Essay about Analysis of Alfred, Lord Tennyson’s Epic Poem...

Alfred, Lord Tennyson’s epic poem Ulysses is composed as a dramatic monologue, consisting of four stanzas each of which frankly discuss the speakers current situation and yearning for adventure. The use of iambic pentameter provides a sense of fluidity to the speaker’s voice. The speaker reveals himself to be the protagonist of the poem with the opening line â€Å"It little profits that an idle king† (1). The use of the word â€Å"idle† offers the first clue as to one of the main themes of the poem. Tennyson much like the protagonist of his poem feels the need to move on, in life. The period in which the poem was wrote, many sociable changes where occurring in Victorian England, the effects of the industrial revolution where being†¦show more content†¦We discover Ulysses after the famous battle of Troy and his twenty year hiatus from his kingdom of Ithaca. Tennysons decision to use the Latin spelling of the name is explained in Robbins critique; The poet finds the inspiration for his speaker’s mood and attitude in Homer’s Odysseus and Dante’s Ulysses, especially the later, whose mode of utterance in the inferno suggests form and feeling of Tennysons poem. (Tennysons Ulysses: The Significance of the Homeric and Dantesque Backgrounds. 177-93) Stanza’s one and two are relatively short in comparison to the third and forth stanzas, when examined closely the reasoning behind the decision to use Dantes Ulysses becomes apparent. The speaker provides little detail and discuss’ his wife and the citizens of Ithaca as if they where inconsequential, his wife is described as aged and the people of Ithaca are described as â€Å"a savage race, / That hoard, and sleep, and feed. A number of critics compare Tennyson’s own personal predicament to that of Ulysses, Nohrnberg explains how; â€Å"Alfred Tennyson attributed Ulysses’ determination to persevere up to the last, in â€Å"Ulysses,† to his own resolute choice in favor of life and survival upon the traumatic news of the death of friend, soul-mate, and intending future brother-in-law Arthur Hallam (1833).† (Eight Reflections ofShow MoreRelatedAmerican Literature11652 Words   |  47 Pagesquick overview of poetry analysis. Please note that this handout discusses the basics of poetry; there is much more to know about it than there is room to discuss here. Laurence Perrine s book LITERATURE: STRUCTURE, SOUND, AND SENSE can provide more detailed information about poetry analysis. Until you can get a copy of the book, I hope this page helps you begin your poetry analysis work. What is poetry ? Poetry goes beyond the rhyming of words. The object of writing a poem is usually to make aRead MoreFigurative Language and the Canterbury Tales13472 Words   |  54 Pagesthinly disguised representation of the author, poet, or playwright creating a work. 5. anaphora: repetition of the same word or group of words at the beginnings of successive clauses. †¢ The Lord sits above the water floods. The Lord remains a King forever. The Lord shall give strength to his people. The lord shall give his people the blessings of peace. -Ps. 29 †¢ â€Å"Let us march to the realization of the American dream. Let us march on segregated housing. Let us march on segregated schools. Let

Performance Enhancing Drugs Steroids, Androstenedione,...

