Divorce and Its Effect on Children

Divorce and its Effect on Children Sociology 120 Wednesday December 7, 2011 My research paper is focusing on how divorced parents affect children. I am focusing mostly on how the child is affected behaviorally, emotionally, and academically. I chose this topic not because my parents are divorced, but because I will be getting married at the end of this month and I thought this would be interesting. I believe that in many cases, divorce is not needed and that the parents should work a little harder and sacrifice to have better relationships with each other and their children.The question I want to answer is if children are affected by the divorce of their parents, and if so, how much. My hypothesis is that children of divorced parents are negatively affected behaviorally, emotionally, and academically. I felt like it was better to focus specifically on these three areas so I could better measure what it is to be negatively affected by divorce. After I first chose this topic to researc h and use for my paper, I started off with the general question in mind of does divorce affect children. I used the LCC library resources online to start gathering information.It was after I spent a while gathering information that I discovered that my topic was too broad and that to more effectively answer the question I was seeking, I needed to narrow down my topic. I looked at the research I had collected from online, newspaper articles, and academic journals, and found a few reoccurring themes. These themes of children of divorced parents being affected emotionally, behaviorally, and academically are the ones I would like to address in my paper. Divorce has become a very common element in today’s society.When more than half of all divorces involve children under the age of 18, divorce does not only affect the husband and wife, but now more than ever their children get mixed up in the sometimes ugly process of divorce. Every year more than one million children experience t he divorce of their parents, and overall close to 40% of all children will experience parental divorce before they turn 18(Amato). Emotional damage is most likely the hardest effect to identify and diagnose with children of divorced parents because it can be hard to measure and is not something that can easily be see.An article in American Journal of Family Law entitled â€Å"The Psychological Impact of Divorce on Children: What is a Family Lawyer to do? † discusses a study that surveyed 1,000 teenagers between the ages of fourteen and eighteen. The study recorded their opinions on divorce and measured thoughts, feelings, and attitudes on the subject. Dr. Robert Gordon conducted the poll and named it the GordonPoll Youth Survey. The teenagers were asked about their parents’ arguing and 50% of the teens said it is â€Å"terrible. When asked what the arguing consisted of, 26% said that their parents’ arguments included â€Å"criticizing the other parent. † Another 35% said that their parents’ arguing included screaming, hitting, and â€Å"throwing stuff† (Jolivet). Dr. Robert Gordon stated after the results of the poll were collected and analyzed that, â€Å"Clearly, children are more deeply bothered by parent conflict than most adults think. While very few adults would scream, hit or throw things at their spouses, most married couples would admit that they at least occasionally disagree and criticize each other in front  of  their children.I’d like to think that these survey results would make them think twice about that† (Jolivet). Whether the parent’s are still together and fighting, or divorced and fighting, it is clear that the children who are caught in the middle of the parents’ feud are the ones who suffer the most. This same article discuses a list of factors that researchers have compiled together to help identify a high-conflict divorce that could have a more significant impact on a child.The factors that have been identified include â€Å"criminal convictions, involvement  of child welfare agencies in the dispute, several or frequent changes in lawyers, frequent court hearings, the overall length  of  time it takes for the case to settle, and a history  of  contact or timesharing denial† (Jolivet). The effects on children emotionally and behaviorally are roughly doubled when they are a part of a high-conflict divorce. These high-conflict situations should be avoided at all costs to ensure the emotional impact on the child is minimal.Studies have shown that children who are a part of these high-conflict divorces experience powerful negative emotions including, â€Å"chronic stress, insecurity, and agitation; shame, self-blame, and guilt; a chronic sense  of  helplessness; fears for their own physical safety; a sense  of  rejection, neglect, unresponsiveness, and lack  of  interest in the well being† (Jolivet). Luckily, most divorces would not be classified as a ‘high conflict,’ but that does not mean the emotional impact on children of divorce is nonexistent. At the very least, stress is a major problem that divorce has on a child.Robert Emery, Ph. D. is a Professor of Psychology and Director of the Center for Children, Families, and the Law at the University of Virginia. Emery has written numerous books on the subject of divorce and family relationships. An article he has written displays the results of a study he did on college students and the lasting impact divorce has had in their lives. Of the 99 students polled in this study, 73% admit that they would be a different person today if their parents had not divorced. Close to half also say that their parents’ divorce still causes struggles in their lives (Emery).Emery also says that besides stress being a major impact on children of divorce, the risk that they will have other affects is substantial. He says, â€Å"Divorce c learly increases the  risk  that children will suffer from psychological and behavioral problems. Troubled children are particularly likely to develop problems with anger, disobedience, and rule violations. School achievement also can suffer. Other children become sad for prolonged periods of time. They may become depressed, anxious, or become perhaps overly responsible kids who end up caring for their parents instead of getting cared for by them† (Emery).The article â€Å"The Psychological Impact of Divorce on Children: What is a Family Lawyer to do? † states a number of behavioral problems that are brought out in children who experience a high-conflict divorce. Some of the behavioral problems are defined as, â€Å"a group  of  behaviors which can be described as: lower commitment to marriage, infidelity, problems with anger management, feelings  of  insecurity, neediness, demandingness, denial and blame, contempt, and poor conflict resolution skills, high er levels  of  depression, and more problems with peers† (Jolivet). In comparison, Dr. Paul R.Amato of Pennsylvania State University compared the results of these studies to similar ones of children who have grown up in stable, two-parent families. The children of the stable families have a â€Å"higher standard of living,   receive more effective parenting, experience more cooperative co-parenting, are emotionally closer to both parents, and are subjected to fewer stressful events and circumstances† (Jolivet). Another study performed by Dr. Amato and Dr. Danelle D. DeBoer has shown that adults who have experienced the divorce of their own parents as children prove to have higher rates of divorce themselves. During the 17 ear study, 2,000 married individuals and 335 of their children who also got married were observed. The study revealed that divorces were seen more often among the adults that had parents of their own who had divorced. Dr. Amato commented on his s tudies with the theory that parents who had seen their own parents’ divorce saw divorce as a reasonable solution to an unhappy marriage. Dr. Amato does add that adults with divorced parents are not necessarily going to be doomed to divorce themselves, but that they may need to work a little harder to keep their own marriages from following the same path to divorce (Jolivet).Psychologist Judith Wallerstein, founder of the Judith Wallerstein Center for the Family in Transition, has conducted numerous interviews with children of divorce and to this day is dedicated to her qualitative method stating it is more personal and intimate. Wallerstein began her interviews back in 1971, directly after the no-fault divorce was passed in California. Divorce rates began rising as parents took advantage of this new law not taking into account the affect it would have. Wallerstein decided to start talking to the children about how the divorce affected them.Of the original 131 children she had when she started her project, she has continued contact with 93 of them. The children are now adults themselves and through her interviews she has determined that, â€Å"the major impact of divorce does not occur during childhood or adolescence, rather, it rises in adulthood as serious romantic relationships move center stage. When it comes time to choose a life mate . . . the effects of divorce crescendo† (Peterson). Wallerstein found that of the 93 adult children of divorce she has interviewed, only 40% have married.She says that the adult children of divorce expect to fail at marriage and that they fear â€Å"loss, conflict, betrayal and loneliness. † She also states, â€Å"That she is amazed that the children of divorce tell her divorce is with them every day of their lives† and â€Å"how much their parents' divorce shaped their adult years. † (Peterson). It’s plain to see that based on the results of these numerous studies, that divorce certa inly does play an important role in the lives of children of divorce both while they are still young and as they grow into adulthood.It not only affects their life as a child, but also their future. An article in the The Miami Times entitled â€Å"How divorce affects a child's education,† Fran Newman, author of â€Å"Children in Crisis† explains some of the ways a child’s education is affected by divorce. She states that it can be very difficult to detect the way divorce affects a child, but one of the more noticeable changes is in a child’s education. Whether the child begins acting out in class, or their grades drop, it is something that needs to be addressed. Newman encourages strong communication between home and school.She also adds that, â€Å"in recognizing that there's something wrong at home, teachers look for two things. One is a child who is normally energetic and outgoing withdraws. The other is the stable child who all of a sudden begins to act up and get into all sorts of problems† (Education). Are the differences in school because of the arguing that occurs at home, or the fact that the parents devote most of their time to the divorce, new spouse, or themselves instead of their children? Sara McLanahan, a sociologist at Princeton University, has done several studies measuring the academic effect divorce has on children.In one such study, McLanahan discovered that children of divorce are more likely to drop out of high school compared to children whose parents stay together. In her studies, she found that the middle-class is affected the most and that, â€Å"They are roughly three times as likely to drop out of high school if their parents split up. † She also found some interesting results that show how the children are affected as they grow into adulthood. In girls, she discovered that they are more likely to have a premarital birth, and boys have a higher chance of being unemployed (Divorce).Kathleen K iernan of the Family Policy Studies Centre and Martin Richards of Cambridge University have also done research of the lasting impact divorce has on children as they grow older. Their research however was focused on families in Great Britain where there are more records, some dating back to the 1950s, of how divorce impacts children as they grow into their 20s. These records confirm much of what McLanahan has shown in her studies of children as they move out of their teens. The studies done by Kiernan and Richards have confirmed that children of divorce are more likely to drop out of school and even leave their homes early.This leads to higher rates of early cohabitation and premarital birth. Kiernan’s and Richard’s work also suggests that children of divorced parents are less likely to attend a university (Divorce). Writer Diana Mahoney best described divorce when she said, â€Å"No  divorce  is a good  divorce, but when it comes to the kids, some  divorces  are clearly better than others† (Jolivet). It is clear that not all children of divorce are impacted the same ways as others, or as profoundly. Parents have the huge responsibility of caring for their children and many parents take this matter too lightly.Many steps should be taken before divorce is even an option, and too many parents see divorce as the only step when a relationship becomes a little shaky. If a divorce is absolutely necessary, it is the parents’ great responsibility to make sure the child always comes first no matter what. Works Cited Amato, Paul R. â€Å"The Consequences of Divorce for Adults and Children. †Ã‚  Journal of Marriage and Family  62. 4 (2000): 1269-87. ProQuest Central. Web. 4 Dec. 2011. â€Å"Divorce and Children: They Muck You Up. †Ã‚  The Economist  Mar 20 1993: 33-. ProQuest Central. Web. 6 Dec. 2011  . Emery, Robert E. How Divorce Affects Children. † The Truth about Children and Divorce. 2011. 05 Dec. 2011 http://www. emeryondivorce. com/ how_divorce_affects_children. php. â€Å"How Divorce Affects a Child’s Education. †Ã‚  Miami Times: 15B. Ethnic NewsWatch. 2011. Web. 4 Dec. 2011  . Jolivet, Kendra Randall. â€Å"The Psychological Impact of Divorce on Children: What is a Family Lawyer to do? †Ã‚  American Journal of Family Law  25. 4 (2012): 175-83. ProQuest Central. Web. 4 Dec. 2011. Peterson, Karen S. â€Å"Unhappily Ever After Children of Divorce Grow into Bleak Legacy. †Ã‚  USA TODAY: 01. D. ProQuest Central. Sep 05 2000. Web. 6 Dec. 2011  .

Steps to Create Graphics

This would allow students to envision their own color schemes and not initially be influenced by the colors the model project incorporated. In order to understand the layout of the stage where their set design is intended for, displayed an image of a stage I created using Google draw. I also downloaded artwork from a disk sent to me from the company where we licensed the musical. This was saved and used as the original source of set design inspiration. Finally included in the collection was one Of the first steps of the unit; a pencil drawing of the set design which was also created by a student.I scanned the document to my Macomb and saved it as a JEEP Audience The audience for this instructional unit consists Of 6th graders in my Theatre Arts class at Dutchmen Creek Middle School. The male population of the school is slightly larger at fifty-one percent, than that of the female population, which is approximately forty-nine percent. Fifty-eight percent of the learners are Caucasian. African American students comprise thirty-four percent, six percent is comprised of the Hispanic population, and two percent is of the Asian ethnicity.The students are enrolled in Theatre Arts for a nine week period before transitioning to another related arts course. The school overall has above level standardized test scores, been granted the Palmetto Gold Award for three consecutive years for growth in PASS testing and has been recognized for the prestigious National Schools to Watch award for the 2013-2014 school year. Gifted and talented classes are offered to students, including Geometry and English l, and more opportunities for direct instruction are offered via enrichment classes for remediation and additional academic assistance.Furthermore, the students at Dutchmen Creek Middle School are provided with teachers who train in and implement collaborative instruction and project based learning activities that help to reach each type f learner and bridge learning making it rel evant to the real world. Teams of instructional leaders work diligently to develop strategies to meet challenges the public education system faces today. Recently, the school received an â€Å"excellent† overall rating on their 2014 state report card.Schools are given an absolute – or overall – rating, which is calculated using test scores and a growth rating which grades improvements made from the previous year to the current year. Additionally, the fine arts department performing groups consistently 3 receive superior ratings in Chorus, Band, Orchestra, Theatre and Visual Arts at tideway events. Process The process for this graphics collection, basically entailed 5 steps and are listed below: Step 1: Take a picture of the intended subject, download it and save it as a JEEP.Email it or save it in Google drive where it can be accessed any time, anywhere. Step 2. In order to focus on the project, save the picture to a picture editing tool such as photo, click on the pencil which is the editing tool , click the â€Å"crop† button on the right hand side, move the automated square over the desired portion of the picture, and click on the â€Å"done† button. Save the picture by clicking on the â€Å"save as† from the file menu and label the picture using the word cropped so the original picture will stay intact.Step 4: Transpose the edited picture to black and white, which will allow students to select their color schemes without being influenced by the model. Using photo, click on the on the â€Å"effects† button, select the â€Å"black and white† icon, and add the level 2 â€Å"vignette† option Step 5: Download An image of the original desired set design picture from the disc provided by the Wizard of Oz leasing company Tans-Whitman and save s a JEEP file. This served as the original 1st step in the set design unit.Step 6: Creating an original image was accomplished through Google Draw, which is a fea ture of Google Drive, is very simple to use and utilizes the following steps: a) go to the website HTTPS://drive. Google. Com 4 b) Create a background. I chose to simulate stage lighting using different clip art and lighting streams. These are readily available on Google draw and can be inserted with a simple click of the mouse. C) Insert text using the â€Å"word art† feature simply by clicking on the insert Dutton, choose â€Å"word art†, type the appropriate words into the box provided and place it on top of the background.

