Revolution During The 19th Century1290 Words   |  6 Pages The American Industrial Revolution began in the 1700’s and ended in the 1800’s. Most people believe that the American Industrial Revolution began when Samuel Slater brought technology from Britain to America. This technology allowed America to use manufacturing to quicken production. Industrial items such as the sewing machine, river boats, trains, telegraph, and mills allowed for growth in the United Stat es. Immigrants from other countries gave the industrial growth enough workers to allowRead MoreWhat Really Happened During The Industrial Revolution By: Brianna Taylor Would you like to work1300 Words   |  6 Pages What Really Happened During The Industrial Revolution By: Brianna Taylor Would you like to work fourteen hours a day, six days a week, for little to no pay? While this might seem unreal to us now, this is what working Americans during the time of the Industrial Revolution endured. Not only was it adults working, it was also children as young as three. Now you look at it and think what could a three year old have done? When people running factories just saw it as smaller hands to do thingsRead MoreImmigration And Its Impact On America Essay1239 Words   |  5 PagesFor hundreds of years, immigration has been the engine to social and economic progress. The social mobility of populations has always existed and will never cease. It all began with the persecution of religious groups, escaping tyrants, looking for freedom and peace. It started as a movement of religious freedom, but quickly transformed into a quest for political freedom and democracy, which even today constitutes a model for other nations. In that sense, every immigrant that set foot on th e AmericanRead MoreApush Sectionalism770 Words   |  4 Pagesregions was the US divided into during this time period? †¢ North: Consisted of two main pieces o The Northeast: New England and Mid-Atlantic states o The Old Northwest: Ohio to Minnesota †¢ South: States that permitted slavery †¢ West: West of the Mississippi, eventually stretching to California What do you need to know about the industrial northeast? †¢ Good transportation †¢ Plentiful manufacturing labor from immigration †¢ Economy based on commercialRead MoreApush Unit 9 Frq857 Words   |  4 PagesTWO of the following on the American industrial worker between 1865 and 1900. The industrial revolution had been made known all over the world, causing huge waves of immigrants to crash into urban cities of the United States. Because of this, many factories sprang up and a typical American industrial worker had to face problems because of immigration and also labor unions, which were created in order to protect factory workers from unfair bosses. Immigration was seen as a pro for business and factoryRead MoreThe 19th Century : The Nineteenth Century1333 Words   |  6 Pagesearly forms of intermediate sanctions were de facto orphanages, the repercussions of which will be discussed later. Economic The early 19th century saw an economic shift from an agricultural to an urban base with the dawn of the American industrial revolution (Kelly, M., 2017). As industry increased in the growing urban centers there was a need for cheap labor, and since federal child labor laws were not implemented until 1916, orphanages became a primary source of forced labor (Clark-Bennett, RRead MoreIndustrial Revolution And The Industrial Age984 Words   |  4 PagesThe Industrial Revolution affected all aspects of American life, and it provoked more changes than just those in the factories. How one experienced the Industrial Revolution depended on where one lived. By 1900, more than a third of America’s people lived in cities, and city populations were growing twice as fast as the population as a whole. Between 1870 and 1920, the number of Americans living in cities increased fivefold, from 10 million to 54 million. Most of the massive industries of the Industrial

Critical Analysis of Hills Like White Elephants free essay sample

