African Americans in Pop Culture Essay

African Americans have had an extraordinary enduring impact on mainstream society. African American artists, craftsmen, business visionaries, competitors and on-screen characters have all had their state and have truly stood apart inside the previous hardly any years. They’ve likewise developed and not developed in various manners all around from music, to TV, to motion pictures. African American generalizations despite everything exist in all parts of mainstream society, while many are attempting to escape from what crowds accept that is the run of the mill individual of color. African Americans have been battling for and against their own generalizations when they began breaking out into music, at that point fanning out into TV, and becoming wildly successful in the film business. They’ve gone from being the idiotic, uneducated, and oppressed minority of America, and have begun to make themselves increasingly known as pack bangers and hooligans, which are regularly observed as saints in mainstream society. African Americans haven’t just bacome famous or left an impression in just their way of life, however in American culture all around. African Americans have been positively shaping music all from the beginning of time. Many began with the jazz and bebop insubordination during the 1940s and ’50s in Detroit. They came to their meaningful conclusion by attempting to appear as something else. They didn’t need to follow the regular white, swing music models, and that’s precisely what occurred. Bebop wasn’t so standard, and that’s what made it their own. They favored little, extraordinary combos to play rather than enormous named stars in the music business. Detroit was revealing insight into the common laborers individuals of the town and needed to truly make a sound for them. â€Å"The 1940s made a â€Å"afro-modernism,† a reaction to the urbanization, industrialization, and modernization of African American Culture. † Because of their development ahead in music, they additionally made their development in business. Thus rose an amazingly fruitful, dark industrialist undertaking, Motown Records, established by Barry Gordy. Alongside the development in Detroit, the Harlem Renaissance had happened even before extremely popular for jazz and bebop, which brought issues to light to the visual expressions, which prompted significantly more improvements in music. Furthermore, significantly prior toward the start of the twentieth century, blacks were beginning to be acknowledged into acclaimed schools to consider music and they were permitted to join the base of white individuals in ensemble symphonies. During the ’50s, doo-wop and soul music got well known. That’s when legends like Ray Charles rose and made ready for other people. Soul music stayed well known among blacks for long after the pop sounds began to wave through. Before the decade's over and moving into the ’70s, blacks were beginning to hybrid into the ordinary white music patterns. Psychadelic music had gotten mainstream. Jimi Hendrix, along his wah-wah pedal advancement, got one of the most mainstream guitarists during the time. Directly from that point forward, soul had become the well known music operating at a profit network and was beginning to alter African-American music. Soul had proceeded with achievement in prevalence during the ’70s, yet the ’70s likewise brought along an ascent in dark groups. White individuals were tuning in to nation, disco, and a wide range of exciting music, while the African-Americans had their funk, pop, soul, and jazz music that was on an entirely unexpected range from their white partners. The ’70s was likewise when Djs began blending their own beats and playing their funk records how they would have preferred to so they could get their crowd to move. Also, with the beats created by Djs alongside the artists who might peruse their sonnets to those beats, came the rise of hip bounce music. The period of hip bounce music was another upheaval in African American mainstream society.

The Piano Lesson Essays - Film, Arts, Entertainment,

The Piano Lesson Protect Boy Willies Scheme for Buying Sutters Land. In The Piano Lesson, composed by August Wilson, Boy Willie devises a plan for purchasing Sutters land. Kid Willie has one piece of the cash set aside. He will sell the watermelons for the subsequent part. At that point he will sell the piano for a third part. The main discussing issue in Boy Willies plot is the piano. Berniece wouldn't like to sell the piano. This is the main purpose behind a barrier in Boy Willies plot. In this manner, I will safeguard Boy Willies issue of selling the piano and how that frees him regarding his plan for purchasing Sutters land. The main safeguard is the utilization of the piano. In Wilsons epic, Berniece never utilizes the piano, Boy Willie: You cannot do nothing with that piano aside from sit up there and take a gander at it, Berniece, Thats exactly what Im going to do (p.50). The piano is a nostalgic worth (p.51) to Berniece. Her dad kicked the bucket over the piano (p.42-46). Kid Willie contends despite the fact that the piano is of nostalgic worth, Berniece isn't utilizing it. He needs to offer it so as to purchase land, seed, and laborers, which will thusly create a harvest, and something will come out of that (p.51). The subsequent protection is that of uniformity. Kid Willie accepts how someone in particular sees himself figures out what that individual truly is in all actuality (p.92). He additionally accepts that white men have one preferred position over dark men and that is, The hued man cannot fix nothing with the law (p.38). Kid Willie wants to be equivalent to the white man (p.92). Likewise, balance integrates with the above passage wherein Berniece doesn't utilize the piano. Kid Willie will utilize the cash from the piano alongside the benefit from the other two sources and get his property. Acquiring this objective