Tess Fatalism Essay Example For Students

Tess Fatalism Essay Tess FatalismIf written today, Tess of the durbervilles by Thomas Hardy may have been called Just Call Me Job or Tess: Victim of Fate. Throughout this often bleak novel, the reader is forced by Tesss circumstance to sympathize with the heroine (for lack of a better term) as life deals her blow after horrifying blow. One of the reasons that the reader is able to do so may be the fatalistic approach Hardy has taken with the life of the main character. Hardy writes Tess as a victim of Fate. This allows the reader to not blame her for the things that happen around her. Much of the critical debate surrounding Tess centers around this very point: Is Tess a victim? Are the things that happen to Tess beyond her control or could she have fought her way out of her circumstances? Better yet, could Hardy have written her out of her troubles or did his fatalistic approach to the novel force him to ultimately sacrifice poor Tess? Further, Is Hardys approach to the novel and its main character tru ly fatalistic? In this essay, I will explore these questions and the doctrine of Fatalism as it applies to Tess. Fatalism is defined in Websters Dictionary as the doctrine that all things take place by inevitable necessity (175). Fatalism is the idea that all actions are controlled by Fate, a primitive force that exists independent of human wills and outside of the controls of power of a supreme being such as God because God ultimately has no power; he is a creation of man who granted Him His power. Since He doesnt truly possess those powers, he is left without the ability to alter circumstances. In short, if one subscribes to this doctrine, you believe that Fate controls how things happen and God can do nothing to save you, even Tess. Overall, Tess seems to go through life experiencing one negative event after another. Fateful incidents, overheard conversations and undelivered letters work against her ability to control the path her life takes. Tesss future seems locked up from the beginning of the novel. As the story opens, we first meet her father and learn of Tesss ancestry: Durbeyfieldare the lineal representative of the ancient and knightly family of the dUrbervillesthat renowned knight who came from Normandyif knighthood were hereditary, like a baronetcyJohn would be Sir John (4). Somehow the reader knows almost immediately that this knowledge isnt necessarily going to save the poor clan, especially once we learn of the Fate of Tesss ancestors: Where do we dUrbervilles live? asks Sir John to the parson who responds, You dont live anywhere. You are extinct (5). If one believes in the concept of natural selection, they probably realize rather quickly that this isnt the best family from which to descend. Tess seems to sense her doomed state. This is evidenced in her identification with the dUrberville clan. Examples of this are her ability to see or hear the dUrberville Coach and her realization of her resemblance to the dUrberville woman of the farmhouse at Wellbridge: Tesss fine features were unquestionably traceable in these exaggerated forms (277). These eerie events suggest that the fated dUrberville blood undoubtedly flows through her veins. Another example of Tesss awareness of being ill fated is when she meets Alec. Tess laments about her fate: Had she perceived this meetings import she might have asked why she was doomed to be seen and converted that day by the wrong man, and not by some other man, the right and desired one in all respects (75). She may not have known what to call it, but she definitely applies the doctrine of Fatalism to herself which according to author Leonard Doob is a telltale sign of a person who feels fated: When the principal is judging himself in this case, herself and believes that fate is affecting him, his perception is usually direct: he introspects, thinks, or meditates. But he may respond indirectly when someone else, an observer,, gives him information about himselfFatalism by a principal, th erefore, is a pessimistic inevitability doctrine applied by him about himself to himself (7). If Tess didnt start life feeling as though Fate was working against her, there are plenty of incidents which could easily convince her: the death of the family horse because of her negligence, the letter of confession that slipped beneath the carpet and caused her to enter into marriage as a deception, the death of her father, and the return of Angel just too late. Incident after incident seem to point to only one thing: Tess was not meant to have a happy existence. So does Tess believe that God can save her? Throughout the novel, we see Tess moving away from God. She is appalled by the evangelical sign-painter warning of damnation and tells him that his teachings are horriblecursingkilling refusing to believe that God said such things (97). Later, realizing that God cant help her, Tess prays to Angel confessing her new religion in a letter: It has been so much my religion ever since we wer e married to be faithful to you in every thought and look (127). Even Angel seems aware that God wont save Tess, thinking as he left, But, might some say, where was Tesss guardian angel? Where was the providence of her simple faith? Perhaps, like that other god of whom the ironical Tishbite spoke, he was talking, or he was pursuing, or he was in a journey, or he was sleeping and not to be awaked (..93). Other characters seem to buy into the idea of Fate as well. At the dairy, Angel chooses Tess over the other dairymaids who love Angel as much as she does, but the dairymaids cant be mad at Tess because it is Fate which has made the choice: Are you sure you dont dislike me for it? said Tess in a low voiceI dont knowI dont know, murmured Retty Priddle. I want to hate ee; but I cannot! Thats how I feel, echoed Izz and Marian (12). Now we turn to the question of whether or not Hardy could have saved Tess or if he believed that Fate had determined his choices. There were chances throughou t the novel for Hardy to give Tess a break and throw her a bone. He chose not to do so. Critic Arnold Kettle see this decision as a necessity: Tesss death is artistically as inevitable as JulietsShe is up against a social situation that she can do nothing to resolve except tragically, with drastic human loss (23). It seems that if Hardy was to have been true to his art, he had no choice but to kill poor Tess. It would be an error in criticism, however, to claim without a doubt that Fate is the key player in Tesss demise. In fact, It is actually rather easy to argue the other side of the coin. Hardys fatalism is extremely flawed. When in a pinch, he often relies on coincidence to further beat Tess down: Alec showing up to save Tess after the party; his reappearance as preacher; the letter slipping under the carpet; Angel slugging a man that turns up later as Tesss boss. One could argue that this is all a bit too convenient. Critic Dorothy Van Ghent seems to agree saying, We have all read or heard criticism of Hardy for his excessive reliance upon coincidence in the management of his narrativeshe appears to be too much the puppeteer