Tuesday, July 30, 2019
Color theory
Two more females could also be seen walking away from the flower stall. All the characters in the artwork are seen wearing traditional Malay clothing. The older lady operating the flower stall has a lot of facial expression and she is currently packing a bouquet of flowers together. The younger lady operating the flower stall is sitting on her left with a rattan basket on her lap. There are some flowers in her rattan basket and she is packing them together. The lady customer with a young child is busy choosing the flowers she wants from the basket placed in front of her while the other lady customer is still deciding on what flowers she wants. ) Technical Innovations: This artwork consists of a lot of texture. The canvas itself has a rough surface and oil based paint will leave behind some medium after it was dried. By using oil on canvas, the artist is able to create an artwork which rich in actual texture after it was completed. The artist had also created value in this artwork. Th e characters and objects in the artwork shows value as each Of them have a combination of light and darkness tone on them. The artist had used a combination of different values of the same color when painting the characters and objects.The artist had used a lot of pigmentation in creating this artwork. As a result, this artwork is rich in color. The artist had also minimized the space in this artwork. There is very little distance between the characters and objects in the artwork but the artist had made the characters further away smaller to show that their position is further away. As a result, the artwork gives a very compact yet realistic feeling to its audience. E) Opinion about the artwork I) Subject matters: All the people in this artwork are seen wearing a type of traditional Malay clothing known as the ââ¬ËBaja Koruna.The background also features a lot Of Reese and a dirt track, indicating that there is a high chance that this scene IS located in the countryside rather th an in the more developed cities. In my opinion, the artist is trying to tell us that this is a scene from a Malay village located in the countryside. The main characters of this artwork are the old lady and young lady running their flower stall and the supporting characters would be the few customers at the stall. The background of the artwork is yellowish in color, indicating that the time could be in the evening.In my opinion, the two ladies had set up their stall under a big tree to seek shelter room the hot evening sun as it is uncomfortable and it will cause the flowers to wilt faster. The lives of the people living in this village are simple as they could work as selling flowers by the roadside to support themselves. They are not bound by the rules and regulations normally found in the busy city life as portrayed in the artwork above. There are no local law enforcers to chase them away despite they are trading without a proper premise or license.This scene would not appear in large cities as city councils requires the sellers to obtain an official permit to be displayed at their stall or the city council will end in their people to chase them away or confiscate their goods. The flowers are separated based on their colors and were placed inside baskets to be presented to the customers. The flowers are only available in yellow, orange, red and purple. In my opinion, the variety of flowers available are limited due to it is currently not blossom season. The old lady in the artwork shows a light smile on her face when she is serving her customers.This shows that the people in this village are very polite and friendly towards each other. The old lady is holding a bouquet of flowers on her hand which consists of the red and yellow flowers. It is likely that she is wrapping the flowers chosen by her customer which is the lady with the little girl. Judging by the age of the lady, the young girl is most likely to be her daughter. It is possible that the lady was bringing her daughter out for a walk when they came across this flower stall where they decided to have a look and purchase some fresh flowers to decorate their home.There is a younger lady sitting beside the old lady at the flower store. In my opinion, she may be the daughter or granddaughter of the old lady and she is helping the old lady to run the flower stall. She has a rattan basket on her lap with some lower in it. It is possible that she may be packing the flowers according to the customer's demands. There is also another lady customer in dark red Malay dress. She is looking at the three silver buckets with her hand holding her chin. She may be indecisive on which flower to buy. There are also two Malay women walking away from the flower store.It is possible that they had just bought the flowers from the stall and are walking back to their home. Ii) Values: This artwork consists of the social and economy value. The artist is trying to show his/her audience the social and eco nomic conditions in a rural Malay illegal. Social value could be seen from the individuals in the artwork. The two ladies running the flower stall are dressed neatly but their clothes are plain and lack decorations. This suggests that they are not very rich and have a lower status in the society. The other three customers are wearing the same type of clothes but their clothes are more stylish with added patterns.They are also not working but are shopping for goods. This suggests that they are richer than the ;vow ladies running the flower stall and it is possible that they may from the