Review of Related Literature and Studies Essay

Being always present in class and getting to school on time are two of the crucial determining factors of a student’s success, not just as a student but as a person who will be managing his/her own life in the future. Given the importance of being punctual, this study aims to explore and find out the factors that affect the punctuality of UP students. In this chapter, we will be discussing about the background of our study. It includes facts about tardiness, the different factors that causes it and its effect to the students as students and as bearer of their own lives in the future. From reliable research materials like online journals and research papers, we will provide some facts and theories from authors, teachers and notable people in order to have a concrete justification of our study. First, we will give a definition of tardiness and present some theories and facts about it. Next, we will discuss he various factors that causes the students to come to school late, the psychological theories, the observation of the teachers and the personal reasons of the students. Lastly, the effects of tardiness to students, not just to himself/herself but also to his/her future and to other people, will be discussed. Tardiness As UP students, we are expected to perform well with excellence in everything that we do, most especially in the academic aspect. One factor that dictates the quality of performance of a student is his/her punctuality that is, getting to school on time or being tardy. As cited by Nakpodia and Dafiaghor (2011), â€Å"lateness† can be defined as the â€Å"situation where an individual arrives after the proper, scheduled or usual time (Oxford Advance Learners’ Dictionary, 5th ed., 1995), Lauby (2009) puts it as a term used to describe â€Å"people not showing up on time† and Breeze et al. (2010) contributed by saying that, lateness is synonymous with â€Å"tardiness†, which implies being slow to act or slow to respond, thus not meeting up with proper or usual timing. Lastly, Weade (2004) defined tardiness as â€Å"being late for any measurable length of time past the stated or scheduled start time for work or school.† In most schools, a student is con sidered tardy  when he/she is not present when the school bell rings or when the first teacher starts to give instructional materials for the first subject in the morning class. One of the most recurring and the most â€Å"frustrating problem† that the schools are having with their students nowadays is tardiness (Sprick and Daniels, 2007). It creates problems, not just to the students but also to the teachers (Cowan Avenue Elementary School Community, 2007, para 1). Cowan Crier, the official School Publication of CAESC, also states that while having â€Å"occasional tardy† isn’t a big deal, unfailing tardiness is and it gives students problems including being ill-prepared for the job market. According to the results of the study of the U.S. Department of Education on â€Å"truancy†, which is related to tardiness, being present and on time in going to school are big factors on the â€Å"success and behavior† of the students (Zeiger, 2010, para 1). Thus, it is a lot important to value time and practice being on time while being a student. According to CAESC (2007) and Zeiger (2010), the most essential learning time of the day for the students lies in the morning, specifically between 8:00 to 9:30 AM. It is because the students are most mindful and observant at this time of the day. It is also the reason why the most important lessons and subject matters are discussed during this time. So when students are late or are not present during this time of the day, they, in effect, miss out most of the important lessons to be noted and learned. Factors affecting Punctuality Reasons for being late in class and other factors affecting the punctuality if a student vary. There had been some theories that pointed out that tardiness is caused by the personality of a person. Santillano (2010) stated that psychological theorists considered some â€Å"personality traits, including low self-esteem and anxiety† as triggering factors of tardiness (para 2). She also mentioned that while some theorists considered tardiness as an â€Å"inborn quality† since our being early or late is â€Å"partially biologically determined†, which she also agreed, other experts also believed that some people are â€Å"chronically tardy† for the reason that they consciously and unconsciously get good things from it (para 3). In the book cited by Santillano, â€Å"Never be late again: 7 cures for the punctually challenged†, the author Diana DeLonzor suggested that some  personality traits could most likely lead to a person being often late. Some of the traits included were â€Å"struggling with self control†, â€Å"feeling nervous or uncomfortable with social situations† and â€Å"getting distracted easily† (para 4). Santillano also discussed about the study conducted by DeLonzor at San Francisco State University in 1997 in which she surveyed 225 respondents about their habits that makes them late from their appointments. It was also a test on the personalities of the respondents that affect their habits. According to the results of DeLonzor’s study, those respondents that were often tardy apt to be anxious and gets distracted easily. Nakpodia and Dafiaghor attribute lateness or tardiness to a lot of factors or causes. Going late to bed and waking up late next morning are the most common. The authors added film-watching late at night as a cause for tardiness. The student may forget that he/she needs to be in school the next day. The distance between the student’s home and school or solely the school’s location is also considered by Nakpodia and Dafiaghor as a possible cause for tardiness. Not just because it