will make him equivalent to the white man (p.92). Kid Willie will never work for anybody other than for himself. The last guard is that of Boy Willies father. Kid Willie respects his dad. He recollects that one key thing about his dad as a kid, I got these large old hands yet what Im going to do with them? He feels that the piano was his dads blessing to him (p.46). Kid Willies granddad didn't have anything to leave Boy Willies father yet Boy Willies feels that his dad left him the piano. He utilizes this in one argumental discussion against Berniece (p.46). Kid Willie unequivocally feels that in the event that his dad had the chance to have his own property, at that point his dad would have sold the piano (p.51, 88, 94). All through the novel Boy Willie and his sister, Berniece, battle over the contention in the selling of the piano. Kid Willie doesnt need to adhere to the standards. He lives however what he accepts is correct and valid (p.38). Kid Willie doesnt need to live unobtrusively and go long with the manner in which everything is. He needs to leave his imprint wherever he goes (p.94). I accept the above passages well protect Boy Willies contentions with the issue with the piano. Everybody, in any case what your identity is, needs to become something else. Everybody has dreams. I realize I do. English Essays

How Supportive-Expressive Therapy Treats Addiction

How Supportive-Expressive Therapy Treats Addiction Addiction Coping and Recovery Methods and Support Print How Supportive-Expressive Therapy Treats Addiction By Elizabeth Hartney, BSc., MSc., MA, PhD Elizabeth Hartney, BSc, MSc, MA, PhD is a psychologist, professor, and Director of the Centre for Health Leadership and Research at Royal Roads University, Canada. Learn about our editorial policy Elizabeth Hartney, BSc., MSc., MA, PhD Medically reviewed by Medically reviewed by Steven Gans, MD on August 05, 2016 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on July 31, 2019 Tom M Johnson/Blend Images/Getty Images More in Addiction Coping and Recovery Methods and Support Overcoming Addiction Personal Stories Alcohol Use Addictive Behaviors Drug Use Nicotine Use Supportive-expressive therapy is an evidence-based, psychodynamic psychotherapy, that is effective in treating more severe substance use disorders. Find out if this form of therapy is right for you with this review of the treatment, including its origins and techniques. Overview Supportive-expressive therapy draws from the psychodynamic orientation, which originated with Freuds psychoanalytic theory, which claimed that psychological problems originated in early childhood. These psychological problems can occur alongside problems associated with substance use and can be treated by becoming more aware of, working through and overcoming unhelpful patterns in relationships. How It Stands Out Supportive-expressive therapy is a manualized and time-limited intervention for individuals with more severe substance use disorders. It focuses on substance use within the context of the person and her relationships with other people. Supportive-expressive therapy is a combination of two main components: supportive techniques to help clients feel comfortable in discussing their personal experiences and expressive techniques to help clients identify and work through interpersonal relationship issues. This is done through working on three areas of focus: the persons emotional experience, for example, through the person identifying and labeling the emotions they have been experiencing; the communication between the therapist and the person receiving treatment; and interpretation of what comes up in therapy sessions. The Goal of the Therapy The goal of supportive-expressive therapy is to help clients achieve mastery over their difficulties, gain self-understanding and practice self-control over substance use problems. It is based on the theory that the development of problematic substance use, as with the development of personality, is influenced by formative life experiences. The therapist and client explore and gain insight into conflicts that developed within the client through early experiences, for example, with parents and caregivers, and how these are represented in current situations and relationships during supportive-expressive therapy. Supportive-expressive therapy is non-directive, which means that the client, not the therapist, decides what is important to focus on, and a typical course of therapy consists of 16 to 30 sessions, which last about an hour each. Supportive-expressive therapy is particularly well suited to clients with severe substance use disorders, including opioid use disorder, which can develop in response to using a drug such as heroin  and cocaine use disorder. Why Supportive-Expressive Therapy Helps Severe Substance Use   Supportive-expressive therapy has been shown by research studies to be more effective in treating severe substance use disorders than drug counseling, and improvements have been found to continue to be present 12 months after completing treatment. In methadone maintenance treatment, the benefits from supportive-expressive therapy included reductions in drug use, need for less methadone and maintenance of treatment gains. Improvements in employment, measured by the number of days worked and wages earned have also been described. In addition, people who receive supportive-expressive therapy show fewer and less severe problems than those receiving drug counseling. It is as effective as cognitive-behavioral therapy. The best outcomes have been found by combining drug counseling and supportive-expressive therapy, especially people with severe co-occurring psychiatric problems. Supportive-expressive therapy has been recognized by the National Institute on Drug Abuse (NIDA) as an evidence-based approach to treating substance use disorders. The 9 Best Online Therapy Programs

Robert Browning’s My Last Duchess and The Bishop Orders...