middle or upper class of the society. However, none of the harassers in the picture showed arrogant attitude towards each other despite being from different social classes. The economic factor could also be seen from the artwork. Selling flowers is one of their local job in order to earn income. The two ladies running the flower stall is trading with their customers. Judging by the simple conditions o f the flower stall, the prices of the flowers should not be too high.The flower stall has a lot of customers. This suggests that the local economy is doing well as people have extra income to be spent on decorative items. A) Artwork 2 b) I) Title of the artwork ââ¬â Koala Kananga Street I) Name of the artist- Ye Amok Sin iii) Media ââ¬â Water Color iv) Date of origin -? Nil This artwork is a scene of a street in town. There are double storey shop lots painted in white along the street. All of the shop lots have their own signboard. There are Chinese and English writings on the signboards. There is a bakery shop at the left side of the picture with a lot of pastry trays stacked up outside the shop.There are also some stalls outside the shop lots. Some of the stalls have huge umbrellas over them but some do not and here are people selling things in the stalls. There are also a few customers looking at he goods on sale at the stalls under the huge umbrellas. There is a Tristan paddled by a man in the middle of the road. A lady is also seen walking alone On the street while carrying some goods in a plastic bag on her hand. This artwork is a blend of a few art elements. One of the elements found inside this artwork is value. The scene in artwork is an opened area and the artist had used value to show the direction of the light.The light source in the picture is on the upper left side of the picture as it is brighter on that side. Shadows of the buildings and people are also pointing towards the opposite erection of the light source. The usage of value had also given the objects in the artwork a 3-dimensional form on a flat piece of paper. The artist had also used space to create an illusion that some objects and people in the artwork are further away. The bakery shop on the left is bigger in size than the row Of shop lots on the right. This gives the audience an illusion that the bakery shop is the nearer and the row of shop lots are further away.The artist had also used the line element in this artwork. The people in the artwork are formed from vertical lines which could be seen from their straight postures. The artwork captures the scene at a very peaceful street called the Koala Kananga Street. The artists main focus on this artwork is the lady walking on the road, the bakery shop and the man selling things in the stall beside the bakery shop. There are shop lots along the street painted in white color. These shop lots contains traditional design elements which is normally found on buildings from the pre-first world war era.In my opinion, these buildings are painted in white color as it is the current trend of the time. People back then may perceive that white buildings look clean and tiny which could help hem attract more customers. There are also a lot of stalls along the street, indicating that it could be in the morning. There is a lady walking alone on the street with a bag of goods on her hand. She is seen in more modern clot hing. In my opinion, it is most possibly that she is a housewife from the medium or upper social class who is out to buy some raw materials needed for preparing dinner.The facial expression of the lady could not be clearly seen as her face is pointing towards the floor. It is possible that her children had gone to school and her husband had gone to ark, leaving her alone when she goes on her daily routine of going out shopping for family supplies. This could be the reason why she looks lonely and bored as she walks down the street. There is also a bakery shop on the left side of the artwork. It is a bakery shop because the ââ¬ËBakery' word is written on the red signboard hanging outside the shop. There is a lot of pastry trays stacked up neatly outside the shop.These pastry trays are used by the bakery to put their finished products and it is possible that they are stacked outside the shop awaiting collection by customers. Judging from the large number of pastry trays outside the shop, his bakery shop is very profitable and is able to sell a lot of their products daily. This bakery store may be very famous or it is possible that the bread and pastries made by this bakery are very delicious. There is a small stall with a man selling things in it beside the bakery. The stall is hid under the shadow of the bakery shop and away from the sunlight.It is possible that the man chooses to place his stall to avoid the hot sun as he does not have a huge umbrella over his stall like the other stalls across the street. The size of his stall is also small and there is a bucket on the store. It is Seibel that he is selling beverages and uses the bucket to contain the beverages he had prepared. He could be earning a lot of money from the sales of his beverages as the weather is hot and shoppers walking along the street would stop at his stall for a drink and rest to refresh themselves. One of the windows on the second floor of the shop lot located opposite the bakery is op ened.This indicates that it is vacancy on the second floor Of the shop lot. It is possible that the family of the shop owner is currently living there. Most of the families of shop owners during that time live on the second lour of their