Wednesday, August 26, 2020
Have you at any point had a couple of shoes esteemed so much that you were hesitant to risk wearing them, inspired by a paranoid fear of them getting scraped, however when you wear them their excessively little? The truism by Ralph Waldo Emerson, Ã¢â¬Å"We are continually preparing to live, however never living.Ã¢â¬ is as yet legitimate today. Usually we get ready to live as opposed to living. Regularly individuals are reluctant to accept open door, Emerson attempts to show this in his axiom. Because of the dangers in question, individuals once in a while pass up on their opportunity at circumstances. Much the same as the child reluctant to wear his shoes because of a paranoid fear of scraping them, we are regularly trapped in a similar battle among hazard and want. The child wants to wear, and to be found in his new shoes. However, the danger of scraping his new shoes exceeds wearing them, in his psyche. Individuals frequently don't understand what theyÃ¢â¬â¢ve missed in light of hazard required, until its past the point of no return. At long last the little child chooses heÃ¢â¬â¢s ready to acknowledge the danger of scraping his shoes, yet when he attempts to slip his feet into the little shows he understands heÃ¢â¬â¢s grown out of them and theyÃ¢â¬â¢ll not, at this point fit. Disappointed and troubled, the child needs to wear the shoes more than anything now that he canÃ¢â¬â¢t wear them. Emerson implies that we should accept open out of this world; and never stow away even with hazard. EmersonÃ¢â¬â¢s adage could likewise be deciphered as a supplication to appreciate what you have now, instead of consistently take a stab at additional. It isn't unprecedented to see a noticeable citizen invest most of their energy working, instead of getting a charge out of the riches they have just procured. Emerson is attempting to state that we should stop and acknowledge what we have, instead of invest our energy attempting to acquire more. All things considered, by what means can one completely appreciate what they have, when they are excessively bustling attempting to procure more. Emerson implies that we ought not spend our lives getting ready forever as opposed to living. For the duration of our lives itÃ¢â¬â¢s regular to ... Free Essays on Aphorism Free Essays on Aphorism Have you at any point had a couple of shoes valued so much that you were hesitant to risk wearing them, because of a paranoid fear of them getting scraped, however when you wear them their excessively little? The apothegm by Ralph Waldo Emerson, Ã¢â¬Å"We are continually preparing to live, however never living.Ã¢â¬ is as yet substantial today. Usually we get ready to live as opposed to living. Frequently individuals are reluctant to accept open door, Emerson attempts to show this in his truism. Because of the dangers in question, individuals once in a while pass up on their opportunity at circumstances. Much the same as the child reluctant to wear his shoes because of a paranoid fear of scraping them, we are regularly trapped in a similar battle among hazard and want. The child wants to wear, and to be found in his new shoes. Be that as it may, the danger of scraping his new shoes exceeds wearing them, in his psyche. Individuals frequently don't understand what theyÃ¢â¬â¢ve missed as a result of hazard required, until its past the point of no return. At last the little child chooses heÃ¢â¬â¢s ready to acknowledge the danger of scraping his shoes, however when he attempts to slip his feet into the little shows he understands heÃ¢â¬â¢s grown out of them and theyÃ¢â¬â¢ll not, at this point fit. Disappointed and distressed, the child needs to wear the shoes more than a nything now that he canÃ¢â¬â¢t wear them. Emerson implies that we should accept open incredibly; and never stow away even with hazard. EmersonÃ¢â¬â¢s apothegm could likewise be deciphered as a request to appreciate what you have now, instead of consistently make progress toward additional. It isn't remarkable to see a noticeable citizen invest most of their energy working, as opposed to getting a charge out of the riches they have just obtained. Emerson is attempting to state that we should stop and acknowledge what we have, as opposed to invest our energy attempting to get more. All things considered, by what means can one completely appreciate what they have, when they are excessively bustling attempting to procure more. Emerson implies that we ought not spend our lives getting ready forever as opposed to living. For the duration of our lives itÃ¢â¬â¢s regular to ...