Performance Enhancing Drugs In today’s world, sports have become more and more about winning than the game itself. Success within sports not only comes with status, but popularity and fame as well. The want and need to succeed in athletics has driven great athletes to take illegal measures to give themselves an edge over their competition. Performance enhancing drugs such as anabolic steroids, androstenedione, and ephedra alkaloids are all used by athletes to take the shortcut to success and bypass all the hard work that success takes. Although performance enhancing drugs do enhance an athlete’s performance, at the same time they do more harm than good to the human body. Some of these side effects include hypertension, heart disease, liver disease, acne, high LDL, and â€Å"roid rage† are just some of the many problems that come with PED’s. Not only do these drugs bring along many health problems but can be lethal as well. Many people believe that PED’s should be allowed becau se athletes are only doing it for their own good. Professional athletes are not the only ones abusing the easy way out, high school and college athletes are starting to do the same to earn a scholarship to a Division-1 school or landing that big time contract with a professional team. All in all, it’s just not the right thing to do; success from hard work is a lot sweeter than the success from cheating. Performance enhancing drugs must be outlawed in all aspects of professional sports for the future ofShow MoreRelatedPerformance Enhancing Drugs Should Be Banned1645 Words   |  7 Pagesrules by using performance enhancing drugs each year. Performance enhancing drugs help athletes to becomes bigger, faster, and overall better at their individual sport. This process is called doping. Doping can be defined as using drugs and various substances to better perform at a particular task. Furthermore, these athletes act in the moment and fail to see all aspects of these performance e nhancing drugs. Contradictorily, some individuals argue that performance enhancing drugs should in fact beRead MoreSports Athletes Should Not Be Banned993 Words   |  4 Pagesin athletics has driven great athletes to take illegal measures to give themselves an edge over their competition. Performance enhancing drugs such as anabolic steroids, androstenedione, and ephedra alkaloids are all used by athletes to take the shortcut to success and bypass all the hard work that success takes. Although performance enhancing drugs do enhance an athlete’s performance, at the same time they do more harm than good to the human body. Some of these side effects include hypertension,Read MoreEssay about Professional Athletes and Enhacer Drugs1338 Words   |  6 PagesDid you know that 95% of professional athletes take enhancer drugs? There are many people in the NFL (National Football League) and MLB (Major League Baseball) that take more drugs than any other sport. I hate how athletes to day take enhancement drugs to make them better in sports. (The use of performance-enhancing drugs is becoming relatively mainstream. Approximately 3 million people in the United States have used anabolic steroids (Silver 2001), with usage rates as high as 12% among young menRead MorePerformance Enhancing Drugs And Supplements Plague The Athletic Playing Field Worldwide2011 Words   |  9 PagesHistorical National Football League coach and manager Vince Lombardi once said, â€Å"Winning isn t everything--but wanting to win is†. The want to win, is real; it is embodied by the usage of performance enhancing drugs. Blood doping increases the count of red blood cells in the body, anabolic steroids accelerate the growth of muscle and strengthen the bones, and stimulants increase alertness, competitiveness, aggressiveness and reduce fatigue. All of these materials have clear benefits but the health

The Rise of Colonialism and its Impact on Modern Society Free Essays

In the middle of the 1 5th century, as the Roman Empire was weakening, the fall of Constantinople marked a bigger impact than anyone could have considered. The Ottoman Empire had reign to advance into the Mediterranean, and that meant that traveling east on land was not an option. With the Renaissance about to emerge, it became a springboard for the development of advanced ships. We will write a custom essay sample on The Rise of Colonialism and its Impact on Modern Society or any similar topic only for you Order Now This marked the beginning of the Age of Exploration and Colonialism. The Europeans had every advantage. Their immune system had seen all the diseases in the Old World, while he native conquered people’s immune system had only seen a few diseases. The Europeans had far more superior crops and domesticated animals. Cows, pigs, and chicken are considered super animals compared to their wild counterparts, although the wild counterparts do not even exist in the New World. The same could be said for rice, barley, and wheat. The New World had never seen these types of food. The conquered spent their days looking for sustenance while the Europeans were developing guns and telescopes. Because the backbone