shop to save up from paying additional rent for a house. It is also more convenient for the shop owners as they could run their business on the ground floor while being at home to take care of their families. All the shops have very clear signboards outside each of them and the signboards consists of Chinese and English writing.It is possible that this is a Chinese based community under the British colony. There are no cars and there is only a Tristan in the middle of the road. The number of cars at that time is very less and the Tristan is the main form of transport. The weather is also very hot as the stalls by the road have big umbrella over them to help them avoid the heat from the sun. The artwork consists of social and economy value. The artis t is trying to show his/her audience the social and economic conditions of Chinese community living under the British colony. The social value could be seen from the people in the picture.The lady walking in the middle of the street is wearing modern clothes influenced by western culture as brought by the British. It is possible that she is from a wealthier family as only the wealthy people at the time embraced the western fashion. She also does not go to work but stayed as a housewife. The owner of the small beverage stall is seen wearing more traditional Chinese clothing. He may be from a poorer family compared to the lady walking on the street. The economy value could also be reflected from the artwork. The artwork consists of shops and stalls on the street preparing to conduct business with their customers.This shows that the economic is in good conditions as the businesses are still going on well. A) Artwork 3 b) I) Title of the artwork ââ¬â Penance Hill ii) Name of the art ist ââ¬â Hen Chin Chining iii) Media ââ¬â Oil Pastel iv) Date of origin -2014 This artwork is about the Funicular Train which is located at Penance Hill, Penance. This artwork is designed to look like three stamps from different era consisting of three different designs of the Funicular Train which was updated over time. The three stamps made up a timeline starting from the bottom and each contains design characteristics of the time.The stamp at the bottom represents the Funicular Train in the year 1923. It contains the Funicular Train in its first design and the picture is painted in black and white. There are a lot of trees and bushes in the background. The word ââ¬Ë1 c' is also seen on the top eight corner of the stamp and the year 1 923 was stated at the bottom of the stamp. The stamp in the middle consists of Funicular Train in its updated and more modern second design. There are less bushes and trees in the stamp in the middle compared to the stamp at the bottom.The Stamp in the middle is colored and the word ââ¬ËICC' could be seen on the top right corner. The year 1977 was also stated on the bottom of the stamp. The stamp on the top features the Funicular Train in its latest design. There are even less trees and bushes in the background compared to the stamp in the middle and the clear blue sky are also clearly exposed. There is a ââ¬ËRMI' word on the top right corner of the stamp and it is recorded as the year 201 1 on the bottom part of the stamp. The artist had used different techniques when creating the three stamps in the artwork to give them a distinguished look from each other.The stamp at the bottom is created using the shading technique to replicate the black and white photos commonly found during the year 1923. Value is also shown in the stamp at the bottom as the artist had used different tone of shading when creating it. The stamp in the middle is created entirely from oil pastels and features the less advance drawing techni ques from the year 1977. The stamp also consists of the color value as it contains high color intensity. The stamp on the top is created from a blend of oil pastels and poster color.Oil pastels are used to paint the picture while the sky is finished in poster color to give the clouds a softer feeling. Value and space is utilizes by the artist to give the top stamp a look which resembles a modern photograph from 2011. This artwork is a combination of three smaller artworks in the shape of stamps. The stamps contain of images of different versions of the Funicular Train found at Penance Hill. The images are arranged from the bottom to the pop and the time of each image was included in the image itself by the artist to create timeline of the evolution of the Funicular Train at Penance Hill and the changes to Penance Hill.The images also contain of the characteristics of pictures found on stamps from their era. The stamp at the bottom consists of an image of the first generation Funicul ar Train at Penance Hill. The entire image is black and white in color and resembles the photos found on the stamps from that era because the artist is trying to replicate a stamp from that era. It was also stated as the year 1923 on the bottom part of the image. This is a message from the artist that the first generation of the Funicular Train entered into service at that year.The train is small in size and the design of the train is simple. The size of the train is small as there is no modern technology to design a train which is capable of carrying a heavier load. There are also less people visiting Penance Hill during that time. Therefore, there is no need for a bigger train as it will incur a higher cost to build it. The Funicular Train also has no windows and the train conductor's seat does not even have a door. This reflects that people of the time values function over