working wires or strings to make events conform to his pessimistic and fatalistic ideas (56). Hardy ultimately plays God in a novel where God is missing and throws negative circumstances in places where they may not have been without his manipulation. But you still have to admit, on the whole, our poor Tess still seems quite fated. So is Tess and ultimately Hardy responsible for the things that happen to our heroine or is there something larger working against her? Critic Leon Waldoff writes that It seems impossible to read the novel with a complete disregard of the idea that Tess is somehow responsible for her fateThe narration is everywhere buttressed by words such as doomed, destined, and fated. But the critical linking is never made and one remains uncertain about why Tesss fate is inevitable (135). That moment of doubt and the u nresolved question is where the argument of Fatalism in Tess gains its momentum. One point that I feel must be made. Some argue, including my fellow classmates, that it was destiny that bring Alec and Tess together. I would argue that it is not destiny but Fate. Often used as a synonym for destiny, Fate differs slightly but significantly from the idea of destiny. Author Leonard Doob explains in his book, Inevitability, the difference between the concepts: fate is associated with doom, which usually has the same negative connotationthere can be no hesitation that the principal with a fatal disease will gave a negative experienceDestiny, on the other hand, frequentlyagain by no means alwayssuggests good fortune and is herewith assigned an association with positive effect (7). I think we can all agree that Tess suffers from a deficiency of good fortune so it must be Fate, not destiny, that continues to deal her a losing hand. There will most likely never be agreement on Tesss and Hardy s ability to change the outcome of the novel. Not ever really burying his flaws very deeply, Hardy seems to challenge the notion that the flaws were necessary and lend themselves to the books readability. Critic Dorothy Van Ghent supports this idea writing that Hardy has, with great cunning, reinforced the necessity of the folk fatalism, and folk magicTheir philosophy and their skills in livingare indestructible, their attitudes toward events authoritatively urge a similar fatalism upon the reader, impelling him to an imaginative acceptance of the doomrwrought series of accidents in the foreground of action (57). It appears that Hardy intentionally left doubt as to Tesss playing into Fate or if she is playing against it. But that is why the novel still grabs the reader like a good soap opera. Hardy, through his Fatalistic approach, invokes sympathy and concern for poor Tess that keeps the reader turning each page in breathless anticipation for whats next. Debate as we will, it can n ot be denied that Hardy wrote a truly gripping novel. Bibliography Doob, Leonard. Inevitability: Determinism, Fatalism, and Destiny. New York: Greenwood Press, 1988. Hardy, Thomas. Tess of the dUrbervilles. New York: MacMillan, 1991. Kettle, Arnold. Introduction to Tess of the dUrbervilles. Twentieth Century Interpretations of Tess of the dUrbervilles. Ed. Albert LaValley, Englewood Cliffs, N.J.: Prentice-Hall, 1969. 14-29. Van Ghent, Dorothy. On Tess of the dUrbervilles. Twentieth Century Interpretations of Tess of the dUrbervilles. Ed. Albert LaValley, Englewood Cliffs, N.J.: Prentice-Hall, 1969. 48-61. Waldoff, Leon. Psychological Determinism in Tess of the dUrbervilles. Critical Approaches to the Fiction of Thomas Hardy. Ed. Dale Kramer, London: MacMillan Press, 1979. 135-154. .uf8b4372e07c3114e73862c33d3bc17b6 , .uf8b4372e07c3114e73862c33d3bc17b6 .postImageUrl , .uf8b4372e07c3114e73862c33d3bc17b6 .centered-text-area { min-height: 80px; position: relative; } .uf8b4372e07c3114e73862c33d3bc17b6 , .uf8b4372e07c3114e73862c33d3bc17b6:hover , .uf8b4372e07c3114e73862c33d3bc17b6:visited , .uf8b4372e07c3114e73862c33d3bc17b6:active { border:0!important; } .uf8b4372e07c3114e73862c33d3bc17b6 .clearfix:after { content: ""; display: table; clear: both; } .uf8b4372e07c3114e73862c33d3bc17b6 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uf8b4372e07c3114e73862c33d3bc17b6:active , .uf8b4372e07c3114e73862c33d3bc17b6:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uf8b4372e07c3114e73862c33d3bc17b6 .centered-text-area { width: 100%; position: relative ; } .uf8b4372e07c3114e73862c33d3bc17b6 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uf8b4372e07c3114e73862c33d3bc17b6 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uf8b4372e07c3114e73862c33d3bc17b6 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uf8b4372e07c3114e73862c33d3bc17b6:hover .ctaButton { background-color: #34495E!important; } .uf8b4372e07c3114e73862c33d3bc17b6 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uf8b4372e07c3114e73862c33d3bc17b6 .uf8b4372e07c3114e73862c33d3bc17b6-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uf8b4372e07c3114e73862c33d3bc17b6:after { content: ""; display: block; clear: both; } READ: Essay on Hotel Dreamland Business Proposal Essay We will write a custom essay on Tess Fatalism specifically for you for only $16.38 $13.9/page Order now

Europe - national identity essays

Europe - national identity essays If we consider nations as `imagined communities, what role did the concepts of race, gender, and class play in crafting national identity from the mid-nineteenth century through the beginnings of the twentieth century? How did these same concepts also serve to undermine a sense of national identity and unity? Race, class and gender give certainty to the idea of nations as imagined communities. Nations are imaginings of a general populace and yet they have a profound effect on the way that the people who have imagined them live out their lives. People in a nation are incredibly different and yet because of their belonging to this imaginary community, they are believed to be the same. In this sense, a nation can be seen as a creation that requires consciousness, because this notion of community must be larger than any individual could experience directly. It is this understanding of nations that gives significance to factors such as race, class and gender. It are these factors which serve to contribute to the idea of shared qualities between people within the imagined boarders of a nation. Furthermore, as race, class and gender create shared national identities within the imagined boundary of a nation, they also result in narrowing views of who is a true member of that nation. The concept of a true member of a nation is closely related to the growing notion of superiority within a nation and the development of social hierarchies. These modes of othering are examples of how people in a culture tend to draw boundaries between themselves and others. Of most importance to the development of national identities is the use of enlightenment sciences to give proof to national history and roots. These sciences, which originally gave clarity to gender and race, created national identities, which were thought to be relatively homogeneous communities with shared characteristics...

