Death and Money The History of the Electric Chair

During the 1880s two developments set the stage for the invention of the electric chair. Beginning in 1886, the New York State Government established a legislative commission to study alternate forms of capital punishment. Hanging was then the number one method of carrying out the death penalty, even while considered too slow and painful a method of execution. Another development was the growing rivalry between the two giants of electrical service. The Edison General Electric Company founded by ​Thomas Edison established themselves with DC service. George Westinghouse developed AC service and started the Westinghouse Corporation. What Is AC and What Is DC? DC (direct current) is electric current that flows in one direction only. AC (alternating current) is electric current that reverses direction in a circuit at regular intervals. The Birth of Electrocution DC service depended on thick copper electrical cables. Copper prices were rising at that time, so DC service was limited by not being able to supply customers who lived beyond a few miles of a DC generator. Thomas Edison reacted to the competition and the prospect of losing to AC service by starting a smear campaign against Westinghouse, claiming that AC technology was unsafe to use. In 1887, Edison held a public demonstration in West Orange, New Jersey, supporting his accusations by setting up a 1,000 volt Westinghouse AC generator attaching it to a metal plate and executing a dozen animals by placing the poor creatures on the electrified metal plate. The press had a field day describing the horrific event and the new term electrocution was used to describe death by electricity. On June 4, 1888, the New York Legislature passed a law establishing electrocution as the states new official method of execution, however, since two potential designs (AC and DC) of the electric chair existed, it was left to a committee to decide which form to choose. Edison actively campaigned for the selection of the Westinghouse chair hoping that consumers would not want the same type of electrical service in their homes that was used for execution. Later in 1888, the Edison research facility hired inventor Harold Brown. Brown had recently written a letter to the New York Post describing a fatal accident where a young boy died after touching an exposed telegraph wire running on AC current. Brown and his assistant Doctor Fred Peterson began designing an electric chair for Edison, publicly experimenting with DC voltage to show that it left the poor lab animals tortured but not dead, then testing AC voltage to demonstrate how AC killed swiftly. Doctor Peterson was the head of the government committee selecting the best design for an electric chair, while still on the payroll of the Edison Company. It was not surprising when the committee announced that the electric chair with AC voltage was chosen for the statewide prison system. Westinghouse On January 1, 1889, the worlds first electrical execution law went into full effect. Westinghouse protested the decision and refused to sell any AC generators directly to prison authorities. Thomas Edison and Harold Brown provided the AC generators needed for the first working electric chairs. George Westinghouse funded the appeals for the first prisoners sentenced to death by electrocution, made on the grounds that electrocution was cruel and unusual punishment. Edison and Brown both testified for the state that execution was a quick and painless form of death and the State of New York won the appeals. Ironically, for many years people referred to the process of being electrocuted in the chair as being Westinghoused. Edisons plan to bring on the demise of Westinghouse failed, and it soon became clear that AC technology was vastly superior to DC technology. Edison finally admitted years later that he had thought so himself all along.

Synthesis Work and Worker in 21 Century - 784 Words

DÆ °Ã† ¡ng VÃ… © Ä Ã¡ » ©c Phá º ¡m Thanh Hà   Composition 2 4 November 2014 Optimism Pessimism in the changes of American Workforce: Reason? Considering how long the humanity has been in existence, Finding Jobs is a extremely difficult concept. There are many arguments about how to find and keep a job in today’s world and ways to make it more practical. In â€Å"The Untouchables†, author Thomas L.Friedman discusses how the American fungible and non-fungible jobs are affected by the Globalization. In Hudson Institute’s article â€Å"Work and Workers in the Twenty-First Century†, their analysts show their opinions about the current trend of jobs in the near future and envision it in the next twenty-plus years. In both articles the authors discuss the topics of†¦show more content†¦Second, both author discuss what is the effect in the changes of job because of outsoucing. According to Friedman, some jobs are lost to the outsource (some to China, some to India), he said â€Å"Not only does my work have to fit into somebodyà ¢â‚¬â„¢s global supply chain, but i myself have to understand how I need to compete and have skills sets required to work at pace that fits the supply chain and I had better be able to do that as well or better than anyone else in this world†. Hudson Analysts show that 20% of U.S manufacturing workers now have jobs that depend on exports. So the workers will not only compete with their counterparts across town or in other parts of the U.S, but also with workers around the globe. Then Employment growth, meanwhile, will remain concentrated in services, which also will benefit increasingly from export markets and will offer high salaries for skilled workers. And For those who maintain and improve their skills, the changes should bring increasing rewards, but it will be traumatic for those who fall behind the skills curve and resist retraining. Last, the changing is affected by some other aspect such as Ages, Ethnic Diversification and Digitizing. Thomas L. Friedman said that mos t jobs in U.S now is outsourced by automated and digitized. And Hudson show that the growth of Asian and HispanicShow MoreRelatedThe Keynesian Era During The Middle Of The Nineteenth Century1720 Words   |  7 PagesBefore the â€Å"Keynesian† era in the middle of the nineteenth century, economists Adam Smith, David Ricardo, Thomas Mathus, and John Stuart Mill all shared somewhat similar economic views of the world. Some of the main concepts covered during this time included the division of labor, theories of rent, value, and distribution, theories of market â€Å"gluts† and population, and opportunity cost, competition, and trade. 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Essentials of Corporate Financial Management

