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Franklin Founding Father In American History - Free Essay Example

Sample details Pages: 3 Words: 867 Downloads: 6 Date added: 2019/05/31 Category History Essay Level High school Tags: Benjamin Franklin Essay Did you like this example? Benjamin Franklin was a very influential, founding father in American history. He was a skilled author, salesmen, scientist, inventor, diplomat, and publisher. He invented many advanced things and helped early America thrive. Benjamin Franklin was born on January 17, 1706, in Boston, Massachusetts. Franklinrs was eighth and the first son out of seventeen siblings. His father was a candle and a soap maker and did not make a lot of money. Franklin learned how to read and write at a very young age. He spent one year in elementary school and another year with a private teacher. His education ended at 10, but he still kept on learning. Franklin taught himself the basic algebra, geometry, grammar, logic, and even science. After he ended his professional schooling he was apprenticed by his older brother James at age 12 as a printer. He then mastered the art of printing and thought of pursuing it as his career. At the age of 17, Franklin ran away and decided to start an apprenticeship in Philadelphia where he started work as a printer. Don’t waste time! Our writers will create an original "Franklin: Founding Father In American History" essay for you Create order Franklin worked at various printers in London, England, and Philadelphia. He found a job very fast in Philadelphia. While working at the shop Franklin decided to start writing essays for his brothers daily newspaper, under the pseudonym Silence Dogood. Franklin would slip his essays under the printing shop door so that nobody would know that it was him. Years after, skipping from printing shop to printing shop, he became the owner of his own newspaper company, The New England Courant. Many citizens contributed to the stories in his newspaper. In Philadelphia, Franklinrs good friend James Ralph introduced him to Deborah Read. The next week Franklin and Ralph set off to London in search of opportunity. Franklin found a job very quickly in London as a writer. He wrote many books while staying in London. His books include A Dissertation on Liberty and Necessity and Pleasure and Pain (1725). He also wrote a pamphlet inspired by William Wollastonrs pamphlet, The Religion of Nature Delineated. It was a very meaningful and powerful pamphlet. Franklin later disliked the pamphlet so he burned every single copy except one, that one he would keep for himself. By 1776 Franklin was tired of London and wanted to go somewhere else. Then Thomas Denham, who was a Quaker merchant, offered him a job in his store in Philadelphia with a hope of fat commissions in the West Indian trade. Franklin then decided to return home. When he returned home Benjamin Franklin decided to marry Deborah Read. They together had three kids, William, Sarah, and Franky. Sarah sadly died at the age of four due to illness and later Deborah died in 1774. Benjamin Franklin was very interested in the sciences, he loved studying about how things were made and how they worked. One winter day Franklin and three of his friends decided to start investigating electricity and how it worked. He and his friends conducted many experiments and spent lots of time researching. Franklin would send reports and ideas to Peter Collinson, his Quaker partner in London. In 1751, Franklin and Collinsonrs papers were published in Experiments and Observations and Electricity. One of Franklinrs most famous experiments was him flying a kite in a thunderstorm. He had many findings of how electricity works. According to britannica.com, He created the differences between insulators and conductors. He even invented a battery for storing electrical charges. , invented new words for the science of electricity such as, conductor, condense and electrify, showed that electricity was a single fluid with positive and negative charges and not two kinds of fluids, demonstrated that the plus and minus charges, or states of electrification of bodies, had to occur in exactly equal amounts. In 1748, Franklin joined the Philadelphia city council. Then in 1751, he became a city alderman and a member of the Pennsylvania assembly. Franklin had big thoughts for this country and how it could be like England. In 1757, he went to England as the head of the Pennsylvania assembly, in order to get the family of William Penn to allow the colonial legislature to tax their ungranted lands. But Franklin and some of his colleagues had a different plan. They wanted to make the Penn family the rulers Pennsylvania colony and make that colony a royal providence. He was unsuccessful but tried to keep on pushing. When he arrived back in Philadelphia he was immediately elected to the second continental congress. Many people disliked him because he was a loyalist but he never stopped fighting. Franklin did a lot of work during those years and helped start the first American government. He died on April 17, 1790, at the age of 84, in Philadelphia, Pennsylvania. More than 200,000 people attended his funeral and he was buried at Philadelphias Christ Church Cemetery. In Franklinrs will, he left a lot of money which was later used to start a science museum and fun school scholarships. Now 200 years later Benjamin Franklin appears on the $100, and in towns and schools in the U.S. Benjamin Franklin invented many things and helped discover new things. He also wrote many detailed books and many newspaper articles. Most importantly he helped start the American government and risk his life for his country.