What to do when your boss is stealing your ideas

What to do when your boss is stealing your ideas There are lots of potentially difficult situations that arise in most workplaces- anything from annoying coworkers, to incompetent people on a project team, to having to work twice as hard in an effort to pick up the slack for a lazy, underperforming colleague who always seems to wiggle out of trouble. But the truth is, one of the most challenging professional situations to have to deal with is a scheming and self-serving boss who is constantly stealing your ideas or taking credit for your work, leaving you in the dust with nothing to show for your efforts and accomplishments. Hopefully this doesn’t sound familiar or hit too close to home for you- but if it does, we know how difficult it can be. The last thing any of us want to do is put ourselves into an adversarial situation with our bosses, so there’s a real impulse not to say or do anything about it- which can quietly â€Å"signal† your boss that you’re okay with their bad behavior or at the very least not going to rock the boat for them, which means the theft may continue (or get worse).It’s important to do  something  when your boss is stealing your ideas. But how can you handle the situation delicately enough so that you don’t make things unbearable for yourself, yet firmly and decisively enough to send a clear message that you’re not willing to put up with this?If you or someone you know is struggling with this reality, there is hope, and a way forward. Entrepreneur published an article  that highlights strategies for dealing with a boss who takes credit for your ideas. Use the following to help guide you through the potential hazards and pitfalls of the tough spot you’re in and hopefully make it through unscathed.Step 1: Evaluate the situationWhen you first start getting the feeling that your boss is taking credit for your ideas, your first step is not to unleash the fury on the powers that be in an effort at vengeance or retribution. Take a step back to get some valuable perspective and evaluate the situation. Is your boss really stealing your ideas or just aggregating and presenting the work for the team that reports to her or him? Are you absolutely certain that you’re not getting credit for your work? Just because you may not receive instant adulation for your ideas does not mean that your efforts are going unnoticed. Perhaps your boss is not the overly effusive sort, but nonetheless is appreciative of your contributions and is giving credit where it’s due in a subtle way, or is simply waiting for your next review period to give you your well-deserved rewards? Bottom line- make sure you know for sure that your boss is stealing your ideas before taking things any further.Step 2: Get a second opinion/witness.Okay, so you’re fairly certain that your boss is indeed taking credit for your work- what should you do next? The next best step is to get a second opinion in an effort to have a witness to t he situation in your corner. Why is this so important? Because without a witness, unless you have absolutely irrefutable evidence it’s basically your word vs. your boss’s, and in this scenario the boss often wins. Don’t put yourself in that scenario- instead, choose a credible and reliable witness, preferably someone with a little clout at your workplace, and help your case by having that person in your corner. It could make all the difference if you decide to take things further.Step 3: Document your case.A strong, impassioned story and credible witness will go a long way towards supporting your claim of idea theft, but nothing beats a solid â€Å"paper trail.† Wherever feasible, have some ironclad evidence that documents the onerous events- everything from emails to recorded instances of theft and proof that the ideas were indeed yours to begin with will all serve to substantiate your claim. Nothing is more disheartening than making a bold claim of thef t that you’re unable to prove and it ultimately goes nowhere. Not only will your work situation not improve, it will likely become even more uncomfortable for you there.Step 4: Communicate with your boss.No, we’re not suggesting you kick open their office door and yell at them at the top of your lungs in an effort to get them to admit their wrongdoing. Instead, we’re saying that there may be a more peaceful and professional way to reach a satisfying conclusion. If you politely discuss the situation with your boss, they may be able to capably explain why you’re mistaken about what has transpired. Or maybe they’ll realize they’ve failed to properly give you the credit you’re due are willing to make amends. Often, the path of least resistance is the best one to take first. Hopefully your boss is reasonable enough to deal with, provided your approach is free from hostility and you’re open to reasonable and equitable compromise.If y ou think your boss might be profiting from your ideas without sharing the credit, don’t just do nothing- but don’t do anything rash, either. Take a breath, assess the situation, and make your way through the measured and professional steps mentioned here to come to a resolution that gives you the credit you deserve.