Saturday, August 22, 2020
Question: Talk about the Australian Domicile for Business Employer. Answer: 1. The different realities with respect to Fred are summed up beneath. Fred doesn't hold an Australian house and hails from England. The visit to Australia is with respect to setting office for his British boss. His kids didn't go with him to Australia as they were in school however spouse has come. The specific span of stay isn't clear however Fred has remained for 11 months before coming back to England because of disease. Freds way of life during his stay in Australia is like comparing way of life in nation of starting point for example Britain. So as to decide the duty residency, according to TR 98/17 , the accompanying test should be applied to discover Freds charge residency for the given year under appraisal (Barkoczy, 2015). House Test As Fred isn't an Australian inhabitant and hails from England, he doesn't have Australian habitation and along these lines this test isn't significant for Fred (Coleman, 2011). Superannuation Test As Fred is certainly not a Federal government worker, thus this test isn't pertinent for Fred (Sadiq et. al., 2015). multi day Test concerning this test, Fred figures out how to fulfill the base remain of 183 days in Australia as his residency of stay is near 11 months. Be that as it may, Fred expects to come back to England once proficient responsibility is done and accordingly shows no drawn out duty towards remaining in Australia (Gidlers et. al., 2013). In this manner, Fred neglects to fulfill this test. Lives Test It is obvious from the given data that the motivation behind visit for Fred is noteworthy as it isn't easygoing business reaching out to two three months as 11 months have just passed by and his work isn't done. Likewise, his public activity in Australia is same as that in England. Along these lines, Fred figures out how to fulfill this test and would be considered as Australian duty inhabitant (Barkozcy, 2015). Thus, it tends to be inferred, that for the given duty year Fred would be perceived as an Australian assessment occupant. 1. Californian Copper Syndicate Ltd v Harris (Surveyor of Tax) (1904) 5 TC 159 On the off chance that the goal of the citizen is to create pay without playing out any movement on the land bought then that salary would be considered as income pay and would be surveyed under Income Tax Act ITAA1936. For this situation, Californian Copper Syndicate Ltd obtains a property for copper mining. Organization thought about deficiency of assets at the hour of purchasing just and consequently couldn't play out the copper mining movement. At that point, investor of the organization chose to rent this land to some other organization for playing out the copper mining action. Organization discovered some other mining organization and sold that land for the mining. In regard of this organization got the portion of that organization as thought (Coleman, 2011). As indicated by the tax collection official, income produced from the exchange of responsibility for resource deliberately without playing out any movement, would be considered as income receipt as opposed to capital recei pt. Be that as it may, organization was not happy with the perspective on tax assessment official and recorded the case in the New Zealand court. The decent appointed authority gave its ruling for tax assessment official. Court concluded that organization procured copper mining land with the goal of acknowledge it further to win higher benefits. Since organization didn't play out any mining action on that land, so the pay created to acquire higher benefits would be surveyed as available pay and for this situation the citizen would be at risk to pay charge on this pay under segment 25 (1) of ITAA 1936 (Barkoczy, 2015). Scottish Australian Mining Co Ltd v FC of T (1950) 81 CLR 188 A land was procured by the Scottish Australian Mining Company for playing out the coal mining movement. For quite a while, organization played out the coal mining. Be that as it may, because of nonstop coal mining, land got drained in the stores of coal. Citizen chose to sell this land for acknowledgment of capital resource. For this, he separated the land into a few size plots for private reason as the land without sub-isolating in the plots couldn't make doable for private reason. Organization provided water pipe line, sewage lines parks, medical clinic , school ,shopping complex, streets likewise built by the organization alongside these plots to improve the market estimation of these plots. In the wake of achieving this, organization offered these plots to a few potential purchasers and got high pace of profits. Duty chief decided that the salary got by selling of land would be named as common pay of the organization and surveyed for the tax assessment. Court overruled the magist rate see and concluded that the goal for the organization was not to understand the capital resource for gains. They performed coal digging for such a large number of years and when the land was absolutely ready for improvement then just the organization chose to discard ready land. Subsequently, promoting of land would not be countable as income pay and not surveyed as available. It was unimportant acknowledgment of capital resource and would not be burdened (Jade, 2016). 3: FC of T v Whitfords Beach Pty Ltd (1982) 150 CLR For this situation, Whit Fords Beach Pty Ltd occupied with procurement of a sea shore land for drying the shack of fish in the year 1953. The citizen at that point exchanged this land to some other organization. Basic correction had done in the article of relationship of the organization with respect to this liquidation. All the board individuals concurred for the equivalent. After that organization separated the land into sub areas and sold the plots to the individual purchasers at advertise esteem. Organization got exceptional yields from this exchange. Tax assessment authority was in the supposition that the exchange had been made purposely for gains at higher rate. In this manner, these additions would be assessable and citizen bound to make good on charge. According to the organization, this exchange occurred to defeat from money related misfortune. The noteworthy court remarked that the exchange is done purposefully for higher gains as opposed to shielding organization from mon ey related misfortune. Henceforth, increases got from liquidation of capital resource would be considered as income receipt. Organization who was the citizen would be at risk to make good on charge and the salary would be surveyed under tax assessment represent available reason (CCh, 2014a). 