Dramatic Monologue in Robert Browning’s My Last Duchess and The Bishop Orders His Tomb at Saint Praxed’s Church The general public knows Robert Browning as the writer of â€Å"The Pied Piper† a beloved children’s tale, and the hero of the film The Barrett’s of Wimpole Street. Most recognize him for little else. The literary world recognizes him as one of the most prolific poets of all time. However, his grave in Westminster Abbey stands among the great figures in English history. At his death at age seventy-seven, Robert Browning had produced volumes of poetry. He had risen to the heights of literary greatness. Robert Browning received little acknowledgement for his work until he was in his fifties. â€Å"He had been following a blind†¦show more content†¦Browning wrote a volume of Byronic verse, titled, Incondita, at the age of twelve. He later destroyed it. In 1828, he enrolled at the University of London, but soon left, wanting to study and read at his own pace. In 1833, Browning anonymously published his first major published work, â€Å"Pauline,† and in 1840 he published â€Å"Sordello,† Browning published a series of eight pamphlets titled, Bells and Pomegranates from 1841 to 1845. Although, this work did not win critical esteem or popularity, it did gain the admiration of Elizabeth Barrett, who was a respected and popular poet in her own right. In 1844 she praised Browning in one of her works and received a grateful letter from him in response. They met in 1845, fell madly in love, and ignoring the disapproval of her father eloped to Italy in 1846. Their departure took place as planned on the morning of Sunday, 20, September, Robert and Elizabeth Barrett Browning, their maid Elizabeth Wilson, and their dog Flush, stepped ashore from the Southampton boat at Le Havre. They left behind them a very angry man (Karlin 169). In fact, Mr. Barrett returned Elizabeth’s letters unopened for the rest of her life. Her health improved in Italy and she gave birth to a son in 1849, Robert Wiedermann Barrett Browning. Perhaps, her best-known work, Sonnets to the Portuguese , a volume of poems to her husband was written during their years in Italy. She became ill in 1861, and after only fifteen glorious years together, she diedShow MoreRelated Robert Browning and the Power of the Dramatic Monologue Form1432 Words   |  6 PagesRobert Browning and the Power of the Dramatic Monologue Form The dramatic monologue form, widely used by Victorian poets, allows the writer to engage more directly with his reader by placing him in the role of listener. Robert Browning utilised the form to a famously profound effect, creating a startling aspect to his poetry. In poems such as â€Å"Porphyria’s Lover,† and â€Å"My Last Duchess,† for example, Browning induces a feeling of intimacy by presenting the reader as the ‘confidant’ to theRead MoreTypical Ib A1 Hl English Exam Question2270 Words   |  10 Pagesof the poetry I have studied, as it determines the manner in which the content of the poem is presented. Poets will often use an identified persona to express views which they themselves might disagree with in a negative light, such as in My Last Duchess by Robert Browning. Unidentified personas are often used by poets as well; perhaps to give a more universal application to their poems. Conversely identified personas may understandably be used for the opposite effect of giving the poem a personal

Importance of Language - 1238 Words

Language is defined as any body which can be written, spoken shown or otherwise communicated between people. Thus it is obvious that it is significant in all areas of knowledge, as well as balanced. Making it absolutely necessary in learning. I believe language is the most important out of the four ways of knowing due to its influence on the areas of knowledge. It is also significant in each area because it plays a large role for the basic awareness of each area. The austrian-british philosopher Ludvig Wittgenstein even says that the limits of language are the limits of knowledge. According to Wittgenstein, What can be thought clearly, he says can also be said clearly. Language is the greatest factor on which most of the human†¦show more content†¦It also uses symbols such as the periodic table of elements. In biology, for example, studies how the body determines what traits people are born with through chromosomes. Chromosomes carry messages, a part of language, from two in dividuals who have gone through body communication. Perception, reason, and emotion are not as significant to the learning process in the areas of knowledge. This is different from language, where its significance is shown in all the areas of knowledge. In fact,Show MoreRelatedThe Importance Of Language1026 Words   |  5 PagesLanguage is a â€Å"systematic means of communicating ideas or feelings by the use of conventionalized signs, sounds, gestures, or marks having understood meanings† ( Merriam Webster Dictionary, 2012) . Language is essential for humankind. Without language, civilization that we see today; would be impossible. Our thoughts, our dreams, our prayers, communications; everything is language. Language helps in sharing a person’s knowledge and thoughts with others. If language did not exist, we would have beenRead MoreThe Importance Of The Spanish Language1078 Words   |  5 Pagesover 6909 verbal languages spoken worldwide, not including other meth ods of communication such as sign language. We all use language our daily lives to express feelings, bring across ideas, and to communicate with one another. What makes language so unique is that each one of them comes with their own culture, customs, and significant meaning. Language is so complex that a simple look or gesture can send a faster message then speaking. In a Mexican American household the language of Spanish is anRead MoreImportance Of Indigenous Languages1496 Words   |  6 PagesLanguage is one of the most significant developments of humans. It is one of the few means of communications which enclose a large number of beliefs, values and it is provided paths to see the world in different perceptive. The languages are thought to be in danger when people