of the European nations was so developed and stable, their technology and power skyrocketed. With the power, colonization and slavery thrived. From Africa and Asia to the New World, pockets of colonies emerged and developed. Often conquering the entire continent, the colonizers went to work to extract what they thought was important. There were no rights for the conquered. They were in the European man’s world and had to go along for the ride. Racial prejudice rears its ugly head throughout the two World Wars and exists even today. The concept of racism was developed during the Age of Colonialism. The thought that any particular type of person based on looks and color was better did not exist ecause it is not true. But during and after the Age of Colonialism, racism was taught to Europeans and enforced to non-Europeans. Europeans thought that looks and color of the Anglos meant more trustworthiness and intelligence. Unfortunately, the majority of Europeans did not realize that trustworthiness and intelligence are both learned behaviors, and that non-Europeans were taught to be â€Å"uncivilized†. With the conviction of superiority, the Europeans subdued and dominated regions throughout the planet. Africa, in particular, has a long history of colonization from the Europeans. Conquest is defined as the subjugation and assumption of control of a place or people by the use of military force. Major parts of Africa were conquered by the Europeans since ancient times. From the 7th century, Arab trade with sub-Saharan Africa led to a gradual colonization of East Africa, around Zanzibar and other bases. Although trans-Saharan trade led to a small number of West African cities developing Arab quarters, these were not intended as colonies, and while Morocco attempted to conquer areas of the Sahel in the Moroccan war, it was soon forced to withdraw its troops atter pillaging the area. Early European expeditions concentrated on colonizing previously uninhabited islands such as the Cape Verde Islands and S ¤o Tom © Island, or establishing coastal forts as a base for trade. These forts often developed areas of influence along coastal strips, but, with the exception of the Senegal River, the vast interior of Africa was not colonized and was little-known to Europeans until the late 19th century. Vincent Khapoya mentions Ali Mazrui’s three interrelated broad reasons for European exploration of Africa: to increase knowledge, to spread Christianity and to increase national esteem. European enslavement of Africans, and visa-versa, existed along the coasts of East and West Africa since ancient times. The business exploded, however, after the Age of Colonialism was under way. During what was called by the European powers as, â€Å"The Scramble for Africa,† colonization was motivated by the European hunger for African resources. The subsequent exploitation of the African people and the uprooting of their spiritual values by Christian missionaries would leave a permanent European stamp on the continent. Britain took the largest piece of the African cake, rom Cairo to Cape Town, in addition to Nigeria and a few West African regions. It was also the British Empire that in 1894, imposed an arbitrary boundary around the many diverse ethnic groups and kingdoms that would make up modern day Uganda. By exploiting linguistic, ethnic, and cultural differences between the different ethnic groups, Britain’s divide and rule policies created tensions between the divided ethnic groups that helped maintain British rule. Officially, between 1884 and 1906 the Congo was controlled by a company entirely owned by King Leopold. The area was referred to as the ‘Belgian Free State. Until the end of the 1800s this company primarily exported ivory and palm-oil, a lubricant, from the Congo. Only a small profit was made from these products. At the end of the century, however, the world discovered rubber. Soon everyone wanted it to make tires, hoses, tubes, valves and many other products. Rubber is produced from a latex ‘sap’ that came either from a tree or a vine, both of which grew exceptionally well in the Congo Jungle. Because of the new demand, the Belgian companies began demanding massive amounts of rubber from the Jungle and forced the natives to find massive amounts of it and eliver it to them. King Leopold became incredibly wealthy from the sale of rubber and the Congo paid the price. The method that most harvesters used to get the sap destroyed the trees and vines they took it from. Soon the Belgians began to hire soldiers to make sure that the natives produced the raw material. They threatened them with starvation, mutilation or even death if they did not produce enough rubber. Many times they followed through with the threats. Between the 1880s and 1903 the population of the Congo was reduced from over 20 million people to about 8. 