4: Statham Anor v FC of T 89 ATC 4070 According to this case, Statham Anor were two trustees who got a land as a domain. Them two began cows business on that expired land. After their dads passing, their families began experiencing money related emergencies. This monetary emergency additionally affected their dairy cattle business as well. To defeat from monetary emergencies, the two trustees chose to exchange a piece of land in the market. This constrained trustees to sub-isolate the incomplete land in to plots and market to the potential purchaser. As per the concerned expense chief, the income got would be considered as income pay and would be assessable under tax collection act. Be that as it may, the court choice was totally not the same as the duty magistrate. Court remarked that the prime goal of both the trustees was to do the dairy cattle business on the specific land. Because of money related emergencies they had to sell a halfway bit of land in the market. It had demonstrated likewise that the citizen not play ed out any development or improvement movement on that land. Liquidation of capital resource was not finished with the aim of more significant yields. Consequently, pay got from this liquidation would not be considered as income receipt (CCh, 2014b). Casimaty v FC of T 97 ATC 5135 According to this case, an individual named Casimaty possessed a land. He at first associated with the privately-run company that is cultivating on that land. In any case, because of some money related misfortune in the cultivating industry, he had to discard huge zone of his property in the market. Casimaty needed more cash with him to utilize that cash for sub division of this land in to little area. So he obtained cash from the market to do sub division of his property in to little areas. After sub division, Casimaty sold this land in to advertise for gaining benefit. As indicated by his desire, he got the necessary sum from the promoting by discarded his property to get free from the obligation he had taken from the market for even sub division of that land. Tax assessment authority remarked that the pay receipt from the liquidation of land in to market would be considered available pay according to law. Court said according to control, Casimaty was performing cultivating movemen t on that land for such huge numbers of years. He didn't have any goal to discard this land to procure benefit. It was his monetary conditions which pushed him to exchange his property and get free from his money related obligation. For that, he partitioned the land in to various area by taking advance from outside, which expanded his obligation. Expectation of the citizen matters without a doubt. In any case, here, aim of citizen was thoroughly clear, just to clear off his obligation and again get occupied with the cultivating industry. So the salary earned from liquidation of capital resource would not be evaluated under annual duty act area 25 (1) of ITAA 1936 (CCh, 2014c). Moana Sand Pty Ltd v FC of T 88 ATC 4897 As per this case, Moana Sand Pty Ltd bought a land for sand removal. Organization occupied with the sand unearthing procedure on this land for a significant stretch. Because of sand exhuming for such huge numbers of years, land got depleted in sand and unsatisfactory for additional sand uncovering. Organization made an arrangement to get the profits from this depleted land by offering it in the market to the few purchasers who needed a decent condition private house with all conveniences in that city. In this way, organization sub separated the depleted land in to various yet alluring area with the goal that purchaser could be pulled in promptly towards these town houses. Organization likewise introduced water gracefully and sewage pipe line. Subsequent to giving comforts, organization hand over these town house to the potential purchaser in return of good returns (Sadiq et. al., 2015). Assessment chief
Monday, August 17, 2020
Are you ready for Summerfest NYC COLUMBIA UNIVERSITY - SIPA Admissions Blog Dry clean your best business-casual attire, polish your dress shoes, and buy a new notepad for all the knowledge youre about to gain! This Thursday, were hosting Summerfest NYC, an evening to mingle with alumni, students and staff from five top graduate programs in international affairs, including us. Its basically a fun-filled night to network with other professionals and learn more about the admissions process at each school. Summerfest NYC is on Thursday, July 16, 2015, and is at SIPAs International Affairs Building at 420 W 118th Street, New York, NY 10027 (on the 15th floor). Check in opens at 5:30 p.m, and the evening will kick off with an alumni-panel presentation at 6:00 p.m. From 6:30 p.m. to 8:00 p.m. admissions representatives will be around to discuss their graduate programs. Representatives from the following graduate international affairs programs will be available: Columbia University â" School of International and Public Affairs (SIPA) Georgetown University â" Edmund A. Walsh School of Foreign Service Johns Hopkins University â" The Paul H. Nitze School of Advanced International Studies (SAIS) Princeton University â" The Woodrow Wilson School of Public and International Affairs Tufts University â" The Fletcher School of Law and Diplomacy If you havent registered, you may RSVP here.