Essay on Labor Problem at Jamestown - 723 Words

The Labor Problem at Jamestown, 1607-1618 By Edmund S. Morgan In 1502, Columbus set sailed on his last voyage to the New World. The year 1606, James I issues a charter to the Virginia Company for tract of land along the mid-Atlantic coast. This led to Jamestown. The first settlement in America was Jamestown. It was established in 1607 with a 104 male settlers, which was led my John Smith. This article is about the early hard times with Jamestown. Soon it led up to the American Revolution, but the article only goes up to 1618. The article overall idea was the problem with labor in Jamestown. It talked about the people, laws, wealth, etc. The main points in this article were: Spanish discovers, Native American troubles, and working†¦show more content†¦Ã¢â‚¬Å"The company in England was convinced by 1609 that the settlers would have to grow at least part of their own food,†(page 5, Morgan). The settlers had to step up since Indian labor plan was not going to work well. The task they had to accomplish depended on their life. Settle rs had to work from five in the morning to around eight at night. Winter conditions changed the time a little by taking off about 2 hours. Complaints started coming up about laziness and irresponsibility from the workmen. People started raising prices to survive. Men were always hungry barely having the energy to work. That was one of the excuses some men brought up to explain why there working they way they are. The author explains more indebt of the laziness and problems. Even men with large amounts of land could not afford labors. The government issued laws for problems with work and labor, â€Å" Sometimes men were obliged to take on a poor boy as a servant whether they needed him or not. The parish might lighten the burden by paying a fee, but it might also fine a man who refused to take a boy assigned to him,†(page 7, Morgan). Things were falling apart. Jamestown was mostly used for pasture farming areas. It was used to grow grain for bread. They got a lot of their food from the woods where there were nuts and berries. â€Å" The most obvious English analogy to the Jamestown settlement was that of a military expedition,†(page 9, Morgan). JamestownShow MoreRelatedSlavery Was Considered Acceptable And Licit984 Words   |  4 Pagesof time prior to the delineation of authorized regulation of slavery. In 1513, Spaniards traveled across the Atlantic Ocean and arrived on the mainland of North America. Creating settlements in the new-found continent, their pursuit of finding free labor became indispensable. Throughout the decades after their discovery of North America, the Spanish shipped over thousands of both black and white people to make them profitable and productive (Winch 1). The black and whites could be considered as slavesRead MoreSante Fe, Jamestown, and Quebec Settlements1102 Words   |  5 PagesBrianna Mosby Mr. Weigand DE U.S History 25 September, 2012 Settlements of Quebec, Santa Fe, and Jamestown Santa Fe Santa Fe was originally founded in1598 by Juan de Onate. He led a mining expedition of about 500 people. He hoped to find rich mines and rich lands. Onate expected the people, Pueblos, to help with the labor to find resources in the region. The mining trip was a bust and Onate and most of his people decided to head home, yet the Franciscan missionaries stayed behind in anRead MoreLove and Hate in Jamestown Essay1657 Words   |  7 PagesDavid A. Price, Love and Hate in Jamestown: John Smith, Pocahontas, and the Heart of a New Nation (New York: Alfred A. Knopf) As a young child many of us are raised to be familiar with the Pocahontas and John Smith story. 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Ethics and Governance in Depreciation Policy for Financial

Question: Discuss about theEthics and Governance in Depreciation Policy for Financial. Answer: Introduction: The financial statements are prepared in accordance with the conceptual framework of accounting embedded with the accounting standards and the generally accepted accounting principles. In the given case study, emphasis has been placed on depreciation part of the accounting. In the first case, the change in the method of depreciation from Straight Line Method to Sum of year digit method has been discussed with compliance to the Australian Accounting Standard 116. In the second case, the depreciation has been calculated with different methods and the advantages and the disadvantages of each depreciation method have been provided. In the third case, the consolidated financial statements of the Wesfarmers Company has been analysed in regard to the depreciation if the valuation of the property, plant and equipment. The report is then ended up with the conclusion and recommendation. Meaning Of Depreciation And Its Uses The term depreciation is referred to as the amount set aside from the value of the asset regularly every year on account of the normal loss, wear and tear of the assets of the company. The depreciation is the non cash item and is charged to the Statement of Income. Its major use is that the company will be able to match the cost of the assets with the benefits that the company has derived from the asset over the period of time. Apart from this matching concept, the company will be able to report the