Copleys Governor and Mrs. Thomas Mifflin and Watson and the Shark Essay

Copleys Governor and Mrs. Thomas Mifflin and Watson and the Shark - Essay Example The essay "Copley’s Governor and Mrs. Thomas Mifflin and Watson and the Shark" analyzes paintings of John Singleton Copley, Governor and Mrs. Thomas Mifflin and Watson and the Shark. Copley represents Mifflin’s role in this debate with a form of commemoration for the subject’s position as the first Pennsylvania governor after the liberation of the colonies. Copley’s 1778 portrait â€Å"Watson and the Shark† also has symbols alluding to aspects of the American Revolution through its highly expressive style. Plainly, viewers can say Copley wanted to commemorate a dramatic event wherein Brook Watson lost his foot (Pinder 186). However, a deeper meaning is an implicit allusion to the War of Independence. More specifically, the painting shows colonists as brave men as they physically struggle against a killer shark, another symbolic allusion to the British. The 1773 painting symbolically reveals Mr. Mifflin’s political beliefs. Mifflin was a trade r against taxes imposed on British commodities. Among the American Revolution’s key objectives was to resist paying duties imposed on commodities from England and encouraging other colonists to follow suit. At the same time, Mrs. Mifflin conveys a clear message about the political atmosphere in America during the revolution. Mrs. Mifflin has a unique attractive fringe that shows her intention to boycott English commodities and rather create her own. Sarah Mifflin uses her right hand and a loom held in place by a blue ribbon to lace the threads.

Happy Endings Essay Example | Topics and Well Written Essays - 750 words - 2

Happy Endings - Essay Example attempts to summarize all the possibilities about the affair between two couples: John-Mary and Fred-Madge in a number of six differently outlined simple plots with common endings that â€Å"John and Mary die. John and Mary die. John and Mary die.† (Atwood, â€Å"Happy Endings†) Such simplistic summarization obviously provides Atwood with more legibility to comment on the portrayal of male-female relationship in Atwood’s contemporary fictions or literatures. Atwood’s emphasis on John and Mary’s death hitches her readers down to earth and to reality obviously. It is the reality, in which John (generalization of husband) and Mary (generalization of wife) love each other; sometimes they betray each other. When women like Mary dies lovelorn, other women like Madge revels in love and vice versa. It is the very reality in which some Johns (husbands) love their wives fabulously; some other Johns seduce women for sex. Somewhere else, other Johns swindle their wives. Atwood suggests that the plots in traditional literary works are either these or those: â€Å"Thats about all that can be said for plots, which anyway are just one thing after another, a what and a what and a what.† (Atwood, â€Å"Happy Endings†) But according to Atwood, what is wrong with this â€Å"a what and a what and a what† type of plot is that it does not provide the readers with much scope to ask a question, â€Å"Why and how?† (Atwo od, â€Å"Happy Endings†) Therefore Atwood’s narrator in the story â€Å"Happy Endings† ultimately comes up with the suggestion to interpret how and why the caricatured plots in her story are different though the endings are the same. Indeed Atwood’s suggestion to â€Å"try how and why?† provides her story with extra feminist dimension. Notably in the story, Option A continues to be happy from the beginning to the end. But some characters in other options are not always happy, though they are happy at the end of the story. It is noteworthy to interpret why and how John

Humanity Exposed in Mark Twains Adventures of Huckleberry Finn Essays

Humanity Exposed in The Adventures of Huckleberry Finn People are the picture of contrast, sometimes strong and heroic and other times weak and lamentable. In the novel, The Adventures of Huckleberry Finn, Mark Twain illustrates both the good and the disagreeable portions of human nature. The good side of humanity is shown through his depiction of peoples' courage. The irrationality of mankind is exposed through the actions of characters in the novel. The unproductive self-serving attitude of many people is also shown in Huck Finn. The benign and malevolent faces of humankind are shown through people's courageousness, senselessness, and selfishness. Mark Twain displays good in humanity through depictions of courage in the characters of Huck Finn and Jim. Huck Finn was certainly one of the bravest characters in the book to have faced all of his adventures. When he and Jim happened upon a crashed steamboat, "The Walter Scott", and discovered a ruthless band of cutthroats, Huck had the courage to try and stop them. Huck said, "But if we [Huck and Jim] find their boat we can put all of 'em [the cutthroats] in a bad fix-for the Sheriff 'll get 'em" (Twain 90). Huck had the fearlessness to risk his own life to bring several murderous criminals to justice. The character Huckleberry Finn displayed the human virtue of heroism when he decided to free Jim from the clutches of the Phelps family. Although he thought it would cost him his soul, Huck had the courage to follow his heart in freeing Jim as summed up by his thought, "All right, then, I'll go to hell"(Twain 273). Twains other main character besides Huck Finn is a runawa y slave. This slave, Jim, exemplified true courage. When Jim decided t... ..., I reckon we'd come to consider him our [King and Duke's] nigger; yes, we did consider him so-goodness knows we had trouble enough for him"(Twain 275), shows that they will not help any one without getting something in return, and that they did not view Jim as a person to respect. In the novel The Adventures of Huckleberry Finn, Mark Twain illustrates several traits that are common in mankind. Among these traits are those that are listed in this essay. Through characters in the story Twain shows humanity's innate courageousness. He demonstrates that individuals many times lack the ability to reason well. Also, Twain displays the selfishness pervasive in society. In The Adventures of Huckleberry Finn, many aspects of the human race are depicted, and it is for this reason that this story has been, and will remain, a classic for the ages. Humanity Exposed in Mark Twain's Adventures of Huckleberry Finn Essays Humanity Exposed in The Adventures of Huckleberry Finn People are the picture of contrast, sometimes strong and heroic and other times weak and lamentable. In the novel, The Adventures of Huckleberry Finn, Mark Twain illustrates both the good and the disagreeable portions of human nature. The good side of humanity is shown through his depiction of peoples' courage. The irrationality of mankind is exposed through the actions of characters in the novel. The unproductive self-serving attitude of many people is also shown in Huck Finn. The benign and malevolent faces of