Sunday, May 24, 2020
The process of procuring the governess position at Thornfield Hall is the moment that Jane Eyre steps into a further level of independence that defies the Victorian standards of the time period for women (Godfrey 857). From the moment that Jane posts her advertisement in the Shire Herald, she seizes the possession of her life by her ambition to rise into a higher social class and rely simply own her own ability free from reliance on others (BrontÃ « 694; Vanden Bossche 47). The desire for this step and the eventual successful Ã¢â¬Å"advancement from her position as teacher at Lowood to private governessÃ¢â¬ is crucial in Jane EyreÃ¢â¬â¢s journey to complete independence as it is through this transition that Jane undergoes a shift in social status (GodfreyÃ¢â¬ ¦show more contentÃ¢â¬ ¦However, this respect is not completely in harmony with the Victorian expectations, resulting from her inferior position as a female breaking into the middle class, as she quickly establishes that Mr. Rochester does not possess the Ã¢â¬Å"right to command [her] merely because [Mr. Rochester is] olderÃ¢â¬ or because he has Ã¢â¬Å"seen more of the world;Ã¢â¬ Jane believes that Mr. RochesterÃ¢â¬â¢s social hierarchy and life experience does not provide him with superiority (Stoneman 36; BrontÃ « 729). Although JaneÃ¢â¬â¢s early time in Thornfield demonstrates a continuous progress in the protagonistÃ¢â¬â¢s journey towards independence, the moment that she falls in love with Mr. Rochester this advancement almost reaches a standstill as she accepts his marriage proposal (BrontÃ « 816). Mr. Rochester, Jane EyreÃ¢â¬â¢s employer at Thornfield as the benefactor of Adele the little girl that Jane tutors and cares for as a governess, is the only obstacle that BrontÃ «Ã¢â¬â¢s protagonist faces, one that causes her to waver for an instance in her journey towards independence. As Jane accepts Mr. RochesterÃ¢â¬â¢s marriage proposal, she independent choice seems to be in accordance with the impulses for a typical marriage during the Victorian era, to marry based on financial and social status benefits; however her true motive stems from her sincere love for Mr. Rochester and her choice is not effected by social or economic ambitions (Ayyildiz 150). Jane is adamant in her self-perseverance toShow MoreRelatedEssay on Governess Relationships in Brontes Jane Eyre1182 Words Ã |Ã 5 PagesGoverness Relationships in Brontes Jane Eyre Ã The Victorian governess suffered socially because of her position. The relationship between her and others that were in her class was strained because of her financial situation. She often suffered from status incongruity. The relationship between a governess and a gentleman was difficult because she was not his financial equal (Peterson 13). While the relationship was strained in her novel Jane Eyre, Bronte leads us to believe that it is notRead MoreCritical Analysis Of Jane Eyre795 Words Ã |Ã 4 PagesLima Abed Topaz Literary analysis essay 28/11/17 Jane Eyre Life is very hard but it is not impossible. Jane Eyre was a short story which was written by Charlotte Bronte. This story is about a young girl who has no parents, no family and no money. When she was very young she lost her parents. After dead of her parents she faced with many problems in her life. However, she was very young but she had never give up in her life. She was very strong and hard working. And that is how sheRead MoreEssay about Jane Eyre Ap Question861 Words Ã |Ã 4 PagesTim Kwist AP English Literature and Composition Quinn April 1, 2013 Jane Eyre: AP Question Essay Ã¢â¬Å"Writers often highlight the values of a culture or a society by using characters who are alienated from that culture or society because of gender, race, or creed. Choose a play or novel in which such a character plays a significant role and show how that characters alienation reveals the surrounding societys assumptions and moral values.Ã¢â¬ Women who had no claim to wealth or beauty receivedRead More Jane Eyre is one of the earliest English novels with a strong, female1551 Words Ã |Ã 7 PagesJane Eyre is one of the earliest English novels with a strong, female central character. Do you think she sells out by marrying Rochester, thus enabling a conventional, romantic ending to the novel? He stretched his hand out to be led. (Jane) Form start to finish, this novel has had one strong, female central character - Jane Eyre. We see her fight for independence as a female from her childhood right up until her marriage. These ardent, passionate beliefs do not leave her once marriedRead More A Historical View of the Victorian Governess Essay1369 Words Ã |Ã 6 PagesHistorical View of the Victorian Governess Ã Although the governess serves as the heroine in Jane Eyre, she was not a popular figure in Victorian England. The governess did not have a social position worthy of attention (Peterson 4). Aristocratic and middle-class Victorians were not even sure how to treat the governess. She was from the same class, but her lack of