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Journal Essay Example | Topics and Well Written Essays - 500 words - 23

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Application of Research in Human Services Essay Example | Topics and Well Written Essays - 500 words

Application of Research in Human Services - Essay Example In the United States, the origin of human services is traceable back to the charitable activities that groups undertook during the colonial period. These groups include the religious and civic organizations that existed during this time. Nevertheless, human services were not considered as a serious academic discipline until 1960s. Academicians during this era saw the significance of human services as an ideology that would revolutionize human service delivery and professionalism (Sundel et al., 1999). As stated earlier, the main objective of human service as a academic discipline is increasing the efficiency of service delivery. Other objectives of human service include the re-education and sharpening of professions involved in the traditional service delivery. These traditional helping professional, through human service, adopt a humanistic approach in service delivery; implementing humanistic psychology during service delivery. Furthermore, human service also improves the accountability of these professionals to the communities they are supposed to serve (Neukrug, 1994). Service delivery professionals are able to take responsibility in the organizations they serve and implement appropriate systems that take into consideration the population they are serving. Finally, human service advocates that service delivery professionals to be involved in social change that aims to improve society as a whole. Nursing, education, law, medicine, social work and other traditional academic programs were resistant in adopting the human service approach during service delivery. The reason they were resistant stemmed from the fact that this new ideology challenged the professional status of these academic programs (Sundel et al., 1999). However, this was not the case because human services aimed at encouraging these traditional professions in promoting social change. Human service programs branch into homeless youths, youth development programs, community collaborations among

Cause of Divorce Essay Example for Free

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The Preservation of Free

The Preservation of Freedom Essay This paper, using work from JP Sartre and Nikolai Berdyaev, will attempt a detailed explanation of existentialism relative to the formula, â€Å"existence before essence,† the defining creed, so to speak, of the existentialist movement. With Sartre, the central idea is freedom leads to torture and pain. For Berdyaev, creativity is the antidote to this pain. Creativity is to Berdyaev what Marxism became to Sartre, a way out. It seems only rational to treat these two famous existentialists as complimentary to each other. The purpose behind existentialism, in its widest meaning, is to preserve freedom in the 20th century, a century saturated with totalist movements that sought to make the human person a mere cog in a larger machine: capitalism, Leninism, Hitlerism and even globalism seek ends and goals outside the person, in the name of abstract historical forces that the individual person will help bring about (Flynn, 2006, 1-11ff). Existentialism is a rebellion against the 20th century for that reason. Philosophy should concern itself with the individual, not with â€Å"social forces† or â€Å"historical destiny. † 1. In the work of JP Sartre, freedom is not a destiny, but the fundamental fact of mankind. This fact cannot be denied. Ideology, theology, metaphysics and even psychology are means of denying this freedom, blaming other people, structures and social life or even history for the problems deriving from the choices that individuals make. This is the essence of Sartre: freedom is a curse, but a worse curse is denying that freedom in the name of some other end, some end dictated by â€Å"historical forces. † In the 21st century, such problems have not been solved, and the ego is as under siege as it has always been (Flynn, 2006, 67-69). For Sartre, freedom, ego and consciousness are one in the same object. What typifies all of these three is instability. What typifies bad faith is the desire to end this instability by attaching one’s ego to ideological objects that purport to â€Å"solve† the problem of human, historical existence. Instability and a lack of both satisfaction and community are the two hallmarks of freedom and the human condition. It is absurd precisely in that there is no solution. But if ego, consciousness and freedom are all one object, what does that mean for human behavior? It means that man is the choices he makes. Man is self created. But in this creation, man is fully responsible for what he has become in this struggle. There are no excuses. The specific argument from Sartre looks like this: a. Man is absolutely free. This means that consciousness can abstract from any object in space, or any object that exists in the consciousness of the individual itself. These are also one and the same thing. b. This means that objects exist only for consciousness. It matters not if some objects exist in themselves or not (a concept dealt with more below), but rather only that they exist for the person in question. Objects exist, then, only to the extent they are objects of consciousness, not whether or not they exist in themselves. But this further means that man creates himself, and that he creates the objects in consciousness. c. So if man is freedom, and objects exist only to the extent they exist for consciousness (and hence derive from the person, not from the outside world), then man not only creates himself, but also the world outside the self. What this leads to is torture. This is because, as man is responsible for what she becomes, and can make no excuses for this, there are no real guides, and hence, there is 100% responsibility with 0% knowledge of what is right and wrong. This is another reason life is absurd (McCulloch, 1994, 17. ) But the human person is aware that there are objects that come into consciousness, but sometimes, objects appear to be â€Å"outside† the ego’s control. In other words, that objects seem to be â€Å"brute givens,† objects in space that harm the person’s freedom in that they seem to control themselves. This is another form of torture, in that the ego is aware of its complete freedom, and yet is confronted with other objects (especially other egos) that seem to resist our control. But, like Hegel, this slowly begins to develop into some inchoate idea of community, but this is far into the future. In our case, this confrontation only really has two choices, neither of which is really pleasant: first, love. Love is unpleasant in that it is the appropriation of the other, the absorption of the other into one’s world. This is similar to Hegel’s slave/master dialectic that eventually leads to the consciousness of some form of primitive community. But for Sartre, while community is possible, it can only be reached through pain and torture. But the second way of dealing with other egos is sadism: domination, the master/slave dialectic of Hegel. In this latter option, the other ego is not seen as manifesting pure freedom, but rather being a mere object. But given the epistemology above, the object is space is what consciousness/freedom makes it, and hence, objectification or love has no moral basis, it is merely two ways of dealing with â€Å"facticity. † Both are consistent with existentialism and the idea that freedom exists prior to objects. This is another and more accurate way of saying â€Å"existence before essence. † (Sartre, 2007, 22) But the phrase â€Å"existence before essence,† by now, should be clear that both words of this couplet are misnomers. There is really no stable existence in that existence is pure freedom. The ego is free in a radical sense of being determined by nothing (including internal reasons), but, given this, there is no essence either. Freedom is not a thing that can be analyzed. It is a state, the state of all human existence (or at least, of mine). From this, one can conclude that there is no â€Å"creation,† no real external world, and hence, no god to create it (Jones, 1980, 235-236). What I am confronted by in the world are objects that seem to restrict my freedom, and I am to dominate them one way or another, either through love or though objectification. It seems that both of these are one and the same thing: both are objectified, the beloved object and the objectified object. Both of these options are about objectification and absorption: the beloved is taken into the world of the lover without regard to the beloved’s ideas of the matter, and the victim of the sadist is also an object, an object through which the ego expresses its domination over all objects presented to it. Putting it more directly, man has only an adversarial and alien existence on earth. There is no intrinsic purpose to human life and what is worse, that postulating kinds of purposes are always the best examples of bad faith and intellectual dishonesty (Levy, 2003, 166ff).

