William Shakespeare s Macbeth - 910 Words

â€Å"Let our just censures / Attend the true event, and put we on Industrious soldiership.† Macduff gives this speech to his troops in the country near Birnam Wood before the battle of Dunsinane. Macduff explains why Macbeth must be defeated, and encourages the soldiers into battle. This fills the gap/silence in the play when the army arrives at Birnam Wood between when they are ordered to cover themselves with Birnam Wood, and the orders to march towards Dunsinane castle to overthrow Macbeth. I will be presenting myself as Macduff, standing before the crowd of soldiers, explaining to them exactly why we are going to war, what we are fighting for and trying to fill the soldiers with the hate and anger that I feel for Macbeth to encourage them into battle. Brothers in arms. My countrymen. Hark! Let us not be driven by ambition of power. Let us not seek a higher rank. Let us be loyal to our homeland. I am a man of not many words, but I wish to remain a nobleman. My brothers I am testing you. How loyal are you? How will your vigour ensure the publics in power are leading honourable lives of duty? I must avise you of why we are here, capitulated forces in arms. We must avenge thou country, homeland, and rightful King from the destructive power of ambition. (Macduff trails off into his own thoughts, pacing up and down) Why Macbeth? oh why? How dare you speak; â€Å"O, yet I do repent me of my fury. That I did kill them. Selfish Macbeth surely slain him.† (2.3.146-147) The evidenceShow MoreRelatedWilliam Shakespeare s Macbeth 1363 Words   |  6 PagesMacbeth is without a doubt one of the most captivating plays, in my opinion written by William Shakespeare. Throughout this play there is definitely a numerous amount of things that can catch your attention, whether it is a trio of witches appearing, committing murder, or keeping secrets. However, what really catches my attention is the way Shakespeare uses language and unique style to create a distinct mood, and reveal characters’ inner thoughts. In the play Macbeth written by William ShakespeareRead MoreWilliam Shakespeare s Macbeth 884 Words   |  4 PagesMacbeth Summary - Act 5 Scenes 1 - 9 Written by Josh, Corey, Sinead, Phoebe and Mason Phoebe Scene 1: So the first scene begins with a physician overseeing Lady Macbeth sleepwalking and muttering to herself while rubbing her hands, trying to remove the imaginary blood. ‘Here’s the smell of the blood still: all the perfumes of Arabia will not sweeten this little hand.’ (Act 5 Scene 1 Lines 11-12) This line is important as it represents Lady Macbeth at war with herself and shows she will never moveRead MoreWilliam Shakespeare s Macbeth 1289 Words   |  6 Pages 2015 Macbeth Literary Essay In this 16th century, classic play about a man hungry for power by William Shakespeare there are many intense instances of symbolism used to demonstrate and prove Macbeth’s feelings and behaviour throughout the book. Good symbolism makes you feel what the character feels when reading a story. In the story, â€Å"Macbeth†, Macbeth is shown to be a sly and deceiving person who betrayed his kingdom for his own gain. Three important symbols used to show Macbeth s greed andRead MoreWilliam Shakespeare s Macbeth 1652 Words   |  7 PagesMacbeth is one of William Shakespeare s most famous tragedies, it is believed to have been written and first performed in 1606. Sources indicate that the play was written to appease King James I, who had ascended to the throne after Queen Elizabeth I. The play tells a tale of a brave Scottish Thane named Macbeth, whose thirst for power brought him to murder Duncan, the King of Scotland, only to become a tyrant, and have his actions lea d to his eventual demise as the tragic hero. Throughout the playRead MoreWilliam Shakespeare s Macbeth 1129 Words   |  5 PagesWindsor 02/10/16 Macbeth William Shakespeare wrote one of best tragedies in english literature, which was titled Macbeth. The tragedy, as it is considered by critics of yesterday s literary world, frown upon the evil dimension of conflict, offering a dark and atmosphere of a world dominated by the powers of darkness. Macbeth, more so than any of Shakespeare s other tragic protagonists, has to face the powers and decide: should he give in or should he resist? Macbeth understands theRead MoreWilliam Shakespeare s Macbeth 1909 Words   |  8 PagesKing James’ court, none more so than William Shakespeare, who was writing some of his best plays in that time. The most well known of Shakespeare’s plays produced in the Jacobean Era was Macbeth. Macbeth tells the tale of Macbeth, a thane of