Original formulation of attachment Essay Example for Free

Original formulation of attachment Essay The attachment theory was produced by John Bowlby and colleagues in the 1950s. Influenced by the work of Freud and Harlow, amongst others, Bowlby drew on ethological concepts to develop his theory. Early on in an infants life they build a close contact with a significant object. From these early relationships with their attachment objects infants create what Bowlby called internal working models (IWM) (Oates et al. 2005). The Robertsons (1989) brought to light the distress infants experience when they are separated from their attachment figure, this lead Bowlbys instigation to incorporate separation anxiety into his theory.   Mary Ainsworths (1954, 1978) work on maternal deprivation enabled Bowlbys ideas to be empirically tested through designing the Strange Situation and attachment classification (Oates et al. 2005). Bowlbys theory envisaged attachment classifications to continue through generations (Oates et al. 2005). Main et al. (1994) devised an equivalent classification for adults that were assessed through the Adult Attachment Interview, (AAI). Having a stable and long term relationship with carers was a feature that Bowlby thought was important in order to develop good IWM; Hamilton (1994) subsequent research explores this idea.  Bowlby integrated the work of Winnicott on good enough mothering that was later explored by researchers such as Vondra et al. (1995).  The predictive value of the Strange Situation on later attachments was challenged by Lamb et al. (1985).  Baumrinds model of parenting style extended Bowlbys work on IWM and the cultural context in which the theory was originally formulated looked into. The quality of having a reciprocal relationship is an important factor in attachment. The attachment theory has enabled research to branch off into investigating some of the reasons linked with attachment that may cause disturbed behaviour.  Ainsworth was the first to contribute and solidify Bowlbys theory of attachment with respects to having a secure base as a means of exploring the world.  Building on the observations of the Robertsons (1989) and on the pioneering work done by Harlow (1958), Ainsworth set out to study maternal deprivation. During her research in Africa in 1954 she developed Bowlbys work on separation anxiety by observing the behaviour of children, not when they were separated with their attachment figure but reunited as the difference in behaviour was more apparent (Oates et al. 2005).  For the duration of her research in Baltimore, Ainsworth used Bowlbys theory on IWM to expand the theory of attachment. Four different types of attachment emerged as a result of maternal sensitivity; secure (Type B), insecure-resistant or ambivalent (Type C), insecure-avoidant (Type A) (Ainsworth 1978) and disoriented and/or disorganised (Type D) (Main and Solomon 1990). She entwined attachment types to IWM to develop the attachment theory and successfully solidified their work through the Strange Situation, a gold standard procedure now commonly used as a method of studying infant attachment (Oates et al. 2005).  Through this procedure Ainsworth was able to relate attachment classification to different IWM.  The Strange Situation gave justice to Bowlbys theory on how a child builds up a working model of how attachment figures are likely to behave toward him in a variety of situations and on those models are based all his expectations (Bowlby, 1973, p.369). A further incentive to develop the study of internal working models was Mains (1994) attempt to translate Ainsworths infant-mother attachment classifications to equivalent adult classification.  Bowlbys original formulation suggests consistency across generations in attachment style (Oates et al. 2005). Main developed the Adult Attachment Interview (AAI) to asses an adults ability to integrate early memories of their relationships with their parents into overarching working models of relationship (Oates et al. 2005, p.38). From the AAI adults were classified into three categories; Dismissing; autonomous and preoccupied. These three types of adult classification can then be associated with infant attachment types. Dismissing adults would be related to insecure avoidant (Type A) infant attachment, infants securely attached (Type B) would develop into autonomous adults and adults who were classified as preoccupied would have had an insecure attachment type as infants (Focus Collection 3. 2005). Mains work took Bowlbys work up a generation to follow through his work on IWM. Making use of Ainsworth empirical methods that tested Bowlbys ideas, the Strange Situation type classification proved to be a partially good predictor of adult attachment types (Oates et al. 2005). Hamilton (1994) found this to be true in cases where the childs circumstances had remained stable. Cases where life events such as divorce or parental illness had occurred could be held accountable for the change in attachment type (Hamilton, 1994). Bowlby believed in the notion of good enough mothering (Oates et al. 2005). Influenced by the work of Winnicott an aspect of the Bowlbys theory is for the attachment figure should allow just the right amount of delay in meeting the infants needs to encourage both tolerance of waiting and confidence in ultimate satisfaction (Oates et al. 2005, p.25). The parental behaviour towards an infant is thus very much a central cause for the childs attachment type that he or she develops from their IWM. Subsequent research has investigated the influences on attachment. Vondra et al. carried out a study in 1995 that showed consistent parental behaviours could be used as a reasonable predictor of their children classification type. Caregivers that were sensitive tended to have securely attached infants (Type B), infants classified as avoidant (Type A) were probable to have controlling mothers and ambivalent infants (Type C) were likely to have unresponsive mothers (Oates et al. 2005).