do not speak their native languages or mother tongue in foreign countries. Mother tongue is a child’s first language and it can be learned since birth. This mother language cannot be used often in foreign count ries. As a resultRead MoreThe Importance of Language and Culture2130 Words   |  9 PagesThe Importance of Language and Culture Diana Everett COM200 Instructor Terrance Frazier April 04, 2011 The Importance of Language and Culture There are two forms of communications--verbal and non-verbal. Nonverbal communication is usually understood as the process of communication through sending and receiving wordless messages. Language is not the only source of communication, there are other means also. Messages can be communicated through gestures and touch, by body language or postureRead MoreThe Importance of Language and Culture3202 Words   |  13 Pages The importance of language is a repeated trend throughout history. The lack of language weighs negatively on an individual’s intellect and the acquisition of language feeds the development of one’s cultural identity. The greatest historical conquest began in the realm of linguistic turmoil. Examples of this are vast in the capturing of American Americans slaves, and injustice towards the Native Americans on the home front. The captured people were taken from a variety of tribes speaking differentRead MoreImportance Of Computer Language1422 Words   |  6 Pages#include (-- removed HTML --) #include (-- removed HTML --) #include (-- removed HTML --) #include (-- removed HTML --) #include TriePrediction.h //Creates/inserts words to my trie TrieNode *createNode() { int i; TrieNode *new = malloc(sizeof(TrieNode)); for (i = 0; i 26; i++) { new-children[i] = NULL; } new-subtrie = NULL; new-count = 0; //new-subtrie-children[i] = NULL //printf(I got here); return new; } //This function goes to the end of the string and checks ifRead MoreForeign Language Importance932 Words   |  4 Pagesmillions of different languages used by people. A language is a form of communication for people and it’s the reason why our own selves are able to understand each other. However, it is also a barrier if we can’t speak the right language. That’s why I consider learning a second language is truly important. Learning a foreign language can become essential to people as it opens up a new world and offers benefits to those who are willing to learn a different language. My first language is Spanish, but onceRead MoreThe Importance Of Language Development934 Words   |  4 PagesAs children grow and develop, they’re developing their language skills. Some children learn to speak and comprehend faster than others. Language development is important because it is the way we communicate and exchange information with others in our everyday lives. I f there are any language delays, issues with communication and relaying of information can occur. There are many different components of language development. Phonology is the use of sounds, semantics is the use of words and word associationsRead MoreImportance Of Human Language726 Words   |  3 PagesLanguage: The Key to Human Intelligence? Language is widely considered to be one of the most important and influential tools that humans use. It is seen by many as one of the defining factors of humanity, the ability to communicate with fellow humans and share ideas. However, there is a fair amount of new and exciting data that proves that humans are far from being the only species to utilize communication. Although humans are indeed unique in other ways including the ability to use collective learningRead MoreThe Importance Of Language In Literature726 Words   |  3 PagesLanguage relativity suggests that the structure of a language affects its speakers’ experience and understanding of the world. In general terms, most people agree with the notion that language does shape thought and mental activity in some degree. And as is well-known, translations have never disappear in the history of literature. Hundreds of various kinds of translation works even form a unique cultural atmosphere in literature market. As a r esult, we can see that cross-cultural communication

Financial Analysis of I.T Ltd. Free Essays

Company background I. T Limited (0999. HK) is an investment holding company based in Hong Kong. We will write a custom essay sample on Financial Analysis of I.T Ltd. or any similar topic only for you Order Now It was listed on the main board of The Hong Kong Stock Exchange on 4-March-2005. The company offers a wide range of apparel products. It sells its products as well as offers a variety of national and international brands through its network of retail stores. As of February 28, 2011, it operated 392 stores in Hong Kong and Mainland China. Objective To undertake a comprehensive analysis on the financial performance of I. T. Limited. Detailed financial ratio analysis will be performed. An estimation of the firm’s cost of equity capital and weighted average cost of capital will also be provided. Horizon of analysis We will focus on its performance in the latest 5 fiscal years. A) Detail financial analysis The financial analysis will be conducted in two ways. First, the major accounts on financial statements will be inspected in order to derive a general picture on the healthiness of the business. Second, PERL (Performance, Efficiency, Risk, Liquidity) framework will be used to further analyze the financial performance of the company. I. Going through the financial statements We can get a glimpse of the healthiness of the business by looking into the trend of accounting items in income statement, balance sheet and cash flow statement respectively. Consolidated income statement (Referring to appendix A – table 1 and 2) 2008/09 was a special year, financial tsunami happened. Therefore there was a huge profitability impact in that year, resulting in a large decrease in operating profit. And since the market recovered in 2009/2010, the profitability suddenly increased a lot in that fiscal year. Other than these wo special years, the overall growth trend in sales turnover, costs, and profit is healthy. (Referring to appendix A – table 