Scotland, and his descent to madness. One of the characters of this play, Banquo, was also a prominent lord in Scotland, a lord King James believed he was descended from. It seems evident in that in t he play, Shakespeare used his portrayal of Banquo to flatterRead MoreWilliam Shakespeare s Macbeth Essay1406 Words   |  6 PagesMacbeth Essay Since the beginning of time people looked up to the stars asking Gods their fate. Fate is a belief, that there is a set path for an event that is both unavoidable and inevitable, that there is a fixed natural order to the cosmos. In the play Macbeth by William Shakespeare, viewers can observe fate or (prophecy) playing a major role. William Shakespeare was born April 1564 and died May 1616, during his life Shakespeare wrote 37 plays, and 157 sonnets, Shakespeare is also knownRead MoreWilliam Shakespeare s Macbeth Draft1040 Words   |  5 PagesStuart Wodzro Honours English 9, Block 2 Shakespeare Essay February 26, 2016 MacBeth Draft No. 3 The strive for power is a human impulse, perhaps even a primitive compulsion. And, in the case of human beings at least, the impulse is not restricted solely to the necessities of life. Beings are devoted to gaining raw power itself and, through it, they loses themselves. As one may know, the lust for power is a mode of selfishness, where at one attempts to gratify every passion, but alas pleonexiaRead MoreAnalysis Of William Shakespeare s Macbeth 1887 Words   |  8 Pagesdisaster. â€Å"Macbeth’’ is a tragedy written by William Shakespeare and is considered one of his darkest and most powerful works. William Shakespeare was born in Stratford -upon -avon, in Warwickshire and was baptized a few days later on 26 April 1566. William Shakespeare was educated at the local King Edward grammar school Stratford and is considered by many to be the greatest playwright of all time.(Bio.) In Macbeth, William Shakespeare used ambition to show us Lady Macbeth and Macbeth and t heirRead MoreWilliam Shakespeare s Macbeth Essay1827 Words   |  8 PagesEnglish IV DE/AP 24 January 2016 Macbeth Research Paper Although William Shakespeare is not historically accurate with his play Macbeth, there are many possible reasons as to why his historical interpretation differs from reality. He may have wished to flatter the king and, when taken into historical context, may have wished to warn others of the fate handed to those who would oppose the king. Although there are many differences between the play and history, Shakespeare remains truthful in some aspects

The Case for Christ Free Essays

string(23) " he was the Messiah 4\." BOOK SUMMARY The Case for Christ Lee Strobel. Pub. Zondervan Publishing House About the Author Lee Strobel, Master of Studies in Law from Yale Law School. We will write a custom essay sample on The Case for Christ or any similar topic only for you Order Now Award-winning journalist investigative reporter for 13 yrs. at the Chicago Tribune. Pg. 303. His life changes when his wife becomes a Christian. He fears he will lose the fun-loving companion and friend he has known for years, but instead he is surprised by subtle changes in her character. This not only intrigues him but prompts him to learn more about Jesus by using the same logical and factual approach he follows while working as an investigative crime reporter. He starts his learning quest as an unconvinced skeptic. His underlying question is, â€Å"Can a case for Christ be made beyond a reasonable doubt†? To answer this, he sets out on a fact-finding mission. For nearly two years, he interviews numerous subject matter experts and biblical scholars to answer his questions with facts and evidence. His skills in investigative reporting help uncover the truth regarding the reliability of the gospels. Introduction: Who is Jesus? This comes down to two answers: This man was, and is, the Son of God: or else a madman or something worse. Part 1: Examining the Record Timeframe Skeptics: â€Å"Some scholars say the gospels were written so far after the events that legend developed and distorted what was finally written down, turning Jesus from merely a wise teacher into the mythological Son of God. † Pg. 32 Answers: â€Å"The standard scholarly dating is that Acts was written by Luke in A. D. 61-63, because Paul was still living and under house arrest in Rome. Since Acts is the 2nd of a two-part work, we know the 1st part – the gospel of Luke – must have been written earlier than that. And since Luke incorporates parts of the gospel of Mark, that means Mark is even earlier. So if you allow one year for each writing, you end up with Mark written no later than about A. D. 60, a