financial stability made them view her as their inferior. Perhaps the clearest definition of the governess was stated by Lady ElizabethRead MoreEssay about Jane Eyre: The Effect of a Patriarchal Society 1721 Words Ã |Ã 7 PagesCharlotte BrontÃ « composed her novel Jane Eyre during the Victorian era; a period of history where Patriarchy set the expectations of men and women. The effect of this social system resulted in women suffering discrimination simply because of their gender. Sigmund Freud, in his essay entitled, Ã¢â¬Å"The Relation of the Poet to Day-Dreaming,Ã¢â¬ articulated that women were only capable of having erotic wishes dominate their Ã¢â¬Å"phanta sies,Ã¢â¬ and even their ambitious Ã¢â¬Å"phantasiesÃ¢â¬ were rooted in erotic wishes (177)Read MoreThe Importance of Janes Early Life at Lowood to Shaping Her Character in Charlotte Brontes Jane Eyre1414 Words Ã |Ã 6 PagesCharacter in Charlotte Brontes Jane Eyre When Charlotte BrontÃÆ'Ã « set out to write Jane Eyre, she boldly promised her sisters: a heroine as plain and as small as myself, who shall be as interesting as any of yours. As promised, Jane appears decidedly plain, so little, so pale, with features so irregular and so marked, sensible but not at all handsome, queer and a little toad. The novel opens at Gateshead with Jane moving from childhood to pubertyRead More Construction of Love and Gender in Charlotte Brontes Jane Eyre964 Words Ã |Ã 4 PagesConstruction of Love and Gender in Jane Eyre Ã Ã Ã Jane Eyre by Charlotte Bronte focuses primarily on love, specifically romantic love and it is the way in which Charlotte Bronte challenges 19th century socio-cultural views on gender and romance, as well as other discourses within the novel such as class and status that makes Jane Eyre successful. Ã The main discourse within Jane Eyre that impacts most greatly upon its feature, romantic love, is the societal classes of the timeRead MoreFighting the Fire: Women in the Victorian Era922 Words Ã |Ã 4 Pagesthis fire, while Jane is able to wash away these restraints. According to Spivak, the concepts of Ã¢â¬Å"Self and OtherÃ¢â¬ refers to how people are defined by who they are in relation to others; the Ã¢â¬Å"otherÃ¢â¬ allows the Self to exist as empowered (Spivak cited in Rodenburg). In this essay, I will discuss how Antoinette, from Wide Sargasso Sea, and Jane, from Jane Eyre, both face similar challenges throughout their lives, but deal with their pains in different manners. I will argue that both Jane and AntoinetteRead MoreSexism in Jane Eyre1870 Words Ã |Ã 8 Pages The social system of the Victorian era was one that was heavily influenced by the patriarchal right of men. This social construct favored men while forcing women into submission. Sigmund Freud, in his e ssay entitled Ã¢â¬Å"The Relation of the Poet to Day-Dreaming,Ã¢â¬ articulated that women were considered capable only of having erotic wishes that dominated their Ã¢â¬Å"phantasiesÃ¢â¬ and that even their ambitious Ã¢â¬Å"phantasiesÃ¢â¬ were rooted in erotic wishes (177). The prevailing thought concerning women during the
Wednesday, May 13, 2020
Case Note amp; CritiqueMasciantonio v The Queen (1995) 183 CLR 58 Case Note Appellant: Mr. Giovanni MasciantonioRespondent: The Queen Court amp; Year: High Court of Australia 1994 - 1995 Relevant Facts: Appeal from the Supreme Court of Victoria. 19 June 1991 Giovanni Masciantonio had a heated altercation with his son-in-law Maurizio Femia. Altercation resulted in Mr. FemiaÃ¢â¬â¢s life. Fatal wound being a severed aorta (known as wound 5). Giovanni Masciantonio was convicted of murder in the Supreme Court of Victoria. OÃ¢â¬â¢Bryan J trial judge. The defence argued provocation. An appeal was put before the Court of Criminal Appeal Victoria. Reason for the appeal was that the judge had failed to mention provocation to the juryÃ¢â¬ ¦show more contentÃ¢â¬ ¦Brennan, Deane, Dawson and Gaudron JJ concluded that the appeal should be allowed and a retrial ordered. Issues: Whether an ordinary person could have regained the self-control in the time between the first and second stage events? Why did the trial judge not direct the jury to the option of provocation as a defence from the juryÃ¢â¬â¢s consideration during the second stage of the event? Was there a miscarriage of justice? Decision: Appeal Allowed Retrial Ordered. Ratio: The trial judge inadvertently or not, effectively withdrew from the juryÃ¢â¬â¢s consideration the issue of provocation at the second stage of events and since the appellantÃ¢â¬â¢s loss of self-control may have continued to that stage, there cannot be said to be no miscarriage of justice. Obiter: That a reasonable jury could conclude the appellant was acting under provocation. Upon the evidence it was open to a jury, properly directed as to the law, to reach that conclusion. Majority Judgments Brennan J Deane J Dawson J Gaudron J Minority Judgments McHugh J Critique The case of Masciantonio v The Queen (1995) 183 CLR 58 (Ã¢â¬ËMasciantonioÃ¢â¬â¢) is a High Court of Australia decision from 1995 that deals with jury direction and provocation and whether the original trial judge caused a miscarriage of justice when he Ã¢â¬Ëinadvertently or not, effectively withdrew from the juryÃ¢â¬â¢s consideration the issue of provocationÃ¢â¬â¢ or whether Ã¢â¬Ëprovocation ought not to have been left to the jury at all.Ã¢â¬â¢ Another issue