takes more time to get to school, but according to the authors, the student is susceptible to more distractions and hindrances along the way. Parent’s untimely tasks and commands are also reasons that students come late to school. Habitual tardiness can also be learned from other members of the family, especially from the older ones. Lack of a firm and consistent policy on punctuality also encourages students to come late at school since there are no consequences attached to lateness or tardiness. These causes of tardiness will lead to serious effects. Another study was the one conducted by Enamiroro Oghuvbu in Nigeria. The objective of the study was to determine the causes of the absenteeism and lateness among the secondary students in Nigeria and to seek for solutions to the growing problem. According to Oghuvbu (2008), female students are more likely to be late than male students because of â€Å"their involvement in domestic activities by their parents† (para 7). Also, as cited by Oghuvbu, â€Å"distance to school, school discipline, family background and school location† (Emore, 2005) are some of the common causes for the tardiness of the secondary students. Oghuvbu collected the data from a sample size of 17, 417 Nigerian respondents from 2005-2006. The sample was made up of 20 principals and 50 each from a set of teachers, parents and students. The means of collecting  data was through a thirty-item questionnaire answerable by either strongly agree (SA), agreed (A), disagree (D), and strongly disagreed (SD). The questionnaire had four questions, one of which was about the causes of lateness among the secondary students of Nigeria. The study revealed that the causes of lateness among the secondary students in Nigeria were â€Å"going late to bed because of watching films and home movies, resulting into wake up late in the morning, distance to school and keeping friends who are not students† (Oghuvbu, 2008). These results went consistent with the results of Oghuvbu’s reference studies which proves that tardiness among students have been a growing problem and that it is caused, not just because of the students but also because of the lack of imposing discipline from the parents. Another research partly studied about tardiness but tackled a specific reason or factor. A study by Pimentel and Quijada (2011) focused on the frequency of use by the UP Cebu freshmen students of Facebook and a part of the study tackled about the effect of the famous social networking site to UP Cebu students’ punctuality and academic performance. For their study, Pimentel and Quijada collected 60 respondents and provided them with questionnaires. The questionnaires contained questions that ask the respondents about their use of Facebook and its effects. A certain question asked the respondents if late-night use of Facebook has an effect on their punctuality. According to the results of the study, three out of 60 respondents are always late, eight said they are sometimes late, 12 said they are seldom late and 37 said that they never get late due to late-night use of Facebook. Generally, the results showed that the respondents are seldom late in class because of late-night use of the social networking site. Ledoux, as cited by Pimentel and Quijada, said that lack of sleep causes neural malfunctions and further affects a person’s behavior. In the study’s case, it is a student’s punctuality that is affected. Sometimes, it is not solely the students’ fault why they keep on being late in coming to class. Another factor that could affect the punctuality of a student is the response of the teachers to tardy students. Sprick and Daniels (2007) stated that the range of the teachers’ response was â€Å"from ignoring them to sending them to office† (p. 21). This variation could lead the students to confusion as to how important it is to be on time in going to class. Another reason is the lack of motivation. Students who  come to school on time are not given incentives or rewards. Also, responses to tardiness are lenient, that is nothing is done until the tenth strike or more. Another reason is â€Å"giving the student the impression that they won’t be missing anything if they are late† since in some classes, no important activities or instructions and no lessons are being done for first few minutes. Lastly, crowded hallways could create traffic, thus blocking the way of other students and making it hard for them to pass through. Effects of Tardiness Tardiness among students has its own negative repercussions. Nakpodia and Dafiaghor (2011) emphasized that lateness or tardiness is not just the problem of the late student but it affects the surrounding people. A student coming late in class distracts the rest of the students and disrupts the flow of the teacher’s discussion. It is even a burden to the student/s whom the late students ask for what to catch up with. The rest of the effects given by Nakpodia and Dafiaghor are about the welfare of the whole school, its productivity and revenue. Knowing the possible effects of lateness or tardiness, it is necessary for solutions to be executed. Studies have revealed that those students with â€Å"perfect or near-perfect attendance† have good grades compared to those students who misses classes often and late-comers (Cowan Avenue Elementary School Community, 2007, para 3). Moreover, as mentioned by Zeiger (2010), the results from the survey report conducted by teachers show that students with high tardiness rates have â€Å"higher rates of suspension and other disciplinary measures† (National Center for Education Statistics Indicators of School Crime and Safety [NCESISCS] (2007)). It also causes the students to have behavioral problems and to drop out. Lastly, Zeiger (2010) stated that â€Å"Students who are frequently tardy to school are also more apt to be fired from a job for showing up late† (para 5). A study conducted by Barbara Lee Weade on 2004 tried to â€Å"determine if school tardiness is a predictor of work tardiness† (Weade, 2004). It provided a lot of literature that observes correlations and factors affecting a student’s tardiness. As cited by Weade, the 3rd most common cause for the failure of a student is â€Å"excessive tardiness and unexcused absences† (Ligon and Jackson, 1988).  