The Lottery Of Irony Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Have you ever read the story of a princess kissing a frog, having it turn into a prince? Well, what if it didn’t become a prince, but she turned into a frog herself! This is called irony, something we would not expect to happen. In the story of the princess we would not expect that to happen. In the story â€Å"The Lottery,† written by Shirley Jackson, we see this situation in another form. She uses irony to bring out the point in her story. â€Å"The Lottery,† offers an â€Å"ironic twist of fate† that causes wonder and makes one sympathize with the characters.   Ã‚  Ã‚  Ã‚  Ã‚   There have been many situations on our own lives in which we are totally surprised in the outcome of a situation. In this case Jackson emphasized the irony as her main goal. She declares, â€Å"to shock the story’s readers with a graphic demonstration of the pointless violence and general inhumanity in their own lives.† This shows that she wanted to use the element of irony to bring out the meaning of her story. Jackson used irony in many different ways such as Tessie being the last one to arrive and the first one to leave†¦(in a way). Also one would think of the lottery as being something to win and inherit goods or valuables from, however, winning the lottery means losing your life.   Ã‚  Ã‚  Ã‚  Ã‚   Another part of the story that came off surprising was how her husband gave her up so easily. Instead of feeling bad for his wife, Mr. Hutchinson quickly admitt...

Troy Movie Notes

Troy= the movie(post classical depiction) * Troy is the most powerful alliance against the Greeks * Agamemnon wants ‘the world’ all the land * Achilles has disappeared from the army. A boy goes to find him, * Achilles mother is goddess as can’t be killed (Contemp) * Nester persueds Achilles to fight the big guy because of Time. He can’t stand to lose his pride * Achilles, son of Paris * Achilles kills the big guy with one stab * There is a huge feast , thrown by Agamemnon and Helen, to drink to peace, between troy and Sparta * Helen and Paris are lovers behind Menelaus’s back.Hektor goes to see what they are doing. * Helen is afraid to wear the necklace because she is afraid that she will be caught and Paris will be killed or shipped away. Before she met him, she was a ghost. * Agamemnon commands all the Greek forces to fight. * Hektor warns paris not to endanger Troy * Paris kidnapped Helen. Hektor is upset. He talks about his father’s love ( Paris and Helen were already in love with each other, the Gods didn’t give Helen to Paris) * Menelaus wants to kill Helen. â€Å"The Trojans spat in my eye† * He asks Agamemnon to go to war with him. He said yes. Menelaus is very angry and calls to sail after the Trojans * â€Å"If troy falls, I control everything†- Agamemnon. They need Achilles * Nestor said that â€Å"you don’t need to control him, you need to release him. † About Achilles * Achilles is like a secret weapon to the Trojans * Odysseus is in Greece. Agamemnon needs to ask him something. There is a difference to the PCD about how Odysseus is involved in the war * Achilles and Patrokolas are cousins * Achilles doesn’t want to fight for Agamemnon. Odysseus wants him to fight for Greece * Achilles talks to his mother. She thinks that he should fight.She wants his name to become TIME and KLEOS, if he fights â€Å"Your glory walks hand in hand with your doom† * He travels to Troy with the Greeks * Paris and Helen get married in Troy. Hektor and Paris are greeted by their father, Priam in Troy * Hektors wife is Andromache * Briseis is Paris and Hektors cousin * Hektor doesn’t want to see his country fall because of his brother’s selfishness. * Priam has worked 30 years for peace and he will still fight many wars if it means that Paris can be happy. * â€Å"Everything is in the will and hands of the Gods† Priam * Helen- â€Å"Sparta was never my home† * Priam prays to the Gods Hektor cares a lot about family. Everyone is preparing for war- the Trojans. Everyone gives offerings to the Gods * Hektor is incharge of the army * â€Å"honor the gods, love your woman and fight for your country† Hektor * . you know what is beyond that beach. Immortality, take its yours,† Achilles * Give him too many battles and the men will forget who is king. †- Agamemnon * They retreat back to the city and Achilles orders everyone to steal from the Trojans temple * He cuts off the head of the statue of Apollo at the Trojans temple. * Achilles sneaks inside the temple, and the Trojans follow him but they get ambushed.Their temple is destroyed * Achilles fights for him honor, hector fights for his country. â€Å"Why kill you now, prince of Troy when there is no one here to see you fall†- Achilles. He wants people to see it because killing a prince will give him great honor, fame and Time and Kleos * You speak of war as if it is a games, but how many wives for you think will be pained with the loss of their men†- hector * Agamemnon is worried that the thought of power will get to Achilles head and everyone will forget that he is their leader * They kidnap Brisis and give him to Achilles I want what all men want, i just want more† Achilles * Everyone is presenting gifts to Agamemnon even though he didn’t fight. * Young men dying and old men talking. You know to keep out of the politicsà ¢â‚¬ -Odysseus * You came here because you want your name to last the ages† Agamemnon * History remembers kings not soldiers† Agamemnon * Agamemnon takes Brisis for his own. Achilles gets very angry * They want a war, we will give them a war. * The Trojans are buring on the fire because of one youthful desire† * Paris and menlaus fight for Helen Helen tries to run away but hektor finds her. â€Å"Their husbands died because I’m here†-helen * This is about power not