maximum gap of 30 yrs. after Jesus’ death. Pg. 34 That’s still within the lifetimes of various eyewitnesses of the life of Jesus, including hostile eyewitnesses who would have served as a corrective if false teachings about Jesus were going around. † Pg. 33. Eyewitness testimony is the key here. The two earliest biographies of Alexander the Great were written by Arrian and Plutarch more than 400 years after Alexander’s death in 323 B. C. , yet historians consider them to be trustworthy. So whether the gospels were written 60 yrs. or 30 yrs. after the life of Jesus, the mount of time is negligible by comparison. Pg. 33. Character Test â€Å"The gospel writers had nothing to gain except criticism, ostracism, and martyrdom. The certainly had nothing to win financially. If anything this would have provided pressure to keep quiet, to deny Jesus, to downplay him, even to forget they ever met him—yet, because of their integrity, they proclaimed what they saw. Pg. 48. Eleven apostles were put to grisly deaths, which show deep conviction for what they believed and were preaching regarding Jesus. Pg. 45 Consistency â€Å"The gospels are extremely consistent with each other by ancient standards, which are the only standards by which it’s fair to judge them†. Pg. 45 â€Å"If the gospels were identical or too consistent, this would have raised awareness that the authors had conspired among themselves to coordinate their stories in advance, and that would h ave cast doubt on them†. Pg. 45 The Adverse Witness Test â€Å"Many people had reasons for wanting to discredit this movement and would have done so if they could have simply told history better. Pg. 51. Yet, look what his opponents did say. In later Jewish writings Jesus is called a sorcerer who led Israel astray—which acknowledges that he really did work marvelous wonders, although the writers dispute the source of his power. They never say he did not work the written miracles. If critics could have attacked the movement on the basis that it was full of falsehoods or distortions, they would have. But, that’s exactly what we don’t see†. Pg. 51 Corroborating evidence outside the Bible Josephus, Jewish historian, A. D. 37-100 †¢ Wrote about Jewish wars that have corroborated by other historians and archaeological excavations. Pg. 81 †¢ Writes about James, brother of Jesus, who was called the Christ. Stoned to death in A. D. 62. Pg. 78 †¢ Wrote about Jesus the tribe of his Christian followers that had still to this day not disappeared. Pg. 79 Tacitus, a senator and a historian of the Roman Empire, A. D. 56 –117 †¢ Writes about Christ suffering extreme penalty during the reign of Tiberius at the hands of Pontius Pilatus. Refers to an immense multitude of Christ followers willing to die for their beliefs. Pg. 82 Pliny the Younger, Roman citizen, and provincial governor, A. D. 23-79 †¢ Refers to rapid spread of Christianity among all classes of people, as well as Roman citizens that are sent to Rome for trial. â€Å"They have high ethical standards and if they repeatedly admit they honor Christ as God they are executed†. Thallus, a Greek historian, wrote in A. D. 52 a history of the Mediterranean world since the Trojan War. †¢ Referenced the total darkness at the time of the crucifixion. Pg. 84 Phlegon, a Greek author in A. D. 137 †¢ Reported about the greatest eclipse of the sun when it became night at noon in A. D. 33. Pg. 85 The Mishnah, the 1st part of the Talmud, an important Jewish work compiled in A. D. 200 regarding Judaism’s Oral Law †¢ Refers to Jesus as a false messiah who practiced magic and was justly condemned to death. Pg. 86 Key Findings So if we didn’t have any New Testament or other Christian writings, we could conclude from non-Christian historical writings that: 1. Jesus was a Jewish teacher 2. Many believed he performed healings and exorcisms 3. Some believed he was the Messiah 4. You read "The Case for Christ" in category "Papers" He was rejected by Jewish leaders 5. He was crucified under Pontius Pilate in the reign of Tiberius 6. His followers spread beyond Palestine to there were multitudes of them in Rome by A. D. 64 7. All types of people worshiped him as God. Pg. 87. The Scientific Evidence Archaeology found an inscription from the time of Tiberius, from A. D. 14-37 which names Lysanias as tetrarch in Abila near Damascus—just as Luke had written. Pg. 97 John mentions the Pool of Bethesda and details the pool had five porticoes. When archaeologists excavated in this location 40 feet below the ground, they found the pool site and 5 porticoes (walk ways) exactly as John had described. A fragment copy of John 18 was found in