5 million. Joseph Conrad, an author who was there during this time, in his book Heart of Darkness, best illustrated what was going on there when one character on his death bed comments on the situation by simply saying: â€Å"the horror, the horror. The term ‘imperialism’ should not be confused with ‘colonialism’. Robert Young writes that imperialism operates from the center, it is a state policy, and is developed for ideological as well as financial reasons whereas colonialism is nothing more than development for settlement or commercial intentions. The Age of Imperialism was a ime period beginning around 1700 when modern, relatively developed nations were taking over less developed areas, colonizing them, or intluencing them in order to expand their own power. Although imperialist practices have existed for thousands of years, the term â€Å"Age of Imperialism† generally refers to the activities of nations such as the United Kingdom, France, Germany, Italy, Japan and the United States in the early 18th through the middle 20th centuries, the â€Å"The Great Game† in Persian lands, the â€Å"Scramble for Africa† and the â€Å"Open Door Policy† in China. Genocide is the eliberate or systematic destruction, in whole or in part, of an ethnic, racial, caste, religious, or national group. The Germans decided that certain ethnic groups were to be eradicated in Namibia. German Lieutenant-General Lothar von Trotha said, ‘l wipe out rebellious tribes with streams of blood and streams of money. Only following this cleansing can something new emerge’. Von Trotha brought with him to German South West Africa 10,000 heavily-armed men and a plan for war. During the period of colonization and oppression, many women were used as sex slaves. â€Å"To receive omen and children, most of them ill, is a serious danger to the German troops. And to feed them is impossible. I find it appropriate that the nation perishes instead of infecting our soldiers. † In the Herero work camps there were numerous children born to these abused women, and a man called Eugen Fischer, who was interested in genetics, came to the camps to study them. He decided that each mixed-race child was physically and mentally inferior to its German father and wrote a book promoting his ideas: â€Å"The Principles of Human Heredity and Race Hygiene†. Adolf Hitler read it hile he was in prison in 1923, and cited it in his own infamous pursuit of â€Å"racial purity’. We can see a trend that follows. For the colonized, life became a living hell. For the colonizers, life became extravagant and easy. These give and take relationships created the modern global economy that we have today. The scars of the past still haunt the wounds of today. Third world countries are still struggling for survival while the well fed first world nations are aligning themselves together to maintain their dominance. While the obvious means of colonization may not be visible, the same characters are in control. How to cite The Rise of Colonialism and its Impact on Modern Society, Papers

Harvey Norman and JB Hi-Fi financial compariosn free essay sample

The main aim of this assignment is to present an exploration of two major parts of financial statements i. e. Statement of Comprehensive income and statement of financial position. This is done by comparing elements of Balance Sheet and income statement of two separate companies and discussing similarities and difference of Presentation and Disclosures of these two separate organizations. Furthermore, discussing different methods adopted by two separate entities to measure Assets and Liabilities. Along with key strengths and weaknesses demonstrated by the Balance sheet of organizations. For this purpose we will use key ratios to identify difference between different periods presented in Balance sheet of Organizations. Along with the Balance Sheet, we will also discuss structure of Income statement of two separate organizations, and methods to recognize Income and expenses over a period of three years. Moreover, we will analyze strengths and weaknesses of these entities as revealed from Income statement. In the end, we will analyze the strengths and weaknesses of the entities from cash flow perspective. Introduction of Companies: JB Hi-Fi Limited: The business was established in 1974 by Mr. John Barbuto (JB), trading from a single store in East Keilor, Victoria. He had one simple philosophy: to deliver a specialist range of Hi-Fi and recorded music at Australias lowest prices. The business was sold in 1983 and by 1999 another nine stores were opened. In July 2000 JB Hi-Fi was purchased by private equity bankers and senior management with the aim of taking the successful model nationally. In October 2003, JB Hi-Fi was floated on the Australian Stock Exchange. Now, maintaining Barbutos original philosophy, JB is one of Australasias fastest growing and largest retailers of home entertainment. In July 2004, JB bought the Queensland Clive Anthony chain of stores which sell consumer electronics, white goods, cooking appliances and air-conditioning. JB stores offer the worlds leading brands of Hi-Fi Speakers, Televisions, DVDs, VCRs, Cameras, Car Sound, Home Theatre, Computers and Portable Audio and continues to stock an exclusive range of specialist Hi-Fi products. JB Hi-Fi also offers the largest range of video games, recorded music, DVD music and DVD movies with over 50,000 CDs and most major