Ã¢â‚¬Å"Inconsistency of school rules† (Britt, 1988) and situations such as â€Å"crowded halls, limited opportunities for social interaction, irrelevant course content, and teacher indifference† (Damico et al., 1990) are also factors that affect a student’s attendance and punctuality. As mentioned by Weade, personal v alues, financial security and lack of parental guidance (Payne, 2001) as well as family background (Featherstone et al., 1992) influence tardiness and absences of students. Weade gathered data from the schools of participating students. First and foremost, she asked consent from the students and their parents in order to gain permission to collect their school records. She collected and studied the attendance and punctuality records of these students based on the number of unexcused absences and minutes of tardiness. Her study showed that among high school students, the grade point average is correlated with absences and tardiness. This means that students with better attendance and punctuality have higher grade point averages and vis-à  -vis. Her study was also able to show that attendance and punctuality of students are not consistent throughout the year. There were more absences and tardiness at the latter part of the year. Gender has also shown to be a non-factor in the attendance and punctuality of high school students. The study was very comprehensive in its subject matter. It tackles not just school tardiness but its implications on work tardiness. It shows that â€Å"students who are on-time for school classes are also likely to be on-time at work while students who are tardy frequently at school will probably also be tardy at work† (Weade, 2004). The study requires a lot of data but Weade was able to gather a sufficient amount. Though some possible correlations were not established, it is outside the scope of this research. Due to the fact that tardiness has been giving negative effects on the students nowadays, the most important thing to do is to develop a firm, consistent and functional policy that addresses late students. There must be defined sanctions and penalties for late students. Nakpodia and Dafiaghor (2011) stated that school administrators must lead by example. They should be punctual in their own meetings and classes to avoid students to think that being late is just alright since even the authoritative persons are doing it. They should as well teach it and integrate it in every lesson. The effort on the remedy on lateness or tardiness does not start and end with  the school. It must begin with the parents of the students and the government must take part as well. Transportation must be improved in order to avoid students getting stuck in traffic or encountering other obstacles down the streets. Some schools have already started finding solutions that would effectively minimize and/or eliminate tardiness among students. One of the solutions made by some schools is implementing tardiness policies, wherein they take steps in approaching the students and parents for them to solve the problem. CAESC has their policy worked this way. Other schools initiated interdisciplinary curriculum that integrates discipline and conduct in academics. Cordogan (as cited by Weade, 2004), said that a school in Chicago, Illinois adapted a similar curriculum and yielded positive results. Students under the interdisciplinary program exhibited more positive behaviors from students not from the curriculum. Interdisciplinary students showed less absences and tardiness, as well as higher grades. Other schools made smaller academic changes such as developing personality works and cooperative learning activities, such as creation of portfolios and tutorial to younger students. These taught the students better goal-setting, decision making skills and time management. In return, students under these behavior modification programs yielded less tardiness and higher grades. To summarize, many studies have shown the reasons and factors that may contribute to the tardiness of a student. One of the mentioned reasons of tardy students was waking up late in the morning, which can also be attributed to late-night activities, such as social networking, watching movies and television shows, as well as untimely academic and domestic errands. As proven by several studies, sometimes, it’s not also the act of the student that leads to his/her tardiness. The heavy traffic, the teachers, the school surroundings and policies may also serve as influences to the tardiness of students. Many studies have also shown the effects of tardiness on the students, the teachers, the school and the society. According to these studies, the tardiness of a student consumes his/her learning time as well as disturbs other students and teachers. The tardy student also poses as a threat to the school as an educational and professional institution and the student may be one of the less productive members of the society. A lot of studies as well gave testimonies to effective remedies  on tardiness. These studies promoted integration of personality development and interdisciplinary programs into school curriculum to aid students enhance positive behavior and personality leading to the decrease of tardiness. Our study intends to find out the tardiness of UP Cebu students and the reasons and factors that may influence this tardiness.