humankind are shown through people's courageousness, senselessness, and selfishness. Mark Twain displays good in humanity through depictions of courage in the characters of Huck Finn and Jim. Huck Finn was certainly one of the bravest characters in the book to have faced all of his adventures. When he and Jim happened upon a crashed steamboat, "The Walter Scott", and discovered a ruthless band of cutthroats, Huck had the courage to try and stop them. Huck said, "But if we [Huck and Jim] find their boat we can put all of 'em [the cutthroats] in a bad fix-for the Sheriff 'll get 'em" (Twain 90). Huck had the fearlessness to risk his own life to bring several murderous criminals to justice. The character Huckleberry Finn displayed the human virtue of heroism when he decided to free Jim from the clutches of the Phelps family. Although he thought it would cost him his soul, Huck had the courage to follow his heart in freeing Jim as summed up by his thought, "All right, then, I'll go to hell"(Twain 273). Twains other main character besides Huck Finn is a runawa y slave. This slave, Jim, exemplified true courage. When Jim decided t... ..., I reckon we'd come to consider him our [King and Duke's] nigger; yes, we did consider him so-goodness knows we had trouble enough for him"(Twain 275), shows that they will not help any one without getting something in return, and that they did not view Jim as a person to respect. In the novel The Adventures of Huckleberry Finn, Mark Twain illustrates several traits that are common in mankind. Among these traits are those that are listed in this essay. Through characters in the story Twain shows humanity's innate courageousness. He demonstrates that individuals many times lack the ability to reason well. Also, Twain displays the selfishness pervasive in society. In The Adventures of Huckleberry Finn, many aspects of the human race are depicted, and it is for this reason that this story has been, and will remain, a classic for the ages.

Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports Essay

Investment Appraisal Introduction Question 1   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   An investment appraisal is a planning process that is utilized in determining the preparedness of a business to undertake a long term investments such as expansion, developing a new project, acquiring new machinery among others (Les Dlabay, 2007). This is a complex process that requires the analysis of sources of finance, their implications, budgeting and financial statements. Sources of finance   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Coca-cola which is the world leading non-alcoholic beverage company marketing their products in over 200 countries worldwide have the god foundation of assets, shares, short term liabilities, long-term loans and goodwill as its source of finance.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The assets of the company form the major source of its finances accounting for $ 57,751 million in 2013 and $ 55,849 million in 2012 (The Coca-Cola Company, 2013). These include tangible and non-tangible assets such as property, plants, equipment, equity method investments and goodwill. This can be summarized as shown in the table below. ASSETS (In millions) 2013 $ 2012 $ Equity method investments 10,393 9,216 Investment in bottling companies 1,119 1,232 Other Assets 4,661 3,585 Property, Plant and Equipment 14,967 14,476 Trademarks with indefinite lives 6,744 6,527 Bottles franchise rights with indefinite life 6,415 7,408 Goodwill 12,312 12,255 Other intangible assets 1,140 1,150 TOTAL ASSETS 57,751 55,849   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Long term and short term liabilities are another source of finance for the company. The company’s total long term liabilities in the year 2013 were $ 90,055 million and $ 86,174 million in 2012 (The Coca-Cola Company, 2013). Their long term external sources of finance include debts, deferred income taxes and the company’s share owners as contained in the table below. LONG TERM LIABILITIES (In millions) 2013 $ 2012 $ Long term debts 19,154 14,736 Other liabilities 3,498 5,468 Deferred income taxes 6,152 4,981 TOTAL ASSETS LONG TERM LIABILITIES 90,055 86,174   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Important company activities that generate profits that are ploughed back to the business as a source of finance include investments and new ventures. These are proceeds from the investments, acquisition of other businesses, equity method investments, non-marketable securities, purchase and sale of property, plants and equipment and their associated proceeds. In 2013, the company realized a total of $ 10, 414 from the investment and operating activities as per their 2013 annual report.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Internal short term sources of finance for the company are the current assets of cash and cash-equivalents such as marketable securities, inventories, current assets held for sale and the proceeds from the short term investment. Their balance sheet as at December 31, 2013 shows a total of $ 17, 121 million current assets. Implications of the sources   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   However much the company had good financial sources in its assets, liabilities and shares, each of the sources may impact negatively or positively to the business. The straight forward implication of liabilities especially loans is the interest rates and the obligation to repay them in good time. Failure to settle the debts and loans may lead to imposition of fines and penalization. The creditors may go to the extent of stopping to supply the company with goods and services on credit and demand for cash on delivery.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Use of shareholding as a source of finance for the company may also have its own positive and negative implications. Shareholders are like investors in the business and therefore they must be paid their returns as dividends (Fardon, 2003). This might be very difficult in cases where the company makes losses. Sometimes, especially in a scenario where there are no strict policies on the maximum percentage share that a shareholder can buy, the ownership of the company may be transferred to a shareholder that buys majority of the Company shares. Question 2 Importance of financial planning   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Finance is the driving force for a company like Coca-cola. After its financial sources have been identified, accurate financial planning is necessary for its success. Financial planning is the foundation from which all successful businesses are built. Running on a clear financial plan ensures that a company is well prepared to meet its anticipated expenses in terms of payroll, transport, communication any other day to day business operation expenses.