Wednesday, May 6, 2020
Hiram King Williams, also known as Hank Williams, was born on September 17, 1923 in Mount Olive, Alabama. His dad was Lon Williams, a locomotive engineer. His mom was Lillie Williams, a church organist. We will write a custom essay sample on Hank Williams or any similar topic only for you Order Now Hank spent most of his childhood in Georgiana and Greenville, Alabama. Hank Williams was a key person in the development of modern country music. He caused a shift in country music from a regional, rural phenomenon to a nationwide, urban acceptance in the late 1940Ã¢â¬â¢s. He turned Ã¢â¬Å"hillbillyÃ¢â¬ music into country music. He became interested in music at a very early age. He learned to play the organ from his mother. He could also play the harmonica. His mother gave him his first guitar when he was eight. His father walked out on the family when Hank was a young child. It became the responsibility of his mother to raise Hank and his siblings. She was a very strong willed woman. He attended Sidney Hanier High School in Montgomery. He quit school when he was 16 years old. He was raised as a fundamentalist Baptist. The music and sermons from his childhood had influenced him. Ã¢â¬Å"My earliest memoryÃ¢â¬ Rolling Stone writer Ralph J. Gleason (as quoted by WilliamÃ¢â¬â¢s biographer Colin Escott) Ã¢â¬Å"is sittinÃ¢â¬â¢ on that organ stool by her and hollerinÃ¢â¬â¢. I must have been five, six years old and louderÃ¢â¬â¢n anybody else. Ã¢â¬ In 1937, HankÃ¢â¬â¢s mother opened a boarding house in Montgomery. Hank helped the family income by shining shoes, selling newspapers, and peanuts on the street. This is where he met Rufus Payne, a black man, known as Tee-Tot. He taught Hank to play the guitar. He would follow him around on the street begging him to teach him to play. He would pay him 15 cents or whatever he had for a lesson. Payne also helped him overcome his shyness. He is the one that the blues influence came from. He made his very first radio performance at the age of thirteen. He formed his first band when he was fourteen years old. I was called Hank Williams and his Drifting Cowboys. He began wearing cowboy hats and western clothes. He sang without amplification and above the sounds of the band. He developed a full throated style of singing. It was similar to Roy Acuff from the Grand Ole Opry. Hank was turned down for the military service because of his back problems. Near the end of the war he began pursuing his musical career again. He started performing at dances nd local events. He also started playing at Ã¢â¬Å"honky tonksÃ¢â¬ . These were rough and rowdy beer joints that the cityÃ¢â¬â¢s new comers went to. Williams began abusing alcohol. This problem haunted him the rest of his life. It was partly because of him trying to self medicate the terrible back pain that was caused by a congenital spine disorder. When Hank was 20 years old he met Audrey Mae Sheppard. She was a single mother and separated from her husband. She and Hank married after her divorce was final. They were married by a justice of the peace at a gas station near Andalusic, Alabama in December 1944. They had a child Hank Williams, Jr. in 1949. Hank and Audrey visited Nashville to meet Fred Rose, the head of Acuff-Rose Publishing. The meeting resulted in the recording of Ã¢â¬Å"Never AgainÃ¢â¬ and Ã¢â¬Å"Honky TonkinÃ¢â¬â¢Ã¢â¬ . This led to signing a contract with MJM. Rose became his manager and record producer. Ã¢â¬Å"Lovesick BluesÃ¢â¬ became HankÃ¢â¬â¢s trademark tune. It began with a yodel. It spent a year on the charts, including sixteen weeks at the top. He suddenly found himself on a roll. He quickly recorded two more songs, including Ã¢â¬Å"Mind Your Own BusinessÃ¢â¬ . They say this song was aimed at his wife. Audrey began to push for more of her own spot in the stardom as he became more famous. They had recorded several sets and she had played with the band some. It was said that her voice was shrill and tuneless. They also said that she didnÃ¢â¬â¢t have a very good sense of time. In 1950, he had more successful songs. He also released a series of religious songs with his wife. He used his connections to get a recording contract for her with DECCA. They were not as successful. H recorded his religious narrations talking blues under the name Ã¢â¬Å"Luke the DrifterÃ¢â¬ . Luke the Drifter walked with Hank Williams and talked through him. These recordings were the closest Hank Williams came to bearing his soul. HankÃ¢â¬â¢s musical career was very successful, but his personal life was falling apart. This was mostly caused by his alcohol abuse that was intensified by his rocky relationship with his wife. This found its way into the