The eNotes Blog The Writers Diet Is a Trim Essay a GoodEssay

The Writers Diet Is a Trim Essay a GoodEssay WARNING: your writing may be headed for a coronary. No, this is not an indictment of your eating habits. (Believe methese days I can hardly put fingers to keyboard without a sugary coffee and half a bag of Cadburys mini eggs in me. I am intimately familiar with the ailment that is writers bum. Ergo, I am NOT the person to school anyone on the  deviousness  that occurs between hand and mouth.) I am, however, qualified to speak on the trimness of your writing itself. Back when I tutored students for the SAT and ACT writing exams, eloquence was a prominent focus of the grading rubric. And while eloquence to me, as a Literature and Creative Writing major in university, harkens back to the masters of languageDickens, Bronte, Austeneloquence (dubious quotation marks and all) to the standardized testing officials actually means quite the opposite; sentences should be devoid of descriptive words, lean to the point of dullness, about as tasty and filling as a leaf of lettuce. It was soul-crushing to teach, though perhaps a necessity when it comes to teaching high school students how to write effectively. Thats why I found The Writers Diet, a new tool that objectively assesses the leanness of a writing sample, so interesting. Could it be a helpful tool for students? A measure of eloquence? To find out, I gave it a whirl with one of the best opening paragraphs in the history of the English novel. Oh my dickens! Look at that lovely paragraph splattered with ugly neon highlighter. Whats even more injurious to the eyes? The Writers Diet tests fitness rating, which breaks down on a smug little bar graph the faults of A Tale of Two Cities. Alright, so I get it that this test is a totally algorithm-based assessment, and that I chose one of the most flowery writing samples in existence to try it out. But to say that Dickens is beyond flabby is frankly insulting. The only way the WD test could redeem itself now was by casting its harsh neon criticism across the greatest assault to English literature I know of Fifty Shades of Grey. So yeah, turns out that the passage about the girl feeling adventurous because she borrowed her boyfriends toothbrush is officially Fit trim. Nice one, Writers Diet. As it turns out, there is no objective assessment for good writing, because no algorithm can calculate style. And what I didnt mention before is that style is the one factor of the SAT/ACT grading rubric  that separates a mediocre essay from a great one. Its one thing to be able to simply state a message, and another to instill it in your reader. So before you forsake all commas, dependent clauses, adjectives and adverbs, take some time to become a master of the English language. Scratch thatbecome an apprentice of the English language. Even a small infusion of style will take you further than you think. After all, would you rather chomp into a low-fat, gluten free cracker or a dripping, succulent guacamole bacon burger? Yeah, I think I know your answer to that already.