Question: Discuss about the case study Essentials of Corporate Financial Management. Answer: Reason behind the explosive growth of Loewen during the early 90s The Loewen Group essentially started as a family business during the year 1950 and experienced explosive growth in the 1990s. The acquirement of numerous small sized funeral homes as well as cemeteries in addition to the acquirement of a number of large recognized funeral chains in thickly populated urban markets can be attributed as a primary reason behind the enormous growth of the company Loewen Group.The organizational strategy that differentiated the Loewen group from that of the other major players operating in the market is the acquisition of the greater share of many small cemeteries as well as funeral homes. Furthermore, the company Loewen Group also successfully retained the expert managers who had thorough idea about the community in which they resided and are already well known in the local areas. The managers therefore could provide even transition of the business from a family business to a corporate big business. The management of the company Loewen Group also financed the businesses for the capital augmentation as well as merchandise. The high entry barriers into this business owing to the high fixed costs as well as huge capital requirements at the time of start up along with lack of social attachment with the community can be considered as a driving force behind the explosive growth of the company. Advantages of Debt Financing The company Loewen has financed several projects by employing debt funds. The debt funds therefore fuelled the growth of the company during the early 90s to a great extent. The policy of debt financing helped the company Loewen to make greater amount of investments and make payments for the new acquirements and assets that can be utilized for the growth of the business. The debt financing of the Loewen thereby also helped the firm to acquire working capital and fulfill the short term needs of the company. Evaluation of the operational and financial performance of Loewen Current Situation The recent financial outcomes reflect a disappointing financial condition of the firm. During the second half of the year 1998, the company adopted the policy of the elimination of the acquisition progam in order to improve the financial results, liquidity as well as operational efficiency. The current situation also reflects the fact that the company also concentrated on the cash flow from different operative actions and mainly on the cash flow from diverse cemetery operations. In addition to this, the company also made efforts to lower the level of cost of the firm by closure of the Cincinnati of the company as well as Trevose offices and at the same time considerable consolidation of diverse management operations in Burnaby. The analysis of the current situation of the company reveals the fact that the sales revenue of the company has grown from $1141.1 recorded in 1997 to $1136.2 in 1998. However, despite the increase in the sales of the company the gross profit of the company de clined by more than 21% during the year 1998. The financial declarations of the company replicate the fact that the total liabilities of the company increased by around 36% to $3768 million during the year 1998. The financial performance of the company can also be checked from profitability ratio of Loewen. The return on equity recorded during the year 1998 reflects the fact that the profitability of the company has declined. The return on equity is registered to be -81.2% during the year 1998 that declined from 2.4% recorded during the year 1997. The profit margin ratio for the year 1998 enumerated by dividing the gross profit by the revenue is recorded to be (291.7/1136.2=0.25). On the other hand, the gross profit margin during the year 1997 was registered to be 0.33. Therefore, the operational as well as the financial performance has deteriorated during the 1998 as compared to the year 1997. Therefore, the current situation is leading to the position of financial distress as the revenues from different acquired corporations also declined to USD 29.1 million from the year ago figure of 187.6. Costs of the financial distress for Loewen The funeral home and the cemetery business of Loewen Group faced imminent financial distress. The company experienced aggressive growth through the excessive use of the debt funds. The process of restructuring of the entire debt funds of the company is extremely costly to different creditors, suppliers, diverse suppliers as well as other company stakeholders. In addition to this, cross border as well as the accounting issues also impend the process of restructuring. The financial distress exerts immense influence on the overall image of the company Loewen Group that is evident from the decline in the prices of the shares of the company. Again, the financial distress also gives rise to different legal issues and the company needs to bear cost for the legal as well as consultation fees that that makes it more costly. Again, due to the financial distress the assets of the corporation can be taken into consideration under the bankruptcy clauses and can also be undervalued by the government. As mentioned in the case study, the company Loewen Group has huge accrued debt and as a result the viability of the cash is also low and the equity is also considered as an unusual circumstance even for different