love†- hektor * Achilles smashes up his tent * I will stay until Agamemnon groans to have Achilles back†- Achilles * I blame you for nothing, everything is in the hands of the Gods. †- Priam * The Trojans seem very out numbered * The agreement between Agamemnon and Achilles didn’t happen on the second day like in the movie, it happened in the tenth year of the Iliad * The fight takes place in book three of the Iliad â€Å"I see 50,000 men bought here to fight for one man’s greed†- Hektor * I didn’t come here for your wife, I came here for troy† Agamemnon â€Å"I came here for my honour† –menelaus * In the Iliad, Paris was a man before Achilles was born because he got Helen at Theitis and Priams Wedding- Achilles parents. * There was a crow crowing before paris went to fight Menelaus * Because Paris didn’t fight, the Greeks attack the Trojans. Hektor kills MenelausHektor fights with Ajax. He takes a while to die because he is god-like. This happens in book 7 * Menelaus doesn’t die in the Iliad, neither does Ajax.Ajax committees suicide. Menelaus takes Helen back to Sparta in the Iliad * Odysseus and Achilles seem to have a better understanding about the practicalities of war unlike Agamemnon * Odysseus warms Agamemnon about retreating. * The first 8 books of the Iliad have been. * Agamemnon promises Menelaus that he will bring Troy to the ground * â€Å"Hetkor fights for his country, Achi lles fights for his pride† Agamemnon * The Greeks are about to burn Brisis, Achilles prize but Achilles rescues her. * Achilles develops a protective relationship with Brisis. â€Å"Gods envy us because we are mortal† Achilles * Brisis tries to kill Achilles but they end up sleeping with each other. If she wasn’t willing she would have had stabbed him. * It wasn’t until book ? that Achilles got Brisis back. Brisis is the cousin of Hekor in the movie and in the Iliad she isn’t royalty. * Achilles tells Odysseus to start loading the ship because they are going home. * â€Å"the world seems simple to you, but when you are king, there are very few choices which are simple† –Odysseus * â€Å"Sometimes you have to serve in order to lead†- Odysseus * Patricolus is very upset with Achilles. You betray all these men just to see Agamemnon lose†- Particolus * The gods favour our calls. Now it is time to destroy a weak army†- Pr iest * â€Å"Yesterday the Greeks underestimated us, we should not return the favour†- Hektor * Hektor thinks that attacking the Greeks is a mistake * The Greeks are packing up their ships and returning * Brisis and Achilles have developed a loving relationship. She wants him to stay but he is leaving. * The Trojans attack the Greeks with fire arrow s and they are caught of guard. Around book 15-16. The Greeks attack back.They send down balls of straw and stick with catch on fire from the fire arrows. They cause lots of destruction. They Greeks are outnumbered and off guard. * Odysseus seems scared and worried. * Menelaus doesn’t die in the Iliad but dies in the movie. Due to the relationship with Menelaus, Helen (in the movie) is seen as a Romeo and Juliet relationship due to the fact that the audience will understand this because Menelaus is portrayed as evil and bad * Time is no longer heroic. Giving the gifts to Agamemnon because he won the war is wrong because he didn’t fight and win the war. Patroclus pretends to be Achilles and Hektor believes him. He kills patroclus and everyone is quiet. They all now that Achilles is going to be very angry at this. * Patroclus wore his armor. Achilles didn’t know that Patroclus fought for him. In the Iliad, Achilles told him to fight for him. * Hektor knows that Achilles is going to come after him and so he tells his wife to save people. * Agamemnon â€Å"This boy has just save this war for us† about Patroclus’s death * Achilles agrees to fight again * All of Troy is deserted Achilles travels to the gates of troy to find Hektor * Hektor says good bye to his family because he knows that he has angred Achiiles. * Achilles stabs Hektor twice and then drags his body around the castle walls which his family is distraught over. His father collapses. He drags his body back to the greek camp. Briseis is distraught and cries. * â€Å"You lost your cousin and I had mine taken away† –Briseis * Priam comes in the night, as a secret. He kisses the hands of Achilles * â€Å"I have done what no other person on earth has done before.I have kissed that hands of the man who killed my son. † –Priam * Book 24 * â€Å"You’ve taken everything from me, my eldest son, my heir to my throne† –Priam * He begs to have Hektor’s body returned, * â€Å"You are still my enemy in the morning. †- Achilles â€Å"you are still my enemy tonight but even enemies can show respect â€Å"- Priam * Achilles cried over Hektor’s body * Achilles wraps him up and returns him * â€Å"He is the best man I have ever fought†¦ We will not fight for 12 days for the funeral† Achilles * He also lets Briseis go with Priam. If I hurt you, I didn’t mean to â€Å" * Achilles to Priam â€Å"you are a far better king than the one leading this army† * The funeral process for Hektor begins. This is the end of the Ilia d. The director continues with the movie * Odysseus watches a man make a horse for his son back home and he thinks about attacking Troy by using a Giant horse. * The anger in the movie is definitely less. * The Trojans go down to the beach and see no ships, dead men and a Giant horse * The priests thinks that it is a gift to the Gods.They think that they should bring it back home. * Paris thinks they should burn it. * They bring it back home to Troy and bring it inside the gates. Everyone is happy and dancing * The dog is a reoccurring theme in the movie. * A Trojan rides around the coast and sees all the Greek ships. He is shot before he has a chance to tell the people of