Mikhail Shimonov Professor Kaufman March 28, 2011 Critical Analysis of Hills like White Elephants At first glance, Hills like White Elephants by Ernest Hemingway, may allude to many interpretations, however, the short story has a clear purpose. Set in the Ebro River valley in Spain, the story looms around the issue brought forth by Jig and the American, who is nameless throughout the whole story. The issue here being the ‘simple operation’ that Jig is about to undergo which happens to be an abortion.Set in the early 1920s, the idea of abortion is as irrational and controversial as today’s ongoing debate over gay marriage. Although the term abortion is never used in the story, the imagery Hemingway uses along with the language and behavior of the characters gives way for one explanation – Jig is getting an abortion. Of the many symbols Hemingway uses, the theme of abortion is evident in the white elephant hills that have the â€Å"coloring of †¦ skin through the trees† (Hemingway, 1). The white hills, as described in the setting, parallels a pregnant woman lying on her back with the hills being relative to the womb. In addition, the white color of the hills would represent the purity of the unborn child the woman bears. Furthermore, the fields of grain and trees along the river would represent the fertility that the woman embodies throughout the story. Her body being the fertile land on which the white hills were. The trees along the hills being the distorting factor of her mindset on going through with the abortion as the American persist throughout the story.The longer they talk about it, the more it becomes apparent to the reader that the girl is becoming increasingly agitated with the conversation and how easy the American is making the operation to be. During the conversation of the American and the woman, the man is constantly pressing Jig to acknowledge that the operation is simple and is only â€Å"to let the air in† (2). These remarks play on the theme giving the implication of abortion and its primitive beginnings in the early 1900s.As the story progresses, the woman’s understanding and eventual opinion is swayed back and forth with her thoughts on whether she should focus on keeping the American happy or maintain a self-interest as the American continues pressing for the operation. During the story, however, the American states to the woman â€Å"if you don’t want to you don’t have to. I wouldn’t have you do it if you didn’t want to†, nevertheless, he eventually concludes with â€Å"But I know it’s perfectly simple† (2).The conclusion to his statement gives the reader a sense that the American, although nice and caring, he is simply taking into account how his li fe would come to an immediate halt after the baby is born. It is clear from â€Å"the bags against the wall of the station †¦ [with] labels on them from all the hotels where they had spent nights† that they both liked to travel, drink, and enjoy themselves – the life of a young couple (3). However, it is makes clear sense as to why the American would want to push for the abortion now even more so knowing that he enjoys his current lifestyle.This is essentially his goal and his motive for persuading her go through with the abortion, and her being naive and simplistic, she would be swayed easy by his words, so long as â€Å"he is happy† as she states countlessly throughout their conversation (2). As stated in the beginning of the story, he has already sacrificed much for her: the constant anxiety with having the child, and his goal to enjoy a drink of absinthe, which supposedly tastes like licorice (1-3). Towards the end of the story, her options begin to narrow to only two: either have the abortion or live with the child.This is foreshadowed perfectly in the beginning of the short story with the station being â€Å"between two lines of rails in the sun† – one directing towards childbirth, while the other track guiding to abort (1). Confronted with two conclusions with a man pushing for you to take one over the other allows for a climactic ending – one that is not revealed. Consequently, one can also say that she was leaning in the Americans cause for she was drinking alcohol – a known derivative of an unhealthy child – a child resembling the â€Å"shadow of a cloud moving across the field of grain† (2). Ultimately, Hills like White Elephants has very clear descriptions referring to whether the story is about abortion or not. From the various implications as to the seriousness of their problem to how the symbols provided in the story all relate to purity and fertility. Based on Jig’s hard decision to choose, one can see how the character of Jig can be very pregnant and truly affected by the operation that is claimed to be simple by the American.The American, pushing her because he has an incentive – his old life, does not want to change the mood of his life. The drinking, the travelling, the sightseeing – all gone if she chooses to stay with the child. Although the term abortion is never stated, Hemingway could have chosen to omit the word to create a stronger story, increasing hostility amongst readers. Works Cited Hemingway, Ernest. Hills Like White Elephants. Scribd. Web. 28 Mar. 2011. http://www. scribd. com/doc/94569/Hills-Like-White-Elephants.