The Leadership Of General George Washington

The Leadership Of General George Washington United States of America is the world super power. During golden history of United States of America great leaders paved the way to achieve the present world supremacy. Dedicated service rendered by General George Washington as a war wining General to the great nation of America is significant. General George Washington is considered as the founder father of the United States of America. General George Washington is still in the green memories of the Americans due to his distinguished service as commanding general of the revolutionary army. George Washington played a crucial role during the French and Indian War that lasted for seven years. During 1775 to 1783 George Washington led the American victory over Britain in the American Revolutionary war .Under his leadership America gained independence. General George Washington led the Continental Army towards victory. His great achievements and military operations were exclusive. General Washingtons military career provides a model of l eadership strategic and tactical skills. As the commander in chief of the continental army, his achievements and services to the nation were remarkable. He possessed a great strength of character and a wealth of sound leadership qualities. He was a leader with calm, trustworthy, wise, unselfish, determined sense of patriotic commitment to the nation and leader who treated his citizen solidarity 2. General George Washingtons greatness can be identified by three ways firstly, as commander in chief of the Continental Army, secondly as president of the constitutional convention, and thirdly as the first President of the United States of America. General Washington became the President in 1789, following the end of war with the Great Britain in 1783. His exemplary performances as the first president of the United States of America were commendable. As a political leader and as the first president of the country General George Washington displayed great leadership qualities same as he exhibited in battlefield. General Washington had a vision of a making America as powerful nation using federal power. As President, George Washington played a leading role in drafting the American Constitution in 1789 and extended his contribution by building a strong central government. General Washington first adopted the foreign policy of neutrality. In 1773, he prevented international conflicts and  interruptions  of other countries. He was the prominent figure in establishing essential political conventions to ensure the success of the new republic. General Washington was not a member of any political party. Due to dedicated service rendered and his exceptional contribution to the nation as the farther of the nation he is honoured by every American citizen. People all over the world admire his leadership and reputed character. AIM 3. The aim of this presentation is to acquaint the student officers on military leadership and political leadership of General George Washington. EARLY LIFE 4. General George Washington was born in Virginia on 22 February 1732. Little George learned to read and write during his school time. He attended school from his 7th to his 15th year. His favorite subject in school was mathematics. He enjoyed hunting, fishing, and boating on the river a lot. At the age of eleven, his father died. George had to help his mother to run their farmhouse and watch his younger sister and brothers during his early stages. 5. General Washington embarked upon a career as a surveyor in 1748. In 1749 he was appointed to his first public office in Culpeper Company. George was joined the Virginia army when he was twenty one. Soon after his resignation from his commission George Washington married the widow  Martha Dandridge Custis  in 1759. MILITARY CAREER 4. George Washingtons military accomplishments are not popularly appreciated for two reasons: his distinction as first president of the new nation was unique and his enduring achievements in military operations were not based upon a series of conquests or large-scale battles. Nevertheless, General Washingtons military career provides a model of leadership and strategic and tactical expertise. 5. Military career of George Washington  spanned over forty years of service. General Washingtons service can be broken in three periods that is French and Indian War,  American Revolutionary War, and the  Quasi-War  with  France, with service in three different armed forces British provincial militia, the  Continental Army, and the  United States Army. 6. General Washingtons  military experience began in the  French and Indian War  with a commission as a major in the  militia  of the British  Province of Virginia. In 1753 General Washington was sent as an  ambassador  from the  British  crown to the  French  officials and  Indians  as far north as present-day Pennsylvania. The following year he led another expedition to the area to assist in the construction of a fort at present-day  Pittsburgh. Before reaching that point, he and some of his men, accompanied by Indian allies,  ambushed a French scouting party. Its leader was killed, although the exact circumstances of his death were disputed. This peacetime act of aggression is seen as one of the first military steps leading to the global  Seven Years War. The French responded by  attacking fortifications which General Washington erected  following the ambush, forcing his surrender. Released on parole, General Washington and his troops returned to Virginia. 7. General Washington  played a key role  in the outbreak of the  French and Indian war, and then led the defense of Virginia between 1755 and 1758 as colonel of the Virginia Regiment. Although General Washington never received a commission in the British Army, he gained valuable military, political, and leadership skills,  and received significant public exposure in the colonies and abroad.  He closely observed British military tactics, gaining a keen insight into their strengths and weaknesses that proved invaluable during the Revolution. He demonstrated his toughness and courage in the most difficult situations, including disasters and retreats. He developed a command presence, given his size, strength, stamina, and bravery in battle, he appeared to soldiers to be a natural leader and they followed him without question. General Washington learned to organize, train, and drill, and discipline his companies and regiments. From his observations, readings and conversations w ith professional officers, he learned the basics of battlefield tactics, as well as a good understanding of problems of organization and logistics. 8. In 1755 he participated as a volunteer aide in the ill-fated  expedition of General Edward Braddock, where he distinguished himself in the retreat following the climactic Battle of Monongahela. He served from 1755 until 1758 as colonel and commander of the  Virginia Regiment, directing the provincial defenses against French and Indian raids and building the regiment into one of the best-trained provincial militias of the time. He led the regiment as part of the 1758 expedition of General  John Forbes  that successfully  drove the French from Fort Duquesne. 9. General Washington gained valuable military skills during the war, acquiring tactical, strategic, and logistical military experience. His military exploits, although they included some notable failures, made his military reputation in the colonies such that he became a natural selection as the commander in chief of the  Continental Army  following the outbreak of the  American Revolutionary war  in 1775. 10. General Washington played a leading military and political role in the  American Revolution. He appeared before the  Second Continental Congress  in military uniform, signaling that he was prepared for  war. Congress created the Continental Army on June 14, the next day it selected General Washington as commander-in-chief. 11. General Washington appeared before the  Second Continental Congress  in military uniform, signaling that he was prepared for war. Congress created the  Continental Army  on June 14, the next day it selected George Washington as commander-in-chief. There was no serious rival to his experience and confident leadership, let alone his base in the largest colony. 12. George Washington assumed command of the colonial forces in Boston in July 1775, during the ongoing  siege of Boston. George Washington reorganized the army during the long standoff, and forced the British to withdraw by putting artillery on  Dorchester Heights  overlooking the city. The British  evacuated Boston  and George Washington moved his army to  New York City. In August 1776, British General  launched a massive naval and land  campaign to capture New York designed to seize New York City and offer a negotiated settlement. The Americans were committed to independence, but General Washington was unable to hold New York. Defeated at the  Battle of Long Island, his armys subsequent night time retreat across the  East River  without the loss of a single life or  material has been seen by some historians as one of General Washingtons greatest military feats. On the night of December 25, 1776, General Washington staged a  counter attack, leading the Ame rican forces  across the Delaware River to capture nearly 1,000  Hessians  in  Trenton, New Jersey. General Washington followed up the assault with a surprise attack on British forces at  Princeton. These unexpected victories after a series of losses recaptured New Jersey, drove the British back to the New York City area, and gave a dramatic boost to revolutionary morale. 13. General Washingtons army led a massive attack on the British garrison at the  Battle of Germantown  in early October. While unsuccessful, the battle left the British army badly scarred and marked the beginning of several offensively-minded moves by General Washington. 14. French entry into the war changed the dynamics, for the British were no longer sure of command of the seas and had to worry about an invasion of their home islands. The British evacuated Philadelphia in 1778 and returned to New York City, with General Washington attacking them along the way at the  Battle of Monmouth. This was the last major battle in the north. During this time, General Washington remained with his army outside New York, looking for an opportunity to strike a decisive blow while dispatching troops to other operations to the north and south. The long-awaited opportunity finally came in 1781, after a  French naval victory  allowed American and French forces to trap a British army in Virginia. The  surrender at Yorktown on October 17, 1781 marked the end of fighting. The  Treaty of Paris Treaty recognized the independence of the United States. 15. General Washingtons contribution to victory in the American Revolution was not that of a great battlefield tactician. In fact he sometimes planned operations that were too complicated for his amateur soldiers to execute. However, his overall strategy proved to be successful keep control of the population at all times, keep the army intact and avoid decisive battles except to exploit enemy mistakes. 16. On December 23, 1783, General Washington resigned his commission as commander-in-chief to the  Congress of the Confederation. Because of General Washingtons importance in the early history of the United States of America, he was grated a posthumous promotion to General of the armies of the United States, legislatively defined to be the highest possible rank in the United States Army, more than 175 years after his death on 19th January 1976. SUCCESSES AND DRAWBACKS OF MILITARY CAREER 17. Battle of Jumonville. The Battle of Jumonville Glen, also known as the Jumonville affair, fought on May 28 1754 near Uniontown in Fayette Country, Pennsylvania was the opening battle of the French and Indian war. A company of colonial militia from Virginia commanded by Lieutenant Colonel George Washington and no of Mingo warriors led by Tanacharison ambushed a force of 35 Frenchmen commanded by Joseph Coulon Villiers de Jumonville. A larger French force had driven off the small construction crew, and sent Jumonville to warn General Washington about encroaching on French claimed territory. General Washington was alerted to Jumonvilles presence by Tanacharison, and they joined forces to surround the French camp. Some of the Frenchmen were killed in the ambush, and most of the others were captured. Jumonville was among the slain, although the exact circumstances of his death are a subject of historical controversy and on debate. 18. Siege of Boston. Siege began on April 19, when the militia from many Massachusetts communities surrounded Boston and blocked land access to the then peninsular town, limiting British supply to naval operations. In March 1776, using the artillery pieces Dorchester Heights were fortified, overlooking Boston and its harbor and threatening the British naval supply lifeline. The British commander William Howe realizing he could no longer hold the town. He withdrew the British forces, departing on March 17. 19. Battle of Trenton. During the American Revolutionary war the Battle of Trenton took place on 26 December 1776. The hazardous crossing of Delaware River made it possible for General Washington to lead the main body of the Continental Army against Hessian soldiers garrisoned at Trenton. After a brief battle, nearly the entire Hessian force was captured, with negligible losses to the Americans. The battle significantly boosted the Continental Armys flagging morale. Because the river was icy and the weather was severe, the crossing proved the danger. Two detachments were unable to cross the river, leaving General Washington and the 2,400 men under his command alone in the assault. General Washingtons forces caught them off guard and, before the Hessians could resist, they were taken as prisoners. 20. Battle of Princeton. General George Washingtons revolutionary forces defeated British forces near Princeton, in the battle of Princeton on 3 January 1777 New Jersey. On the night of 2 January 1777 George Washington, Commander in Chief of the Continental Army, repulsed a British attack at the Battle of Assunpink Creek in Trenton. That night, he evacuated his position, circled around General Lord Cornwallis army, and went to attack the British garrison at Princeton. Brigadier General Hugh Mercer of the Continental Army clashed with two regiments commanded by Lieutenant colonel Charles Mawhood of the British Army. Mercer and his troops were overrun and General Washington sent some militia under General John Cadwalaader to help him. The militia, on seeing the flight of Mercers men, also began to flee. General Washington rode up with reinforcements and rallied the fleeing militia. He then led the attack on Mawhoods troops, driving them back. Mawhood gave the order to retreat and most of the troops tried to flee to Cornwallis in Trenton. 21. Sieges of York Town. Decisive victory by a combined assault of American forces commanded by General George Washington and French forces commanded by Comte de Rochambeau against British Army commanded by Lieutenant general Lord Cornwallis. It proved to be the last major land battle of the American Revolutionary War in North America, as the surrender of Cornwallis army prompted the British government eventually to negotiate an end to the conflict. 22. Battle of Fort Necessity. The Battle of Fort Necessity or the Battle of the Great Meadows took place on 3 July 1754. The engagement was one of the first battles of the French and Indian war and George Washington was the only military surrender. 23. Battle of Long Island. First major battle in the American Revolutionary War. The Battle of Long Island, also known as the Battle of Brooklyn or the Battle of Brooklyn Heights, fought on 27 August 1776. United States Declaration of Independence the largest battle of the entire conflict, and the first battle in which an army of the United States engaged, having declared itself a nation only the month before. 24. On 22August 1776 the British landed on the western end of Long Island , across the Narrows of from Staten Island from the East River crossings to Manhattan. After five days of waiting, the British attacked American defenses on the Guana Heights Unknown to the Americans., however, Howe had brought his main army around their rear and attacked their flank soon after. The Americans panicked, although a stand by 250 Maryland troops prevented most of the army from being captured. The remainder of the army fled to the main defenses Brooklyn Heights on the night of 29,30 August General Washington evacuated the entire army to Manhattan without the loss of material or a single life. General Washington and the Continental Army driven out of New York several more defeats and forced to retreat through New Jersey and into Pennsylvania. 25. Landing at Kips Bay. During the New York Campaign in the American Revolutionary War the Landing at Kips Bay on 15 September 1776, was a British amphibious landing occurring on the eastern shore of present day Manhattan Heavy advance fire from British naval forces in the East River caused the inexperienced militia guarding the landing area to flee, making it possible for the British to land unopposed at Kips Bay.. The operation was a decisive British success 26. Battle of White Plains. The Battle of White Plains was a battle in the New York and New Jersey Campaign of The American Revolutionary War on 28 October 1776, near White Plains, New York White Plains, Following the retreat of George Washingtons Continental Army northward from New York City. British General William Howe landed troops in Westchester Country, intending to cut off General Washingtons escape route. Alerted to this move, General Washington retreated further, establishing a position in the village of White Plains but failing to establish firm control over local high ground. Howes troops drove General Washingtons troops from a hill near the village; following this loss, General Washington ordered the Americans to move away further north. POLITICAL LIFE 27. Arrival to the Politics. With the support of his best and influential friends, George Washington stepped on to the politics. That is in 1759 in Virginia. Having engaging actively in his politics for ten years General Washington became the leader of Virginias political party. The main ambition of General Washingtons leadership in the politics was opposition to Great Britains colonial policies. At first he hoped to reconciliation with Britain, although some British policies had touched him personally. British land policies and restrictions on western had seriously effect to the public and its expansion after 1763 was seriously hindered to the country. Discriminations by the colonial military officers to the public were not so longer with General Washingtons up rising. General Washington started make influence to British by representing the usual planters dilemma actively. All forms of events leaded to a revolution over Britain. In June 1775 he was Congresss unanimous choice as comm ander in chief of the Continental forces. 28. The American Revolution. During 1775 to 1783 George Washington led the American victory over Britain in the American Revolutionary War as commander in chief of the Continental forces. 29. The presidency. After the many dedications following the American Revolution, General Washington was unanimously the first president of the United States of America on April 30 1789, at Federal Hall in New York City. Having colonial governing system the country did not had her own Constitution for longer. General Washington as democratic leader to the public he made the Constitution of his mother land and submitted to the state for ratification and became legally operative. By now being the first of the establishment he generally supported the advocates of strong central government. In his Inaugural address as the president of the United States of America he implements the various forms and rituals of government that have been ever since, such as using a cabinet system. As president he built a strong, well financed national government which he planned to avoid wars. 30. General Washington suppressed rebellion and acceptance among Americans of all types and now he is known as the Father of his Country. The First United States Congress voted to pay General Washington a salary of $ 25,000 a years a larger sum in 1789. But General Washington declined the salary, since he valued his image as a selfless public servant. How ever General Washington accepted the salary by thinking that with out a payment it is hard to serve when it comes to individuals. Reflecting his leadership General Washington proved an able administrator. An excellent delegator and judge of talent and character. He talked regularly with department heads and listened to their advices before making decisions. Inhaling routing tasks, he was systematic, orderly, and energetic. But when taking decisions he considered the future of the country as the first. 31. Establishment of Judiciary. When General Washington assumed office, especially the executive and judicial branches had not yet been developed. Apart from the constitutionally established offices, no other agencies or courts had yet been established, which should have to establish for the governing system. Instead of focusing the executive branch, General Washington wished to open judiciary. BY forecasting the future necessaries General Washington established the judiciary branches within the public community through the judiciary Act of 1789, General Washington established a six member Supreme Court. 32. The court was composed of one chief Justice and five Associated Justices. The Supreme Court was given the exclusive original jurisdiction over all suits and proceedings brought against ambassadors and other diplomatic personal which by that General Washington covered the legal aspects of the nation. 33. Creation of Cabinet. General Washington had himself with a sophisticated team of consultants, supporters and successfully delegated most of the responsibilities for the conduct of their offices to those trusted colleagues, with all these big heads General Washington made steps to the strong future of the country which will always depend on the best foundation. The first executive offices created under the, a. President was the secretary of the state, b. The Secretary of the Treasury, c. The Secretary of War, d. The Post master General and e. The Attorney General. 34. Each office, excluding the Autonomy General would head an executive department. These five officials, along the President and wise president formed the backbone of the United States Cabinet. General Washington signed a bill into law of reauthorizing an executive department of foreign affairs on July 27, 1789. That was headed by a Secretary of Foreign Affairs. Analyzing the future benefits and its necessity General Washington show the important of the Secretary of Foreign Affairs, which is by now playing the highest international player as the USA is the world super power at the movement. 35. Department of Foreign Affairs renamed as the United States Department of State and named the Secretary of the State as the head of the Department. General Washington approved this act on Septembe1789. Secretarys main function was to serve as the principle advisor to the President in determination of foreign policy. General Washington established the United States Department of the Treasury and named the head of it as Secretary of the Treasury. The Secretary of the Treasury served as the principle economic adviser to the President and would play a critical role in policy making by bringing an economic and government financial policy. 36. To manage the USA Army, he created the position of Secretary of War to head the United States Department of War. The Secretarys duties were, planning and managing the national military and oversaw the creation of a series of coastal of fortification. By implementing and guiding with all these national establishments and policies General Washington made the future of the USA as well. 37. Retirement and Assessment. By March 2, 1797, when General Washington left the office, the countries financial system was well established. General Washington decided to not run for third terms of his political campaign and he went home to Mount Vernon when General Washington was succeeded by his vise- president. LEADERSHIP QUALITIES 38. General George Washington emerges as the most momentous leader in the United States of America. General Washington lived and worked with brilliant philosophers, thinkers, writers and organizers, such as Benjamin Franklin, Sam Adams, Patrick Henry, Alexander Hamilton and Dickinson. Almost all were far better educated than him and he acquired sound knowledge by associating them. General Washingtons profound morality, unselfish nature and self control coupled with what was obviously a good intellect enabled him surpass all the other contemporize. 39. His personality is extremely inspiring. His presence has always multiplied the efficiency and courage of his followers and contemplators. Leadership qualities of George Washington are extended to a grater magnitude. He is a fine mixture of all those qualities of balance personality, extra ordinary character, strong physical endurance, sound intellectual, grate moral and many others that a successful leader need to inspire with. Moreover, he had the best long and short range ideas and how to maintain coherency between them and he was a really innovative and farsighted leader. 40. Visionary Leadership. As a visionary leader President General Washington continued to be a charismatic leader who kept the loyalty and affection to the people. He nourished this through his tours to all states and through numerous public appearances. However, when principle demanded that he acted in such a way that would engender serious opposition, but he stuck to his principles and in time the people discovering that he had acted wisely, renewed their regard and affection. The two major events causing such situations were his declaration of neutrality during the French Revolution and his signing of the Jay Treaty with Great Britain. 41. Moral Courage and Confidence. General Washington was a person of a highest moral character. His profound moral awareness and moral sensitive principles were brilliant. When compared to British strength, strength of his Revolutionary Forces wear nowhere mach to them, but his moral courage and confidence which he entrusted on his followers were the fact what make the different to defeat the British at last. Because he had morale to rise against even defeat after a defeat and the same morale were inculcated on to his contemporaries and followers to achieve common goal. 42. Integrity and Loyalty. His Presidency was somewhat tough. Because he relied a lot on the fact that throughout his whole life the country first and during the presidency he rule the country based on that. Like any President, he didnt have much control over everything that he would have liked to have. But People trusted him to stand above the politics, stand above the disputes, and keep the interests of the country in mind. He did not admit formation of parties and believed that parties would divide the society or community. His Integrity, honesty and loyalty were remarkable. It is proved with the loyal service he rendered to Britain as a military officer 43. Self Discipline. George Washington was a sound self disciplined character. All his followers trusted him because of that he was very restrained to express any personal or religious views which may lead to unnecessary deviation of the common goal. Instead of going for personal benefits he was even reluctant to accept a wage for the presidency. Moreover he himself set as an example for well discipline character by doing such. 44. Determination and Willpower. General Washington really had a vision for where the US could go and what it could become and he had this idea of moving beyond parties and partial benefits. His every single move was planed against that. Strength of mind that he posses were inherited to his life which enhanced his willpower through out what ever the position that he held. His driving ambition, love of detail, endurance, sense of responsibility and other evident qualities that made him the person with strong determination and willpower. The inborn capabilities and talents enhanced his over role corrector. 45. Ability to communicate. Ability to communicate is one of the most important characteristic of a good leader. This is more common within the military leaders. The decisions of the military leaders are directly related to life or death and success or failure at lower levels and with fate of the nation at highest level. General Washington possessed optimum level of ability to communicate both as a military and political leader. This extraordinary ability were been used by him during his tours to all the states and numerous public appearances to address the heart and mind of the countrymans which motivated them for extreme sacrifices for country. LESSONS LEARNT 46. There is much that can be learned by entrepreneurs from General George Washington, aside from this act of selfless leadership and dedication to his ultimate objective of creating a nation. General Washington was after all, an entrepreneur himself. He had to creatively resource the new and under-resourced Continental Army. As a leader, he had to train, organize, motivate and manage this new and different fighting force. He led his people through very adverse circumstances, always keeping them focused on their higher purpose rather than their current difficult state of affairs. 47. To understand the monumental task that General Washington undertook is to understand the stature he gained upon having achieved it. Achieving victory with the forced expulsion of the British via the Treaty of Paris, gave General Washington nearly unprecedented power and popularity. He was a truly mythic figure. His likeness was everywhere. Nearly all revered him and even his enemies and detractors had deep respect for his achievements. 48. Most people today think of General George Washington as the first President of the United States. Perhaps they may remember that he was also the commanding general of the Continental Army. However, General George Washington had much experience in the military before the Revolutionary War. Because of his experience, he was ideal for the responsibility of leading the new nation to victory over the British. 49. He was selected for strategically important positions because of his physical size and presence, charisma, energy, multi-faceted experiences, charm, courage, character, temperament, being a Virginian, wealth, ambition, his reputation as a stalwart patriot. Especially after the Revolution, the regard, admiration and affection of the populace at all levels of society. The most commonly cited characteristic given for his emergence as the supreme leader is his character. The most infrequently cited, are his intelligence and his decision making ability. 50. The people of America wanted to be free of the rule of England and fought for that freedom. General Washington was always trying to become a better person. He worked to learn how to write neatly so people could read his writing easily. To improve his manners, he copied 110 rules or sayings written by a French priest. One of his favorites was When walking with a great man, dont walk right beside him, but somewhat behind. Stay close enough that he may speak easily to you. It is said of General Washington he