preferred shareholder of the company. Again in case of bankruptcy, the firm needs to spend the entire amount obtained on liquidation for repayment of the debt. Therefore, the equity shareholders can also incur losses owing to the financial distress of the company. In addition to this, the company also faced the difficulty of decline in the overall rates of the stock from 25.75 to 9.44 within the period of a year. The company also experienced growth through a number of acquisitions that were financed by debt funds. The amount of debt of the company Loewen increased from $2.3 billion during the year 1998 and the company had no bank agreement regarding the restructuring. Viewpoint of SCI on hostile bid The Loewen Group and the SCI competes for the properties as they operate in the same market. SCI acquired the British company Great Southern against an amount of $200 million where both the companies placed their bids. Again, the SCI made several offers to Loewen during the year 1996 that were finally declined. The SCI also made formal offers for the purpose of the acquirement of the common stocks of the company at USD43 per share that was substantially higher than the closing share price of the Loewens stock. The management of Loewen rejected the offer citing reasons of unfavorable verdict of the jury as the primary reason behind the decline in the prices of the shares. However, during the year 1997, SCI cancelled its bid for the acquisition of Loewen due to growing concern regarding the anti-trust suit and several takeover defenses of the company and the high debt financing costs of the company. SCI persistently made attempts to acquire Loewen and made several formal proposals to the management of Loewen. The formal proposals of the SCI for the acquisition of Loewen included bids that were rejected by the board of directors of the Loewen. The management of the Loewen rejected the formal proposal on the ground of the underestimation of the overall value of the company. However, declaration of the reason for rejection of the formal bid of the Loewen directed the management of SCI to increase the bid. This too revealed the desperation of the management of SCI for the acquirement of the Loewen. Therefore, different informal acquisition proposals reflect the viewpoint of the management of SCI in getting hold of the competitor firm Loewen and to ensure greater share of the market. The intention behind the consistent attempts of the SCI for the aggressive takeover of the Loewen was primarily the acquirement of a rival firm in order to eliminate a competition. Key factors that drive the valuation for Loewen The key factors that drive the valuation of Lowen include the net present value of the total cash flows that was accrued during the particular period as well as the terminal value where the terminal value is also discounted to the net present value. The value of the company is calculated by taking into consideration the equity value of the firm based on the free cash flow (Arnold 2012). In case if the efficiency level of Loewen becomes equal to that of SCI, then the overall valuation of the firm will increase as the revenue and the profit of the company will rise. The free cash flow of the company will rise and at the same time the net present value of the FCFF (Poniachek 2013). Effects of the operational efficiency, financial policy and growth The operational efficiency of the firm can improve the capability of the firm to generate larger amount of sales out of the available assets of the company (Arnold 2012). During the year 1998, the company Loewen was able to generate profit of USD 291.7 out of the available assets of USD 4673.9. Therefore, the operational efficiency of the company is (1136.2/4673.9=0.24). On the contrary, the operational efficiency of the company Loewen is also found to be approximately 0.24. Therefore, increase the sales of the company and raise the overall operational efficiency of the firm (Arnold 2013). Again, the financial policy of excessive use of debt also affected the overall financial performance of the firm. The use of debt increased the debt to USD 940 and the interest expense to USD 182 from USD 127 during the year 1998, thereby leading to the decline in the net income of the firm. The forecasted sales during the period 1999 are expected to be 1319.1044 where the growth % is recorded to b e 16.09. The growth in sales can therefore raise the efficiency of the operations of the company and increase the overall profitability of the firm as well (Eun and Resnick 2012). The Enterprise value represents the economic value of the company. It is useful in comparing similar companies. This attempts to capture the firms operation and growth in a singular number by multiplying with the financial matrices to yield the result. In the given case the Enterprise value of both the company are calculated based on the data of 1998. The calculation of Enterprise Value is given below: Calculation of Enterprise Value (98) Particulars Sci Lowen Market Value of Equity 9865.7 624.9 Total Debt 3880.4 2334.2 Cash 314.1 76.1 Enterprise Value $13432.00 $2883.00 The enterprise value is calculated by adding Market value of equity with total debt and subtracting cash from that. As can be seen from calculation Enterprise value of SCI is more than that of Lowe. In this, case the financial metrics used is sales for calculating the enterprise value of Lowen based on the financial metrics of SCI. The enterprise value of metrics of Lowen comes to $5308.142. The increase in Lowens value is $2425.14. Calculation of increase in Enterprise Value EV of Lowen at SCI operation level $ 5,308.14 EV of Lowen at current operation level $ 2,883.00 Increase in Enterprise Value $ 2,425.14 References Arnold, G. 2012.Corporate financial management. Harlow, England: Pearson. Arnold, G. 2013.Essentials of corporate financial management. Harlow, England: Pearson. Eun, C. and Resnick, B. 2012.International financial management. New York, NY: McGraw-Hill. Poniachek, H. 2013.International corporate finance. London: Routledge.