form and comfort. There are a lot of trees and bushes in the background.The artist is trying to tell the aud ience that the Penance Hill is undeveloped during that time. ââ¬Ë1 c' is also written on the top right corner of the stamp and it represents the value of the stamp. The artist is trying to tell the audience about the economic conditions during that time and 15 cents is all that was required to send a letter. The stamp in the middle consists of an image of the second generation of the Funicular Train at Penance Hill. This image is colored and the drawing style highly resembles drawings found on stamps from that era.The year 977 was stated on the bottom of the image which is the year that the second generation of the Funicular Train entered into service at Penance Hill. The design of this train is more modern and has windows. This shows that the people at the time had started to value comfort and safety. The train is also larger in size and there are less trees and bushes in the background. The artist is trying to tell the audience that the Penance Hill is more developed at that ti me and there are more visitors. Therefore, the train is larger in size to cope with the increased number Of visitors. ââ¬ËICC' is written on the top right ornery of the stamp.This shows that the local economy had bloomed and more money is required to send a letter compared to year 1923. The top stamp represents the latest and current look of the Funicular Train at Penance Hill. This image is more realistic and the drawing style resembles a stamp from the 21st century. The stamp is marked as year 2011 which is also the year the third generation Funicular Train was brought into service. This Funicular Train consists of a high tech-modern design and is larger in size. This shows that people from the 21 SST century seeks not only safety and inform but also speed in their travels.This image features even less bushes and trees than the image in the middle and the sky could be clearly seen. The artist is trying to convey a message saying that even more development had occurred and the t rees are depleting at Penance Hill. ââ¬ËRMI' is written on the top right side of the stamp. This shows that the local economy had experienced a huge increase as even more money is required to send a letter. By comparing the three pictures from different era side by side, the artist could show the development of the local economy and the development of Penance Hill.
Monday, July 29, 2019
Capital Structure Essay Example for Free
Capital Structure Essay Capital structure is how a company finances its overall operations and growth by using funds from equity or debt (Investopedia, 2012). Of course, every company must determine its preference on its debt-to-equity ratio and determine which capital structure works best for them. Some approaches to analyzing capital structure are: 1.EBIT ââ¬â EPS: This analyzes the impact of debt on earnings per share (EPS). Optimizing shareholderââ¬â¢s wealth is the optimum goal and therefore, this approach analyzes the high EPS based on an expected range of earnings before income taxes (EBIT). 2.Valuation: Determines impact of debt use on shareholderââ¬â¢s value by determining the level of debt at which the benefits of increased debt no longer outweigh the increased risks and expenses associated with financing (Wenk, 2012) 3.Cash Flow: Analyzes a firmââ¬â¢s debt capacity by using the weighted average of cost of capital (WACC). The WACC is a calculation of a firmââ¬â¢s cost of capital in which each capital source (bonds, stock and other long-term debt) are proportionally weighted to determine how much interest the company has to pay for every dollar it finances (Investopedia, 2012). Part of Competition Bikesââ¬â¢ (CB) main consideration in the decision to merge or acquire Canadian Biking is working capital. Lets use the EBIT ââ¬â EPS approach to determine how to maximize shareholder return while minimizing the cost of capital. We currently know Canadian Bikingââ¬â¢s moderate sales forecast of EBIT figures for the next 5 years (Year 9 ââ¬â 13), therefore we can apply the EBIT ââ¬â EPS approach to choose an optimal capital structure. The total of capital sources in each of the 5 years is $600,000. We will use EBIT ââ¬â EPS to determine which assortment of bonds*, preferred stock, and common stock is the best option to increase Canadian Bikingââ¬â¢s EPS. The five alternative capital structures include: Option 1: 100% Bonds (fully financed) Option 2: 50% Preferred Stock & 50% Common Stock (no bonds) Option 3: 20% Bonds & 80% Common Stock Option 4: 40% Bonds & 60% Common Stock Option 5: 60% Bonds & 40% Common Stock *Annual bond interest rate is 9% After using the EBIT ââ¬â EPS approach using the forecasted EBIT amounts for Years 9 through 13, we can average the EPS for each of the 5 years to determine which capital structure produced the highest EPS. The EPS averages computed for the capital structure options are: Option 1: Average EPS = .0452 Option 2: Average EPS = .0542 Option 3: Average EPS = .0526 Option 4: Average EPS = .051 Option 5: Average EPS = .0494 Based on the EBIT ââ¬â EPS approach, the recommended capital structure is option 2, ââ¬Å"50% preferred stock & 50% common stockâ⬠. This is the best capital structure mainly because there are two things to consider: 1) long-term debt and associated interest expense and, 2) equity and # of common shares. Option 2 is the best capital structure because there are no bonds and therefore, no interest expense. For example, if we look at option 1 in Year 9, and the bond interest is 