The First Step to Accept Immigrants in Japan Essay -- Japanese Immigra

"For many decades, Japan was the only advanced industrial country in the world that did not rely on unskilled foreign labor" (Tsuda 687). However, because the shrinking and aging population is an upcoming serious problem for Japan, the demand for foreign workers has increased. The U.S. is a great example of how to take the immigrants’ help to drive an economy. Primarily, the U.S. is a nation of immigrants, and it is known to be the multiracial and multicultural successful country. One of their ideologies is no discrimination against any groups. Neither legal nor illegal immigrants are discriminated against. Their children are given U.S. citizenship, and they can assimilate better in the multicultural society. On the other hand, Japan has a fundamentally different structure of society and has different ideologies from the U.S. Japan is highly known for â€Å"the country’s economic miracle to its â€Å"one ethnic group, one language society† (Solinger 457). This miracle has structured Japan with "a strong, historically-derived ideology emphasized racial homogeneity, which shores up the national bias against outsiders† (Solinger 457). Therefore, Japan is afraid that the foreign workers, "those who work in a foreign country without initially intending to settle there", will become immigrants, "one who comes to another country for the purpose of permanent residence" (Webster dictionary). Japan will be one of the "[m]any countries [that] can’t live without foreign workers—but don’t want to live with them. The message to unskilled migrants is almost always: get the job done and get lost" (Silverman 60). In this paper, with my hope to lessen the discrimination against outsiders in the near future, I will examine why Japanese hesitate to accept imm... ...panese starts seeing that foreign workers will not settle in Japan illegally, not cause educational issues, and will not hold animosity toward to Japanese, I believe their negative perspectives of outsiders will change to positive. On top of this positive foundation between Japanese and outsiders, they should finally be able to build on multiracial and multicultural successful society. With this achievement, it is the time for Japan to loosen the restriction on foreign workers and to live with immigrants peacefully. Therefore, after examining why Japanese hesitate to accept immigrants and also how they can manage numbers of upcoming foreign workers, my conclusion is to make restrictions on acceptance of foreign workers. The restrictions like Hirata's two suggestions is the first step to open their homogeneous society to the multiracial and multicultural success. The First Step to Accept Immigrants in Japan Essay -- Japanese Immigra "For many decades, Japan was the only advanced industrial country in the world that did not rely on unskilled foreign labor" (Tsuda 687). However, because the shrinking and aging population is an upcoming serious problem for Japan, the demand for foreign workers has increased. The U.S. is a great example of how to take the immigrants’ help to drive an economy. Primarily, the U.S. is a nation of immigrants, and it is known to be the multiracial and multicultural successful country. One of their ideologies is no discrimination against any groups. Neither legal nor illegal immigrants are discriminated against. Their children are given U.S. citizenship, and they can assimilate better in the multicultural society. On the other hand, Japan has a fundamentally different structure of society and has different ideologies from the U.S. Japan is highly known for â€Å"the country’s economic miracle to its â€Å"one ethnic group, one language society† (Solinger 457). This miracle has structured Japan with "a strong, historically-derived ideology emphasized racial homogeneity, which shores up the national bias against outsiders† (Solinger 457). Therefore, Japan is afraid that the foreign workers, "those who work in a foreign country without initially intending to settle there", will become immigrants, "one who comes to another country for the purpose of permanent residence" (Webster dictionary). Japan will be one of the "[m]any countries [that] can’t live without foreign workers—but don’t want to live with them. The message to unskilled migrants is almost always: get the job done and get lost" (Silverman 60). In this paper, with my hope to lessen the discrimination against outsiders in the near future, I will examine why Japanese hesitate to accept imm... ...panese starts seeing that foreign workers will not settle in Japan illegally, not cause educational issues, and will not hold animosity toward to Japanese, I believe their negative perspectives of outsiders will change to positive. On top of this positive foundation between Japanese and outsiders, they should finally be able to build on multiracial and multicultural successful society. With this achievement, it is the time for Japan to loosen the restriction on foreign workers and to live with immigrants peacefully. Therefore, after examining why Japanese hesitate to accept immigrants and also how they can manage numbers of upcoming foreign workers, my conclusion is to make restrictions on acceptance of foreign workers. The restrictions like Hirata's two suggestions is the first step to open their homogeneous society to the multiracial and multicultural success.

Computer Implementation in Learning Environments :: Technology Technological Essays

Computer Implementation in Learning Environments Abstract This paper seeks to analyze the current research and reports on computer implementation in learning environments. The three articles discussed come from Annual Editions—Computers in Education 04/05, 11th edition, edited by J. Hirschbuhl and D. Bishop (2004). For analysis are the proposals of investing in e-learning in higher education, more effective use of computers through initiation, implementation, and institutionalization, and improving student/computer interaction through the use of computer tutor programs. This paper concludes with some suggestions for the practice and implementation of the aforementioned strategies and/or programs, and highlights for educators the most relevant points made by these articles on the topic of computer implementation in learning environments. Computer Implementation Analysis in Learning Environments Computers as a form of technology are assisting daily the advancement of various societal fields, from business, to science, to education. This particular innovation in technology has literally taken the world by storm and countless authors and experts are continually determining its effects on our society. Indeed, newspapers, educational journals, and even the evening news are each eager to report the successes and failures of technology in education. In this paper, I will analyze three articles on the subject of computer implementation in learning environments. I will seek to summarize the main points for computer technology use in education and conclude with the authors’ suggestions for practicing technology in these learning environments. Each of the analyzed articles can be found in Annual Editions—Computers in Education 04/05, Eleventh Edition edited by J. Hirschbuhl and D. Bishop. The first article, Investing in Digital Resources (McArthur, 2002), seeks to define educational technology and its related vocabulary, outline reasons for planning e-learning, and describe the necessary steps for implementation, chiefly in respect to higher education. McArthur (2002) states, â€Å"it no longer makes sense to debate whether e-learning should be accepted or rejected—either in individual schools or by higher education as a whole—just as it is no longer reasonable to consider spurning the Web in business or at home.† He defines various e-learning options, such as web displayed, web enhanced, hybrid, and on-line, and maintains that, â€Å"none of these e-learning options necessarily diminishes the role of the instructor in learning and teaching† (McArthur, 2002). The defense for e-learning is that it provides an environment where students can easily and flexibly shape and own their learning (McArthur, 2002).