value of the assets in the true and fair manner. The third use of the depreciation is that it helps the company in saving the tax component as the tax laws provides that the depreciation is the allowable expenditure while calculating the taxable income (AASB, 2011 and 2014). Ethics And Givernance - Changing Depreciation Stakeholders: Stakeholders are the persons who are vital to the survival of the company. Stakeholder includes shareholders, employees, government authorities, financial institutions and the customers. In the given situation, the first stakeholder is the shareholder of the company (Fontaine, Haarman and Schmid, 2016). Shareholders have invested in the company in order to have the dividends and the increase wealth. Since in the given case, the profit has been deferred from year 2016 and 2017 to the year 2018 and 2019, the return on the investment of the shareholders has been declined. Another major stakeholder is the taxation authorities as less tax will be paid by the company on the declared profits of the year 2016 and 2017. Ethical Issues: Ethics are the rules and principles comprised of the moral beliefs which conduct the behavior of the individuals involved in the working of an organization like employees, top management officials, etc (Andrews, 2011). Following are the ethical issues which is present: Financial Statements of the company has been misrepresented by deferring the profit of the company. Thus, ethics in Finance has been violated. The decision has been made with the consent of employees. Thus, ethics in personnel have been violated (Harsen, 2004). The professional, Marion, has agreed in order to save his professional engagement with the company. The change in method of depreciation has been done without informing shareholders of the company and other stakeholders (Arjoon and Gopal, 2003). Non compliance with the requirement of the accounting standards as the company has not disclosed the fact of change in the method of depreciation in the notes to the financial statements of the company (Badaracco, 2005 and Longstaff , 2008). Objective of the Company Met by Change in Method The company has been advised by Marion to change the accounting method from the straight line method to Sum of Years digit method. In the straight line method, equal amount is charged over the useful life of an asset whereas under the sum of years digit method, the higher depreciation is charged in the nearer periods and the lower depreciation is charged in the future periods (Australian government official website, 2014). By changing the depreciation method the company will be able to generate lower profits in the earlier years and higher profits in the future years and thus in this way the change in method of depreciation has been able to meet the objective. Marions Action Compliance The International Accounting Standard 16 and Australian Accounting Standard 116 provide that the company shall disclose all the facts relating to the assets of the company that has happened during the year (EC Europa, 2009). This standard prescribes that the following shall be disclosed: Carrying amount of asset Depreciation method Useful life of an asset Value of Impairment Loss and Reconciliation statement showing each head of the Property Plant and Equipment (IFRS Official Website, 2012) Also as per the accounting standard 108, the company is required to disclose the change in method of depreciation as the change in an accounting estimate. From the above, Marion fails to comply with the said provisions. Decision Analysis Depreciation Of Machinery Depreciation Schedules DEPRECIATION SCHEDULES UNDER DIFFERENT METHODS S. No. Method Year Ending 30th June Annual Depreciation Expense Accumlated Depreciation Carrying Amount at end of Year 1 Straight Line 2016 $ 110,000 $ 110,000 $ 1,090,000 2017 $ 110,000 $ 220,000 $ 980,000 2018 $ 110,000 $ 330,000 $ 870,000 2019 $ 110,000 $ 440,000 $ 760,000 2020 $ 110,000 $ 550,000 $ 650,000 2 Diminishing Balance 2016 $ 264,000 $ 264,000 $ 936,000 2017 $ 205,920 $ 469,920 $ 730,080 2018 $ 160,618 $ 630,538 $ 569,462 2019 $ 125,282 $ 755,819 $ 444,181 2020 $ 97,720 $ 853,539 $ 346,461 3 Sum of Years Digit 2016 $ 200,000 $ 200,000 $ 1,000,000 2017 $ 180,000 $ 380,000 $ 820,000 2018 $ 160,000 $ 540,000 $ 660,000 2019 $ 140,000 $ 680,000 $ 520,000 2020 $ 120,000 $ 800,000 $ 400,000 4 Units of Production Method 2016 $ 205,224 $ 205,224 $ 994,776 2017 $ 184,701 $ 389,925 $ 810,075 2018 $ 225,746 $ 615,672 $ 584,328 2019 $ 238,060 $ 853,731 $ 346,269 2020 $ 246,269 $ 1,100,000 $ 100,000 Advantages and Disadvantages of Each Depreciation Method Straight Line This method is very easy to calculate and solve and is less time consuming. The main disadvantage is that it may not reflect the fair view of the performance of the assets (Arora, 2015). Diminishing Balance It is useful where the importance and the usage of the asset decline over the useful life. The disadvantage is that the rate of depreciation is subject to the personal bias. Sum of Years Digit Method It is very easier to grasp and on the other hand is very cumbersome to calculate. Units of Production Method It reflects the fair view of the performance of the assets. But it is very difficult to identify and difficult to measure the sense of reliability. It is recommended to adopt straight line