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The plan is important when the company is at the extremes of either profit making or suffering losses. It provides a stepping stone in which the company can forge a way forward and plan for the future while at the same time handle the present. A good financial plan finds it usefulness when a company is preparing to deal with rising costs and increasing current and long term liabilities. It allows for these conditions to be anticipated early enough so as deal with them when they arise.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Additionally, a financial plan is a critical tool in the organization of the various departments within the company. A well prepared and revised financial plan that considers every quarter of the company is of valuable contribution to the smooth running of the company as a whole. Lastly, an estimate of earnings can be done through a financial plan. Lack of these estimates sets a trap that the company might fall in due embezzlement of funds and misappropriations. A financial plan is very effective in making investments and profits into diversified portfolios within the company.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The process of making decisions requires the company directors to be provided with the necessary information. These include financial reports that contain details of business transactions, profits, losses, expenses, revenues, assets and liabilities. This allows for comparison of business performance in the previous financial year. The departmental estimates of expenditures and their estimated sources of revenue are also part of this information.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The factors that may affect the choices of decisions makers during financial planning are the number and wages of employees, available cash at hand and cash required to pay suppliers on time and to buy current assets such as equipment and stationeries. The possibility of expanding the business is also considered when such decisions are made (M. P. Narayanan, 2004). Appropriateness of the sources of finance for a business project   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In order to manage the financial sources and make appropriate decisions, it is important that the directors analyze the costs of the sources, for example, the cost to be incurred to obtain the finance such as fees payable to the financial institutions, commissions and interests, stock brokers among others. In the Coca-Cola Company where the major sources are the fixed assets, liabilities, ploughed back profits, profits from investments and current assets, the appropriateness of the sources depend on the ability of the finances to run a business investment. Bank loans are the major long term source of finance for many companies. This source is very appropriate for Coca-Cola Company. The repayment is spread over a long period of time. The company is financially stable and can easily afford the required securities to acquire a loan. Although the interest rates may be higher making the process expensive, the merits outweigh the demerits and th e risk is worth taking.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Coca-cola is a limited company and therefore the use of stock shares as a source of finance is appropriate. The finances are not repaid although the profit is shared among the shareholders as dividends. The capacity of this company to make profit is unquestionable. The risk of change in company ownership due to sale of major shares can be regulated by business policies that restrict such sales. Moreover, sale of assets such as the current assets to raise capital is appropriate for this company. The surplus assets can be sold off and the proceeds retained to run the business. There is little, if any, risk associated with sale of surplus assets. Impact of finance and financial statements   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Finance and financial statements have positive and negative effects to the business depending on the financial position of the company. Financial statements form the basis from which shareholders and potential investors evaluate the performance of the business. The statements also regulate accountability in the running of the business.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The financial position of the business is portrayed in the financial statements. It used by the company to acquire loans from banks. Financial statements that directly indicate instability of a business have a negative impact to the business by blocking potential investors, creditors and banks. Finance and financial statements have a direct effect on business transactions. It gives detailed information about the lag phases and peaks of a business. Such details include fluctuations in prices in comparison to competitors in the market (Ittelson, 2009). If, for example, Coca-Cola Company increased the prices of their beverages by 1%, their immediate competitor Pepsi may have an upper hand in the market.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A balance sheet gives information on the resources that the business has against its liabilities and the capacity of the business to settle its debts. Cash flow statements are important in informing the public about the money entering and leaving the business. All of these can negatively or positively influence the customers, suppliers, creditors and potential investors. Financial statements have a direct impact on the stock price. The information in the statements can be used by business managers to either increase or decrease the price of products. Main financial statements   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In designing investment options and identifying their appropriateness, it is important to prepare financial statements. These statements have different formats depending on the size and type of the business. The statements are; balance sheets, cash flow statements and income statements. A balance sheet is a financial statement that reports a company’s assets, liabilities and stock holders’ equity in a given financial period. Current assets, fixed assets and investments are balanced against liabilities and stock holders’ equity. A balance sheet for Coca-Cola Company as at 31st December, 2013 is as follows (The Coca-Cola Company, 2013). THE COCA-COLA COMPANY CONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER, 2013. ASSETTS(In Millions) Currentassets $ Cash and cash equivalents10,414 Short term investments 6,707 Total cash, cash equivalents and short term investment17,121 Marketable securities3,147 Trade accounts receivable less allowances of $ 614,873 Inventories3,277 Prepaid expenses and other assets2,886 Total current assets31,304 Fixed assets Equity method investments10,393 Other investments principally bottling companies1,119 Other assets4,661 Property, plant and equipment –net14,927 Trademarks with indefinite lives6,744 Goodwill12,312 Other intangible assets1,140 TOTAL ASSETS90,055 LIABILITIES AND EQUITY(In Millions) Current liabilities $ Accounts payable and accrued expenses9,577 Loans and notes payable16,901 Current maturities of long term debt1,024 Accrued income taxes 309 Total current liabilities27,811 Long term debts19,154 Other long term liabilities 3,498 Shareholders’ equity –total33,440 TOTAL LIABILITIES AND EQUITY90.055   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The balance sheet is similar regardless of the size and type of the business. Its format does not change. Cash flow statements are prepared to assess the company’s earnings and expenses. The quality of the earnings is determined by comparing the cash flow from operating activities with the company’s net income (R, 2003).