A Comparative Analysis of Overstock and Amazon

Financial Reporting, Analysis and Ethics: A Comparative Analysis of Overstock. com and Amazon Robert Baird BU7545 Fall 2011 Financial Reporting, Analysis and Ethics: A Comparative Analysis of Overstock. com and Amazon Robert Baird BU7545 Fall 2011 Table of Contents| | | Executive Summary| 2| | | Company and Industry Information| 3| | | Accounting Issues| 6| | | Accounting Policies and Disclosure Practices| 9| | | Financial Statement Analysis| 10| | | Corporate Governance| 13| | | Conclusion| 15| | |References| 18| | | Appendices| 21| Executive Summary This paper covers the accounting errors related to freight costs that led Overstock. com in 2006 to restate its financial statements for 2002, 2003, 2004 and quarterly reports for 2004 and 2005, and the subsequent SEC investigation in which they were cleared of wrongdoing. It also covers a second restatement from 2009, in which the financial statements for 2009 and 2008 were restated and another SEC investigation related to those restat ements.The paper details a glaring problem for Overstock related to its accounting controls and even the company’s admittance in its annual report that it does not have an appropriate number of qualified accounting professionals able to produce financial statements that are free of material errors. Overstock is compared against a direct competitor, Amazon, who although is a much larger company that Overstock, has become the standard in the industry against which all other companies are judged.The financial statements and financial ratios from 2006-2008 of both Amazon and Overstock are shown in comparison with one another to offer some insight into the strengths and weaknesses of each company and to evaluate their performance, and include consolidated statements of operations and consolidated balance sheets from 2005-2008 and common-size statements of operations and balance sheets for each company from 2005-2008, as well as trend statements of operations and balance sheets for each company from 2005-2008.The paper also examines the corporate structure of each company, including the board of directors, the different board committees that exist and compensation practices for senior company executives. The paper concludes that Overstock must put in place the proper controls and hire competent accounting and auditing professionals to ensure the validity of their financial statements. Company and Industry Information Overstock. com (Overstock) was incorporated in Utah in December 1998, originally as D2-Discounts Direct, Inc. , later reincorporated in the state of Delaware in 2002 and changed its name to Deals. om, Inc. in 1999. Overstock adopted its present name on October 25, 1999 and is based out of Salt Lake City, Utah. Overstock is an online retailer that sells discount merchandise to consumers through its online website. According to Mergent Online, â€Å"Overstock. com is an online retailer providing discount brand name, non-brand name and closeout mer chandise, including bed-and-bath goods, home decor, kitchenware, furniture, watches and jewelry apparel, electronics and computers, sporting goods, and designer accessories, among other products† (2011).Overstock also sells â€Å"run books, magazines, compact discs, digital video disk and video games† (Mergent Online, 2011). The company conducts direct business, in which it orders are fulfilled at Overstock’s warehouses in Salt Lake City, Utah and shipped to final consumers or business, and business with fulfillment partners, which occurs when Overstock sells another manufacturers or retailers merchandise on their website and those third parties pack and ship orders. Overstock, however, does â€Å"handle returns and customer service related to substantially all orders placed through its website† (Mergent Online, 2011).According to Mergent Online, as of the end of 2010, Overstock â€Å"sells to customers in over 90 countries† but â€Å"does not have sales operations outside the United States† and â€Å"is using a United States based third party to provide logistics and fulfillment for all international orders† (2011). Overstock does ship goods to suppliers on consignment, and includes car and real estate listings, insurance quotes and an online auction service on its website. Amazon was originally incorporated in Washington in 1994 and later reincorporated in the state of Delaware in 1996. Amazon. om (Amazon), like Overstock is an online retailer that sells all sorts of different products and merchandise on its website. According to Mergent Online, the products on Amazon’s website â€Å"primarily include merchandise and content purchased for resale from vendors and those provided by party sellers, and it also manufactures and sells the Kindle e-reader† and they also provide â€Å"services such as Amazon Web Services (AWS), fulfillment, miscellaneous marketing and promotional agreements, such as onli ne advertising and co-branded credit cards. Amazon consists of two separate business segments, North America and International.North America consists of â€Å"amounts earned from retail sales of consumer products (including from sellers) and subscriptions through North America-focused websites such as www. amazon. com and www. amazon. ca and include amounts earned from AWS† and includes the export sales from the above mentioned websites (Mergent Online, 2011). The International business segment consists of â€Å"amounts earned from retail sales of consumer products (including from sellers) and subscriptions through internationally focused locations† and the segment includes â€Å"export sales from these internationally ased locations (including export sales from these sites to customers in the United States and Canada), but excludes export sales from the company’s United States and Canadian locations† (Mergent Online, 2011). According to Standard & Poorâ €™s NetAdvantage, Amazon â€Å"has virtually unlimited online shelf space, and can offer customers a vast selection of products through an efficient search and retrieval interface† (2011). In addition to being the seller of record for a broad range of new products, Amazon allows other businesses and individuals to sell new, used and collectible products on its websites through its Merchant and Amazon Marketplace programs† in which Amazon â€Å"earns fixed fees, sales commissions and/or per unit activity fees,† as well as serving developers and â€Å"enterprises of all sizes through AWS, which provides access to technology infrastructure that developers can use to virtually enable any type of business† (S&P NetAdvantage, 2011).The online retail industry is an industry that is thriving as more and more consumer purchase products online. As the supply chain and logistics processes have become increasingly advanced and streamlined, online retailing has tak en major strides in the past two decades. According to the Standard & Poor’s Industry Surveys (Computers: Consumer Services & the Internet), â€Å"United States online retail sales (excluding the auto, travel and prescription drug categories) increased 13% in 2010 to $17. billion† and â€Å"improvements in multi-channel initiatives, better online merchandising, more personalized offerings and increasingly sophisticated marketing efforts drove growth in 2010,† while S&P Capital IQ forecasts internet retail sales will rise to 11% in 2011 (2011, p. 10) . The S&P Industry Survey also states that â€Å"worldwide business-to-consumer (B2C) internet spending may increase from $708 billion in 2010 to $1. trillion in 2014† and the three most popular categories of merchandise sold online in 2009 were (in order) â€Å"apparel, accessories and footwear; software and peripherals; and consumer electronics,† and a â€Å"number of exclusive online retailers have also been successful, among (them) major publicly traded online retailers like Amazon. com Inc. and Overstock. com Inc. † (2011, p. 17). Amazon, however, is far and away the leader of its industry. At first it seemed like a business model that was destined to ail, but is has since become â€Å"the model† for its industry and â€Å"has been the breakaway leader in global e-commerce for a number of years† (S&P Industry Surveys, 2011, p. 18). Overstock is trying to emulate the strategy used by Amazon, but it is difficult for any online retailer to differentiate itself from a company like Amazon, with its huge market share and market capitalization. Amazon is an incredibly tough act to follow and according to the S&P Industry Survey, it is predicted that in 2011, Amazon â€Å"will achieve its sixth straight year with revenue growth of greater than 25%† (2011, p. 18).Amazon has â€Å"achieved strong and sustained success by continuing to focus on its customers † and â€Å"has looked to innovate and take risks, despite potential near-term negative impacts to its financial performance† (S&P Industry Surveys, 2011, p. 18). Accounting Issues Overstock has had numerous instances of accounting and control errors that have resulted in restatements of financial statements and probes by the United States Securities and Exchange Commission (SEC). In 2006, Overstock announced that it would restate its previously reported financial statements going back to 2002 due to an error in the way it accounted for its freight costs.According to the Deseret News on March 1, 2006, â€Å"the accounting errors relate to how the Salt Lake-based company immediately expensed inbound freight costs in the periods they were incurred, instead of capitalizing such costs as part of inventory and expensing them as it sold off the inventory† and the error â€Å"effects annual financial reports for 2002, 2003, 2004 and quarterly reports for 2004 and 2005à ¢â‚¬  (2006, p. E1). The correction of the freight cost error actually increased the inventory by $3. million as of the third quarter of 2005, and lowered the net losses for fiscal years 2002, 2003 and 2004. In an interview on CNBC in 2006, Overstock CEO said of the restatement â€Å"our restatement was $3. 5 million to the good† and â€Å"our auditors have said that we understated our results by $3. 5 million† (CEO Wire, 2006). He went on to say in the interview with Becky Quick on CNBC that â€Å"it turns out we had – turns out that we have understated our performance, that our books are too conservative, is what the auditors have said† (CEO Wire, 2006).Overstock vice president of corporate affairs, echoed this sentiment in an interview with the Knight Ridder Tribune Business News, saying â€Å"when you look at what this restatement is really, it is positive† (Sims, 2006, p. 1). In an interview with the Salt Lake Tribune, Overstock President Jon athan Johnson said of the accounting errors: â€Å"When we order comforters, we pay the manufacturer and the freight bill. We’ve been accounting for the freight bill as we paid it, expensing it. We should have been capitalizing the freight bill as we sold the goods, as opposed to when we actually paid it† (Keahey, 2009).These are just some examples from the corporate officers at Overstock that they just clearly do not get it, and do not understand the impact of a financial restatement. The Deseret News describes the effects of the accounting error as follows, â€Å"for 2005, the accounting change will narrow the reported net loss by $1. 8 million for the quarter ended September 30 and by $592,000 for the quarter ended June 30† and â€Å"widen the net loss by $107,000 for the quarter ended March 31. For 2004, the correction will lower the full-year loss by $461,000.The accounting change will also reduce the net losses for the 2002 and 2003 fiscal years† (2 006, p. E1). This restatement led to an investigation of Overstock by the SEC resulting in a subpoena from the SEC for internal documents relating to â€Å"its accounting policies, targets and projections† (Wall Street Journal, 2006). On June 6, 2008 the SEC informed Overstock that it had completed its investigation â€Å"of the company and its officers and does not intend to recommend any enforcement action† (Financial Wire, 2008).Overstock apparently did not learn much from the above mentioned restatement and subsequent SEC investigation, and on September 15, 2009, Overstock received yet another notice from the SEC, putting the company on notice that the SEC was â€Å"conducting an investigation concerning Overstock’s previously-announced restatements of its financial statements in 2006 and 2008 and other matters† and the subpoena that accompanied the notice â€Å"covers documents related to the restatements and also to Overstock’s billings to i ts partners in the fourth quarter of 2008 and related collections, and Overstock’s accounting for and implementation of software relating to its accounting for customer refunds and credit, including offsets to partners, and related matters† (PR Newswire, 2009). In February 2010, Overstock announced it was restating its financial statements for 2008 and 2009, shifting $1. 