words of his songs about heartache, heartbreak, and the break- up of relationships. Hank and Audrey divorced in 1952. As he began to earn more money and spend longer periods of time away from home he began to drink more frequently. While on a hunting trip in Tennessee, he tripped and fell re-hurting his back. He began taking morphine and other painkillers to help control the pain. He quickly became addicted. Following a short tour in Texas, Hank, returned to Montgomery in December to rest before going to Canton, Ohio on January 1, 1953. He was scheduled to play in Canton. Charles, a friend and his driver, was stopped for speeding on their way to Canton. The police officer saw Hank in the car and thought he looked like a dead man. He was then taken to a West Virginia hospital and was declared dead at 7:00 a. . He had died in the back seat of a Cadillac on his way to the concert. He was buried three days later in Montgomery. There was a record crowd attending. His last single released before he died was Ã¢â¬Å"IÃ¢â¬â¢ll Never Get Out of This World AliveÃ¢â¬ . It reached number one immediately after his death. In 1953, they continued to release his records that hit number one including Ã¢â¬Å"Your CheatinÃ¢â¬â¢ HeartÃ¢â¬ Hank Williams was a recording artist for only 6 years and recorded 66 songs under his name (more under Luke the Drifter and with Audrey). Out of the 66 songs 37 of these were hits. Bibliography http://www.allmusic.com/artist/hank-williams-p138231/biography http://britannica.com/EBchecked/topic/644353/Hank-Williams?sections=644353 How to cite Hank Williams, Essay examples
Monday, May 4, 2020
Question: Do Valuation of Equity at the End of the Financial Year 2010- 11 for the Selected Company. Answer: Introduction The following study aims to present the valuation of equity at the end of the financial year 2010- 11 for the selected company Webjet Limited by considering the real earnings and dividend forecasts over the next five years. The valuation has been conducted by using the approach of discounted free cash flow as well as the residual earnings together with the explanation on possible discrepancies. The study further highlights the analysis and valuation of active investing by evaluating the related strength, weakness and potential risks based on the companys financial statement. Background of the company Webjet Limited, a public company based on the travel industry was formed in 1998 in Australia, which is engaged in the business of travel booking for flights booking, hotels, holiday package and other services (Webjet.com.au 2017). The organization has been largest business entity in the travel industry, which expanded its business in the region of United Kingdom in the year 2005. In the recent years, the company earned revenue around $152 million while the profit amounted to $22 million. The company has total assets valued to $377 million while the value of net assets amounted to $151 million (Webjet.com.au 2017). Valuation of equity Value of equity using discounted free cash flow Present year 2011 2012 2013 2014 2015 2016 Real Earnings ($ millions) 13.61 6.49 19.13 17.5 22.22 Less: Dividend ($ millions) 5.16 5.56 5.76 5.88 7.78 Free Cash flow ($ millions) 8.45 0.93 13.37 11.62 14.44 Industry average cost of equity 8.00% 1.08 1.166 1.26 1.36 1.469 Discounted value of free cash flow ($ millions) 7.82 0.80 10.61 8.54 9.83 Total discounted cash flow ($ millions) 37.61 Value of equity using residual earnings Equity Capital ($ millions) 40.22 32.9 60.81 69.28 82.45 151.56 Cost of equity % 8.00 8.01 8.10 8.00 8.22 9.00 Equity charge ($ millions) 3.22 2.64 4.93 5.54 6.78 13.64 Less: Net Income ($ millions) 11.00 13.61 6.49 19.13 17.5 22.22 Residual charge ($ millions) -7.78 -10.97 -1.56 -13.59 -10.72 -8.58 Table 1: Valuation of equity (Source: Created by author) Considering the financial position statement of the company Webjet Limited for the financial year 2011, it has been observed that the actual value of equity amounted to $40.03 million. However, as per the fair value of equity determined by using discounted free cash flow method amounted to $37.61 which is lower than the actual value (Webjet.com.au 2017). The difference in the equity valuation is due to incorporation of discount rate based on the average cost of industry that provides fair value as per time value of money. Fair valuation of equity has been done by using discounted free cash flow as well as residual earnings for the financial year 2011. As per the discounted free cash flow, equity value is lower than the actual value that indicates the overvaluation of stock price. Besides, residual earnings indicate the efficiency of the company in generating income after considering the value of equity charge. In case of Webject Limited, it has been analyzed that the residual earning s in each forecast year is negative reflecting the inefficiency to generate income after considering the equity charge. Active Investing In order to evaluate the efficiency of the company for investment, active