9%, then the bond interest expense is $54,000 (.09*600,00). This lowers the income before taxes by $54,000. Although companies can finance debt and use the interest expense deduction to lower their taxable income, it doesnââ¬â¢t make sense for Canadian Bikes to fully finance their capital, because the interest expense costs outweigh the benefit of the tax deduction, resulting in a significant decrease in total income available for common stock. Additionally, because the capital structure consists of 300,000 shares of preferred stock, the company must pay dividends of 5%, reducing the companyââ¬â¢s total income available for common stock by $15,000 (.05 * 300,000). Although this reduces the total income available for common stock, the company will maximize its EPS by only having 50% capital in common stock. This reduces the total number of common shares outstanding, which means less shares to divide the total income among. Therefore, Option 2 is the most optimal capital structure that considers minimizing long-termà debt expenses and the optimal number of common shares in order to maximize shareholder return. Competition Bikesââ¬â¢ is considering building a manufacturing facility in a new Canadian location. The total investment for this project would be $600,000 USD. This consists of $400,000 to build the facility and an additional $200,000 in working capital to support operational costs. The company has projected cash flows over the next five years; therefore we can use cash flow budgeting methods such as net present value (NPV) and Internal Rate of Return (IRR) that consider time value of money for long-term investments (Pearson Education, Inc., 2008). Net present value analyzes the profitability of a project by determining the difference between the present value of the projectââ¬â¢s cash inflows and outflows followed by subtracting the initial investment. (Investopedia, 2012). The decision rule applied to NPV is fairly simple, if the NPV is positive, invest; if the difference is negative, do not invest. Competition Bikes applies NPV to forecasted low and moderate sales for the next 5 years. After using the forecasted sales for low demand, the total present value (after subtracting cash outflows from inflows) is $560,719. If we subtract the initial investment of $600,000 from this amount, the NPV is -$39,281. This is a significant warning that the company should not proceed in building a manufacturing facility. On the other hand, if we use the forecasted sales for moderate demand, the total present value is $608,447. If we subtract the initial investment of $600,000, the NPV is $8,447. Therefore a positive NPV indicates the company should proceed with building the manufacturing facility. The biggest concern is determining which NPV to lean towards based on low or moderate sales. Unfortunately, the risk of having low sales outweighs the profitability benefit of having moderate sales. It is too risky for CB to move forward with the investment based on the NPV of low sales (-$39,281). In order for the company to profit from this investment, CB would need to have a moderate sales demand at minimum! The present value in NPV is calculated using an interest rate, also known as the required rate of return. CBââ¬â¢s required rate of return is 10%. When this interest rate is altered or calculated to make the total present value equal to the initial investment, the NPV becomes equal to zero; this is called the internal rate of return (IRR) (Pearson Education, Inc., 2008). The IRR is what a company can expect to earn from investing in the project and the higher the IRR, the more desirable the investment. The calculated IRR for low demand cash flows is 8.2% and the IRR for moderate demand cash flows is 10.4%. Based on these IRR figures, the company should not pursue the capital investment because the average IRR between both low and moderate sales is 9.3%. This is below the companyââ¬â¢s required return on capital (hurdle rate) of 10% to pursue a capital investment. Again, the company would need to have a moderate sales demand, at minimum for this capital investment to be profitable and should therefore not pursue building a new manufacturing facility. CB must effectively obtain and manage working capital for the expansion of the operation. CB must first look at their operating cycle, cash conversion cycle and free cash flow factors in order to improve production and management of working capital. Letââ¬â¢s discuss the companyââ¬â¢s current status of each of the working capital and cash flow factors and determine how the company can improve in these areas. First, the operating cycle involves CB sending the distributor a monthly invoice for all raw materials ordered with terms of net/30 days. This can be improved by renegotiating the payment terms will distributors to net/15 days. This would increase cash flows by improving payment turn around time and accounts receivable collections. Additionally, the company can improve its relations with its distributers to increase effectiveness of its collection process. Another operating cycle factor is ordering and paying for inventory. Currently, the company pays for inventory in the month following production and all inventory ordered for the month is used leaving inventory levels (at the end of each month) at consistent levels. In orderà to improve working capital the company should utilize and lower its year ending inventory balance. For example, at the end of Year 8, the company had $91,573 worth of inventory left over. The company should utilize the current inventory on hand before