8 million of income from 2009 to 2008. Overstock attributed this restatement to â€Å"some accounting confusion involving other companies that sell goods on its website† and a related problem involving incorrect invoices from a freight vendor† (Deseret News, 2010, p. A10).Overstock also stated in a filing with the SEC that it was â€Å"applying different accounting standards for its stock option plans that will mean decreased income of $350,000 for 2008 and about $900,000 for 2009† (Harvey, 2010). As if the restatement of financial reports was not bad enough, Overstock admitted to a â€Å"deficiency in its financial controls related to its relationship with certain business partners† and informed the SEC that â€Å"management’s report on internal control over financial reporting for fiscal 2008 can no longer be relied upon† (Harvey, 2010). On his blog on Phil’s Stock World, Sam Antar (who discloses that he is a convicted felon and former CPA who now works closely with government and law enforcement agencies in cases of white-collar crimes and regularly refers cases to them) wrote that â€Å"in 2009†¦Overstock. om violated GAAP in accounting for its recoveries of certain offsetting costs and reimbursements amounts due to the company from its fulfillment partners (suppliers) who were under-billed in previous reporting periods† and that Overstock should have â€Å"restated its financial reports to recognize income when those offsetting costs and reimbursements were actually earned by the company in those previous reporting periods† (Phil’s Stock World, 2010). Antar claims that accounting errors are bordering on criminal and that the company â€Å"improperly recognized income as those amounts were collected in future accounting periods on a non-GAAP cash basis† and that Overstock even reported profits in the fourth quarter of 2008 when they should have reported a loss under GAAP (Phil’s Stock World, 2010).Antar made some even stronger claims against Overstock, saying that accounting errors have become commonplace at Overstock at that the officers of the company do not seemed interested or inclined to put the proper controls in place to detect these errors. Antar writes that â€Å"so far, from 1999 to Q3 2009 every single financial report issued by Overstock. com had to be restated at least once, sometimes twice or even three times to correct material accounting errors† with the company even claiming that the last two restatements were caused by â€Å"technology proble ms† (Phil’s Stock World, 2010). In the 2009 10-K issued by Overstock it stated that Overstock’s â€Å"information technology program change and program development controls were inadequately designed to prevent changes in our accounting systems which led to the failure to appropriately capture and accurately process data† (2010, p. 18).The two previously mentioned instances of financial report restatements mean that in 2006, the annual financial statements for 2002, 2003 and 2004 were restated; then the 2006 financial statements were restated again along with the statements for 2008. Both restatements had little or no effect on the stock price of the company and after each restatement was announced the stock price either fall modestly or even went up slightly. Accounting Policies and Disclosure Practices As shown in the numerous instances of accounting errors and restatements, Overstock clearly has an issue with its internal controls over financial reporti ng to detect basic GAAP errors before their financial statement are released to the SEC.In its 2010 10-K, Overstock acknowledges that they have a problem and states, â€Å"we lacked a sufficient number of accounting professionals with the necessary knowledge, experience and training to adequately account for and perform adequate supervisory reviews of significant transactions that resulted in misapplications of GAAP† (2010, p. 22). This is a fascinating admittance by a major publicly traded company that it simply does not have accountants to properly produce correct financial statements free of significant accounting errors. Amazon, for its part, is the leader in online retailing and a much larger company with a global footprint that outstretches most companies, and especially that of Overstock, yet their accounting policies are sound.There exists nothing in their annual reports to the SEC that outlines anything of the sort that Overstock has admitted related to not having a sufficient number of accountants. The information listed in their financial reports seems to be standard language related to GAAP. Both companies, Amazon and Overstock account for their inventory using the first-in, first-out (FIFO) method, valued at lower of cost or market value and depreciate their fixed assets on a straight-line basis. Financial Statement Analysis In its 2009 10-K report, Amazon gives an interesting overview to its business. It states that its’ â€Å"primary source of revenue is the sale of a wide range of products and services to customers† and that their â€Å"financial focus is on long-term, sustainable growth in free cash flow per share† (2009, p. 21).It also states that â€Å"we seek to reduce our variable costs per unit and work to leverage our fixed costs† and â€Å"because of our model we are able to turn over inventory quicker and have a cash-generating operating cycle† (2009, p. 22). Amazon’s inventory turnover, as shown in the financial ratios in the appendix, was 11. 46 times in 2008 (consistent with 11. 06 times in 2007 and 11. 44 times in 2006) and with a receivables turnover of 24. 95 times in 2008 and payables turnover of 5. 98 times in 2008, they have a sufficient operating cycle and cash conversion cycle. Overstock’s inventory turnover was 31. 68 times in 2008, up from 12. 21 times in 2006, and means their sales are stronger and they are moving inventory at a much better rate. The receivables turnover for Overstock 75. 49 times in 2008 and accounts payable turnover of 12. 53 times in 2008.Amazon gets more bang for their buck than Overstock, and is able to leverage their considerable size and operational capacity to achieve significant returns on their assets, equity and income. In 2008, Amazon’s return on assets (ROA) was 8. 69 percent, compared with Overstock’s -6. 23 percent ROA. Overstock’s ROA has improved from 2006 when it was -34. 43 percent but be cause of consistent net losses their return ratios are negative. Overstock’s return on equity (ROE) was -105. 88 percent, and improvement from -131. 38 percent in 2006, but nothing compared to Amazon’s ROE of 33. 25 percent in 2008. Amazon also has a significant return on operating income (ROI) of 28. 93 percent in 2008, as contrasted with Overstock’s ROI of -12. 82 percent in 2008 (up from -57. 89 percent in 2006).A look at the common-size consolidated statement of operations of Amazon and Overstock (restated) offers some insights into the considerable differences between a company with the size and stature of Amazon and a company that would like to achieve that status, like Overstock. Amazon had a gross profit in 2008 of 22. 3 percent of sales (consistent to the gross profit for 2005 through 2007), whereas Overstock had a gross profit of 17. 1 percent of revenue (consistent with gross profit percentages from 2005 through 2007). Both Amazon and Overstock had si milar total operating expenses, 17. 9 percent of sales for Amazon in 2008 and 18. 4 percent of revenue for Overstock in 2008. The numbers that are the most telling are the income statistics, with Amazon having a net income as a percentage of sales of 3. 4 percent in 2008, whereas Overstock had a net loss s a percentage of revenue of -1. 5 percent, which improved significantly from 2006 when it was -13. 7 percent and 2007 when it was -6. 3 percent. The trend consolidate statements of operations for Amazon and Overstock (restated), in which the base year of 2005 equals 100 percent, the discrepancies between a global leader in its industry, Amazon, and its competitor, Overstock, are even more compelling. Net sales for Amazon more than doubled from 2005 to 2008, and in 2008 net sales were 225. 7 percent of the net sales from 2005. Total revenue for Overstock was only up slightly from 2005 to 2008, and in 2008 total revenues were 104. 4 percent of the total revenues from 2005.Amazon also doubled its gross profit from 2005 in, up 209. 4 percent, whereas Overstock’s gross profit in 2008 was 122. 3 percent of its’ 2005 gross profit. Overstock’s total operating expenses stayed relatively close to their 2005 level in 2006, 2007 and 2008, only rising slightly. Amazon, on the other hand had a significant increase in total operating expenses. Operating expenses in 2008 were 213. 3 percent of the 2005 total operating expenses. Net income for Amazon for 2008 was 179. 7 percent of its 2005 net income and increased from 132. 6 in 2007 and from a very off year in 2006, when net income was 52. 9 percent of the previous year 2005.Overstock has lowered its net losses, and in 2008 the net loss was half (50. 8 percent) of the 2005 level, and they too had a rough year in 2006 when the net loss was four times (428. 5 percent) that of 2005. Analysis of the restated common-size consolidate balance sheet for Overstock and the common-size consolidate balance sheet for Amazon show that both companies have a similar number of current assets, as would be expected from two companies that sell products online and have significant sales and inventory turnover, but Overstock has more cash and cash equivalents when compared to Amazon. Overstock had, as a percentage of total assets, 58. 3 percent of cash and cash equivalents, up drastically from 17. percent in 2005, while Amazon had cash and cash equivalents of one-third (33. 3 percent) of total sales, up slightly from 27. 4 percent in 2005. Amazon’s total current assets were 74 percent of total assets, whereas Overstock had total current assets that totaled 84. 7 percent of total assets, which increased from 72. 1 percent of total assets in 2005. Since current assets were a large percentage of total assets, the reverse would be expected, and total current liabilities for an online retailer would also be a significant portion of total liabilities and stockholders’ equity. Most consumers mak e purchases online using credit cards and those purchases are often paid off within a year, making them current.Total current liabilities for Amazon in 2008 were 57 percent of total assets, remaining stable year over year between 2008 and 2005, while total current liabilities for Overstock were 61. 6 percent of total assets, up from 47. 5 percent in 2005. Corporate Governance Overstock has a board of directors that is comprised of four members, three of whom are independent, and is chaired by the CEO Patrick Byrne. According to the proxy statement (DEF 14A) filed on April 2, 2009, the board of directors held ten meeting during 2008 and each director attended at least 75 percent of the meetings of the board (2009, p. 14). Overstock has an audit committee and compensation committee, but no standing nominations committee.According to the proxy statement, the audit committee held 11 meetings during 2008 and the compensation committee held six meetings, and like board meetings each direc tor attended at least 75 percent of the committee meetings on which he or she served in 2008 (2009, p. 14). The audit committee is chaired by Allison Abraham and includes two financial experts, as defined by the SEC. The audit committee is responsible for â€Å"reviewing and monitoring our financial statements and internal accounting procedures, selecting, reviewing and monitoring our independent registered public accounting firm, evaluating the scope of the annual audit, reviewing audit results and consulting with management and our independent registered public accounting firm prior to presentation of financial statements to stockholders† (2009, p. 15).The compensation committee is responsible for â€Å"determining salaries, incentives and other forms of compensation for our directors, officers and other employees and administering various incentive compensation and benefit plans† (2009, p. 15). The 208 proxy statement says the compensation objectives are to â€Å"s eek to attract and retain highly competent executive management who will build long-term economic value for the Company† and that â€Å"our compensation philosophy is that the executive salary and bonus levels should be modest in comparison to those paid at comparable companies, and that executives’ opportunities for more significant compensation should be tied closely to the Company’s performance (2009, p. 20).The elements of total compensation, as laid out by the 2009 proxy statement include â€Å"base salary, annual individual cash bonuses, payments under our Performance Share Plan, awards under our 2005 Equity Incentive Plan, matching contributions under our 401 (k) plan and benefits under our health and welfare benefits plans† (2009, p. 20-21). The board of directors for Amazon consists of nine members, eight of whom are independent, and is chaired by the CEO of Amazon, Jeffrey Bezos. The 2009 proxy statement reads that the board is responsible for à ¢â‚¬Å"the control and direction of the Company† and â€Å"represents the Company’s shareholders and its primary purpose is to build long-term shareholder value† (2009, p. 8). In 2008, the board of directors met nine times and that all directors attended at least 75 percent of the â€Å"aggregate of the meetings of the board and committees occurring while they were members† (2009, p. 9).Amazon has an audit committee, leadership development and compensation committee and a nominating and corporate governance committee. The audit committee is chaired by Tom Alberg, who meets the requirement of a financial expert as defined by the SEC. According to the 2009 proxy statement, the audit committee â€Å"represents and assists the board in fulfilling its oversight responsibility relating to the Company’s financial statements and reporting process, the qualifications, independence and performance of the Company’s independent registered public accounti ng firm, the performance of the Company’s internal audit function and the Company’s compliance with legal and regulatory requirements† (2009, p. 9).The leadership development and compensation committee, as stated in the 2009 proxy statement, â€Å"evaluates the Company’s programs and practices relating to leadership development, reviews and establishes compensation of the Company’s executive officers, and administers the Company’s stock-based and certain other compensation plans, all with a view toward maximizing long-term shareholder value† (2009, p. 10). The proxy statement for 2009, also lays out the responsibilities of the nominating and corporate governance committee, and says it â€Å"reviews and assesses the composition of the board, assists in identifying potential new candidates for director, recommends candidates for election as director and provides a leadership role with respect to corporate governance of the Company† (2009, p. 10).According to the 2009 proxy statement, Amazon’s executive compensation approach is â€Å"to tie total compensation to long-term shareholder value, as reflected primarily in the Company’s stock price† and therefore the â€Å"primary component of a named executive officer’s total compensation is stock-based compensation† (2009, p. 17). In addition to stock-based compensation, executives also receive a base salary, new-hire cash bonuses and other compensation and benefits, including vacation, medical, 401 (k) and relocation benefits. Conclusion When it comes to online retailing, Amazon is far and away the leader of the industry and the model for all companies to follow. Amazon has an enormous share of the market and their market capitalization is tremendous. Their financial ratios are sound and their year over year statistics are rather impressive. Overstock, on the other hand, is a company that leaves a lot to be desired.They have had numerous restatements of their financial reports, and two instances of these restatements have been covered in detail above. Overstock has yet to have a positive net income and has had net losses every year. Due to the sheer amount of restatements that have occurred, many executives have fired or resigned their positions and taken the fall for their accounting errors and subsequent SEC investigations. Overstock seems to need to branch out into different revenue streams, such as car and real estate listings, insurance quotes and travel services in order to differentiate themselves from Amazon and capture some market share back from the titan of the industry.Amazon has its eyes on bigger targets, and wants to stand toe to toe with another gigantic company, Apple. Amazon’s manufacturing and subsequent sales of the various incarnations of the Kindle and an online music service are bold ideas that have paid off handsomely for the company, as have their investments in supply chain and shipping processes, as well as third party relationships. Overstock, for its part, would most likely just like a piece of Amazon’s market share and still has a long way to go before it is anywhere near the level of an Amazon. Overstock first needs to get its accounting controls in order and make sure that the financial statements they release in their annual reports to the SEC will not be restated in the future.The audit committee, auditors, CFO and accountants need to work together to ensure that their work is free from error, and there clearly needs to be a change in the corporate culture at Overstock because change needs to come from the top. These accounting errors should have been caught before the statements were released and given their history of investigations by the SEC, Overstock should have made every effort to clean up its act and bring in competent accounting and auditing professionals that would have the requisite attention to detail required in producing mistake free financial reports. If Overstock has any hope of ever reaching the level of an Amazon, it needs to fix its accounting issues and to install investor confidence in the company.Outside of their ROA, ROE, and ROI ratios, which are negative due to their net losses, Overstock’s financial ratios stack up nicely against the financial ratios of Amazon, which are a good sign for the company moving forward, if they can right the ship. The fact that Overstock is still around today has to be a good sign for the company, in that is has come through adversity and still remains a going concern. References Amazon, Inc. (2009). 