troy. * Inside the Trojan gates, the Greeks are escaping from the Horse and killing everyone in the city. They send a signal to let all of the other Greeks into fight. They urn down houses * Agamemnon yells to let troy burn * Priam is very upset * Hetkors wife takes people down the passage way Hektor showed her. P aris wants to stay and fight. * Achilles is looking for Briseis * Paris is the archer * Odysseus kills nester * The Greeks destroy the temple. * Agamemon kills Priam * Agamemon i s killed suddenly by Briseis. Achilles save her but paris shoots him in the Achilles and in the chest. He dies. Briseis loved him. He still managed to stay alive. Chaos is brought to a standstill. The Greeks, using Troy cremate Achilles. The Trojans who escape find a new home in the mountain. * If they ever tell my story, let them tell that I walked with Giants. Let them stay that I lived in a time of Hetkor, breaker of Horses. Let them stay that I lived in the time of Achilles * There are many differences in the ending. They want to give the viewers a happy ending. Paris is killed before the Trojan horse and Helen went back to Sparta with Menelaus * There is no ‘villain’ in the iliad * Patricolus is older than Achilles in the Iliad but in the movie it is the other way around. Troy Movie Notes Troy, directed by Wolfgang Petersen (2004) is an epic war film based on Homer’s Iliad. In ancient Greece, the passion of two of literature's most notorious lovers, Paris, Prince of Troy (Orlando Bloom) and Helen (Diane Kruger), Queen of Sparta, ignites a war that will devastate a civilization. When Paris spirits Helen away from her husband, King Menelaus (Brendan Gleeson), it is an insult that cannot be suffered.Familial pride dictates that an affront to Menelaus is an affront to his brother Agamemnon (Brian Cox), powerful King of the Mycenaeans, who soon unites all the massive tribes of Greece to steal Helen back from Troy in defense of his brother's honor. In truth, Agamemnon's pursuit of honor is corrupted by his overwhelming greed – he needs to conquer Troy to seize control of the Aegean, thus ensuring the supremacy of his already vast empire. The walled city, under the leadership of King Priamand (Peter O’Toole) defended by mighty Prince Hector (Eric Bana), is a citadel that no army has ever been able to breach.One man alone stands as the key to victory or defeat over Troy – Achilles (Brad Pitt), believed to be the greatest warrior alive. Arrogant, rebellious and seemingly invincible, Achilles has allegiance to nothing and no one, save his own glory. It is his insatiable hunger for eternal renown that leads him to attack the gates of Troy under Agamemnon's banner – but it will be love that ultimately decides his fate. Two worlds will go to war for honor and power. Thousands will fall in pursuit of glory. And for love, a nation will burn to the ground.This was an exciting action packed film, which had plenty of historical accuracies and inaccuracies and for the most part follows Homer’s Iliad. Many similar films in this time period portray the gods as more important and powerful than the humans. In fact, this movie almost completely ignores the gods and instead places the focus on the warriors themselves. I think th e film tries to portray the Trojan War in a manner in which it could have actually happened. Achilles acknowledges that he is not the son of a goddess and is not immortal or invulnerable. The movie basically shows us how a rumor can blossom into a legend unto itself.Achilles' legend becomes immortal. We see that the elders who continually refer to their so-called gods, and they come across as fools. When Hector refers to the fact that Apollo did not strike down Achilles for desecrating the statue. It is obvious that Hector seems to doubt the gods he has been taught to worship. Achilles disrespects the gods by decapitating the statue for the god Apollo, proving that both characters have little respect for the gods. Compared to the Iliad and historical facts the gods were always centered on everything. Throughout time, men have waged war. Some for power, some for glory, some for honor – and some for love.

Downfall Of Rome s Republic - 1141 Words

Downfall of Rome’s Republic For 350 years the Roman Republic had grown, retracted, and grown again, surviving and thrived. Through it all the Romans never turned away from their basic founding principle that no king shall rein in Rome. Every year men stood for election and every year free ballots were cast by free citizens. The winner won and the looser lost, and power was transferred between them. It was a remarkable run and the republic’s track record was and is the case of much justifiable envy. The Roman’s success would be the undoing of the Roman republic. Over the years the republic had survived for two major reason, the lower class had not been so impoverished that they†¦show more content†¦Tiberius proposed by putting a cap on an amount of land a man can own. The proposal was wildly popular with the people, while the senate hated the bill, but also hated the man who proposed it, so he by passed them. By gaining the popularity with the people, he brought Rome to a complete stand still. Tiberius had gotten the late Republic off the ground with a bang, his extremism re-energized the class struggle that had been dormant for centuries. The next century would unfold as little more than a political free for all, power was everyone’s ultimate objective and might. Gaius Graccus entered office focused on one single issue of Gregorian reform and met his downfall running for an illegal second term, â€Å"his most enlightened piece of legislation fell foul† (Kamm,pg. 30). In the third term, his supporters were ta an all-time low and were defeated in the polls, eventually leading himself to suicide. During 