Financial Statement Analysis Profitability Ratios

Question: Describe about the Financial Statement Analysis? Answer: Total Assets The total assets of the company have been stable over the years. It has been in the range of 135000 million USD, over the 5 years range with +/- 10%. This indicates a strong network and control over the assets. Year 2013 has shown the highest figure in 4 years period. Asset Structure Looking at the asset structure of the company it can be said that it has maintained a strong asset structure, with majority of the investment (More than 80%) in Non Current Assets. Of this Goodwill forms 50% of the Total Non-Current Assets, and has been rising due to the growing popularity of the company. However investment in cash has been too low and for the years 2011 and 2010, the same was exceptionally low. The same needs to be ensured to be kept at optimum levels so as to ensure a proper liquidity position. Liability and Equity Growth The Liability growth has been in a abnormal trend. Initially the same was falling indicating a good signal. However, in the year 2013 it has increased a lot as compared to other years. Hence the same must be controlled. Similar trend was seen in Equity Growth as well. In the term of 5 years it was the lowest in 2010. As regards the retained earnings are concerned the same is increasing in a very steady manner over the years, and in the 5 year period the same has grown substantially. The same has grown from $ 57,309 m to $ 80,197 m in this period. This is the result of the exception profitable performance of the company. Income Statement Net Sales The sales of the company are growing in a reasonable fashion. In all the years of the period under review the same is growing and has been in a steady fashion. Cost of Goods The cost of goods sold of the company are reasonably low. This is the reason for the strong financial position and the good profitability of the concern. It has been at around 50% of the sales. Gross Profits Since the Cost of Goods Sold has been low, the Gross Profit has also been very high and has been at around 50% of the sales. For some years the GP was more than 50% as well. General Expenses The other general expenses of the company has also been quite stable over the period under review. It has been at 50% of the Gross profit and most importantly it is under control and has been maintained at that level. EBT Income before taxes have been quite good. It is more than 15% for all the years. It was however, seen that in 2012 the same has fallen. However, for the year 2013 the company reviewed and it has been made at a good levels. Net Income considering the net income levels the company has not been much good in this year. Over the years this figure has shown to be falling as compared to the sales. This is a serious matter to be considered by the management and before making any investment decision. Share Outstanding The share outstanding has also remained in somewhat stable manner, indicating that not many issues have been made in shares arena. Depreciation and Amortisation The depreciation and amortization expenses of the company are not in a single trend. For some of the years the same has fallen while in some it has been in huge levels. In 2013 it was however at a much low levels. Taxes Looking at the figures it can be seen that the tax expenses of the company are falling over the period. It is a very good indication of profitability, as in a way the unproductive expenses are reducing and the company is retaining the maximum for its own growth and development. Cash Flow Statement Net Cash from Operating Activities The cash flows from operating activities has been in a line. It has been at around $ 14000 m. The year 2010 had shown exception results and in that year the cash flow was the highest. Net Cash from Investing Activities No trend can be fitted to this item of the company financial statement. However, there is one similarity that in all the years under the review the same has been in the investment arena, and has been negative. The year 2010 had lowest investment figures while in 2013 there was exceptional and was highest. Net Cash from Financial Activities The cash flow form Financial Activities have been negative. This has remained so for all the years. This indicates that the capital has been liquidating and the company is able to repay its debts. In the year 2010 this repayment was maximum and in 2013 the lowest. Net Change in Cash Net changes in cash have been fluctuating. In 2010 there was a negative cash flow while in all the other years the same was some-what of a profitable nature. Free Cash Flow The overall free cash flows have been positive with the year 2010 being the highest generating year. Ratio Liquidity Ratio Current ratio For the years under the review the company has maintained the current ratio at around 0.8 level. However, this low level of Current Ratio is a signal of poor profitability. A current ratio of 2 is ideal. This low ratio can create liquidity crisis. Quick ratio The quick ratio has also been at around 0.4-0.5. This low figures, i.e. lower than 1 can be a matter of concern in the years to come. Asset Management Ratio Days Sales Outstanding (DSO) The average sale outstanding days has been around 28 days. Considering the industry average the same is ok , and is an indication of better management of receivables. Fixed Asset Turnover This ratio has been maintained at 4 steadily showing that the company has been utilizing the assets in an optimum manner in all the years. Total Asset Turnover This ratio has also been quite stable and at 0.60. However considering the industry trend it seems to be a bit low, and must be at around 0.8 Inventory Turnover This ratio has been at around 6 times, indicating that the company is revolving its inventory in an optimum manner and is not piling up much stock. This indicates good inventory management at the company. Debt Management Ratios Debt Ratio The Debt ratio of the concern is considerably low and it has also been discussed earlier that the company has a primary focus on equity component more than the debt. Times Interest Earned The number of times interest earned has been fluctuating. It has been from 16-25. This is a poor signal of the companys debt management fund. Profitability Ratios Profit Margins The company has been in good profitability and has given profit figures for more than 10% in each year. The same was 16%, and the highest in 2009. From then the ratio is declining. Return on Assets The return on assets has been maintained at around 8%-10%. This shows that the company has optimally utilized the total assets of the concern. Return on Equity The return in equity has been at a quite good ratio, and has been more than 15% for all the years. This indicates that the company is well using the funds of the investor. Other Data Tax rate The effective tax rate of the company has been around 25%. For the year 2011 and 2013 it was near 20%. This is a proper signal and an indication of good fiscal structure of the organization.