Industrial and Commercial Bank of China

Industrial and Commercial Bank of China Industrial and Commercial Bank of China (ICBC) invested internationally with the intention of sourcing capital to expand its operations in china. The bank targeted the international markets as they readily have adequate capital. In addition, ICBC wanted an opportunity to increase its wealth, manage bank risks, and increase its loan productivity.Advertising We will write a custom essay sample on Industrial and Commercial Bank of China specifically for you for only $16.05 $11/page Learn More ICBC is China’s biggest bank, with 6.45 trillion in assets. Due to high demand of money, the ICBC issued equity to both domestic and the global markets. The aim of the Initial Public Offer (IPO) was to upgrade its domestic operations and extend its lead in corporate lending and the potentially huge credit card market in China (Akerlof, 1970) Due to the excellent performance of the Chinese economy, the investors felt a strong need to invest in ICBC’s IPO; as t hey expected to make huge profits. By then, China’s economy was growing by 10 % a year. Many corporate investors were attracted by the banks IPO, including Goldman Sachs Group, American Express and Germany’s Allianz just to mention but a few. Diversification was a critical consideration that inspired ICBC in its decision to go international. Essentially, the bank wanted to spread risk by investing in other companies, individual investors and firms outside China (Akerlof, 1970).). Hedging the banks currency against risky exposures was a very essential benefit that ICDC expected through issuing of equities in the international markets. As such, the currency exchange value was a significant factor in making such a global investment. ICBC wanted to generate monetary gain from those economies that had lower money value in comparison with China, therefore selling more equities with the same amount of capital (Abbey, 2007) One of the key factors that attracted international i nvestors to China’s ICBC was the fact that China had been voted as one of the best attractive investment destinations in the world .The American Chamber of Commerce had continually reported that American firms’ that operated in China were more profitable than its counterparts in the United States, hence drawing attention to foreign investors. Indeed, ICBC had consistently rewarded investors with higher stock prices and dividends hence sending the attractive signals to foreign investors. In addition, ICBC investors were promised higher interest rates in their fixed deposits. ICBC’s returns on equities were associated with multiple indicators including interest rates, exchange rates, stock prices, commodity prices and minimum returns. Similarly, ICBC offered attractive customized products for its home and foreign investors (Abbey, 2007)Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More One of ICDC’s recent reviews revealed that the banks experienced critical default risks on more than a quarter of more than 8 Billion Yuans lent to local governments and other investors across the country. This puts the investors at a risk in the event that the bank is liquidated. Apparently, ICBC scrutinized its loans at some point, spreading the risk among other investors. Lack of transparency could also be an issue to investors as it can lead to loss of money especially through corruption (Lee, 2003). The process of Chinese capital market modernization can create complications. For instance, foreign strategic investors’ participation in China has dropped drastically because of barriers stemming from bank reforms and recapitalizations in recent times. Another challenge that the ICBC faced was the complex relationship between Chinas balance of trade and the value of its currency. In conclusion, global market is a large market that helps investor s raise capital from foreign markets. Such a move helps the banks across the world to increase wealth, manage bank risks, and increase loan productivity (Abbey, 2007) References Abbey, N. H. (2007) The Methodology of Positive Economics, Essays in Positive Economics. London: University of Chicago Press Akerlof, G. A. (1970). The Market for International Banks: Quality Uncertainty and the Market Mechanism. Quarterly Journal of Economics, 84(3), 488–500. Lee, A. (2003). Do We Really Need Central Bank Independence? A Critical Re- examination. London: University of Connecticut