ordering similar raw material items. This will decease cash flows and leave fewer inventories on hand at the end of the year. Currently the average time in inventory is 25 days. This is a substantial turnaround time currently, however in the future, the company can consider replacing labor workers with fixed asset items to improve production time. This will satisfy customer demand by decreasing delivery time and improve cash flows by invoicing customers more frequently than 25 days after production. CBââ¬â¢s cash conversion cycle factors also impact working capital. Currently, the CBââ¬â¢s suppliers invoice at the end of the month for orders that month with terms of net/15. CB does an excellent job of preserving its cash flows by paying the invoices on the 15th of the month following the order.. CB can improve its working capital by negotiating for longer payment terms, i.e. net/30 days, allowing for more time for the company to earn money to pay their invoices. If this is not possible, the company can improve its forecasting measurements for ordering supplies and order the majority of the supplies needed for the month at the beginning of the month. This would increase the amount of time the company has sufficient supplies on hand without having to pay more money, (because the suppliers will still invoice for the orders at the end of the month, regardless of how early in the month the supplies were ordered). This can increase working capital because it acts as a contingency plan, to reduce the likelihood of running out of supplies, avoiding delays, or ordering supplies in excess. Free cash flow factors also affect CBââ¬â¢s working capital. Currently, the company recognizes depreciation in both manufacturing overhead and as depreciation expenses depending on the fixed asset. The company can use their depreciation data to increase management of cash flows by predicting when the company will have to spend a significant amount of money to replace an asset when its useful life expires. This will prepare CB for those unwanted ââ¬â although necessary ââ¬â fixed asset costs. Currently theà corporationââ¬â¢s marginal tax rate is 25%. The company can consider obtaining working capital by financing debt. This will leave the company with an interest expense at the end of the year, which is deductible from gross earnings and results in paying lower taxes. After CB improves its working capital, letââ¬â¢s discuss how CB can use its working capital for the lease vs. buy option for a factory building in Canada. CB can use its working capital to cover the $50,000 down payment (or buy out option if they decide to lease) and $200,000 for operational costs of the new factory. According to the data provided for the lease vs. buy option, the lease option will preserve cash outflows of $12,339, (purchase cash outflows are $333,999 and lease cash outflows are $321,660). Therefore, the company should lease the manufacturing facility to preserve cash outflows. Leasing the facility will also allow CB to deduct annual interest payments (6% interest) from the gross earnings to lower their tax payments. This will increase the companyââ¬â¢s net earnings at the end of the year, also resulting in higher retained earnings and increased shareholder value. CB should consider many factors when deciding to merge or acquire Canadian Biking. Letââ¬â¢s analyze the pros and cons between a merge vs. acquisition and determine what the best move would be for CB. First off, if the company were to merge with Canadian Biking, the potential EPS would increase by approximately .021. This shows potential for increased ownership earnings, but is it significant enough? At the same token, the price/earnings ratio for Canadian Bikes at the end of Year 8 was 9 and CBââ¬â¢s was 70. This shows that CBââ¬â¢s current investors are expecting greater earnings in Year 9 and are willing to pay $70 for $1 of current earnings. This is not the case with Canadian Bikingââ¬â¢s investors. Unfortunately a low P/E ratio of 9 indicates that investors are not expecting a significant growth in company earnings. This raises a concern if the merge will result in a potential increase of .021 in EPS. On the other hand, a merge would result in lower costs because CB would not be purchasing Canadian Biking outright. Canadian Biking also has a lower cost competition bike that can decrease production costs and complement CBââ¬â¢s current bike model being offered. This will result inà greater net earnings and cash flows. If the company were to acquire Canadian Bikes, CB can expect a gradual increase in cash inflows over the next 5 years. However, the current offered sales price for Canadian Biking is $286,000; this is 30% more than what the company was valued at, at the end of Year 8. Although CB has enough working capital to make the purchase, it would take 5 years of gradually increasing cash inflows to recoup the price tag of $286,000. This means it could take approximately 5 years, before shareholders saw a significant increase in earnings per share. Based on the pro and cons, CB should merge with Canadian Bikes to lower their production and delivery costs, increase net income, EPS and cash flows, and preserve working capital. The price to acquire Canadian Biking is simply unreasonable based on predicted cash inflows over the next 5 years. The merger will enhance CBââ¬â¢s market position in Canada by having a local distributer to handle all customer orders and provide cost effective and great customer service to the growing Canadian market. References Investopedia. (2012). Capital Structure.