investing can be considered as a process to manage investment portfolio in accordance to the companys benchmark index. The investment strategy can be managed by considering asset allocation or companys performance (Xiao et al. 2014). In case of Webjet Limited, it has been noticed that the value of non- current assets amounted to $11.62 million during 2011 while net profit amounted to $10.86 million reflecting earnings per share $14.41 (Webjet.com.au 2017). Accordingly, it can be said that investment in Webjet Limited would provide positive return in the short- term period as the residual earnings for long- term reflects negative value. Financial statement analysis In order to determine the efficiency of company for investment purpose, companys performance and financial position can be evaluated by considering financial statement analysis (Easton 2016). Considering the income statement of Webjet Limited for the period 2010- 11, it has been noted that the company generated revenue at an increasing trend along with the generation of profit amount. It has been observed that the earnings per share of the company has been positive and reflects increasing trend that is $14.41 in the year 2011 while $ 18.81 in the year 2012 (Webjet.com.au 2017). FY 2011 Activity ratio Accounts receivable turnover Total sales/ Accounts receivable 18.69 Average collection period 365/ Accounts receivable turnover 19.53 Profitability ratio Net profit % Net Profit/ Total Revenue 0.25 Gross profit % (Total Sales- Cost of Goods Sold)/ Total Sales 0.79 Return on assets Net Income/ Total Assets 0.20 Liquidity ratio Working capital ratio Current Assets/ Current Liabilities 3.91 Liquidity ratio (Current Assets- Inventory- Prepaid expenses)/ Current Liabilities 3.91 Solvency ratio Equity ratio Total equity/ total assets 0.73 Table 2: Financial ratio analysis (Source: Created by author) As the activity ratio of the company that is average collection period for accounts receivable represents 19.53 days, it can be said that the company is efficient in collecting the cash from credit sales. In addition, profitability ratio for the financial year 2011 reflects positive margin in net profit, gross profit and return on assets. Therefore, the company is said to be efficient in generating income from assets and operating costs. Current ratio of the company reflects higher than one that is 3.91 indicating that Webjet has been efficient in meeting current obligations from the source of current assets (Webjet.com.au 2017). Similarly, company is efficient in generating return on equity from the value of asset resources. On the contrary, financial statement analysis incorporates certain weaknesses with respect to the performance measure together with its competitors. Financial statement has been prepared by using accounting policies and methods, which may not reflect the fair value. For instance, the valuation of equity reflected higher value than the fair value since that was determined by using present value factor. Hence, the major risk involve in financial statement analysis is determination of true value of assets and liabilities as well as the value of non- financial factors that affects the companys growth. In case of Webjet Limited, fair value of investments in associates and financial assets might not reflect the true and fair value hence the risk of investment return becomes high. Conclusion As the fair value of equity of Webjet Limited reflected lower value than the actual value of equity using the method of discounted free cash flow which indicates the companys shares has been overvalued hence investment is not recommended. Further, residual earnings of the company reflected negative balance, which means the company is not efficient in deriving investment return. On the contrary, financial statement analysis of Webject reflects positive values in profit margin, liquidity and solvency value therefore, it can be said that the investors can invest in the companys share for short- term period and not for long- term period. References Easton, P., 2016. Estimating the Cost of Capital Using Stock Prices and Near?term Earnings Forecasts.Journal of Applied Corporate Finance,28(3), pp.87-94. Ellis, C.D., 2014. The Rise and Fall of Performance Investing.Financial Analysts Journal,70(4), pp.14-23. Hofmann, E. and Lampe, K., 2013. Financial statement analysis of logistics service providers: ways of enhancing performance.International Journal of Physical Distribution Logistics Management,43(4), pp.321-342. Malkiel, B.G., 2013. Asset management fees and the growth of finance.The Journal of Economic Perspectives,27(2), pp.97-108. Webjet.com.au. 2017. Flights, Cheap Hotels, Car Hire, Insurance Packages - Webjet. [online] Available at: https://www.webjet.com.au [Accessed 14 Mar. 2017]. Xiao, W., Zhang, W., Zhang, X. and Chen, X., 2014. The valuation of equity warrants under the fractional Vasicek process of the short-term interest rate.Physica A: Statistical Mechanics and its Applications,394, pp.320-337.