How to Use Your Anger to Make a Difference

How to Use Your Anger to Make a Difference I grew up thinking anger was bad. If I ever got angry, my parents would send me to my room and close the door, instructing me not to  come out until I had calmed down. I fairly quickly learned not to express my anger directly. As an adult, I found myself getting angry easily at little things. I would yell at tech support people, but never at people I actually cared about. Sometimes I would express my rage in dreams, waking up feeling somehow cleansed. I often  doubted my sanity because I felt angry so much of the time but did not know how to use it to any advantage. Productive Anger In more recent years, I have learned to express my anger more productively, and my previously pent up anger does not have much power. I’m discovering  that most people can handle it when I express my anger to them! Not a single one  of them has â€Å"sent me to my room.† In fact, many people take action when I express my anger that they might not have taken otherwise. They actually want to satisfy me! Anger can be fuel for a project or a cause. It can lead to career and business success. It can be channeled into creative endeavors or physical challenges. And it can make a difference in relationships. Anger Can Equal Caring This week, I expressed my anger to a friend over the way he was not fighting for himself, and he had a huge revelation about his life and how he can choose a different way of acting and being. I’ve heard it said that anger means you care. We are so quick to express anger to a child who starts crossing the street dangerously – we want to protect that child. But we often hold back when an adult is heading down a destructive path. A scene in the movie Good Will Hunting epitomizes the use of anger to take a stand and make a difference for someone you care about when the person is not fulfilling his or her potential: This is how I want to be with the people in my life. I want to care so much that I will threaten harm if they do not live big. I want to care so much that I order them to get their lives moving in the right direction, even if it’s at my own expense. Who do you know who could be doing more with their lives? Their creativity? Their relationships? Their careers? Are you willing to step up and fight for them so they are inspired to fight for themselves? I hope Ben Affleck gives you the kick in the butt you need.

Future of Cataloging, Resource Description, Indexing And Abstracting Essay

Future of Cataloging, Resource Description, Indexing And Abstracting - Essay Example The knowledge base comprises of information professionals who add their valuable info to pool up the system and for all this is for the achievement of a relatively better efficiency. The problem is how to acquire the relevant information or how to extract the required from the pool. This was once an issue in the past as record searching was very tedious and at times it took days for individuals to come up with the adequate set of retrievals. This was aided by the term ‘Cataloging’. Cataloging meant giving an appropriate identification of the item from where it can be easily retrieved. Cataloging can easily be understood if we take into account a library containing many books and journals and you step inside to search for data on economic facts in the World War II era. To get this information you needed to approach the librarian who will present you a book that is compiled of many abstracts from the various books that contain information about the desired World War II facts. This item is called as the catalog and it contains the description of the different books or journals referring to your search. From this catalog you can filter out your choices easily and as there is adequate resource description you could also go for different writer choices. Thus once decided which to choose, you look down at the catalog to find the location of the desired information tool (Book/journal). Thus the catalog acts as a fa ir assistant to you in minimizing your search time and effectively grants you the opportunity to identify your needs well. Cataloging has facilitated searching immensely. An important terminology within the catalog is the resource description. The catalog contains every bit of information required about the resource and therefore again is regarded as an effective tool for information handling purpose.

Should America have stronger gun control laws LogicCritical Thinking Essay

Should America have stronger gun control laws LogicCritical Thinking - Essay Example Unfortunately many forget the main reason the amendment was created and the necessity for citizens to have a way to stand up to and protect themselves from their government in case it turns against them. The right to bear arms is essential to living in a free country. If the citizens give up their rights to own firearms they, to a certain degree, are giving up their freedom. As part of living in a democracy citizens must ensure that their government is putting the needs of the people first. It is the citizen's responsibility to defend their freedoms, and when worst comes to worst, to revolt against an overbearing government. Therefore, the decision to give up the right to bear arms should only be considered after deep scrutiny and a full understanding of the consequences, with a possible loss of one's freedom as a result. According to George Mason, one of the coauthors of the Second Amendment, "To disarm the people is the best and most effectual way to enslave them" (W.A.T.E.R. 44). This sentiment is shared by many American citizens, especially with those who are members of the National Rifle Association. While widely recognized today as a major political force and as America's foremost defender of Second Amendment rights, the NRA has, "Since its inception, been the premier firearms education organization in the world" (NRA.org). Members of the NRA help to educate citizens on the proper use of firearms whether it is for sport or for protection. The idea that without guns people will be unprotected comes from the revolutionary war in which America was created. Despite the needs and wants of the American settlers, the British government insisted that its laws and ways of life continued to be followed even though they knew that they were not in their citizen's best interests. In order to escape the over bearing and corrupt British government the American settlers had no choice but to revolt. They needed guns in order to stand up to the British and to defend their rights as citizens and human beings. "One of the democratic rights of the United States, the Second Amendment to the Constitution gives the people the right to bear arms. However, there is a greater right: "the right of human dignity that gives all men the right to defend themselves," (W.A.T.E.R. 44). Many citizens share in Black Panther cofounder Huey P. Newton's thoughts believing that without guns they are giving up their freedom and in turn everything that their country stands for. History only strengthens this fear as citizens look to the past to learn that they must be responsible for their own lives. For example many look back to slavery and see that without a way to defend oneself anyone can become a slave, or the Nazi concentrations camps were guns were taken out of the hands of the people and they were left with no way to fight back. Newton says, "If the guns are taken out of the hands of the people and only the pigs have guns, then it's off to the concentration camps, the gas chambers or whatever the fascists in America come up with" (W.A.T.E.R. 44). For gun supporters and members of the NRA it is often hard to understand the opposing opinions of citizens who side with anti gun groups. "The National Rifle Association people are quite right to be suspicious of the designs of the gun controllers. It is absolutely true that there are people around who,