3) Standardizing the income statement can extract extra information. All the accounts are expressed as a percentage of turnover. The company has done a good job in cost controlling, since the cost of sales as a percentage of turnover is in a decreasing trend, hence the gross pr ofit margin is in an increasing trend. On the other hand operating expenses fluctuates at about 50-51% of turnover, but since cost of sales has a greater decrease, the net effect is operating profit is in an increasing trend. Consolidated balance sheet (Referring to appendix A – table 4) In general, total assets experience an increasing trend. This is reasonable since the business is at a growing stage. One notable point is the growth of non-current assets look greater than current assets, especially property, furniture and equipment has a very significant increase in 2010/11, this is probably due to the rapid expansion of retails stores in Hong Kong and China. And as a result, there is a significant increase in inventories in 2010/11 too. (Referring to appendix A – table 5) Similar conclusions can be drawn by viewing the same accounts in a standardized balance sheet (all items are standardized by total asset value in the fiscal year). Property, furniture and equipment, and inventories make up most of the total assets. (Referring to appendix A – table 6) Liabilities also grow a lot with total assets as the business expands. Notably there is a significant increase in both short-term and long term bank borrowings. In addition the payable accounts also increased more than 100%, meaning that the company bought stocks or services from suppliers on credit more than before. This growth of liabilities is fine as long as the company can generate consistent operating cash flows, as we will see in the next section. (Referring to appendix A – table 7) Similar conclusions can be drawn at standardized balance sheet, bank borrowings and payables increased significantly, especially for longer term bank borrowings. (Referring to appendix A – table 8) The growth of the business was mainly funded by growing liabilities, as we can see that the growth of equity is not so significant, the company has not issued new shares to get funding. The company has simply retained some of the profit in each year into reserves. Consolidated cash flow statement (Referring to appendix A – table 9) The company has improved its cash flow generation as its business grew. The profitability of the company increased, and so as the cash generated from operation. And since the company has increased in size, it has increased its ability to finance from banks, therefore it also increased its cash generated from financing activities. Although the company has increased investment in fixed assets and hence the cash outflow from investment, this is offset by the increase in cash flow from operation and financing. II. PERL (Performance, Efficiency, Risk, Liquidity) analysis (Referring to appendix B and C) 1) Performance Profit margins (Gross, operating, net) Gross profit margin keeps increasing. The latest figure is 63. 35%, which is a very high margin. This is probably due to the increased brand image of the company, hence the company can increase the selling price of the products. Also, the company shifted the focus on selling products of its own brands more than imported brands, this also increased the gross profit margin. Both operating and net profit margin are also in an increasing trend (despite year 2008/09, a special year which financial crisis happened). But it is worth noting that the current margins are 12. 08% and 10. 12% respectively, which show a great difference from gross profit margin. This indicate the operating expenses are very high, eating up more than 50% of profit margin. The company should think ways to further reduce operating costs. Return on Equity (ROE) The company has increased its ROE along the years despite the special year 2008/09. The latest ROE is actually a high return, 21. 6%. So what are the main drivers of such high return? By utilizing DuPont analysis, the reason for return growth can be found: ROE = Net Profit Margin x Asset Turnover x Financial Leverage The net profit margin is increasing throughout the years. At the same time, since the financing ability of the company has increased, the financial leverage also increased. These two factors drove the ROE up, offse tting the diminishing effect on ROE by asset turnover. The asset turnover actually decreased in last two fiscal years, indicating the efficiency of turning asset to revenue decreased. It is a bit worry to see the ratio decreased from 1. 6 to 1. 17 in these 2 years. It may indicate that the asset size of the firm is too large, further expansion may not bring further increase in revenue. This may be an indicator of the firm has passed its optimum point and management must take extra care in evaluating whether the company should invest in expanding more retail stores or not. Extended DuPont analysis breaks down net profit margin into tax burden, interest burden, and EBIT margin. Tax burden of the company is actually increasing, i. e. it has to pay more effective tax hence impacting the net profit margin. But it’s still fine as the effective tax rate is still at about 20%, which should be quite low when compared to effective tax rate outside Hong Kong and China. Interest burden also experiences an increasing trend. This is reasonable since the company has increased financing ability and financed through more bank loans. EBIT margin is increasing, offsetting the negative effect of tax burden and interest burden. 2) Efficiency Fixed asset Fixed asset turnover is in a decreasing trend (from 16. 08 to 7. 98 in last five years). This indicates the efficiency of generating sales revenue from fixed assets investment is lowering. This confirms with the decreasing asset turnover ratio mentioned above. However the ratio is still at a high level, the management should still invest in fixed asset and expand the business, but extra care should be taken to determine the amount and scale to be invested. Inventory Inventory turnover is decreasing (from 3. 72 to 2. 