studio DVD releases, all at cheap prices. Customers are able to buy online from huge range of CDs, DVDs, and games. (JB Feb 07, 2002) Harvey Norman Limited: Harvey Norman Holdings Limited is a listed company whose shares are traded on the Australian Stock Exchange. Main activities comprise of a combined retail, property enterprise and franchising. Harvey Norman’s prime activities are, Computers Communications, Electrical components, House hold appliances, Furniture, Lighting, carpet flooring. Harvey Norman stores are present in New Zealand, Australia, Ireland, Singapore, Malaysia and Slovenia. They turned out to be a domestic brand name and people are familiar with this brand. Purpose of Financial Statements: The purpose of financial statements is to deliver information about the financial position, performance and changes cash flow position of an entity that is beneficial to a wide range of stakeholders in taking financial and investment decisions. A complete set of financial statements consists of Statement of Financial Position commonly known as Balance Sheet, Statement of Comprehensive Income commonly known as Income Statement, Statement of changes in equity, Statement of Cash flow and Notes to the accounts. Users of financial statements include broad categories such as Shareholders, Employees, Suppliers and Government Authorities such as ATO and ASX. Financial Statement should provide true and fair position of the organization’s financial position and performance and cash flow situation for a specific time period. Furthermore, financial statements should be understandable by users of financial statements. Relevance is another vital factor for financial statements to be useful for users. One of the most important factors is reliability of financial statements. Reliability is further ensured by audit of financial statements. At last but not least, financial statements should be made in a comparable format either with previous periods or with the competitors. Balance Sheet: Balance sheet displays the financial position of an organization at a specific time. Financial Position is demonstrated using the fundamental Accounting Equation, i. e. Assets= Liabilities + Equity. Assets and liabilities are bifurcated in current and non-current. Current asset is defined as any asset which can be converted into cash readily and will be used within one accounting period normally 1 year e. g. Receivables, Inventory, Prepaid Expenses. While current liabilities are liabilities which are to be settled within one accounting period or 12 months. Equity is the internal claim of shareholders over the assets of organization. Equity portion of Statement of Financial Position contains mostly but not limited to Common Stock and Retained Earnings. Statement of Comprehensive Income: Statement of Comprehensive income contains information relating to the performance of an organization over a specified time period. Performance means the revenue generation and expense related to all these activities and in the end Net Income generated from these operations. Statement of Cash Flow: Balance sheet and Income statement is based on Accrual Accounting System. Accrual accounting method is a technique that measures the performance and position of an organization by identifying financial occurrences irrespective of when cash transactions take place. But the issue with is that cash is also an important indicator of liquidity position of company. Without positive liquidity the company’s â€Å"Going Concern† is in uncertainty which is the basic assumption for preparation of Financial Statements. This is the reason for providing a separate report revealing Cash Flow position of an organization. Cash Flow statement demonstrates all the cash inflows and outflows of a company for a specific time period. Structure of Balance Sheet: The structure of Statement of Balance Sheet / Financial Position is relatively same in all entity. Statement of financial position is prepared in accordance with framework i. e. International Accounting Standards guidelines. There are some similarities and differences observed in Balance Sheet of Harvey Norman Ltd and JB Hi-Fi Limited. These are described as follows: Similarities: The current assets of Harvey Norman Limited and JB Hi-Fi Limited included all the usual basic elements i. e. Inventory, Accounts Receivables, Cash and equivalents. Non-current assets of both Harvey Norman Limited and JB Hi-Fi Limited included PPE along with Intangible assets and Deferred Tax Asset. Current Liabilities of Harvey Norman included items such as Interest bearing loans, Trade and other payables, Current Tax Liability, Borrowings, provisions and other liabilities. Evidently these all elements were present in Current liability portion of JB Hi-Fi Limited. Non-current Liability Portion of Harvey Norman Limited and JB Hi-Fi Limited have similar items such as Long Term Borrowings, Provisions, Deferred Income Tax Liability, Provisions and Other liabilities. Equity of both companies was same and included elements such as Contributed Equity, Reserves and Retained Earnings. Differences: Current assets of Harvey