87-83 B.C. Gaius Marius and Lucius Sulla reformed the rise of private armies in favor for a more robust and more mobile legion recruiting private armies in their fight for Rome restoring the Republic. After Sulla completed his campaign he marched back to Rome and took political positions by force, he did not take positi on as an elected consul, rather as a position of a dictator. â€Å"The twenty years that followed Sulla’s death saw the rise of three men of particular ambition and power† (Kamm, pg 37), known as The First Triumvirate, 59-48 B.C,Show MoreRelatedThe Continuous Civil Unrest Of The Empire Between 509 Bce And 4761397 Words   |  6 PagesRome at the beginning was just a small city built on hills, but soon enlarged to one of the largest empires around the world. Located in the middle of the Mediterranean, it was a prime spot for trade and was influenced by surrounding areas such as Greece. In ancient Rome, the city became a Republic and prospered as an Empire expanding to 3.5 million square miles at its height. 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Discussion Pay And Benefits For Employees - 879 Words

Assignment 1: Discussion—Pay and Benefits This assignment requires that students research compensation strategies and consider general compensation programs for employees. It is essential for the human resources departments to recruit and retain the most competent workers for positions, but it also important to consider the Does your program include stock options, profit sharing, an employee stock ownership plan (ESOP), healthcare, etc.? It is important for the HR department to be proficient in understanding the employee’s education, experiences and skills as the base pay is considered for positions. Base pay compensation is what the employees can expect to receive for the work provided for to the company; which could hourly rate of pay, salary basis, monthly or yearly. However; major incentives are also vital when encouraging employees become necessary. 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Article Review Stop Being A Baby - 1962 Words

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Comparing of Financial Statement for Similar Companies Free Essays

Introduction Freds, Belk, Big Lots and Dollar Tree are all famous variety store in United State. All of them provide various and qualified goods to customers. This analysis report, discussing different financial data based on the 10-K document of the four companies, wants to give readers a meaningful describe to these companies so investors can have clear opinions to help decide. We will write a custom essay sample on Comparing of Financial Statement for Similar Companies or any similar topic only for you Order Now Company Profiles Freds, Inc. Freds) is to meet the general merchandise and pharmacy needs of the small – to medium- sized towns it serves by offering a wider variety of quality merchandise and a more attractive price-to-value relationship than either drug stores or smaller variety/dollar stores and a shopper-friendly format which is more convenient than larger sized dis count merchandise stores. The company’s sales of p harmaceuticals have a percentage of 33. 5% in 2010, 34. 1% in 2011, and 34. 9% in 2012, comparing to the total sales. And its major sales of others include households good and food products, etc. showing that the company tries its best to execute its business strategy. Big Lots, Inc. is a Fortune 500 retail corporation. The company is based in Columbus, Ohio, USA and currently operates over 1,400 stores in 47 states. Its department stores focus mainly on selling closeout and overstock merchandise. There are some items in the stores, such as foodstuffs, that are replenished on a continual basis. What’s more, Big Lots also operates a wholesale division, which provides merchandise in bulk for resale from a variety of categories. Financial Statements iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" src="https://phdessay.com/financial-statements-2/embed/#?secret=RXvj6CH26Z" data-secret="RXvj6CH26Z" width="500" height="282" title="#8220;Financial Statements#8221; #8212; Free Essays - PhDessay.com" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"/iframe Big Lots uses an existing building, such as a grocery or department store that had either moved or ceased operations. Dollar Tree, Inc. began its operations in 1953 and was incorporated in Virginia. The company is an American chain of discount variety stores that se lls every item for $1. 00 or less. The company targets low to lower-middle income consumers and sells everyday products from food and personal care products to non-essentials. It sells its product in three business segments:1) Consumable merchandise, which accounted for 48. % of its sales in 2011, 2) Variety merchandise, which accounted for 46. 9% of 2011 sales, and 3)seasonal goods, explained 5% of 2011 sales. Belk, Inc. , together with its subsidiaries, is the largest privately owned mainline department store business in the United States, with 303 stores in 16 states, as of the fiscal year ended January 28, 2012. Generated revenues of $3. 