method as it is permissible by the Australian Accounting Standards. Buy Or Lease OPTION 1 BUY Calculation of IRR YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 NPV @ 20% Present Value (1200000) 350000 340000 355000 360000 380000 PVF (20%,n) 1.00 0.83 0.69 0.58 0.48 0.40 Present Value (1200000) 291667 236111 205440 173611 152713 Net Present Value (140458) NPV @ 10% Present Value (1200000) 350000 340000 355000 360000 380000 PVF (10%,n) 1.00 0.91 0.83 0.75 0.68 0.62 Present Value (1200000) 318182 280992 266717 245885 235950 Net Present Value 147725 IRR (In Percentage) = Low Rate + (NPV at lower rate / (NPV at lower rate - NPV at higher rate))*(Difference in rates) = 10+(147725 / (147725-(-140458))*(20-10) = 15 OPTION 2 LEASE Calculation of IRR YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 NPV @ 70% Present Value (250000) 170000 150000 195000 205000 480000 PVF (70%,n) 1.00 0.59 0.35 0.20 0.12 0.07 Present Value (250000) 100000 51903 39691 24545 33806 Net Present Value (55) NPV @ 60% Present Value (250000) 170000 150000 195000 205000 480000 PVF (60%,n) 1.00 0.63 0.39 0.24 0.15 0.10 Present Value (250000) 106250 58594 47607 31281 45776 Net Present Value 39508 IRR (In Percentage) = Low Rate + (NPV at lower rate / (NPV at lower rate - NPV at higher rate))*(Difference in rates) = 60+(39508/ (39508-(-55))*(70-60) = 70 As the Internal Rate of Return is higher in case of Leasing decision, the company shall adopt to have Machinery on Lease. Analysis - Wefarmers Reporting of Property Plant and Equipment The property plant and equipment has been reported at the cost less depreciation and impairment loss if any. The total carrying amount of Property plant and equipment for the year ending 30th June 2016 is $9612 Million. Composition of Property Plant and Equipment Property Plant and Equipment is composed of Freehold Land, Building, Leasehold Improvements, Plant, Vehicles and Equipment and Mineral Lease and Development (Wesfarmers Official Website, 2016). Methods of Depreciation Used The depreciation has been calculated using straight line method in which cost has been depreciated over the useful life of an asset. Rates of Depreciation or Useful Life of an Asset Yes the group has disclosed the useful life of an asset. These are mentioned below: Buildings 20 to 40 years Plant and Equipments Between 3 and 40 years Leasehold Improvements Leasehold period Amount of Depreciation for Current and Previous Year The amount of Depreciation charged in the current year is $1162 million and in the previous year $1101 million. Purchases and Treatment of Borrowing Costs Yes, asset of $1738 million has been purchased during the year. Yes assets of $984 million are under construction. Borrowing costs have been capitalized by the company in the assets. No the company does not have any commitments for future expansions. Conclusion Depreciation has been the major part of the financial statements as it is directly related to the assets of the company which is counted as the Net Worth of the company. Every company is required to follow the guidelines of the accounting standards of the respective countries and also the International Accounting Standards. To conclude, every company shall follow the correct depreciation method and shall not in any manner manipulate the financial statements of the company. References AASB, (2011), Depreciation available on https://www.aasb.gov.au/admin/file/content102/c3/AAS04_8-11.pdf accessed on 31/08/2017 AASB, (2014), Complied AASB Standard Property, Plant and Equipment available at https://www.aasb.gov.au/admin/file/content105/c9/AASB116_07-04_COMPjun14_07 -14.pdf accessed on 31/08/2017 Andrews K., (2011), Ethics in Practice : Managing the Moral Corporation, Harward Business Review School Press. Arjoon S. , J. Gopal, (2003), Ethical Orientation for Future Managers : The Case of Trinidad, Social and Economic Studies, pages 98-114. Arora D. (2015), Different Methods of Depreciation calculation available on https://scn.sap.com/docs/DOC-46210 accessed on 31/08/2017 Australian government official website, (2014), Amendments to Australian Accounting Standards Clarification of Acceptable Methods of Depreciation and Amortization, available on https://www.legislation.gov.au/Details/F2014L01174 accessed on 31/08/2017 Badaracco T, (2005), Business Ethics : A view from the Trenches, California Management Review, Pages 8-28. Fontaine C, Haarman A. and Schmid S, (2016), The Stakeholder Theory available on https://www.martonomily.com/sites/default/files/attach/Stakeholders%20theory.pdf accessed on 31/08/2017 EC Europa, (2009),International Accounting Standard 16- Property, Plant and Equipmentavailable at https://ec.europa.eu/internal_market/accounting/docs/consolidated/ias16_en.pdf accessed on 31/08/2017. Harsen (2004), Business Ethics Platitude or Commitment ? Centre for Business Ethics, Bentley MA IFRS Official Website, (2012), IAS 16 Property, Plant and Equipment available at https://www.ifrs.org/Documents/IAS16.pdf accessed on 31/08/2017 Longstaff S., (2008) The ethical dimension of Corporate Governance available at https://www.ethics.org.au/on-ethics/blog/december-2008/the-ethical-dimension-of -corporate-governance accessed on 31/08/2017 Wesfarmers Official Website, (2016), Annual Report 2016), available on www.wesfarmers.com.au accessed on 31/08/2017.