48 in last five years). This indicates that in general, the speed of stocks selling has slowed down as the business expands. When this ratio is converted to days of inventory on hand, the meaning can even be clearer. The days increased from about 98 days to 147 days in these 5 years. Overstocking, importing or producing products which are not popular, or insufficient marketing efforts are all possible reasons to this decreasing efficiency. Receivables Receivables turnover is decreasing. To get a clearer meaning, the ratio is converted to days of sales outstanding, and this ratio is increasing (from 1. 97 to 11. 49). This ratio means on average how many days the company’s customers who buy on credit will pay their bills. This increasing ratio means that it takes more time to collect the bill from customers, meaning that capital has to be tied up for longer period. However the number actually is not large, it’s about 12 days and therefore an acceptable value. Payables Payables turnover decreased from 11. 14 to 5. 51. The ratio can be converted to number of days of payable. This ratio increased from 32. 76 to 66. 23. This ratio is the average amount of time it takes to pay its bills. The time has increased significantly. It showed the advantage of the growth of the company, i. e. when the company went listed and expanded, the ability to pay on credit increased. This increased time to pay bills increases the flexibility to manage working capital and hence benefits the operation of the company. Working capital The effectiveness of the company in using working capital has increased since the working capital turnover increased from 2. 72 to 4. 46 in last five years. This means that more sales revenue is generated for each dollar of working capital which funded the sales. This is probably due to increased size of the company, so that the company can get more funding by short-term bank loans, and increase its payables to different creditors. These increased funding are used to purchase inventories to generate sales revenue. 3) Risk Gearing All debt-to-equity, debt-to-asset and financial leverage ratios are in an increasing trend. As the company grows, more funding is needed. Financing by debt issuance is better than equity issuance since the required return by debt is lower, and there is possible tax advantage on debt payment. These three ratios are still in a healthy range and further increase in the ratio is still possible. Debt-to-common equity ratio is 0. 32 and debt-to-asset ratio is 0. 18, these two numbers are fairly low. This indicates that the company has a considerable capacity in debt financing if needed. Coverage Interest coverage ratio maintains at a high level (159. at 2010/11), although the company has increased financing by bank loans. That means the operating profit is more than enough to cover the interest expense and indicate that the business is healthy. Cash flow coverage ratio is also at adequate level despite it has fallen a bit (50. 54 at 2010/11). This is also a healthy signal because net cash flow is positive and adequate. 4) Liquidity Cash conversion cycle Cash conversion cycle is t he days the company takes to convert its investment in inventories back into cash. The company has an increased cash conversion cycle, due to the increase in days on inventory on hand. This is still an acceptable length (92. 15 days), but the company should try to lower the days in inventory on hand as mentioned above. Current and acid test ratio Both current and acid test ratio are decreasing, but they are still at a healthy level. Current ratio is at 1. 85, meaning the current assets are 1. 85 times of current liabilities, which is sufficient for its short-term obligations. Acid test ratio is 1. 12, meaning the cash-like current assets are 1. 12 times of current liabilities, indicating that it is sufficient to cover its short-term liabilities by short-term cash. Operating cash flow to maturing obligations This is also a measure of the company’s ability to meet short term liabilities from cash flow. Although the overall cash flow has improved, the current liabilities has also increased considerably, therefore this ratio is not at a high level (0. 44). The major cash outflow is from purchasing fixed assets and repayment of bank loans. Management should control the cash outflow in these two areas in order to improve the overall liquidity. III. Summary The company has a healthy business. It has an increasing net profit and positive cash flow. The ROE and profit margin are at good levels. It utilized bank loans to further expand its business, while the leverage ratios are still in a healthy range. There is no liquidity problem associated with the company as seen in liquidity ratios. However the management should focus on improving the efficiency of the company while expanding the business. The major concern here is reducing days of inventory on hand, in order to reduce the length of cash conversion cycle. To sum up, this is a company with good financial performance, and therefore it is worth to invest in this company. B) Cost of equity capital Capital Asset Pricing Model (CAPM) is used to determine the cost of equity capital. There are three major inputs in CAPM equation: risk-free rate, beta of the company stock to a benchmark market, and equity risk premium of the benchmark market. Since I. T. Limited is a Hong Kong based company, therefore the input parameters mentioned above should come from Hong Kong. Risk-free rate Hong Kong government do not issue bill or bond (despite the newly launched ibond, but that is a floating rate bond which its purpose is for general public to protect inflation). Therefore risk-free rate should be the yield on Exchange Fund Bills issued by Hong Kong Monetary Authority. Risk-free rate should be the yield on short-term bill, therefore the yield on one-month bill is selected, which is 0. 05%. Stock beta Hang Seng Index (HSI) is the benchmark index in Hong Kong. 5 years of monthly return stock of I. T. Limited and HSI were obtained. Stock Beta of I. T. to HSI can be calculated by using Slope function of Excel, or regressing both return series. The estimated beta is 1. 