Norman Ltd include other financial assets which are not included in JB Hi-Fi Limited. This consists of investment mainly in securities. Harvey Norman Ltd’s Non-current assets include â€Å"Investment accounted for using equity accounting method† which represents investment in Associates. JB Hi-Fi Ltd does not have any investment in Associate. Investment property is included in Non-current assets of Harvey Norman which is not part of JB Hi-Fi Ltd. Methods used to Measure Assets and Liabilities: IFRS and Australian GAAPs allow organizations to measure asset and liabilities in a number of ways. Generally asset and liabilities are measured by the Historic Cost method, Current Cost method, Realizable Value method and Present value model. These methods of measuring assets and liabilities are mentioned in the accounting policies and estimates portion of Annual report of both Harvey Norman Ltd and JB Hi-Fi Ltd. Harvey Norman Ltd measure its â€Å"Investment properties† on Fair Value model, Investment in associate is measured by Equity accounting method which is a derivative of fair value model. PPE is presented at historical cost subtract accumulated depreciated less any impairment losses. Certain classes of PPE are valued on fair value model. Fair value is determined by reference to market-based evidence, which is the amount for which the assets could be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller in an arms length transaction as at the valuation date.(victoriasmilling. com Oct 10, 2012) Non-financial assets are valued at Fair Value model and an impairment test is conducted at the start of each financial period to calculate any impairment to the financial assets. All financial liabilities are recognized initially at fair value plus, in the instance of loans and borrowings, directly attributable transaction costs. The consolidated entity’s financial liabilities include trade and other payables, bank overdrafts, loans and borrowings and derivative financial instruments. (victoriasmilling.com Oct 10, 2012) JB Hi-Fi Limited recognizes Leasehold PPE at historical cost less accumulated depreciated less impairment losses Trade and other payables are stated at amortized cost while Non-current liabilities are measured at fair value. Strength and Weakness from Balance Sheet point of View: Horizontal Analysis: With a head to head analysis of Balance sheet for previous three annual financial years of Harvey Norman Ltd total assets in 2011 stood at a level of $4 Billion which reduced by a substantial 1. 3% in year 2012 and finally sustained at a level of $4.  065 Billion hence increasing assets by a total of 2. 86 % in year 2013. A brief summary of this analysis is given as follows. In case of JB Hi-Fi Ltd the picture is different. JBH managed to raise its total assets at a level of $534 million in year 2012 from $500 million in year 2011 with an increase of 6. 5%. In year 2013 this level increased by 5. 5% to a level of $563 million. A brief summary of this analysis is given as follows Vertical Analysis: Vertical analysis provides us ratios which can be useful to assess the position in a given year. 2011: JBH’s current ratio in 2011 was at a level of 1.44, quick ratio 0. 27, Inventory turnover was 13. 75%, Price-to-Earnings ratio 13. 77, while Harvey Norman’s current ratio was 1. 63 times, quick ratio 1. 29 times, and inventory turn-over 13. 23% and Price-to-earning stood at 11. 29. 2012: JBH’s current ratio in 2012 was at a level of 1. 21, quick ratio 0. 24, Inventory turnover 13. 69% and price to earnings ratio stood at a level of 8. 36. In the same year Harvey Norman’s current ratio was 1. 63, quick ratio 1. 34, inventory turnover 11. 20% and Price to earnings ratio was 10. 46. 2013: In year 2013 JBH’s current ratio was 1.27, current ratio 0. 31; inventory turnover was 12. 88% and price to earnings ratio w as14. 36. HVN’s same ratio was 1. 83, 1. 51, 12% and 13. 30 respectively for year 2013. Other financial ratios for JBH and HVN for year 2011, 2012 and 2013 were as follows. Income Statement: Structure of Income statement is provided in guidelines provided by International Financial Reporting Standards and Australian GAAPs. Some similarities and difference between Harvey Norman and JB Hi-Fi Limited are defined below. Similarities: Both JBH and HVN have presented the income statement with parts, i. e. Income from operations and Other Comprehensive Income. The main format of overall statement of comprehensive income is similar which includes Revenue and direct and indirect expenses i. e. Cost of Goods sold, Administration expenses, Distribution and marketing expenses etc. Profit from operations has been distributed between Parent and Non-controlling interest in both JBH and HVN. Differences: HVN’s statement of comprehensive income has been divided between â€Å"Continuing operations† and â€Å"Discontinued Operation†, while there is no such distinction in JBH’s statement of comprehensive income. HVN’s Other comprehensive include Foreign Currency translations, Fair value gain on available for sale investment, Fair value revaluation gains on property plant and equipment and Cash flow hedges, while JBH’s OCI include Foreign currency Translation reserve and cash flow hedges. Strength and Weakness Analysis from Income Statement point of view: Horizontal Analysis: Horizontal analysis of JBH reveals Revenue of $2. 