2008 Annual Report. Seattle, WA: Amazon, Inc. , 2009. Amazon, Inc. (2008). 2007 Annual Report. Seattle, WA: Amazon, Inc. , 2008. Amazon, Inc. (2007). 2006 Annual Report. Seattle, WA: Amazon, Inc. , 2007. Amazon, Inc. (2006). 2005 Annual Report. Seattle, WA: Amazon, Inc. , 2006. Amazon, Inc. (2009) Definitive Proxy Statements.Seattle, WA: Amazon, Inc. 2009. Amazon, Inc. (2008) Definitive Proxy Statements. Seattle, WA: Amazon, Inc. 2008. Antar, S. (2010, October 16). Does Overstock. com CEO Patrick Byrne know when to shut up, especially while the SEC investigates his company? Retrieved October 30, 2011, from Phil’s Stock World Web site: http:// www. philstockworld. com Boyd, R. (2007, May 11). Company Byrne-d on probe report. New York Post, pp39. Cheng, A. (2006, May 11). Overstock cancels its share sale after SEC subpoena. Deseret News, pp. E4. Harvey, T. (2010, February 5). Overstock hit by another restatement. The Salt Lake Tribune. Hendrick, D. (2009, November 18).Online retailer fires auditor over accounting fight. SNL Kagan Media & Communications Report. Kanaracus, C. (2008, November 3). Overstock’s ERP woes force it to restate results. Computerworld, 42(44), pp. 7. Keahey, J. (2009, September 23). Overstock CEO and his critics differ over SEC probe. The Salt Lake Tribune. Kessler, S. (2011, October 13). Industry sur veys computers: consumer services & the internet. Standard & Poor’s. Mergent, Inc. (2011). Mergent Online. Mims, B. (2006, March 1). Overstock to restate earnings. Knight Ridder Tribune Business News, pp. 1. Moving the market: Overstock. com corrects results back to 2002; losses are narrowed. (2006, March 1).Wall Street Journal (Eastern Edition), pp. 1. Overstock. com, Inc. (2009) 2008 Amended Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2009. Overstock. com, Inc. (2008) 2007 Amended Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2008. Overstock. com, Inc. (2007) 2006 Amended Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2007. Overstock. com, Inc. (2006) 2005 Amended Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2006. Overstock. com, Inc. (2009) 2008 Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2009. Overstock. com, Inc. (2008) 2007 Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2008.Overstock . com, Inc. (2007) 2006 Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2007. Overstock. com, Inc. (2006) 2005 Annual Report. Salt Lake City, Utah: Overstock. com, Inc. , 2006. Overstock. com announces receipt of another SEC subpoena. (2009, September 17). PR Newswire. Overstock. com – President interview. (2006, March 1). CEO Wire. Overstock corrects its financial results. (2006, March 1). Deseret News, pp. E1. Overstock. com, Inc. (2009). Definitive proxy statement. Salt Lake City, Utah: Overstock. com, Inc. , 2009. Overstock. com, Inc. (2008). Definitive proxy statement. Salt Lake City, Utah: Overstock. com, Inc. , 2008.Overstock gets SEC subpoena. (2006, May 10). Wall Street Journal (Eastern Edition). Overstock. com shifting income. (2010, February 6). Deseret News, pp. A10. Q3 2008 Overstock Com Inc earnings conference call – final. (2008, October 24). Fair Disclosure Wire. SEC closes Overstock. com probe, will take no action. (2008, June 7). Financial Wire. Standard & Poor’s. (2011) Standard & Poor’s NetAdvantage. Taub, S. (2006, February 28). Freight costs spur Overstock restatement. CFO. com, pp. 1. Appendices Overstock Original Consolidated Statements of Operations (in thousands)| | | | Year Ended December 31,| | 2008| 2007| 2006| 2005| Revenue| | | | |Direct Revenue| 174,203| 195,622| 303,202| 324,875| Fulfillment partner revenue| 660,164| 564,539| 484,948| 478,947| Total Revenue| 834,367| 760,161| 788,150| 803,822| | | | | | Cost of goods sold:| | | | | Direct| 154,501| 164,368| 284,943| 283,377| Fulfillment partner| 536,957| 468,222| 408,407| 400,889| Total cost of goods sold| 691,458| 632,590| 693,350| 683,266| Gross profit| 142,909| 127,571| 94,800| 120,556| | | | | | Operating expenses:| | | | | Sales and Marketing| 57,634| 55,458| 70,897| 79,651| Technology| 57,815| 59,453| 65,158| 28,132| General and administrative| 38,373| 41,976| 46,837| 36,495| Restructuring| —| 12,283| 5,674| —|Amortiza tion of stock-based compensation| —| —| —| 72| Total operating expenses| 153,822| 169,170| 188,566| 144,350| | | | | | Operating loss| (10,913)| (41,599)| (93,766)| (23,794)| Interest income, net| 3,163| 4,788| 3,566| (270)| Interest expense| (3,462)| (4,188)| (4,765)| (5,582)| Other income (expense), net| (1,446)| (92)| 81| 4,728| | | | | | Loss from continuing operations| (12,658)| (41,091)| (94,884)| —| Loss from discontinued operations| —| (3,924)| (6,882)| —| | | | | | Net loss| (12,658)| (45,015)| (101,856)| (24,918)| | | | Overstock Restated Consolidated Statements of Operations (in thousands)| | | | For Year Ended December 31,| | 2008| 2007| 2006| 2005| Revenue| | | | | Direct Revenue| 174,203| 197,088| 301,509| 324,875|Fulfillment partner revenue| 660,164| 568,814| 478,628| 474,441| Total Revenue| 834,367| 765,902| 780,137| 799,316| | | | | | Cost of goods sold| | | | | Direct| 154,501| 168,008| 284,774| 282,383| Fulfillment partner | 536,957| 473,344| 405,559| 400,057| Total cost of goods sold| 691,458| 641,352| 690,333| 682,440| Gross profit| 142,909| 124,550| 89,804| 116,876| | | | | | Operating expenses:| | | | | Sales and Marketing| 57,634| 57,815| 38,373| 77,155| Technology| 57,815| 59,453| 70,897| 27,901| General and administrative| 38,373| 41,976| 46,837| 33,043| Restructuring| —| 12,283| 5,674| —| Amortization of stock-based compensation| —| —| —| —| Total operating expenses| 153,822| 169,170| 188,566| 138,099| | | | | |Operating loss| (10,913)| (44,620)| (98,762)| (21,223)| Interest income, net| 3,163| 4,788| 3,566| (270)| Interest expense| (3,462)| (4,188)| (4,765)| (5,582)| Other income (expense), net| (1,446)| (92)| 81| 4,728| | | | | | Loss from continuing operations| (12,658)| (44,112)| (99,880)| (22,347)| Loss from discontinued operations| —| (3,924)| (6,882)| (2,571)| | | | | | Net loss| (12,658)| (48,036)| (106,762)| (24,918)| Overstock Common-S ize Consolidated Statements of Operations| | | | | | | Year Ended December, 31| (% of revenue)| 2008| 2007| 2006| 2005| Total Revenue| 100%| 100%| 100%| 100%| Total cost of goods sold| 82. 9%| 83. 2%| 88%| 85%| Gross profit| 17. 1%| 16. 7%| 12%| 15%| Operating expenses:| | | | |Sales and Marketing| 6. 9%| 7. 3%| 9%| 9. 9%| Technology| 6. 9%| 7. 8%| 8. 3%| 3. 5%| General and administrative| 4. 6%| 5. 5%| 6%| 4. 5%| Restructuring| —| 1. 6%| . 7%| —| Amortization of stock-based compensation| —| —| —| . 009%| Total operating expenses| 18. 4%| 22. 3%| 23. 9%| 18%| | | | | | Operating loss| -1. 3%| -5. 5%| -11. 9%| -3%| Interest income, net| . 3%| . 6%| . 5%| -. 03%| Interest expense| -. 4%| -. 6%| -. 6%| -. 7%| Other income (expense), net| -. 1%| -. 01%| . 01%| . 6%| | | | | | Loss from continuing operations| -1. 5%| -5. 4%| -12%| —| Loss from discontinued operations| —| -. 5%| -. 9%| —| | | | | | Net loss| -1. %| -5. 9%| -12. 9%| - 3. 1%| | | | | | Overstock Trend Consolidated Statements of Operations (2005= 100%)| | | | | | | For Year Ended December 31,| | 2008| 2007| 2006| 2005| Total Revenue| 103. 8%| 94. 6%| 98. 1%| 100%| Total cost of goods sold| 101. 2%| 92. 6%| 101. 5%| 100%| Gross profit| 118. 5%| 105. 8%| 78. 7%| 100%| Operating expenses:| | | | | Sales and Marketing| 72. 4%| 69. 7%| 89%| 100%| Technology| 205. 6%| 211. 3%| 231. 6%| 100%| General and administrative| 105. 1%| 115%| 128. 3%| 100%| Total operating expenses| 106. 6%| 117. 2%| 130. 6%| 100%| | | | | | Operating loss| 45. 9%| 174. 8%| 394. 1%| 100%| Interest expense| 62%| 75%| 85. %| 100%| | | | | | Loss from continuing operations| 13. 3%| 43. 3%| 100%| —| Loss from discontinued operations| —| 57%| 100%| —| | | | | | Net loss| 50. 8%| 180. 7%| 408. 8%| 100%| Overstock Restated Common-Size Consolidated Statements of Operations| | | | | | | For Year Ended December 31,| (% of revenue)| 2008| 2007| 2006| 2005| Total Revenue | 100%| 100%| 100%| 100%| Total cost of goods sold| 82. 9%| 83. 7%| 88. 5%| 85. 4%| Gross profit| 17. 1%| 16. 3%| 11. 5%| 14. 6%| Operating expenses:| | | | | Sales and Marketing| 6. 9%| 7. 5%| 4. 9%| 9. 7%| Technology| 6. 9%| 7. 8%| 9. 1%| 3. 5%| General and administrative| 4. 6%| 5. 5%| 6%| 4. 1%|Restructuring| —| 1. 6%| . 7%| —| Amortization of stock-based compensation| —| —| —| —-| Total operating expenses| 18. 4%| 22. 1%| 24. 2%| 17. 3%| | | | | | Operating loss| -1. 3%| -5. 8%| -12. 7%| -2. 7%| Interest income, net| . 4%| . 6%| . 5%| -. 03%| Interest expense| -. 4%| . 5%| -. 6%| -. 7%| Other income (expense), net| -. 2%| . 01%| . 01%| . 6%| | | | | | Loss from continuing operations| -1. 5%| -5. 8%| -12. 8%| -2. 8%| Loss from discontinued operations| —| -. 5%| -. 9%| -. 3%| | | | | | Net loss| -1. 5%| -6. 3%| -13. 7%| -3. 1%| | | | | | Overstock Trend Restated Consolidated Statements of Operations (2005= 100%)| | | | | | For Year Ended December 31,| | 2008| 2007| 2006| 2005| Total Revenue| 104. 4%| 95. 8%| 97. 6%| 100%| Total cost of goods sold| 101. 3%| 94%| 101. 2%| 100%| Gross profit| 122. 3%| 106. 6%| 76. 8%| 100%| Operating expenses:| | | | | Sales and Marketing| 74. 7%| 75%| 50%| 100%| Technology| 207. 2%| 213. 1%| 254. 1%| 100%| General and administrative| 116. 1%| 127%| 141. 7%| 100%| Total operating expenses| 111. 3%| 122. 5%| 136. 5%| 100%| | | | | | Operating loss| 51. 4%| 210. 2%| 465. 4%| 100%| Interest expense| 62%| 75%| 85. 4%| 100%| | | | | | Loss from continuing operations| 56. 6%| 197. 4%| 447%| 100%| Loss from discontinued operations| —| 152. 6%| 267. %| 100%| | | | | | Net loss| 50. 8%| 192. 9%| 428. 5%| 100%| Overstock Original Consolidated Balance Sheets (in thousands)| | | | December 31,| | 2008| 2007| 2006| 2005| | Assets| Current Assets:| | | | | Cash and cash equivalents| 100,577| 101,394| 126,965| 56,224| Marketable securities| 8,959| 46,000| —| 55,799| Cash, cash eq uivalents and marketable securities| 109,566| 147,394| 126,965| 112,023| Accounts receivable, net| 6,985| 12,304| 11,638| 11,695| Notes receivable| 1,250| 1,506| 6,702| —| Inventories, net| 17,723| 25,933| 20,274| 93,269| Prepaid inventory, net| 761| 3,572| 2,241| 9,633| Prepaid expense| 9,694| 7,572| 7,473| 8,508|Current assets of held for sale subsidiary| | | 4,718| | Total current assets| 145,975| 198,281| 180,011| 235,128| Restricted cash| —| —| —| 253| Fixed assets, net| 23,142| 27,197| 56,198| 61,914| Goodwill| 2,784| 2,784| 2,784| 13,169| Other long-term assets, net| 538| 86| 578| 15,449| Notes receivable| —| 4,181| —| —| Long-term assets of held for sale subsidiary| | | 16,594| | Total assets| 172,441| 235,529| 265,165| 325,913| | | | | | Liabilities and Stockholders’ Equity (Deficit)| Current liabilities:| | | | | Accounts payable| 62,120| 70,648| 66,039| 101,436| Accrued liabilities| 25,154| 52,598| 40,142| 46,847| De ferred Revenue| 19,026| —| —| —| Capital lease obligations| —| 3,796| 5,074| 6,683|Current liabilities of held for sale subsidiary| | | 3,684| | Total current liabilities| 106,300| 127,042| 114,939| 154,966| Other long-term liabilities| 2,572| 3,034| —| —| Capital lease obligations, non-current| —-| —-| 3,983| 3,058| Convertible senior notes| 66,558| 75,623| 75,279| 74,935| Total liabilities| 175,430| 205,699| 194,201| 232,959| | | | | | Stockholders’ equity (deficit):| | | | | Preferred stock| —| —| —| —| Common stock| 2| 2| 2| 2| Additional paid in capital| 338,620| 333,909| 325,771| 251,244| Accumulated deficit| (264,985)| (243,709)| (198,694)| (96,829)| Unearned stock-based compensation| | | | (305)|Treasury stock| (76,670)| (63,278)| (64,983)| (65,325)| Accumulated other comprehensive income (loss)| 48| (94)| (132)| 962| Total stockholders’ equity (deficit)| (2,985)| 26,830| 61,964 | 89,749| Total liabilities and stockholders’ equity (deficit)| 172,445| 232,529| 265,165| 325,913| | | | | | Overstock Restated Consolidated Balance Sheets (in thousands)| | | | December 31,| | 2008| 2007| 2006| 2005| | Assets| Current Assets:| | | | | Cash and cash equivalents| 100,577| 101,394| 126,965| 55,875| Marketable securities| 8,989| 46,000| —| 55,799| Cash, cash equivalents and marketable securities| 109,566| 147,394| 126,965| 111,674| Accounts receivable, net| 6,985| 11,208| 16,330| 10,021| Notes receivable| 1,250| 1,506| 6,702| —|Inventories, net| 17,723| 25,643| 23,970| 93,269| Prepaid inventory, net| 761| 3,572| 2,241| 9,633| Prepaid expense| 9,694| 7,572| 7,473| 8,477| Current assets of held for sale subsidiary| | | 4,718| 2,054| Total current assets| 145,979| 196,895| 188,299| 235,128| Restricted cash| | | | 253| Fixed assets, net| 23,144| 27,197| 56,198| 60,850| Goodwill| 2,784| 2,784| 2,784| 2,784| Other long-term assets, net| 538| 86| 578| 3, 333| Notes receivable| —| 4,181| —| —| Long-term assets of held for sale subsidiary| | | 16,594| 23,565| Total assets| 172,445| 231,143| 264,453| 325,913| | | | | | Liabilities and Stockholders’ Equity (Deficit)| Current liabilities:| | | | |Accounts payable| 62,120| 70,358| 58,412| 100,188| Accrued liabilities| 25,154| 37,155| 38,434| 45,934| Deferred Revenue| 19,026| 22,965| 23,220| 6,683| Capital lease obligations| —| 3,796| 5,074| —| Current liabilities of held for sale subsidiary| | | 3,684| 2,161| Total current liabilities| 106,300| 134,274| 128,824| 154,966| Other long-term liabilities| 2,572| 3,034| —| —| Capital lease obligations, non-current| —| —| 3,983| 3,058| Convertible senior notes| 66,558| 75,623| 75,279| 74,935| Total liabilities| 175,430| 212,931| 208,086| 232,959| | | | | | Stockholders’ equity (deficit):| | | | | Preferred stock| —| —| —| —| Common stock| 2| 2 | 2| 2|Additional paid in capital| 338,620| 333,909| 325,771| 250,939| Accumulated deficit| (264,985)| (252,327)| (204,291)| (96,829)| Treasury stock| (76,670)| (63,278)| (64,983)| (65,325)| Accumulated other comprehensive income (loss)| 48| (94)| (132)| 962| Total stockholders’ equity (deficit)| (2,985)| 18,212| 56,367| 89,749| Total liabilities and stockholders’ equity (deficit)| 172,445| 231,143| 264,453| 325,913| Overstock Restated Common-Size Consolidated Balance Sheets| | | | | | | December 31,| (% of total assets)| 2008| 2007| 2006| 2005| Assets| | | | | Current Assets:| | | | | Cash and cash equivalents| 58. 