Egypt that papyrologists have dated to about A. D. 125. Pg. 99 Part 2: Analyzing Jesus The Identity Evidence of Gospel Writings The cross: Pontius Pilate inscribed INRI, an acronym for â€Å"Jesus the Nazarene, King of the Jews. Pg. 135 The Psychological Evidence Gary Collins, Dr. in clinical psychology. â€Å"People suffering form psychosis display inappropriate emotions such as anxiety, depression or even anger. Jesus did not display any such emotions nor did he exhibit the misperceptions that plague people suffering from psychosis. Jesus did not show any symptoms of mental illness. Jesus supported what he said by his actions—healing, raising people from the dead and the casting out of demons. Pg. 153 Prophesy Fulfillment Louis Lapides, Jewish convert to Christianity. Grew up thinking Jesus was more derogatory than anything else. After returning from Vietnam War, he experimented with various religions and drugs. Was challenged about his disbelief in Jesus which led him to read the Old Testament prophesies. Was amazed of all the prophesies that Jesus fulfilled: â€Å"Isaiah revealed the manner of the Messiah’s birth (of a virgin); Micah pinpointed the place of his birth (Bethlehem); Genesis and Jeremiah specified his ancestry (a descendent of Abraham, Isaac, and Jacob, from the tribe of Judah, the house of David); The Psalms foretold his betrayal, his accusation by false witnesses, his manner of death (pierced in the hands and feet, although crucifixion hadn’t been invented yet), and his resurrection (he would not decay but would ascent on high); and on and on† (p. 179). Lapides goes on to earn a bachelor’s degree in theology and a master of divinity of theology. Pg. 173 Part 3: Researching the Resurrection To establish that Jesus rose from the dead, one must first establish that he died on the cross. The Medical Evidence The gospels tell us that Jesus sweat blood. â€Å"And being in anguish, he prayed more earnestly, and his sweat was like drops of blood falling to the ground. † Luke 22:44 Dr. Metherell, M. D. PH. D. in Engineering. Pg. 193 â€Å"In severe cases of anxiety, the body releases chemicals that break down the capillaries in the sweat glands. As a result, there’s a small amount of bleeding into these glands, and the sweat comes out tinged with a very small amount of blood†. Pg. 195 According to the Dr. , when Jesus was nailed to the cross, his arms would have immediately been stretched about 6 inches in length, and both shoulders would have become dislocated. This fulfilled the Old Testament prophesy in Psalm 22, which foretold the Crucifixion hundreds of years before it took place and says, â€Å"My bones are out of joint. † When Jesus suffocated on the cross, a Roman soldier confirmed it by thrusting a spear into his side, which likely went through his lung and into the heart. When the spear was pulled out, clear fluid and a large volume of blood would have come out. Clear fluid from the lung and large amounts of blood from the heart. This was confirmed in John 19:34 when John reported he saw blood and water come out Jesus’ side when the spear was removed. Pg. 199. The Dr. testified there would be no question that Jesus was dead at this point. Pg. 200. To speed up death, Romans would use a steel shaft to shatter the victim’s lower leg bones. This would prevent the victim from pushing up with his legs to breathe. Jesus’ legs were not broken, because the soldiers already determined that he was dead, and they just used the spear to confirm it. John 19:32-36 This fulfilled another Old Testament prophesy about the Messiah, which is that his bones would remain unbroken. Ps 34:20. Pg. 200 Roman soldiers had every incentive to ensure crucified prisoners were dead when removed from the cross, because they would be put to death if a prisoner escaped. Pg. 201. â€Å"Last of all, if Jesus did not die, and he somehow walked away from the tomb, he would have been in such poor condition and looked so pitiful that his followers would have felt sorry for him and try to nurse him back to health. They would never have been prompted to start a worldwide movement based on the hope that someday they too would have a resurrected body like his†. Pg. 202 The Evidence of the Missing Body Joseph of Arimathea takes to body of Jesus, puts it in a tomb, the tomb is visited by a small group of women followers of Jesus early on the Sunday morning following his crucifixion, and they find that the tomb is empty. They see a vision of angels saying that â€Å"Jesus has risen† (p. 215). Recorded in Acts 13:29-31 and prophesied in Ps. 16:10. Pg. 219. In the earliest Jewish writings, there was nobody claiming the