7 billion for the fiscal year 2012, and together with its predecessors, have been successfully operating department stores since 1888. Belk Stores Services, Inc. , a subsidiary of Belk, Inc. rovides a wide range of services t o the Belk division offices and stores, such as merchandising, merchandise planning and allocation, advertising and sales promotion, information systems, human resources, public relations, accounting, real estate and store planning, credit, legal, tax, distribution and purchasing. Accounting Policies (see Exhibit 1) All of the four companies are United State location so that part of their accounting policies are the same, but because the area location and business strategy, they have some different accounting policies. The four companies do not amortized goodwill and tested them for impairment annually, using an income approach and a market approach in determining fair value for purposes of goodwill impairment tests. All four of them report income taxes in accordance with FASB ASC 740, the asset and liability method is used for computing future income tax consequences of events . The major differences exist in revenue recognition, merchandise inventories and Stock-based compensation. Based on their requirements, Freds records its sales when the merchandise is shipped from the Company’s warehouse; Dollar tree records sales revenue at the time a sale is made to its customer ; Big Lots’ sales Revenue is recognized when the customer makes the final payment and takes possession of the merchandise and sales of Belk is recorded at the time of delivery. Freds values inventories at the lower of cost or market using the retail first -in, first-out method for goods in stores and the cost first -in, first-out method for goods in our distribution centers. And the rest of hree companies values inventories at the lower of cost or market using the average cost retail inventory method. Under the average cost retail inventory method, inventory is segregated into departments of merchandise having similar characteristics at its current retail selling value. Profitability, Liquidity/Solvency (see Exhibit 2) If we analyze the current ratio and quick ratio they are relati vely small. So paying the short term debts might be a problem for the company as well as the liquidity is getting decreased from year 2010 – 2012 as 1. 43 to 1. 23 to 0. 88. So it might be difficult for the company to stay with the current obligations. If we analyze the debt -equity ratio seems to be in high end for the Belk, but it is gradually decreasing 1. 36, 1. 06 to 1. 03. This seems to be a good sign for the company. But still the ratio is high and need quite bit of work to get it down to an acceptable value. Freds’ ROE keeps a increase from 5. 99% in 2010, to 7. 17% in 2011 then to 7. 89% in 2012 because its profit margin increasing from 1. 32% to 1. 61% and 1. 78%, respectively in 2011 and 2012, in the same time, its assets turnover keeps a steadily level from 3. 20 to 3. 06, just a slightly decrease. Additionally, the gross margin just has a higher change from 27. 92% in 2010, to 28. 66% in 2012 than profit margin. The inventory turnover has a decrease from 4. 33 to 4. 15 respectively in 2010 and 2012, due to the cost of goods sold increasing slower than inventory. What’s more, the current ratio and quick ratio keeps falling down, and debt/equity ratio grows up during the 3 years, showing that the debt increases faster than equity. Big Lot’s ROE continues to grow from 20. 01% in 2010 to 25. 15% in 2012. However, it s profit margin and gross margin have been going downwards since 2010, dropping to 3. 98% and 39. 9% respectively in 2012. What’s more, its current ratio and quick ratio have also decreased, the former one has slacked from 2. 069 in 2010 to 1. 721 in 2012, a nd the later one has slummed from 0. 72 to 0. 31, which indicate that the company’s fund are more tighten up in recent years. Through further study, we found that the D-E ratio is increa sing from 1. 208 in 2010 to 1. 704 in 2012, which presented the company’s new financing strategy from borrowing, other than getting capital from the shareholders. The ROE of Dollar Tree increased rapidly from 22. 43% in 2010 to 27. 23% in 2011 and to 36. 32% in 2012. On examining the three omponents of ROE, the profit margin was 6. 3% in 2010 but in 2012 it increased at 7. 36%. In addition, its assets turnover maintains a steady growth. It was 2. 28 in 2010, 2. 47 in 2011 and 2. 85 in 2012. Over the three years, the debt -equity ratio also grows steadily. Besides, the current ratio and quick ratio of Dollar Tree in the past three years obviously declined. That mostly resulted from the increasing debt and surging sales . Return on Equity almost doubled from 2010 to 2011 as 6. 31% to 11. 33% and has a steady growth from 2011 to 2012 as 15. 30%. This implies Net Income increased and it is proportional to good increase in profit margins as from 2% to 3. 63% almost doubled from 20 10 to 2011 and 4. 95% in 2012 which is a steady growth. When we compare the Total asset turnover in last 3 years seems to be decreasing, though it is 13. 1 in 2010 decreased significantly form 2011 and 2012 as 1. 14 and 1. 50 respectively. This might be due to competition from other department and specialty stores and other retailers, including luxury goods retailers, mail o rder retailers and offprice and discount stores. Opportunities/Threats Opportunities: from the above, we get the idea that the variety store industry has a good time during the several years. These four companies are keeping increase in profit and they have lower financial distress so that they could borrow more money from banks and investors, which gives them more chances to execute expansion strategy: more available cash from borrowing, better financial statement which can give more confidence to in vestors and higher return to support the future development. Threats: we should notice that most of the four companies have a higher gross margin increasing than profit margin, and a continuous lower inventory turnover. They show that these companies’ structures include threaten in the future. What’s more, the high debt means that the banks and investors tighten polices and requirements to the companies so their business and expansion will be influenced by investors. Meanwhile, the raising interest rat e of debt gives higher financial distress to the companies. Overall Assessment Retail industry is a highly competitive