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Income statements are financial documents that show the sources of income in a business organization. Coca-cola Company had the following statement of comprehensive income as at December 31, 2013. THE COCA-COLA COMPANY CONSOLIDATEDSTATEMENT OF COMPREHENSIVE INCOME AS AT 31ST DECEMBER, 2013. $ (In Millions) CONSOLIDATED NET INCOME8,626 OTHER COMPREHENSIVE INCOME Net foreign currency translation adjustment(1,187) Net gain (loss) available for sale of securities (80) Net gain (loss) on derivatives 151 Net change in pension and other benefit liabilities1,066 TOTAL COMPREHENSIVE INCOME8,576 Less comprehensive income loss attributed to interests 39 TOTAL COMPREHENSIVE INCOME ATTRIBUTED TO SHAREHOLDERS OF THE COMPANY8,537 Note: Figures in brackets indicate losses or reductions Interpretation of the financial statements   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Financial statements are usually prepared and interpreted towards the end of a financial year to give information about the business financial stability. The above financial statements can be interpreted by using appropriate financial ratios to help compare them with the performance during the previous financial year or with another company. These ratios derived from a balance sheet are working capital, current ratio, Quick ratio (Pamela Peterson Drake, 2012).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Financial statements provide rich information to investors and suppliers. This information are used to evaluate the performance of the company. The statements are also used as a communication tool by managers to interested parties about their achievement in the management of the company. There are different financial statements as discussed above that give unique business information on the company.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Financial conditions of a company are the major detail and a point of concern for several potential investors. Investors are the major capital providers. They rely on the information contained in the balance sheet, income statements and cash flow statements for their safety and certainty regarding a potential investment into a company. It enables the investors to understand their position in the company’s capital regimen.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The balance sheet is considered the snap shot of a company’s assets in comparison to liabilities and shareholders’ equity. This is considered the operating result of the company. These results are also an area of concern to investors. Income statement gives a report of operating results. This includes the sales, expenses and profit or losses in a given financial year. This information is critical in the evaluation of the company’s past performances and to predict the future of the business. Profits or losses are usually provided by the income statement but this may contain non cash-equivalent or non-cash parameters. The information is not direct as to the company’s cash transaction during the financial year. This leaves room for cash flow statements to give the details. It contains information about the cash that get into the business and those that leave the business thereby showing an exchange of cash. Shareho lders’ equity shows the variations in the various equity components. This is usually calculated by deducting total liabilities from the total assets of the company. A company with a good performance like Coca-Cola has a steady increase in its shareholders’ equity. This is associated with either a decreasing or constant shareholders base.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Working capital is calculated by deducting current liabilities from the current assets. The working capital for Coca-Cola Company for the year ended December 31, 2013 can be calculated as follows. Working Capital (in millions) =Current assets – Current liabilities. = $ 31,304- $ 27,811 = $3,493   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The working capital for Coca-Cola Company is a positive figure of $ 3,493 million indicating that the company is at a better position to meet its current obligations such as paying workers, paying brokers, servicing short term loans among others.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Current ratio is calculated by dividing the current assets by the current liabilities. It is related to the working capital. Another ratio is Quick ratio. It is also known as acid test ratio and is calculated as follows; Quick ratio = Cash + Temporary investment + Accounts receivable Current liabilities   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Quick ratio is similar to the current ratio only that inventories, supplies and prepaid expenses are excluded. It is used to determine the amount of assets that can be turned quickly into cash.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Free or Discounted cash flow is a financial ratio that is derived from the cash flow statement. Free cash flow is calculated by deducting capital expenditures from total cash flow provided by operating activities (Fardon, 2003). Free cash flow for Coca-cola as at December 31, 2013 is calculated as shown. Free cash flow = Cash flow provided by the operating business – Capital expenditures. =10,542 – (14,782+2,550+303) = -7,093   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This statistically indicates that the company is at a deficit of $ 7, 093 million after paying its capital expenditures.