tomb still contained Jesus’ body. The question always was, â€Å"What happened to the body? † The Jews proposed the guards of the tomb fell asleep, while the Christians proclaimed the guards were paid off to keep quiet. Pg. 221 â€Å"The site of Jesus’ tomb was known to Christian and Jew alike. If it were not empty, it would have been impossible for a movement founded on belief in the Resurrection to have come into existence in the same city where this man had been publicly executed and buried†. Pg. 20. The Evidence of Appearances Paul 5 B. C. – 67 A. D. †¢ Wrote in both 1 Cor. 9:1 and in1 Cor. 15:8 where he personally encountered the resurrected Christ. Pg. 228. †¢ Persecuted Christians until his conversion sometime in A. D. 33. †¢ Refers to the fact that Jesus was a descendant of David, that he was the Messiah, that he was betrayed, that he was tried, crucified for our s ins, and buried, and that he rose again on the third day and was seen by many people—including James, the brother of Jesus who hadn’t believed in him prior to his crucifixion. Pg. 8 †¢ â€Å"1 Corinthians 15:8 is part of an early church creed. In this portion of Scripture, the post-resurrection Jesus is said to have appeared to Peter, the twelve, plus more than five hundred people some of whom were still alive at the writing of this epistle†. †¢ People reading this at the time could still check with eye witnesses and question them if they wanted to confirm what it said†. Pg. 229. †¢ â€Å"This creed can be traced back to about A. D. 32 to 38 which means it lends it credence as primitive, unembellished testimony about Jesus appearing to skeptics like Paul and James† Pg. 30. Then they go on to cover the numerous sightings by other eye-witnesses mentioned in the gospels and the book of Acts†. Pg. 234. Were the appearances hallucina tions? Dr. Gary Habermas, PH. D. , considered expert on the resurrection. He refutes the theory that the appearances were hallucinations because a hallucination is an individual experience that happens to one person at a time. Pg. 238 The Circumstantial Evidence J. P. Moreland, PH. D. Professor and author. â€Å"When Jesus was crucified, his followers were discouraged and depressed. They no longer had confidence that Jesus had been sent by God, because they believed anyone crucified was accursed by God. They also had been taught that God would not let his Messiah suffer death. So they dispersed. The Jesus movement was all but stopped in its tracks. † Pg. 246 â€Å"Then, after a short period of time, we see them abandoning their occupations, regathering, and committing themselves to spreading a very specific message—that Jesus Christ was the Messiah of God who died on a cross, returned to life, and was seen alive by them. Pg. 247 â€Å"And when you’ve got eleven credible people with no ulterior motives, with nothing to gain and a lot to lose, who all agree they observed something with their own eyes–now you’ve got some difficulty explaining that away† Pg. 247. The Conversion of Skeptics â€Å"The gospels tell us Jesus’ family, including James, was embarrassed by what he was claiming to be. † â€Å"Later the historian Josephus tells us that James was stoned to death because of his belief in his brother. Why did James’s life change? Paul tells us: the resurrected Jesus appeared to him. There’s no other explanation. † Pg. 248 Saul executed Christians when he had the chance. â€Å"Suddenly, he doesn’t just ease off Christians but joins their movement. He writes that he saw the risen Christ and heard Christ appoint him to be one of his followers. † Pg. 249 Revolutionizing Jewish Life for followers of Jesus Immediately after Jesus’ death, 10,000 Jews were willing to give up five key practices that had served them sociologically and theologically for many centuries: 1. Jewish people no longer offered sacrifices they had been doing since the time of Abraham and Moses 2. You don’t become an upcoming Jewish member simply by keeping Moses’ laws. 3. Worshipped on Sunday (when Jesus rose) instead of Saturday, a 1500 year tradition. 