Use of Accounting Software For a Manufacturing Unit

Question: Discuss about theUse of Accounting Software for a Manufacturing Unit. Answer: Introduction: Significance of Accounting Software It has become almost mandatory for every business organisation to have accounting software which can record the business transactions and carry out other important functions like invoicing, collection and disbursement of payments, stock valuation, and providing reports like profit and loss account, balance sheet to analyze the financial position of the business. There are many companies which provide accounting software according to the needs of the business. Some of them include Myob, QuickBooks, and Zero. A business may choose from the available options depending upon its business needs and the functionalities provided by the software. Transactions and Events in a Manufacturing Concern A manufacturing firm is involved in production of goods which it sells to earn profits. The events in a manufacturing set up normally comprise of purchase of raw material, processing the material to convert it into a finished product. Next event is selling of the finished product. Apart from sale of goods, the payment to employees is another event. For carrying out the business transactions, a company needs finance, obtaining and paying for the loan is yet another event. For the Kiama based manufacturer of dairy products also above events will take place. In carrying out the above events, various economic transactions take place, some of which are mentioned below: Purchase of raw material for a dairy manufacturer, the raw material would be milk which will be purchased from a farm owning cows. The purchase may be made in cash or credit. Cash is paid for immediately and credit purchases are paid later as per the terms of credit. Conversion of raw material into finished goods the milk will be converted to yogurt and cheese. For this fermentation will be carried out on the milk. Before the product is finished, it may be in work in process inventory. Hence, the business needs to record the stock of the material at its cost using an appropriate stock valuation method. In this case, the manufacturer may stock the cheese. Sale/return of finished products once the product is manufactured, in this case cheese and yogurt, the manufacturer will sell these products. The transaction will be recorded in the accounting books with information like sales amount, name if the buyer. An invoice will be generated to be issued to the buyer. If the payment is not collected on the spot, a debtors account will be created and the payment whenever received will be recorded accordingly. Payment of salaries/wages to employees the company may pay the employees on a periodic basis. The company makes payment to the employees either through cash or check. In paying the staff, the firm deducts tax at source to be paid to the government; hence another transaction is to pay taxes to government. Financing the manufacturer may want to acquire a loan to finance its business transactions. Hence, receiving of cash, payment of interest and repayment of debt are various transactions that will take place for the event. Purchase of assets for carrying out the business activities, a firm will need assets like the dairy manufacturer will require equipments to convert milk into cheese. Payment of tax a manufacturer normally makes two types of tax payments. One is the tax on sale of goods and the other is the tax on behalf of employees deducted at source. For recording the above transactions, a company may either depend on manual accounting or purchase accounting software which will help in recording the above transactions Accounting Software vs. Manual Books Every transaction that takes place must be recognized, classified and documented. The entries should be recorded in a journal and the various accounts being affected by the transaction should be updated. All the journal entries should be posted in the various ledger accounts. At the end of the accounting period, a trial balance should be prepared with the help of ledger to see if the debit equals credit or not. Therefore with the help of trial balance financial statements like profit and loss account, balance sheet and statement of cash flows should be prepared. Under manual accounting, the above accounting cycle is prepared by the employees on a period basis. Under computerized accounting, only the recording of transactions needs to be done by employees i.e. entering the data and rest all the steps of accounting cycle like generating invoices, making of financial reports is automatically prepared by the software. There are many advantages of accounting software over manual book keeping some of which are discussed below: Speed and Accuracy accounting software is faster as far as entering information is concerned. The built in database of suppliers and customers helps in quick data entry. There is more accuracy as there is only one entry required per transaction whereas in manual accounting