3%| 43. 9%| 48%| 17. 1%| Marketable securities| 5. 2%| 19. 9%| —| 17. 1%| Cash, cash equivalents and marketable securities| 63. 5%| 63. 8%| 48%| 34. 2%| Accounts receivable, net| 4. 1%| . 5%| 6. %| 3. 1%| Notes receivable| . 7%| . 7%| 2. 5%| —| Inventories, net| 10. 3%| 11. 1%| 9. 1%| 28. 6%| Prepaid inventory, net| . 4%| 1. 5%| . 8%| 3%| Prep aid expense| 5. 6%| 3. 3%| 2. 8%| 2. 6%| Current assets of held for sale subsidiary| | | 1. 8%| . 6%| Total current assets| 84. 7%| 85. 2%| 71. 2%| 72. 1%| Restricted cash| | | | . 07%| Fixed assets, net| 13. 4%| 11. 8%| 21. 3%| 18. 7%| Goodwill| 1. 6%| 1. 2%| 1. 1%| . 9%| Other long-term assets, net| . 3%| . 04%| . 2%| 1%| Notes receivable| —| 1. 8%| —| —| Long-term assets of held for sale subsidiary| | | 6. 3%| 7. 2%| Total assets| 100%| 100%| 100%| 100%| | | | | | Liabilities| | | | |Current liabilities:| | | | | Accounts payable| 36%| 30. 4%| 22. 1%| 30. 7%| Accrued liabilities| 14. 6%| 16. 1%| 14. 5%| 14. 1%| Deferred Revenue| 11%| 10%| 8. 8%| 2. 1%| Capital lease obligations| —| 1. 6%| 1. 9%| —| Current liabilities of held for sale subsidiary| | | 1. 4%| . 7%| Total current liabilities| 61. 6%| 58. 1%| 48. 7%| 47. 5%| Other long-term liabilities| 1. 5%| 1. 3%| —| —| Capital lease obligations, non-current| —| —| 1. 5%| . 9%| Convertible senior notes| 38. 6%| 32. 7%| 28. 5%| 23%| Total liabilities| 101. 7%| 92. 1%| 78. 7%| 71. 5%| | | | | | Stockholders’ Equity| | | | | Stockholders’ equity (deficit):| | | | |Preferred stock| —| —| —| —| Common stock| —| —| —| —| Additional paid in capital| 196. 4%| 144. 5%| 123. 2%| 77%| Accumulated deficit| -153. 7%| -109. 2%| -77. 3%| -29. 7%| Treasury stock| -44. 5%| -27. 4%| -24. 6%| -20%| Accumulated other comprehensive income (loss)| . 03%| -. 04%| -. 05%| . 3%| Total stockholders’ equity (deficit)| -1. 7%| 7. 9%| 21. 3%| 27. 5%| Total liabilities and stockholders’ equity (deficit)| 100%| 100%| 100%| 100%| Overstock Restated Trend Consolidated Balance Sheets (2005 = 100%)| | | | | | | December 31,| | 2008| 2007| 2006| 2005| Assets| | | | | Current Assets:| | | | | Cash and cash equivalents| 180%| 181. 5%| 227. %| 100%| Marketable securities| 16. 1%| 82. 4%| —| 100% | Cash, cash equivalents and marketable securities| 98. 1%| 132%| 113. 7%| 100%| Accounts receivable, net| 69. 7%| 111. 8%| 163%| 100%| Notes receivable| 18. 7%| 22. 5%| 100%| | Inventories, net| 19%| 27. 5%| 25. 7%| 100%| Prepaid inventory, net| 7. 9%| 37. 1%| 23. 3%| 100%| Prepaid expense| 114. 4%| 89. 3%| 88. 2%| 100%| Current assets of held for sale subsidiary| —| —| 229. 7%| 100%| Total current assets| 62. 1%| 83. 7%| 80. 1%| 100%| Restricted cash| —| —| —| 100%| Fixed assets, net| 38%| 44. 7%| 92. 4%| 100%| Goodwill| 100%| 100%| 100%| 100%| Other long-term assets, net| 16. 1%| 2. %| 17. 3%| 100%| Notes receivable| —| 100%| —| —| Long-term assets of held for sale subsidiary| | | 70. 4%| 100%| Total assets| 53%| 71%| 81. 1%| 100%| | | | | | Liabilities| | | | | Current liabilities:| | | | | Accounts payable| 62%| 70. 2%| 58. 3%| 100%| Accrued liabilities| 54. 8%| 80. 9%| 83. 7%| 100%| Deferred Revenue| 284. 7%| 343. 6%| 347 . 4%| 100%| Capital lease obligations| —| 74. 8%| 100%| 00%| Current liabilities of held for sale subsidiary| | | 170. 5%| 100%| Total current liabilities| 68. 6%| 86. 6%| 83. 1%| 100%| Other long-term liabilities| 84. 8%| 100%| —| —00%| Capital lease obligations, non-current| —| —| 130. %| 100%| Convertible senior notes| 88. 8%| 101%| 100. 5%| 100%| Total liabilities| 75. 3%| 91. 4%| 89. 3%| 100%| | | | | | Stockholders’ Equity| | | | | Stockholders’ equity (deficit):| | | | | Preferred stock| —| —| —| —00%| Common stock| 100%| 100%| 100%| 100%| Additional paid in capital| 134. 9%| 133. 1%| 129. 8%| 100%| Accumulated deficit| 273. 7%| 260. 6%| 211%| 100%| Treasury stock| 117. 4%| 96. 9%| 99. 5%| 100%| Accumulated other comprehensive income (loss)| 5%| -9. 8%| -13. 7%| 100%| Total stockholders’ equity (deficit)| -3. 3%| 20. 3%| 62. 8| 100%| Total liabilities and stockholders’ equity (deficit)| 52. 9%| 70. 9%| 81. 1%| 100%|Amazon Consolidated Statements of Operations (in millions)| | | | Year Ended December 31,| | 2008| 2007| 2006| 2005| Net sales| 19,166| 14,835| 10,711| 8,490| Cost of sales| 14,896| 11,482| 8,255| 6,451| Gross profit| 4,270| 3,353| 2,456| 2,039| Operating expenses:| | | | | Fulfillment| 1,658| 1,292| 937| 745| Marketing| 482| 344| 263| 198| Technology and content| 1,033| 818| 662| 451| General and administrative| 279| 235| 195| 166| Other operating expense (income), net| (24)| 9| 10| 47| Total operating expenses| 3,428| 2,698| 2,067| 1,607| Income from operations| 842| 655| 389| 432| Interest income| 83| 90| 59| 44| Interest expense| (71)| (77)| (78)| (92)| Other income (expense), net| 47| (8)| 7| 2|Total non-operating income (expense)| 59| 5| 12| 42| Income before income taxes| 901| 660| 377| 428| Provision for income taxes| (247)| (184)| (187)| 95| Equity-method investment activity, net of tax| (9)| —| —| —| Income before cumulati ve effect of change in accounting principle| | | | 333| Cumulative effect of change in accounting principle| | | | 26| Net income| 645| 476| 190| 359| Amazon Common-Size Consolidated Statements of Operations| | | | | | | Year Ended December 31,| (% of sales)| 2008| 2007| 2006| 2005| Net sales| 100%| 100%| 100%| 100%| Cost of sales| 77. 7%| 77. 4%| 77. 1%| 76%| Gross profit| 22. 3%| 22. 6%| 22. 9%| 24%| Operating expenses:| | | | |Fulfillment| 8. 7%| 8. 7%| 8. 7%| 8. 8%| Marketing| 2. 5%| 2. 3%| 2. 5%| 2. 3%| Technology and content| 5. 4%| 5. 5%| 6. 2%| 5. 3%| General and administrative| 1. 5%| 1. 6%| 1. 8%| 2%| Other operating expense (income), net| -. 1%| . 06%| . 09%| . 6%| Total operating expenses| 17. 9%| 18. 2%| 19. 3%| 18. 9%| Income from operations| 4. 4%| 4. 4%| 3. 6%| 5. 1%| Interest income| . 4%| . 6%| . 6%| . 5%| Interest expense| -. 4%| -. 5%| -. 7%| -1. 1%| Other income (expense), net| . 2%| -. 05%| . 07%| . 02%| Total non-operating income (expense)| . 3%| . 03%| . 1%| . 5%| Income before income taxes| 4. 7%| 4. 4%| 3. 5%| 5%| Provision for income taxes| -1. 3%| -1. %| -1. 7%| 1. 1%| Equity-method investment activity, net of tax| -. 05%| —| —| —| Income before cumulative effect of change in accounting principle| | | | 3. 9%| Cumulative effect of change in accounting principle| | | | . 3%| Net income| 3. 4%| 3. 2%| 1. 8%| 4. 2%| | | | | | | Amazon Trend Consolidated Statements of Operations (2005 = 100%)| | | | | | | For Year Ended December 31,| | 2008| 2007| 2006| 2005| Net sales| 225. 7%| 174. 7%| 126. 2%| 100%| Cost of sales| 231%| 178%| 1278%| 100%| Gross profit| 209. 4%| 164. 4%| 120. 5%| 100%| Operating expenses:| | | | | Fulfillment| 222. 6%| 173. 4%| 125. 8%| 100%| Marketing| 243. 4%| 173. %| 132. 8%| 100%| Technology and content| 229%| 181. 4%| 146. 8%| 100%| General and administrative| 168. 1%| 141. 6%| 117. 5%| 100%| Other operating expense (income), net| -51. 1%| 19. 1%| 21. 3%| 100%| Total operating expenses| 213. 3%| 167. 9%| 128. 6%| 100%| Income from operations| 194. 9%| 151. 6%| 90%| 100%| Interest income| 180. 6%| 204. 5%| 134. 1%| 100%| Interest expense| 77. 2%| 83. 7%| 84. 8%| 100%| Other income (expense), net| 2350%| -400%| 350%| 100%| Total non-operating income (expense)| 140. 5%| 11. 9%| 28. 6%| 100%| Income before income taxes| 210. 5%| 154. 2%| 88. 1%| 100%| Provision for income taxes| -260%| -193. 7%| -196. %| 100%| Equity-method investment activity, net of tax| 100%| —| —| —| Income before cumulative effect of change in accounting principle| | | | 100%| Cumulative effect of change in accounting principle| | | | 100%| Net income| 179. 7%| 132. 6%| 52. 9%| 100%| Amazon Consolidated Balance Sheets (in millions)| | | | December 31,| | 2008| 2007| 2006| 2005| | Assets| Current assets:| | | | | Cash and cash equivalents| 2,769| 2,539| 1,022| 1,013| Marketable securities| 958| 573| 997| 987| Inventories| 1,399| 1,200| 877| 566| Accounts receivable, net and other| 8 27| 705| 399| 274| Deferred tax assets| 204| 147| 78| 89| Total current assets| 6,157| 5,164| 3,373| 2,929| Fixed assets, net| 854| 543| 457| 348| Deferred tax assets| 145| 260| 199| 223|Goodwill| 438| 222| 195| 159| Other assets| 720| 296| 139| 37| Total assets| 8,324| 6,485| 4,363| 3,696| | Liabilities and Stockholders’ Equity| Current liabilities:| | | | | Accounts payable| 3,594| 2,795| 1,816| 1,366| Accrued expenses and other| 1,093| 902| 716| 533| Current portion of long-term debt| 59| 17| —| —| Total current liabilities| 4,746| 3,714| 2,532| 1,899| Long-term debt| 409| 1,282| 1,247| 1,480| Other long-term liabilities| 487| 292| 153| 71| Commitments and contingencies| | | | | Stockholders’ equity:| | | | | Preferred stock| —| —| —| —| Common stock| 4| 4| 4| 4| Treasury stock, at cost| (600)| (500)| (252)| —|Additional paid-in capital| 4,121| 3,063| 2,517| 2,263| Accumulate other comprehensive income (loss)| (123)| 5| (1)| 6| Accumulated deficit| (730)| (1,375)| (1,837)| (2,027)| Total stockholders’ equity| 2,672| 1,197| 431| 246| Total liabilities and stockholders’ equity| 8,314| 6,485| 4,363| 3,696| Amazon Common-Size Consolidated Balance Sheets| | | | | | | December 31,| (% of total assets)| 2008| 2007| 2006| 2005| Assets| | | | | Current assets:| | | | | Cash and cash equivalents| 33. 3%| 39. 2%| 23. 4%| 27. 4%| Marketable securities| 11. 6%| 8. 8%| 22. 9%| 26. 7%| Inventories| 16. 8%| 18. 5%| 20. 1%| 15. 3%| Accounts receivable, net and other| 9. 9%| 10. 9%| 9. 1%| 7. 4%| Deferred tax assets| 2. 5%| 2. 3%| 1. 8%| 2. 4%|Total current assets| 74%| 79. 6%| 77. 3%| 79. 2%| Fixed assets, net| 10. 3%| 8. 4%| 10. 5%| 9. 4%| Deferred tax assets| 1. 7%| 4%| 4. 6%| 6%| Goodwill| 5. 3%| 3. 4%| 4. 5%| 4. 3%| Other assets| 8. 6%| 4. 6%| 3. 2%| 1%| Total assets| 100%| 100%| 100%| 100%| | | | | | Liabilities| | | | | Current liabilities:| | | | | Accounts payable| 43. 2%| 43. 1%| 41. 6%| 3 7%| Accrued expenses and other| 13. 1%| 13. 9%| 16. 4%| 14. 4%| Current portion of long-term debt| . 7%| . 3%| —| —| Total current liabilities| 57%| 57. 3%| 58%| 51. 4%| Long-term debt| 4. 9%| 19. 8%| 28. 6%| 40%| Other long-term liabilities| 5. 9%| 4. 5%| 3. 5%| 1. 9%| | | | | | Stockholders’ Equity| | | | |Preferred stock| —| —| —| —| Common stock| . 05%| . 06%| . 09%| . 1%| Treasury stock, at cost| -7. 2%| -7. 7%| -5. 8%| —| Additional paid-in capital| 49. 5%| 47. 2%| 57. 7%| 61. 2%| Accumulate other comprehensive income (loss)| -1. 5%| . 08%| -. 02%| . 2%| Accumulated deficit| -8. 8%| -21. 2%| -42. 1%| -54. 8%| Total stockholders’ equity| 32. 1%| 18. 5%| 9. 9%| 6. 7%| Total liabilities and stockholders’ equity| 100%| 100%| 100%| 100%| | | | | | Amazon Trend Consolidated Balance Sheets (2005 = 100%)| | | | | | | December 31,| | 2008| 2007| 2006| 2005| Assets| | | | | Current assets:| | | | | Cash and cash equiv alents| 273. 3%| 250. 6%| 100. %| 100%| Marketable securities| 97. 1%| 58. 1%| 101%| 100%| Inventories| 247. 2%| 212%| 155%| 100%| Accounts receivable, net and other| 301. 8%| 257. 3%| 145. 6%| 100%| Deferred tax assets| 229. 2%| 165. 2%| 87. 6%| 100%| Total current assets| 210. 2%| 176. 3%| 115. 2%| 100%| Fixed assets, net| 245. 4%| 156%| 131. 3%| 100%| Deferred tax assets| 65%| 116. 6%| 89. 2%| 100%| Goodwill| 275. 5%| 139. 6%| 122. 6%| 100%| Other assets| 1945. 9%| 800%| 375. 7%| 100%| Total assets| 225. 2%| 175. 5%| 118%| 100%| | | | | | Liabilities| | | | | Current liabilities:| | | | | Accounts payable| 263. 1%| 204. 6%| 132. 9%| 100%| Accrued expenses and other| 205. 1%| 169. %| 134. 3%| 100%| Current portion of long-term debt| 347. 1%| 100%| —| —| Total current liabilities| 249. 9%| 195. 6%| 133. 3%| 100%| Long-term debt| 27. 6%| 86. 6%| 84. 3%| 100%| Other long-term liabilities| 685. 9%| 411. 3%| 215. 5%| 100%| | | | | | Stockholders’ Equity| | | | | Pr eferred stock| —| —| —| —| Common stock| 100%| 100%| 100%| 100%| Treasury stock, at cost| 240%| 200%| 100%| —| Additional paid-in capital| 182. 1%| 135. 4%| 111. 2%| 100%| Accumulate other comprehensive income (loss)| -2050%| 83. 3%| -16. 7%| 100%| Accumulated deficit| 36%| 67. 8%| 90. 1%| 100%| Total stockholders’ equity| 1086. 2%| 486. 6%| 175. %| 100%| Total liabilities and stockholders’ equity| 224. 9%| 175. 5%| 118%| 100%| Overstock Financial Ratios| | | | | | 2008| 2007| 2006| Return on assets (net)(ROA)| -6. 23%| -18. 09%| -34. 43%| Return on equity (net) (ROE)| -105. 88%| -101. 39%| -131. 38%| Return on income (Operating) (ROI)| -12. 82%| -32. 94%| -57. 89%| EBITDA Margin| 1. 24| -1. 6| -7. 8| Calculated tax rate| —| —| —| Revenue per employee| $803,173| $900,665| $912,211| Quick ratio| 1. 04| 1. 21| 1. 2| Current ratio| 1. 37| 1. 56| 1. 57| Net current assets| 23. 01%| 30. 64%| 24. 54%| Long-term debt to equity| —| 2. 82| 1. 28| Total debt to equity| —| 2. 96| 1. 36|Interest coverage| —| —| —| Total asset turnover| 4. 11x| 3. 05x| 2. 67x| Receivables turnover| 75. 49x| 47. 29x| 52. 48x| Inventory turnover| 31. 68x| 27. 38x| 12. 21x| Accounts payable turnover| 12. 53x| 11. 12x| 9. 41x| Accrued expenses turnover| 27. 55x| 20. 9x| 19. 13x| Property, plant and equipment turnover| 33. 06x| 18. 23x| 13. 35x| Cash and cash equivalents turnover| 6. 48x| 5. 54x| 6. 6x| | | | | Amazon Financial Ratios| | | | | | 2008| 2007| 2006| Return on assets (net)(ROA)| 8. 69%| 8. 78%| 4. 72%| Return on equity (net) (ROE)| 33. 25%| 58. 48%| 56. 13%| Return on income (Operating) (ROI)| 28. 93%| 30. 9%| 22. 45%| EBITDA Margin| 6. 26%| 6. 1%| 5. 56%|Calculated tax rate| 27. 41%| 27. 88%| 49. 6%| Revenue per employee| $923,364| $872,647| $770,576| Quick ratio| . 96| 1. 03| . 95| Current ratio| 1. 3| 1. 39| 1. 33| Net current assets| 16. 97%| 22. 36%| 19. 28%| Long-term debt to equity| . 2| 1. 12| 2. 94| Total debt to equity| . 22| 1. 12| 2. 94| Interest coverage| —| —| 20. 47x| Total asset turnover| 2. 58x| 2. 74x| 2. 66x| Receivables turnover| 24. 95x| 26. 88x| 31. 83x| Inventory turnover| 11. 46x| 11. 06x| 11. 44x| Accounts payable turnover| 5. 98x| 6. 43x| 6. 73x| Property, plant and equipment turnover| 27. 36x| 29. 67x| 26. 61x| Cash and cash equivalents turnover| 5. 59x| 5. 78x| 5. 33x|