Sunday, July 28, 2019
The Significance of Kafka's The City Coat of Arms Essay
The Significance of Kafka's The City Coat of Arms - Essay Example The essay "The Significance of Kafka's The City Coat of Arms" analyzes a short story "The City Coat of Arms" written by Franza Kafka. It unveils layers of concepts and phenomena. It is unimaginable yet brilliant how such a miniature of the textual piece may have such a broad range of interpretations. The significance of the story ââ¬ËThe City Coat of Armsââ¬â¢ lies in the multitude of phenomena it touches upon ranging from a diversity of human existence to common purpose of living to even larger than life realities, and yet converging the ideas in a simple notion of creation which is the essence of human existence. In other words, the significance of the work of Kafka lies in the connotation and explanation of the idea of creation and further explaining how every individual in this world is indulged in the act of creating something. The idea centers around a diverse array of an issue like how humans are divided along a range of societal and other logistical identities. The stor y touches upon how when this diverse array of individuals are engaged in some common act, there are difficulties and differences, yet the common ground is reached at a point often by virtue of consensus. Also, the story talks about larger than life realities, for instance, the construction of the Tower of Babel is itself an extraordinary idea since its purpose is to reach heaven. This serves an immense philosophical purpose since various arguments about bureaucratic culture can be explained with the help of the ideas propagated in the story.
Hops and fears Essay Example | Topics and Well Written Essays - 750 words
Hops and fears - Essay Example The university life is not very smooth especially to the new learners if someone has never familiarized to such an environment. Every student hopes that a course he or she has chosen is the best that any person will ever dream of and the course will lead him or her to success. When joining the Indiana state university everyone believes that, he or she has chosen the best course that could earn him or her good reputation and fame as a role model in the society. Additionally, most students have faith that, when they finish to study their respective courses, they will a get very good jobs related to their area of study. Saris (49) states that, when choosing their courses, most students focus on the prevailing job market conditions about their respective courses in order to achieve their dreams. No one would choose something that would be a stress to him or her therefore, students hope that their areas of specialization is the least stressing and it will create a room for the student to carry out other activities at ease. Therefore, when creating a transition to the university life, most students have much hopes that will assist them achieve their goals in life. However, it is normal for all human beings to feel uncomfortable when they are trying to coupe up with a new environment for instance, when one first joins the campus. Cox (68) states that, on the first few days in the campus, one wonders if he or she will maintain the same excellent performance he or she had back in high school. Since the education in universities is tougher than in high school and someone is among the top performers from various high schools, the person has the reason to fear the competition. Moreover, the universities assign students to their roommates randomly and this is very worrying since no one knows about the character of his or her fellow roommate. Many questions run in some ones head wondering how he or she will adapt to live with a total stranger and tolerate the strangerââ¬â ¢s character. Additionally, when someone arrives in the campus amid other students he or she is equally frightened how he or she will make new friends with people he or she has never met before. The new students have a hard time in identifying their ne w best friends who they can cope up with and share similar ideas. Seemingly, a very new university despite its good reputation in the society can stress new students who are adapting to the environment. After around a period of eight weeks most students have adapted to the new environment, some change their hopes and fears depending on the peer influence. Depending on the environment, students start changing he or her courses and choosing others after realizing that the course of his or her choice does not offer what he or she expected in life compared to other courses. A student may also change his or her course when he or she finds out that the course is hard to understand and chooses course that was not part of his or her dreams. S ince by this time the student has identified some of his or her trusted friends, the fears in the campus start subsiding because he or she knows that he or she has somewhere to run into when a problem arises. Most students after adapting to the university environment withdraw their fears and they end up shifting their hopes largely because of peer pressure (Saris 50). By the end of first semester in
Saturday, July 27, 2019
Maldistribution of physicians Essay Example | Topics and Well Written Essays - 500 words