4. Began to worship Jesus as God (trinity) 5. The Messiah was someone who suffered and died for the sins of the world, whereas Jews had been trained to believe that the Messiah was going to be a political leader who would destroy the Roman armies. † Pg. 251 Conclusion: So let’s revisit the underlying question of this book, â€Å"Who is Jesus†? Lee Strobel concluded the evidence of history and his own experiences was too strong to ignore. He made a personal decision to receive Christ. Later, his five-year-old daughter went up to his wife and said, â€Å"Mommy, I want God to do for me what he’s done for Daddy. † This book has helped strengthen my faith in Christ, by highlighting many intriguing historical facts and evidence that corroborates what is written in the Old and New Testament concerning Jesus. I will end with the book’s last paragraph which cites a quote from C. S. Lewis, an atheist and skeptical Cambridge University professor who was eventually won over by evidence for Jesus. C. S. Lewis is most notably known for his best-selling book series The Chronicles of Narnia. â€Å"I am trying to prevent anyone saying the really foolish thing that people often say about Him: â€Å"I’m ready to accept Jesus as a great moral teacher, but I don’t accept His claim to be God. † That is the one thing we must not say. A man ho was merely a man and said the sort of things Jesus said would not be a great moral teacher. He would either be a lunatic†¦or else he would be the Devil of Hell. You must make your choice. Either this man was, and is, the Son of God: or else a madman or something worse. You can shut Him up for a fool, you can spit at Him and kill Him as a demon; or you can fall at His feet and call Him Lord and God. But let us not come with any patr onizing nonsense about His being a great human teacher. He has not left that open to us. He did not intend to. Pg. 271. How to cite The Case for Christ, Papers

Financial Management Principles Cash Balance

Question: Describe about the Financial Management Principles for Cash Balance. Answer: 1:- From the case study and financial statements, it can be stated that Jackson Limited has managed to generate profits for the last eight months. However, the company could not repay the loan on time. There are several issues, for which the company has requested to extend the term loan period. From the monthly income statement for the last eight months, it has been observed that the company could not maintain the net profit margin stable. It has decreased significantly over the period. Such fall in profit margin has been caused due to fall in sales for the last three month. From March2013 to May,2013, the actual sales figures were lesser than the budgeted sales (Channon and Jalland 2016). The fall in sales volume, as reported by the company, has happened due to the delay in the shipments. It could not complete the orders on time as some vital components arrived very lately. Therefore, the company could not generate the anticipated sales volume and accumulate enough cash balance. Moreover, it has also suffered from inadequate cash balance due to dividend payment on March2013 (Kaplan and Atkinson 2015). Hence, it can be concluded from the above discussions, that though the company has earned profit over the due period, it has failed to generate the budgeted sales volume due to operational hazards. It has caused a temporary shortfall in cash balance, for which the company could not repay the loan timely. The main sources and uses of funds for Jackson Limited is described in the following table:- Particulars Details Sources of Funds Sales Operation Loan from Bank Interest on cash Balance Uses of Funds Purchase of Raw Material Operating Expenses Tax Payment Interest on Loan Dividend Payment 2:- The company requires the new loan of $2.4 million to purchase new equipment for operational purpose. As the president of the company had mentioned, the company had not bought any new equipment for the last few year due to recession. Moreover, some of the components of the older equipments have worn out, which may cause interruption in production. The company has always focused on innovative designs to satisfy its customers. It has been one of the key strengths of the company, which has helped it to survive in the recession period successfully (Bryson 2012). In such scenario, if the company does not upgrade its machinery and equipments accordingly, it cannot maintain its goodwill in the market. Moreover, as mentioned earlier, due to poor conditions of the equipment, it may face disruptions in operation (Rausand 2013). In the current financial year, it has already suffered such disruption due to delay in shipments, which has caused fall in sales volumes. Now, if it again faces such problems, then it will be unable to recoup the losses. The quality of the end products may also hamper for the poor condition of the equipment and lead to customer dissatisfaction. Therefore, it can be suggested that the requirement of the additional borrowing can be considered as urgent. 