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The income statement can be analyzed to give gross margin, profit margin, Return on Stoke holders’ equity and earnings per share. Return on Stoke holders’ equity is important in revealing the percentage profit after taxation and therefore the dividends payable to shareholders. Return on stock holders’ equity for Coca-Cola Company as at December 31, 2013 is calculated as shown. Return on Stockholders’ equity = Net income after taxes Average shareholders’ equity = 8,622 8537 =1.01%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This reveals that the company earned 1.01% of profit after taxation on an average shareholders balance during the year. Suitable budget and appropriate decisions   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The most significant form of planning a capital investment budget is to make appropriate decisions and market well. Budgeting is the foundation of financial economics. Making decisions that have importance long term effects is the basis of budgeting. In budgeting, policies are maximized so as to achieve the most positive net profit and returns. Making decisions should be principally governed by benefit analysis. The budgeting process is also governed by the future consequences and impact to the business   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Every financial source has an implication to the business. Financial statements help provide such implications and can be used in selecting a suitable budget. A company may decide to sell its shares after analyzing its effectiveness in raising capital for a new business venture (Pamela P. Peterson, 2004). The process of deciding on a proper capital investment for the expansion of Coca-Cola Company involves calculating the cost of investment, protection of cash flow from the investment, consideration of the inflation rates and the time value of the expansion. For example, if the investment will cost $ 10 million and generates $ 4 million annually, the investment is feasible because it provides a pay back within 2.5 years. A budget can therefore be prepared from this basis.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   An example of a suitable budget proposed for The Southeastern Pennsylvania Transportation Authority (SEPTA) for the Fiscal year 2012 is as follows (SEPTA, 2011) . FISCAL YEAR 2012 CAPITAL BUDGET Project FY 2012 Funding Requirement Bus Purchase Program $59,209,593 Capital Asset Lease Program 28,720,862 Congestion Relief 2,233,000 Debt Service 52,654,545 Infrastructure Safety Renewal Program 34,400,000 Paratransit Vehicle Acquisition 5,000,000 Regional Rail Signal System Modernization 35,800,000 Safety and Security Improvements 5,000,000 State of Good Repair Initiatives 15,200,000 Station Accessibility 4,800,000 Station and Parking Improvements Program 10,400,000 System Improvements Program 5,000,000 Vehicle Overhaul Program 53,100,000 TOTAL FY 2012 Capital Budge$311,518,000   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Marketing decisions are dependent on capital budgeting. The decisions to be made on long term investments are dependent on the income that will be generated from the project. It is important to know the duration that the project will take to mature. That is, the time it will take to generate income equivalent to the amount invested in the business. Modern finance theories equate the value of the assets to the discounted future income generation. The net profit value rule is therefore used by companies that contemplate venturing unto capital project if they adopt this theory. Assessing project viability   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The financial viability of a project is assessed using the investment appraisal techniques. This involves the use of tools such as Return on Investment (ROI), Debts Service Coverage Ratio (DSCR), Break Even Point (BEP) and Debt Equity Ratio (DER).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In Return on Investment, the collections of the company are used to create assets and in the running of the business. The business must generate surplus on the collected capital for it to be considered viable. Borrowed and own capital is considered the cost of the project while the profits are the surplus generated. ROI should be greater than the cost of the investment for the business to be considered viable.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Debt Service Coverage Ratio (DSCR) measures the ability of the project to meet its repayment obligations on loans acquired financial institutions (Pamela P. Peterson, 2004). It is calculated as follows. DSCR= Net profit + Interest on long term loans + Depreciation Interest on long term loan + Principal loan   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The cumulative DSCR during the repayment period should be at least 2:1 for the project to be considered viable. Break Even Point (BEP) measures the level of total contribution to the total fixed assets. Contribution is usually the excess of sales over the variable cost. That is; Contribution = Sales – Variable Costs. PEP is the point where both fixed and variable costs are recovered from the resources. It is calculated using the formula; Total fixed costÃâ€" selling price per unit Contribution per unit cost   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It indicates the risks involved in the business. If the PEP is achieved at a lower level of capacity utilization, it is considered safer. In this case, the investment is viable.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Debt Equity Ratio measures the level at which the investment project is leveraged to acquire loans from financial institutions. It is calculated by the formula; Total long term debts Total funds in the investment   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The factors to be considered when assessing the viability of a project are the nature of the goods and services to be offered. Their level of complexity should be determined and the risks involved as well. The value of the procurement is another factor of concern. It involves the determination of the amount of capital that the procurement can cost. The financial viability assessment matrix group risks speculated into several levels. The low risk level contains low levels of complexity, low value and short term supplies. The moderate risk level contains moderate value, sensitivity and medium term supply. The high risk level contains high strategic importance to agency, high complexity levels and sensitivity. When assessing the risks, the likelihood of a financial feasibility should not be ruled out while making budgeting decisions. References Fardon, C. D. (2003). Management of Finance. New york: Osborne Books. Ittelson, T. R. (2009). Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports. New York: Career Press, Incorporated. Les Dlabay, J. B. (2007). Business Finance. Stamford: Cengage Learning. M. P. Narayanan, V. K. (2004). Finance for Strategic Decision-Making: What Non-Financial Managers Need to Know. New Jersy: John Wiley & Sons. Pamela P. Peterson, F. J. (2004). Capital Budgeting: Theory and Practice. New Jersey: John Wiley & Sons. Pamela Peterson Drake, F. J. (2012). Analysis of Financial Statements. New Jersey: John Wiley & Sons. R, D. J. (2003). Accounting for Non-Accounting Learners. New York: Pitman. SEPTA. (2011, Aril). The Southeastern Pennsylvania Transportation Authority. Retrieved April 2014, from Finance: http://www.septa.org/reports/pdf/budget-proposal-cb12.pdf The Coca-Cola Company. (2013, December). The Coca-Cola Journey. Retrieved April 2014, from Annual Financial Report: http://www.coca-colacompany.com/our-company/company-reports Source document