9 Billion in year 2011 while a healthy increase in year 2012 of 5. 69% to take revenue to a level of $3. 12 Billion. In year 2013 revenue increased consistently by 5.77% and reached a level of $3. 3 Billion. The major reason behind this consistent increase is said to be the consistent advertisement and marketing strategy. Graphical presentation is given below. During the same period HVN’s revenue figures were $1. 55 Billion, $1. 40 Billion and $1. 32 Billion in year 2011, 2012 and 2013 respectively. Other figure of Harvey Norman and JB Hi-Fi Ltd are s hown in the table. Statement of Cash Flow: International Financial Reporting Standards and Australian GAAPs allow methods for preparation of financial statements i. e. direct method and indirect method. Both methods will provide the same ending cash balance. The only difference between Direct and Indirect method is that Direct methods deals with direct cash payments and cash receipts, while indirect method use indirect calculation of cash beginning from profit after tax. JB Hi-Fi Ltd and Harvey Norman Ltd both use direct method for the preparation of Statement of cash flows. Horizontal Analysis: Net Operating Cash Flow: Operating cash flow of JB Hi Fi Ltd stood at positive $109 million in 2011 which increased to $215 million in year 2012, almost 96% increase. In 2013 this cash flow reduced by 27% to end at a balance of $156 million. While Operating cash flow of HVN was positive $358 million in year 2011, $200 million in 2012 and finally $239 million in 2013, showing a decrease of 44% in 2011 and an increase of 19% in year 2013. Net Investing Cash Flow: In year 2011 net cash flow from investing activities of JBH remained at a level of negative $43. 9 million and decrease by 2% to sustain at a level of $44. 8 million in 2012. In year 2013 this cash outflow decreased by 14. 56% at a level of $38 Million. Harvey Norman Ltd’s net investing cash flow was outflow of $366 million in year 2011, which decreased by a drastic 53% in year 2012 having net cash outflow at $171 million. In year 2013 this outflow increased due to new investments at a level of $208 million hence increasing by 21% from last year. Net Financing Cash Flow: HVN obtained a positive cash flow of $25. 5 million in year 2011 which converted into negative cash flow of $8. 5 million in the next year, while in year 2013 this outflow increased enormously and remained at $46. 5 million. JBH demonstrated negative cash flows in all three years. In 2011 JBH paid off $90 million in financing activities which increased to a level of $157 million in year 2012. In the latest year JBH paid off $91 million dollars for financing activities. Vertical Analysis: Net cash flow from operating activities remained at a level of positive $109 million in year 2011. The major contributor of this cash flow is the increased cash receipts from the accounts receivables. Interestingly Revenue of JBH was around $2 Billion while the receipts from customers remained at a level of $3 Billion and the receivables were also consistent, which is evidence of the great recovery time of accounts receivable. Investing activities showed a cash outflow of $43 million in year 2011, while the financing cash was $90 million outflow which is evidence that investment activities were supported from cash generated from Operating activities. This is a healthy indication of a company’s growth. Conclusion Recommendations: Both JB Hi-Fi Ltd and Harvey Norman are growing actively and have a good expansion strategy and it is evident in all three parts of financial statements discussed above. Harvey Norman’s main strength lies within its Investment property operation, while JB Hi-Fi Ltd is aggressively growing from an acquisition policy. But rapid expansion can be dangerous for organizations who do not handle key issues faced by organizations during growth phase. During growth sudden changes are made in organization structures which the employees could not cope with and lose morale and hence declining the organizations growth. This case can be linked with JBH’s hostile takeover policy. Management should take steps to manage changes in smaller organization and maintaining an overall company environment in all aspects. Here the key is introduction of accounting policies and controls to newly acquired organizations. Harvey Norman Ltd is investing heavily in investment property as part of its forward and backward integration policy to acquire good investment property and use it for its own outlet purpose or earning revenue through rental income. Investment properties are apparently safe investments but sometimes these properties are only acquired on speculation basis of future development of a part of a city or town. There is a certain risk that these speculations will not fulfill its requirement and hence affecting the investment for HVN. Care should be taken when making such decisions.