and dynamic business to work with. So it needs to be change whenever it needs to be. Here we can see that when one company doing well other companies are struggling to stay in the race. If we analyze the overall challenges retail business facing is like high Employee turnovers, also Auditing issues as they regularly engaged in competition with one another, and this competition can creat e price wars, forcing a need to keep tight control over inventory, as the nation prospers and people have more money to spend, the retail industry generally flourishes. As for the companies we can see that Fred’s, Dollar tree and Belk is seems to be doing well in this difficult situations, but the Big Lotus is losing some ground as profit margins getting lower as well as their funds getting tightens up. However when we see the COGS each company has a problem as COGS selling slower than the inventory, this might be hurting all four companies as if their items old they have to write off them and which might eventually losing money. Exhibit 1: Significant Accounting Policies Freds Revenue recognition Merchandise inventories Goodwill Stock-based compensation Income taxes Dollar tree Big Lots Belk Sales are recorded when the merchandise is shipped from the Company’s warehouse sales revenue at the time a sale is made to its customer Revenue is recognized when the customer makes the final payment and takes possession of the merchandise. Sales from retail operations are recorded at the time of delivery. Valued at the lower of cost or market using the retail first-in, first-out method for goods in our stores and the cost first-in, firstout method for goods in our distribution centers. Stated at the lower of cost or market, determined on a weighted-average cost basis. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are computed by applying a calculated cost-to-retail ratio to the retail value of inventories. Valued at the lower of cost or market using the average cost retail inventory method. Under the average ost retail inventory method, inventory is segregated into departments of merchandise having similar characteristics at its current retail selling value. Valued using the lower of cost or market value, determined by the retail inventory method. Under the retail inventory method (â€Å"RIM†), the valuation of inventories at cost and the resulting gross margins Goodwill is not amortized and tested for impairmen t annually. Use an income approach and a market approach in determining fair value for purposes of goodwill impairment tests. Goodwill is not amortized and tested for impairment annually. Use an income approach and a market pproach in determining fair value for purposes of goodwill impairment tests. Goodwill is not amortized and tested for impairment annually. Use an income approach and a market approach in determining fair value for purposes of goodwill impairment tests. Goodwill is not amortized and tested for impairment annually. Use an income approach and a market approach in determining fair value for purposes of goodwill impairment tests. Uses the fair value recognition provisions of FASB ASC 718, account for stock based compensation by using the grant date fair value of share awards and the estimated number of shares that will ultimately be ssued in conjunction with each award. Recognizes all share-based payments to e mployees, including grants of employee stock options, in the financial statements based on their fair values. Value and expense stock options with graded vesting as a single award with an average estimated life over the entire term of the award. Uses the fair value recognition provisions of FASB ASC 718, account for stock based compensation by using the grant date fair value of share awards and the estimated number of shares that will ultimately be issued in conjunction with each award. reports income taxes in accordance with FASB ASC 740,the asset and liability ethod is used for computing future income tax consequences of events reports income taxes in accordance with FASB ASC 740,the asset and liability method is used for computing future income tax consequences of events reports income taxes in accordance with FASB ASC 740,the asset and liability method is used for computing future income tax consequences of events reports income taxes in accordance with FASB ASC 740,the asset an d liability method is used for computing future income tax consequences of events Exhibit 2: Industry Ratio Summary 2012 Freds, Inc. 2011 Profitability Return on equity 7. 89% 7. 17% 5. 99% 25. 15% 23. 50% 20. 01% 6. 32% 27. 23% 22. 43% 15. 30% 11. 33% 6. 31% Profit margin 1. 78% 1. 61% 1. 32% 3. 98% 4. 49% 4. 23% 7. 36% 6. 75% 6. 13% 4. 95% 3. 63% 2. 00% Gross margin 28. 66% 28. 61% 27. 92% 39. 79% 40. 63% 40. 61% 35. 87% 35. 49% 35. 49% 0. 33% 0. 33% 0. 32% Total asset turnover 3. 06 3. 16 3. 20 3. 169 3. 057 2. 831 2. 85 2. 47 2. 28 1. 5 1. 41 13. 1 A/R turnover 62. 61 64. 58 61. 93 42. 45 41. 39 40. 11 76. 42 78. 53 72. 33 104. 9 131. 3 118. 7 Inventory turnover 4. 15 4. 33 4. 33 3. 8 3. 86 4. 02 4. 2 4. 2 4. 1 2. 9 2. 97 2. 83 Short term liquidity Current ratio 2. 47 2. 91 2. 81 1. 721 1. 941 2. 069 2. 08 2. 5 2. 74 2. 51 3. 34 3. 32 0. 33 . 52 0. 57 0. 31 0. 53 0. 72 0. 59 1 1. 31 0. 88 1. 23 1. 43 0. 49 0. 40 0. 43 1. 704 1. 283 1. 208 0. 73 0. 63 0. 6 1. 03 1. 06 1. 36 Quick ratio Long term solvency Debt/Equity ratio 2010 2012 Big Lots 2011 2010 2012 Dollar Tree 2011 2010 Belk. inc 2012 2011 2010 Profit Margin Return on Equity 40. 00% 35. 00% 30. 00% 25. 00% Freds, inc 20. 00% Big Lots 15. 00% Dollar Tree 10. 00% Belk. inc 5. 00% 0. 00% 2012 2011 8. 00% 7. 00% 6. 00% 5. 00% 4. 00% 3. 00% 2. 00% 1. 00% 0. 00% Freds, inc Big Lots Dollar Tree Belk. inc 2012 2010 2011 2010 Debt-to-Equity Ratio Inventory turnover 2. 00 5. 00 4. 00 Freds, inc 3. 