3:- Cash Budget:- Partculars June'13 July'13 August'13 September'13 Cash Flow from Operating Activities Payment from Customers 3,744 12,681 7,374 4,501 Payment to Suppliers (5,969) (5,200) (5,200) (5,200) Payment for Operating Expenses (1,838) (1,838) (1,838) (1,838) Income Tax Payment (375) (375) Net Cash Inflow/(Outflow) from Operating Activities -4438 5643 336 -2912 Cash Flow from Investing Activities Purchase of New Equipment -2400 Net Cash Inflow/(Outflow) from Operating Activities 0 -2400 0 0 Cash Flow from Financing Activities Loan from bank 2400 Interest on Loan -25 -25 -37 -37 Interest Income 8 1 10 11 Repayment of Loan -7400 Dividend Paid -1200 Net Cash Inflow/(Outflow) from Operating Activities -17 2376 -27 -8626 Total Cash Inflow/(Outflow) -4455 5619 309 -11538 Add: Opening Cash Balance 4,994 539 6,158 6,468 Closing Cash Balance 539 6,158 6,468 (5,071) Income Statement:- Particulars June'13 July'13 Aug '13 Sep'13 TOTAL Net Sales 12,681 7,374 7,201 7,394 34,650 Less: COGS 9,765 5,381 5,381 5,381 25,909 Gross Profit 2,916 1,993 1,820 2,013 8,741 Operating expenses 750 750 750 750 3,000 Depreciation and amortization 120 120 130 130 500 Interest expense 25 25 37 37 124 Interest income 8 1 10 11 30 Profit (loss) before tax 2,013 1,097 892 1,085 5,086 Income taxes 684 373 303 369 1,729 Net income 1,328 724 589 716 3,357 Dividends 1200 1,200 Balance Sheet:- June'13 July'13 Aug'13 Sep'13 Cash 539 6,158 6,468 Accounts receivable 12,681 7,374 7,201 7,394 Inventory 7,317 7,728 5,541 8,822 Current assets 20,537 21,260 19,209 16,216 Gross PPE 45,500 47,900 47,900 47,900 Accumulated depreciation 30,488 30,608 30,738 30,868 Net PPE 15,012 17,292 17,162 17,032 Tax Refundable 6 Prepaid expenses 54 54 54 54 Total assets 35,603 38,606 36,425 33,308 Accounts payable 5,200 5,200 5,200 5,200 Bank Overdraft 5,071 Notes payable, bank 5,000 7,400 7,400 Accrued taxes 309 373 303 Other accrued expenses 1,142 1,142 1,142 1,142 Customer advance payments 2,700 2,700 0 0 Current liabilities 14,351 16,815 14,045 11,413 Shareholders' equity 21,251 21,791 22,380 21,896 Total liabilities and equity 35,603 38,606 36,425 33,308 4:- The projected income statement for the period from June,2013 to September,2013 exhibits quite satisfactory outcomes. The company is expected to earn high amount of profit in this period. However, from the cash budget for the same period, it can be stated that the company will not be able to repay the loan. The cash budget forecasts that though company will have adequate amount of opening cash balance on September, it cannot generate positive cash flow from operating activities due to the advance payment adjustment from customer. Hence, if the company repays the loan, the total cash balance will become negative and the company has to take short term loan again for its operational activities (Brigham and Ehrhardt 2013). The main risk, which is associated with the proposed loan, is the shortfall of cash balance. The company can reduce the risk level, if it negotiates with its suppliers to extend the credit period of 30 days to 60 days and does not pay the dividend on the month September. 5:- The forecasts, made by the president, are based on sales volume and future cash outlays in form of raw material purchase and operating expenses. It can vary with the actual figures if any of these factors differs from the assumptions (McDONALD 2016). The company expects that the sales volume will rise quite significantly due to faster economic development. It has assumed such future developments according the recent sales figures of big three companies in this sector. The factors, which has helped these three companies to improve the sales, may not be effective for small companies, like Jackson Limited. Therefore, the company may not enjoy such significant sales growth in the coming four months (McDonald 2013). The company expects to reduce the raw material cost and maintain the same amount for all the four months. It should be noted that if the productivity increases, then the raw material consumption would increase subsequently (DRURY 2013). Moreover, if the industry will face a economi development, then raw material price also rise according to its increasing demand. In both the cases, the raw material cost cannot be reduced and maintained at same level for the period of 4 months. The operating expenses are mostly variable expenses, which changes as per production and sales volume. Hence, unlike the assumption of the company, it will not remain same for the specified period, when the production and sales volume both will increase at high rate. Therefore, it can be stated that the assumptions, made for future projection, are not quite satisfactory and logical. There is high risk that the actual figures may differ greatly with the forecast and the company may not