Maldistribution of physicians - Essay Example Mal-distribution is defined as an excess or a scarcity of any given physicians needed in safeguarding of health status of any given people at a best possible level (Shi and Singh 85). The paper seeks to define the problem related to mal-distribution and imbalance of specialty in United States concerning physicians and then provide possible solutions to the problem. Mal-distribution of physicians has been a problem. The United States is not spared of this problem. Some parts of the United States have inadequate access to health care (Rosenblatt and Hart 348). The shortage of physicians in the rural setup has been a nagging problem with the country medical care system. It is estimated that close to 20% of the United States population live in rural areas. However, the number of physicians that are in these areas is alarming. As noted, only 9% of the country physicians practice in the rural communities (Rosenblatt and Hart 348). There has been increased supply of physicians. However, rural areas still are far below the current urban supply of physicians. There are various factors likely to have an influence on physicians supply. One of such factors is specialty mix. Specialty is seen as having an influence on physician location choice for various specialty groups (Rosenblatt and Hart 348). In United States, family physicians are seen as distributing themselves based on population. However, other specialties are seen to stay likely in areas with more progress (Rosenblatt and Hart 348). There are various things that can be done to avoid the problems in the health sector. The first crucial thing is to fix the medical education system (Rosenblatt and Hart 350). The change will help in ensuring that there are more physicians in rural areas. The system should be ensured it selects, trains, and deploys more majorities of health workers that choose to work
Friday, July 26, 2019
Agreements in the Package Holiday Industry and Market Opportunities Essay
Agreements in the Package Holiday Industry and Market Opportunities - Essay Example Package holidays are normally organized and structured by tour operators. These are the individuals or groups of people who put together different holiday elements into one package (Ryan, 1989). They then sell these packages directly to members of the public or indirectly through travel agents. Different holiday packages have different costs, depending on how they are structured. A normal package holiday may include the following: â⬠¢ Accommodation â⬠¢ Flights â⬠¢ Meals â⬠¢ Transfers Other elements of a package holiday can include: in-flight tickets, park tickets, ferry crossings and ski passes. Accommodation is normally offered by hotels or hostels in various tourism destinations. Transport is normally offered either by chartered or scheduled flight services. In the package industry, meals are normally offered on a board basis. This means that the tourist is offered meals depending on the type of board he takes up. Different types of board offered by package tour services include: â⬠¢ Room only where there are no meals available â⬠¢ Bed and breakfast where only breakfast is provided â⬠¢ Half board where breakfast and an evening meal are the only meals provided â⬠¢ Full board where the tourists can get three meals in a day: breakfast, lunch and an evening meal â⬠¢ All or fully inclusive which normally includes three meals a day, soft drinks, snacks and locally available alcoholic drinks.
Thursday, July 25, 2019
TRADITION VS MODERNITY Essay Example | Topics and Well Written Essays - 1250 words
TRADITION VS MODERNITY - Essay Example teenth and nineteenth centuries witnessed the lustful desires of the European powers to capture the lands and resources of the weak Asian and African countries for the prosperity of the European nations at the cost of the poor Asian and African subjects. As a result, the cruel Europeans invaded over these regions of the globe in the name of so called exploration, occupied the countries, toppled the governments, enslaved the populations and declared them as their colonies. Though colonial system paved the way towards the development of the colonized countries and showed them the path towards progressive western countries, yet the sense of slavery told upon their minds and nerves, and their generations still have not come out of the same imagination of slavery their ancestors had to undergo severe trials and humiliation in past. Somehow, the colonial era has not gone still from these regions, as the powerful states are still ruling over them through their culture, technological advancements and so called funds and donations. The novel under analysis throws light on the same problems and argues that the main objective before the Europeans was not to bring improvements in the life of the colonized population; on the contrary, they aimed to impose their culture on the subjugated people. The story of the novel revolves around the brilliant and outstanding Senegalese child Samba Diallo, who has been studying in the local Koranic school (called madrassah in local language), where the mentors focus upon religious education including the Holy Qurââ¬â¢an, the Prophetic sayings (i.e. Hadith) and education related to Islamic jurisprudence. Being the part of the African culture, the writer explores how harshly the religious mentors treat the innocent children, where physical torture is the order of the day in almost all Muslim societies. Since religious mentors of this kind have little concern with the spiritual values of Islam as well as no knowledge regarding the modern
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