Business Finance Research Paper Example | Topics and Well Written Essays - 1500 words

Business Finance - Research Paper Example The Financial Review is where business performance is quantified in dollars The Financial Review has two major parts: Discussion and Analysis, and Audited Financial Statements. A third part might include information supplemental to the Financial Statements. In the Discussion and Analysis, management explains changes in operating results from year to year. This explanation is presented mainly in a narrative format, with charts and graphs highlighting the comparisons. The Operating results are numerically captured and presented in the Financial Statements. (http://www.terry.uga.edu/akefalas/courses/mirrors.htm 2005) The balance sheet represents the financial picture as it stood on one particular day, December 31, 19X9, as though the wheels of the company were momentarily at a standstill. Typical Manufacturing's balance sheet not only includes the most recent year, but also the previous year. This lets you compare how the company fared in its most recent years. The balance sheet is divided into two sides: on the left are shown assets; on the right are shown liabilities and shareholders' equity. Both sides are always in balance. ... Current liabilities Accounts payable $60,000 $57,000 Notes payable 51,000 61,000 Accrued expenses 30,000 36,000 Income taxes payable 17,000 15,000 Other liabilities 12,000 12,000 Total current liabilities $170,000 $181,000 Long-term liabilities Deferred income taxes $16,000 $9,000 12.5% Debentures payable 2010 130,000 130,000 Other long-term debt 0 6,000 Total libilities $316,000 $326,000 Shareholders Equity Preferred staock $5.83 cumulative,$100 par value authorized, issued and outstanding60,000 shares $6,000 $6,000 Common stock $5.00 par value,authorized 20,000,000 shares,19x9 issued 15,000,000 shares,19x8 14,500,000 shares 75,000 72,500 Additional paid-in capital 20,000 13,500 Retained earnings 249,000 219,600 Foreign currency translation adjustments 1,000 (1,000) Less: Treasury stock at cost (19x9-1,000; 19x8-1,000 shares) 5,000 5,000 Total shareholders' equity $346,000 $305,600 Total liabilities and shareholders' equity $662,000 $631,600 Typical Manufacturing Company Inc. Consolidated Income Statement December 31,19X9 and 19X8 (dollars in thousands) 19X9 19X8 Net sales $765,000 $725,000 Cost of sales 535,000 517,000 Gross margin $230,000 $208,000 Operating expensesDepreciation and amortization 28,000 25,000 Selling, general and administrative expenses 96,804 109,500 Operating income $105,196 $73,500 Other income (expense) Dividends and interest income 5,250 9,500 Interest expense (16,250) (16,250) Income before income taxes and extraordinary loss $94,196 $66,750 Income taxes 41,446 26,250 Income before extraordinary loss $52,750 $40,500 Extraordinary item: Loss on early extinguishmentof debt (net of income tax benefit of $750)