achieve its target as per the anticipation (Fleischmann et al. 2015). Moreover, the main issue of the company is the shortage of cash balance, which relies greatly on the sales figures. The sensitivity analysis, shown below, describes how the cash balance would vary according to the change in sales forecast:- Sensitivity Analysis:- Particulars Actual Option 1 Option 2 Option 3 Option 4 Rise by 10% Rise by 15% Fall by 5% Fall by 10% Actual Sales for 8 months 44,014 44,014 44,014 44,014 44,014 Projected Sales for 4 months 34,650 38115 39848 32918 31185 Total Annual Sales 78,664 82,129 83,862 76,932 75,199 Cash Balance on year ending (5,071) (2,340) (974) (6,436) (7,802) It is clear from the above table that the company will be able to pay off the term loan without any interruption in its operations, only if it would be able to increase the sales volume by 15% from the forecasted figures and avoid the dividend payment in the end of September (Hope and Fraser 2013). 6:- From the banks point of view, it can be stated that the current loan should not be extended and the additional loan should not be approved also. The financial forecast statements, given above, exhibit that the company will not be able to save enough cash fund at the end of the fiscal year for repaying both the loans. In such scenario, the bank cannot take such huge risk (Bluhm et al. 2016). As mentioned in the case study, Jackson Limited has performed at the adverse conditions quite well in past. The pro-forma income statement indicates that it will continue to earn profit in the near future also. Hence, the bank can consider it for loan (Bessis and O'Kelly 2015). In that case, it can reduce the risk factors by providing the loan against the accounts receivable balances or the finished goods inventories (Grubel 2014). If the company will not be able to pay the loan on time, then the bank can ensure the payment on encashment of accounts receivable or by selling the finished inventory balances (Brealey et al. 2012). 7:- The repurchase of common outstanding stocks can be very helpful for the companies, which are very much active in the stock markets. The company can reduce the quantity of outstanding shares and thus, it will be able to increase the earning per share (Evgeniou et al. 2016). The company may pay lesser amount for dividends as the dividend per share will rise due to lower numbers of shares. Thus due to increase in earnings per shares and dividend per shares, the stock price of the company uses to get increase quite significantly (Horngren et al. 2013). It is not sure that Jackson Limited is active in share markets or not. If it would intend to rise its stock prices in the market, then the decision of share buy-back is surely a good decision. However, nothing is mentioned in the case study about such intention. Rather, for such repurchasing the company had to take loan from bank. It has led the company to generate higher debt ratio (Andriosopoulos et al. 2013). Moreover, the companies use to repurchase its shares out of its excess cash funds. Jackson Limited did not have enough cash balance when it had re-purchased its own shares (Hofstede 2012). Therefore, the decision of share buy-back cannot be considered as fruitful or effective for the company. 8:- The company should not pay dividends at the end of September,2013, as it is quite sure that the company will face shortage of cash in that particular month. The main aim of the company should be the loan repayment only. It should save cash funds as much as possible and for that reason, it should avoid any cash outflows, which can be paid in the following year (Lorange 2013). Dividends payment is not fixed expenses. It depends on the financial situation and cash balances of the company. Jackson Limited has already paid interim dividend on March,2013. Therefore, if it will pay dividends in the next fiscal year from the total profit of the current year, there will be no problem at all (Patton et al. 2015). References:- Andriosopoulos, D., Andriosopoulos, K. and Hoque, H., 2013. Information disclosure, CEO overconfidence, and share buyback completion rates.Journal of Banking Finance,37(12), pp.5486-5499. Bessis, J. and O'Kelly, B., 2015.Risk management in banking. John Wiley Sons Bluhm, C., Overbeck, L. and Wagner, C., 2016.Introduction to credit risk modeling. Crc Press. Brealey, R.A., Myers, S.C., Allen, F. and Mohanty, P., 2012.Principles of corporate finance. Tata McGraw-Hill Education Brigham, E.F. and Ehrhardt, M.C., 2013.Financial management: Theory practice. Cengage Learning. Bryson, J.M., 2012. 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