two to three entries are made for each transaction. Automatic document production documents like invoices, purchase orders, credit notes, payroll documents are all done automatically in the accounting software whereas in manual accounting, separate print outs have to be taken for each document. (Weber, NA) Real time information an accounting software helps in providing information real time i.e. it can create reports before the accounting period so that the current financial position can be determined. Under manual accounting, reports are prepared at the end of the accounting period. Also the information can be made available to different users at the same time which is not possible with manual accounting. Management information various useful reports are produced by accounting software which are useful to the managers in monitoring and controlling business. Important reports include financial statements, debtors and creditors ageing, stock valuation report etc. these reports have to be prepared manually under manual accounting which is very time consuming. (Hadler, NA) Cost savings there are cost savings in terms of staff, audit expenses as records are neat and up to date. Efficiency use of accounting software increases efficiency as better inventory control and debt collection reports help in improving cash flow. Also time and resources wasted in recording all entries is avoided. GST/VAT return the software creates automatic figures of GST and VAT returns based on the accounting transactions so no time is wasted whereas under manual accounting, tax figures need to be calculated manually. (Opentuition, 2016), (Meall, 2010) Sales Cycle of Manufacturing Firm When a company makes sales, there are a series of transactions that take place. Based on these transactions, the journal entries are recorded in the accounting software. So when the dairy manufacturer makes sales, the following transactions cycle will take place: Creating sales order when there is sale of any item like cheese or yogurt, a sales order is created in the accounting software. The customer is located on the software and a sales order is created by entering the quantity and delivery date and any applicable GST and customers ABN is automatically updated. The Sales Order Functionality helps to Track the Merchandise that has been Delivered and How Much is Left to be Delivered. Converting sales order to sales invoice the sales order is converted into sales invoice at the time of delivery of sales merchandise. Only when sales invoice is created, the sales journal entries are posted in the respective ledgers. The customer account balance is automatically updated. Recording credit sales if the sale is on credit, the credit sales invoice is created in the software. Recording part cash and part credit sales the total sales is recorded in the sales item and then a cash receipt is recorded separately receipts payments window. Collection of accounts receivable after a credit sale is made, next step in the cycle is to receive the money. There are two steps in this process: Recording the receipt of money received from the customer Recording the deposit of money in the bank account Sales returns sales may be returned by the customer. This is recorded in the software in two steps: First a credit note is created by creating a negative invoice Then the credit note is applied to an existing invoice (Perdisco, 2016) Risks of Using Manual set of Accounts In todays world, most of the business organisations have switched over to electronic software as using manual set of accounts poses risks and costs for a business. One of the greatest risks is loss of books of accounts due to fire or theft. If the records are lost, the business may go for a toss. Also it is very time consuming and there are great chances of human error. In electronic accounting, accuracy is higher as all records can be pulled from the software itself. Manual accounting becomes tedious as it is a routine work and may get boring. Hence it is advisable to use accounting software which has a cost to it but the advantages derived are more than the costs and hence is recommended. References Weber, A, (NA), Manual Accounting Versus Computerized Accounting, accessed online on 21st July, 2016, available at https://www.experience.com/alumnus/article?channel_id=accountingsource_page=breaking_inarticle_id=article_1173385201144 Hadler, G., (NA), The Advantages of using Computerised Accounting Software, accessed online on 21st July, 2016, available at, https://www.itseducation.asia/computerized-accounting.htm Perdisco, (2016), Sales Command Centre, Myob Learning Centre, accessed online on 21st July, 2016, available at, https://www.perdisco.com/au/myobLearning/sales/ openTuition.com, (2016), Types of Business Transactions and Documentation, accessed online on 21st July, 2016, available at, https://opentuition.com/fia/fa1/types-of-business-transactions/ Meall, L., (2010), Online Accounting Software, Chartec Software Product Guide, Information Technology Faculty, ICAEW