00 Big Lots 1. 50 Freds, inc Big Lots 1. 00 Dollar Tree Dollar Tree 2. 00 Belk. inc 1. 00 Belk. inc 0. 50 0. 00 0. 00 2012 2011 2010 2012 2011 2010 Exhibit 3: Income statement Fred,inc Statement of Income January 28, 2012 Net sales Cost of goods sold 1879059 1340519 100% 71. 34% Gross profit 538540 Depreciation and amortization 100% 71. 39% 1788136 1288899 100% 72. 08% 28. 66% 527018 28. 61% 499237 27. 92% 34190 1. 82% 29236 1. 59% 26387 1. 48% Selling, general and administrative expenses 453195 24. 12% 451064 24. 49% 434356 24. 29% Operating income Interest income Interest expense 51155 -156 553 2. 72% -0. 01% 0. 03% 46718 -234 424 2. 54% -0. 01% 0. 02% 38494 -189 82 2. 15% -0. 01% 0. 03% Income before income taxes 50758 2. 70% 46528 2. 53% 38201 2. 14% Provision for income taxes 17330 0. 92% 16941 0. 92% 14586 0. 82% 33428 1. 78% 29587 1. 61% 23615 1. 32% $ $ January 30, 2010 1841755 1314737 Net income $ January 29, 2011 $ $ $ Big Lots, Statement of Income January 27, 2012 Net sales Cost of goods sold Gross pr ofit Selling, general and administrative expenses Other Operating Expense Operating income $ January 28, 2011 5,202,269. 00 3,131,862. 00 2,070,407. 00 100. 00% 60. 20% 39. 80% 1,634,532. 00 January 29, 2012 4,952,244. 00 2,939,793. 00 2,012,451. 00 100. 00% 59. 36% 40. 64% 31. 42% 1,567,500. 0 90,280. 00 1. 74% 345,595. 00 6. 64% $ 4,726,772. 00 2,807,466. 00 1,919,306. 00 100. 00% 59. 39% 40. 61% 31. 65% 1,532,356. 00 32. 42% 78,606. 00 1. 59% 74,904. 00 1. 58% 357,345. 00 7. 22% 325,010. 00 6. 88% $ Earnings Before Interest And Taxes Interest Expense 345,422. 00 6. 64% 357,957. 00 7. 23% 325,185. 00 6. 88% 3,530. 00 0. 07% 2,573. 00 0. 05% 1,840. 00 0. 04% Income Before Tax 341,892. 00 6. 57% 355,384. 00 7. 18% 323,345. 00 6. 84% Income Tax Expense 134,657. 00 2. 59% 132,837. 00 2. 68% 121,975. 00 2. 58% Net income 207,064. 00 3. 98% 222,524. 00 4. 49% 200,369. 00 4. 24% Dollar Tree, Statement of Income January 28,2012 Revenues $ January 29,2011 Selling and admistrtive expense 64. 13% 35. 87% 3,794. 8 2,087. 60 1,596. 2 Gross margin 100% 4252. 2 2378. 3 cost of sales 6630. 5 $ 5882. 40 24. 07% 1,457. 60 100% January 30,2010 $ 5,231. 20 100% 64. 51% 35. 49% 3,374. 40 1,856. 80 64. 51% 35. 49% 24. 78% 1,344. 00 25. 69% Restructing charges Goodwill impairment — — — intangible and other asset impairment — — — operating expense $ 1,596. 2 24. 07% operating income interest expense interest income other income 782. 1 2. 9 –0. 3 11. 80% 0. 04% Income before income taxes Net income $ 1,457. 60 24. 78% 10. 71% 0. 10% 0. 00% 630 5. 6 –5. 5 779. 5 ncome taxes $ 11. 76% 291. 2 488. 3 4. 39% 7. 36% 1344 25. 69% 9. 80% 0. 10% -0. 10% 512. 8 5. 2 — 629. 9 $ $ 10. 71% 507. 6 9. 70% 232. 6 397. 3 3. 95% 6. 75% 187. 1 320. 5 3. 58% 6. 13% $ Belk, Statement of Income 2012 2011 Revenues 3,699,592 100% Cost of goods sold (Including occupancy, distribution an d buying $ expenses) 2,461,515 66% 938008 2012 3513275 100% 2353536 66% 25% 914078 3143 0. 08% 2302 —- Operating income Interest expense Interest income Loss on extinguishment of debt Gain on investments Income before income taxes Income tax expense Net income Gain on sale of property and equipment Asset impairment and exit costs Pension curtailment charge $ 100% 2271925 68% 26% 886263 26% 6416 0. 18% 2011 0. 06% 0. 06% 0. 00% 6096 —– 0. 17% 0. 00% 39915 2719 1. 19% 0. 08% 300190 Selling, general and administrative expenses 3346252 8. 11% 245981 7. 00% 147441 4. 41% -50218 328 -922 —–250098 66950 183148 -1. 35% 0. 01% 0. 02% 0. 00% 0. 0676 1. 80% 0. 0495 -50679 569 ——–195871 68243 127628 -1. 44% 0. 02% 0. 00% 0. 00% 0. 0557 1. 94% 0. 0363 -51321 1027 —43 97190 30054 67136 -1. 53% 0. 03% 0. 00% 0. 00% 0. 029 0. 89% 2 $ $ $ $ Exhibit 4: Balance Sheet Freds,inc Balance Sheets January 28, 2012 January 29, 2011 January 30, 2010 January 31, 2009 ASSETS Current assets: Cash and cash equivalents 27130 4. 29% 49182 8. 26% 54742 9. 58% Account Receivables Inventories 31883 331882 5. 04% 52. 51% 28146 313384 4. 73% 52. 62% 28893 294024 Other non-trade receivables 32090 5. 08% 26378 4. 43% Prepaid expenses and other current assets Total current assets 12321 435306 1. 95% 68. 88% 12723 429813 Property and equipment 161112 25. 49% 139931 Equipment under capital leases 97 0. 02% – Intangible assets, net 32191 5. 09% 22193 3. 73% 16035 2. 81% 9042 1. 66% Other noncurrent assets, net Total assets $ 3276 631982 0. 52% 100% $ 3591 595528 0. 60% 100% $ 4040 571441 0. 71% 100% $ 4442 544775 0. 82% 00% LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 106886 16. 91% $ 81002 13. 60% $ 87393 15. 29% $ 69955 12. 84% 658 0. 10% 201 0. 03% 718 0. 13% 243 0. 04% Current portion of indebtedness $ $ $ $ 35128 6. 45% 5. 06% 51. 45% 28857 301537 5. 30% 55. 35% 25193 4. 41% 15782 2. 90% 2. 14% 72. 17% 10945 413797 1. 92% 72. 41% 11912 393216 2. 19% 72. 18% 23. 50% 137569 24. 07% 138036 25. 34% – 39 Accrued expenses and other 44876 7. 10% 45371 7. 62% 39621 6. 93% 46659 8. 56% Deferred income taxes 23878 3. 78% 21142 3. 55% 19373 3. 39% 13061 2. 40% Total current liabilities 176298 27. 90% 147716 24. 80% 147105 5. 74% 137667 25. 27% Long-term portion of indebtedness 6640 1. 05% 3969 0. 67% 4179 0. 73% 4866 0. 89% Deferred income taxes 5633 0. 89% 2069 0. 35% 2009 0. 35% 1328 0. 24% Other noncurrent liabilities Total liabilities 19799 208370 3. 13% 32. 97% 17886 171640 3. 00% 28. 82% 17209 170502 3. 01% 29. 84% 13833 157694 2. 54% 28. 95% Common stock, Class A voting, no par value 105384 16. 68% 131367 22. 06% 131685 23. 04% 136877 25. 13% Common stock, Class B nonvoting, no par value Retained earnings 317364 50. 22% 291649 48. 97% 268350 46. 96% 249141 45. 73% Accumulated other comprehensive income 864 0. 14% 872 0. 15% 904 0. 16% 1063 How to cite Comparing of Financial Statement for Similar Companies, Papers