399, meaning that the stock of I. T. Limited is more volatile than the index. R2 coefficient is 0. 2261, meaning that about 22. 61% of the variability of the stock returns can be explained by variability in the index. Equity risk premium According to Zhu Zhu (2010), the equity risk premium of Hong Kong is 8. 19%. Applying CAPM: Cost of equity capital = (0. 05 + 1. 399*8. 19)% = 11. 51%. C) Weighted average cost of capital (WACC) The company has not issued any debt. The â€Å"debt† of the company is in the form of bank borrowings, so the effective interest rate of borrowing will be treated as cost of debt. In the latest annual report, the effective interest rate is 1. 4% (from notes 23 of annual report). Total bank borrowings is HKD594. 145M, total equity is HKD1846. 961M, therefore: WACC = 594. 145 / (594. 145 + 1846. 961)*1. 4% + 1846. 961 / (594. 145 + 1846. 961)*11. 51% = 9. 049% References: Hong Kong Monetary Authority, Exchange Fund Bills and Notes fixing (http://www. info. gov. hk/hkma/eng/press/index_efbn. htm) Zhu Zhu (2010) – Estimating the Equity Risk Premium: the Case of Greater China, Jie Zhu, Xiaoneng Zhu (http://citeseerx. ist. psu. edu/viewdoc/download? doi=10. . 1. 175. 7333rep=rep1type=pdf) Appendix A – Selected figures from financial statements Table 1 – Excerpt from summarized consolidated income statement 201120102009200820072006 HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000 Turnover3,834,422 2,995,952 2,733,256 2,021,283 1,530,763 1,314,443 Cost of sales(1,405,482)(1,176,707)(1,121,570)(819,423)(640,442) (540,243) Gross profit2,428,940 1,819,245 1,611,686 1,201,860 890,321 774,200 Other income – incentive income0 13,200 0 0 Other (loss)/gain(7,544)3,791 (11,123)1,900 (4,395)(273) Impariment of goodwill0 (4,217)(59,569)0 Operating expenses(1,958,255)(1,524,760)(1,468,877)(1,002,046)(749,898)(642,553) Operating profit463,141 307,259 72,117 201,714 136,028 131,374 Table 2 – Growth trend of turnover, costs and profit, calculated based on consolidated income statement 20112010200920082007 Increase/Decrease (%) Turnover27. 99%9. 61%35. 22%32. 04%16. 46% Cost of sales19. 44%4. 92%36. 87%27. 95%18. 55% Gross profit33. 51%12. 88%34. 10%34. 99%15. 00% Operating expenses28. 43%3. 80%46. 59%33. 62%16. 71% Operating profit50. 73%326. 06%-64. 25%48. 29%3. 54% Table 3 – Excerpt from summarized and standardized consolidated income statement 01120102009200820072006 Turnover100. 00%100. 00%100. 00%100. 00%100. 00%100. 00% Cost of sales-36. 65%-39. 28%-41. 03%-40. 54%-41. 84%-41. 10% Gross profit63. 35%60. 72%58. 97%59. 46%58. 16%58. 90% Other income – incentive income0. 00%0. 44%0. 00%0. 00%0. 00%0. 00% Other (loss)/gain-0. 20%0. 13%-0. 41%0. 09%-0. 29%-0. 02% Impairment of goodwill0. 00%-0. 14%- 2. 18%0. 00%0. 00%0. 00% Operating expenses-51. 07%-50. 89%-53. 74%-49. 57%-48. 99%-48. 88% Operating profit12. 08%10. 26%2. 64%9. 98%8. 89%9. 99% Table 4 – Excerpt from summarized consolidated balance sheet 20112010200920082007 HK$’000HK$’000HK$’000HK$’000HK$’000 ASSETS Non-current assets Property, furniture and equipment727,022 233,395 229,124 179,850 93,191 Current assets Inventories736,717 394,520 411,145 323,724 196,299 Table 5 – Excerpt from summarized and standardized consolidated balance sheet 20112010200920082007 ASSETS Non-current assets Property, furniture and equipment22. 13%11. 83%13. 44%11. 59%9. 38% Current assets Inventories22. 42%20. 00%24. 12%20. 85%19. 77% Table 6 – Excerpt from summarized consolidated balance sheet 20112010200920082007 LIABILITIES Current liabilities Bank borrowings(214,911)(47,400)(47,400)(10,000)0 Trade and bill payables(360,545)(149,488)(155,993)(121,840)(66,805) Accruals and other payables(349,524)(178,245)(135,677)(140,200)(71,648) Non-current liabilities Bank borrowings(379,234)(35,200)(82,600)0 0 Table 7 – Excerpt from summarized and standardized consolidated balance sheet 20112010200920082007 LIABILITIES Current liabilities Bank borrowings-6. 54%-2. 40%-2. 78%-0. 64%0. 00% Trade and bill payables-10. 97%-7. 58%-9. 15%-7. 85%-6. 73% Accruals and other payables-10. 64%-9. 04%-7. 96%-9. 03%-7. 21% Non-current liabilities Bank borrowings-11. 54%-1. 78%-4. 85%0. 00%0. 00% Table 8 – Excerpt from summarized consolidated balance sheet 20112010200920082007 EQUITY Capital and reserves Share capital119,725 115,504 115,504 115,468 103,950 Reserves1,727,236 1,362,219 1,096,205 1,105,369 722,803 Non-controlling interests(3,749)0 0 0 0 Total equity1,843,212 1,477,723 1,211,709 1,220,837 826,753 Table 9 – Excerpt from summarized consolidated cash flow statements 20112010200920082007 HK$’000HK$’000HK$’000HK$’000HK$’000 Net cash generated from operating activities450,446 366,025 135,589 243,939 91,589 Net cash used in investing activities(508,347)(137,011)(156,242)(110,300)(101,843) Net cash generated from/ used in) financing activities204,453 (47,400)22,668 (76,497)(49,807) Net increase in cash and cash equivalents146,552 181,614 2,015 57,142 (60,061) Appendix B – Ratio formula Performance Profit margins Gross profit margin = Gross Profit / Turnover Operating profit margin = Operating Profit / Turnover Net p rofit margin = Net Profit for the year / turnover Return ratio Return of equity (ROE) = Net Profit for the year / Averageyear, year-1 (Share capital + Reserves) Decomposition of ROE ROA = Net Profit for the year / Averageyear, year-1 (Total Assets) ROE = ROA x Financial Leverage DuPont Decomposition of ROE Asset turnover = Turnover / Averageyear, year-1 (Total Assets) Financial leverage = Averageyear, year-1 (Total Assets) / Averageyear, year-1 (Share capital + Reserves) ROE = Net profit margin x Asset turnover x Financial leverage Extended DuPont Decomposition of ROE Tax burden = Net profit for the year / Profit before income tax Interest burden = Profit before income tax / (Operating Profit + Share of profit of jointly controlled entities) EBIT margin = (Operating Profit + Share of profit of jointly controlled entities) / Turnover ROE = Tax burden x Interest burden x EBIT margin x Asset turnover x Financial leverage Efficiency Fixed asset turnover = Turnover / Averageyear, year-1 (Property, furniture and equipment) Inventory turnover = Turnover / Averageyear, year-1 (Inventories) Days of inventory on hand = 365 / Inventory turnover Receivables turnover = Turnover / Averageyear, year-1 (Trade and other receivables) Days of sales outstanding = 365 / Receivables turnover Payables turnover = Cost of sales / Averageyear, year-1 (Trade and bill payables) Number of days of payable = 365 / Payables turnover Working capital turnover = Turnover / Averageyear, year-1 (Net current assets) Risk Debt-to-common equity ratio = (Short term + Long term bank borrowings) / (Share capital + Reserves) Debt-to-asset ratio = (Short term + Long term bank borrowings) / Total assets Financial leverage = Averageyear, year-1 (Total Assets) / Averageyear, year-1 (Share capital + Reserves) Interest coverage ratio = Operating profit / Interest expense Cash flow coverage ratio = Net increase in cash / Interest expense Liquidity Cash conversion cycle = Days of sales outstanding + Days of inventory on hand – Number of days of payable Current ratio = Current assets / Current liabilities Acid test ratio = (Current assets – Inventories) / Current liabilities Operating cash flow to maturing obligations = Operating cash flow / Current liabilities Appendix C – Calculated ratios 20112010200920082007 Performance Profit margins Gross profit margin63. 35%60. 72%58. 97%59. 46%58. 16% Operating profit margin12. 08%10. 26%2. 64%9. 98%8. 89% Net profit margin10. 12%8. 77%1. 56%8. 46%8. 0% Return ratios ROE23. 35%19. 53%3. 50%16. 70%15. 55% Decompsition of ROE ROA14. 76%14. 29%2. 61%13. 43%13. 05% ROA*Financial Leverage = ROE23. 35%19. 53%3. 50%16. 70%15. 55% DuPont decompistion of ROE Asset turnover1. 46 1. 63 1. 68 1. 59 1. 63 Financial Leverage1. 58 1. 37 1. 34 1. 24 1. 19 Net profit margin*Asset turnover*Financial Leverage = ROE23. 35%19. 53%3. 50%16. 70%15. 55% Extended DuPont decomposition of ROE Tax burden80. 65%83. 29%53. 97%81. 23%82. 63% Interest burden100. 46%100. 86%103. 66%106. 90%112. 12% EBIT Margin12. 49%10. 44%2. 8%9. 74%8. 63% Tax burden*Interest burden*EBIT Margin*Asset turnover*Financial Leverage = ROE23. 35%19. 53%3. 50%16. 70%15. 55% Efficiency Fixed asset turnover7. 98 12. 95 13. 37 14. 81 16. 08 Inventory turnover2. 48 2. 92 3. 05 3. 15 3. 72 Days of inventory on hand146. 89 124. 95 119. 58 115. 82 98. 19 Receivables turnover31. 76 31. 98 51. 12 81. 59 185. 10 Days of sales outstanding11. 49 11. 41 7. 14 4. 47 1. 97 Payables turnover5. 51 7. 70 8. 07 8. 69 11. 14 Number of days of payable66. 23 47. 38 45. 21 42. 01 32. 76 Working capital turnover4. 6 3. 91 4. 24 3. 39 2. 72 Risk Debt-to-common equity ratio0. 32 0. 06 0. 11 0. 01 0. 00 Debt-to-asset ratio0. 18 0. 04 0. 08 0. 01 0. 00 Financial Leverage1. 58 1. 37 1. 34 1. 24 1. 19 Interest coverage ratio159. 70 119. 70 29. 64 646. 52 45342. 67 Cash flow coverage ratio50. 54 70. 75 0. 83 183. 15 (20020. 33) L iquidity Cash conversion cycle92. 15 88. 99 81. 51 78. 28 67. 40 Current ratio1. 85 3. 00 2. 80 2. 93 4. 66 Acid test ratio1. 12 2. 08 1. 70 1. 91 3. 42 Operating cash flow to maturing obligations0. 44 0. 85 0. 36 0. 77 0. 58 How to cite Financial Analysis of I.T Ltd., Essay examples

Alice in Wonderland Wordplay free essay sample

Alice in Wonderland Wordplay BY kdk121392 Personification, pun, syntax, and diction, these are some of the different devices of wordplay that authors use. Authors use wordplay for many different reasons. They use it to poke fun at the weaknesses and problems of the society; they also use it to make their literature more fun, and interesting. Alice in Wonderland by Lewis Carroll is an example of a book that also serves as a satire. Lewis Carroll was born and raised in England during the time of Queen Victoria. In that time, and also in the book, there were two social classes, the elites, nd the commoners. The elites would be the Queen of Hearts, the King, and also the Duchess. The commoners would be the Mad Hatter, the March Hare, and most of the other characters you meet along they way in the book. One example of it being a satire is on page 79. We will write a custom essay sample on Alice in Wonderland Wordplay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page And who are THESE? said the Queen, pointing to the three gardeners who were lying round the rose tree; for, you see, as they were lying on their faces, and the pattern on their backs was the same as the rest of the pack, she could not tell whether they were gardeners, or soldiers, or courtiers, or three of her wn children. This scene is showing how people didnt Judge other people by their character or personality, but rather by their title or social status. The Queen couldnt recognize them without seeing their suits. Many other authors use this to express their opinions about an issue in society. Some examples are To Kill a Mockingbird by Harper Lee, and The Adventures of Huckleberry Finn by Mark Twain. To Kill a Mockingbird, is a satire because it tells the authors point of view on the issues of racism through Scout, the main characters, point of view. The Adventures of Huckleberry Finn is a satire because it shows the authors view of slavery, through the adventure that Huck and Jim go on. Another reason that authors use wordplay is to make their literature more fun and interesting. Lewis Carroll uses a lot of different types of wordplay in all his literature. In the book Alice in Wonderland alone, Carroll uses, puns, diction, parodies, personification, alliteration, lexicon, assonance, repetition, syntax, and satire. These devices make the reader want to keep reading. They also keep the reader interested ecause of mixing up the way they use language, instead of it Just being boring. Many other authors use wordplay. Dr Seuss uses different types of wordplay in his books. He uses wordplay that appeals to a younger audience, while Carroll appeals to an older audience. The way an author uses wordplay changes the tone, and mood of the piece of literature. It is a creative way to add fun to the book, and make it more interesting. It can also be used to show the weakness and issues in society. Whatever way its used, it creates a unique piece of literature that keeps the reader wanting more.