Africa Before the Transatlantic Slave Trade Essay

Africa before the Transatlantic Slave Trade Racist views of Africa In the last 50 years much has been done to combat the entirely false and negative views about the history of Africa and Africans, which were developed in Europe in order to justify the Transatlantic Slave Trade and European colonial rule in Africa that followed it. In the eighteenth century such racist views were summed up by the words of the Scottish philosopher David Hume, who said, ‘I am apt to suspect the Negroes to be naturally inferior to the Whites. There scarcely ever was a civilised nation of that complexion, nor even any individual, eminent either in action or in speculation. No ingenious manufacture among them, no arts, no sciences†. In the nineteenth†¦show more content†¦Egypt of the pharaohs is best known for its great monuments and feats of engineering (such as the Pyramids), but it also made great advances in many other fields too. The Egyptians produced early forms of paper and a written script. They developed the calendar too and made important c ontributions in various branches of mathematics, such as geometry and algebra, and it seems likely that they understood and perhaps invented the use of zero. They made important contributions in mechanics, philosophy, irrigation and architecture. In medicine, the Egyptians understood the body’s dependence on the brain over 1000 years before the Greek scholar Democritus. Some historians now believe that ancient Egypt had an important influence on ancient Greece, and they point to the fact that Greek scholars such as Pythagoras and Archimedes studied in Egypt, and that the work of Aristotle and Plato was largely based on earlier scholarship in Egypt. For example, what is commonly known as Pythagoras’ theorem, was known to the ancient Egyptians hundreds of years before Pythagoras’ birth. How Europe learned from Africa Some of the world’s other great civilisations, such as Kush, Axum, Ghana, Mali, and Great Zimbabwe, also flourished in Africa and some major scientific advances were known in Africa long before they were known in Europe. Towards the middle of the 12th century, the north African scientist, Al Idrisi, wrote,Show MoreRelatedThe Demise Of African Prosperity1168 Words   |  5 PagesProsperity: Effects of the Transatlantic Slave Trade The Transatlantic slave trade, a catastrophic event in the 15th to 19th century, affected millions of Africans and Europeans alike. Slaves were ripped from their homes and sent to the foreign lands, becoming the fundamental source of labour for mining and agricultural industries in the New World. Historians Hugh Thomas, Walter Rodney and John Thornton have contradictory beliefs about the effects of the Transatlantic slave trade on Africa. Thomas argues thatRead MoreEquiano s First Hand Experience Of Being Kidnapped1518 Words   |  7 Pagesas a child in Africa, is a poignant accounting of the Transatlantic Slave Trade. This era and actions of the slavers, which we now view as â€Å"Crimes against Humanity,† lasted approximately 400 years from the 16th to 19th century (Smallwood). Many have called this forced exodus of 12-15 million African men, women, and children as a dark time where profits came at the cost of human suffering. As Equiano and many historians detailed, the a bduction of Africans occurred mostly in West Africa, the regionRead MoreTransatlantic Slave Trade and the Effects on the American Economy1627 Words   |  7 PagesTransatlantic Slave Trade and the effects on the american economy Transatlantic Slave Trade The Transatlantic slave trade is a â€Å"wrenching aspect of the history of Africa and America† (Colin Palmer). The transatlantic slave trade transported African people to the â€Å"New World†. It lasted from the 16th to the 19th century. Slavery has had a big impact on African culture. The Africans were forced to migrate away from everything they knew, culture, heritage and lifestyles (Captive Passage). CoupledRead MoreThe Transatlantic Slave Trade During The 19th Century1521 Words   |  7 PagesThe Transatlantic Slave Trade took place through the fifth teen century to the nineteen century in the Atlantic Ocean between American, Europe and Africa. The Trade blossomed dur due to the expansion of sugar production increasing the labor supplied need , which caused a the higher demand for slaves. The expansion of sugar created organized business of seizing and selling slaves. But the transatlantic slave trade did not begin the capturing of Africans, European were captur ing slave long before theRead MoreThe Western World914 Words   |  4 Pages Throughout history, Africa has been a vulnerable player in the eyes of the rest of the world. From the slave trade to various civil right injustices that have taken place over in every century, we have studied in this class, we have been able to see the lasting impact on the continent as a ramification of certain events occurring. Using sources from the text, I will attempt to prove how the western world, exercised their power to capitalize on the African continent, in addition to the exploitationRead MoreImpact Of The Transatlantic Slave Trade885 Words   |  4 PagesThe transatlantic slave trade played a pivotal role in European nations and greatly impacted the economy financially. The transatlantic slave trade also known as the triangular trade was the network of three continents where men, women and children of African background were enslaved and deported from their homes. The trade itself had three steps. Ships with goods left Western Europe to leave to Africa where they exc hanged them for slaves. Goods would include of weapons, gunpowder, textile pearlsRead MoreThe Rise Of The Transatlantic Slave Trade1712 Words   |  7 PagesSecond Exam / Essay 1 The rise of the Transatlantic Slave Trade started with the helpless souls of Africans. Many people of this time would classify slavery as a natural order, state, or fate. They believed that people were either born as a slave or would later become one because it was their predetermined destiny or fate. Later, world cultures regarded POW’s as a natural state. POW stands for Prisoners of War, and is defined as a person who is captured and held by an enemy during war, especiallyRead MoreThe Importance Of Slave Trade In Africa751 Words   |  4 Pagestheir market. The African slaves were cheaper as compared to other continents and thus could be acquired in large numbers. In addition, African slaves were energetic and very resistance to infections and diseases. Besides this slave trade was being practiced in Africa and thus it was easy for the European nations to introduce the chattel slave. African slaves when shipped to the European Nations, they were taken to have a slave statu s, thus it was easy to maintain their slave status of blacks. ThereRead MoreA Study Of African History1384 Words   |  6 Pagesof West Africa, but little do they know African Americans were trading themselves way before then. Portuguese explorer Prince Henry, known as the navigator, was the first European to methodically explore Africa and the oceanic to the Indies.[1] Many Europeans thought that Africa s history was not important. They argued that Africans were inferior to Europeans and they used this to help justify slavery. However, the reality was very different. A study of African history shows that Africa was by noRead MoreRowlandson And Equiano s Narratives Of Captivity And Share Their Stories Through Detailed Personal Experiences1512 Words   |  7 Pagesstory growing up in Guinea west of modern day Nigeria, a major slave trade port in Africa where Nigerians were kidnapped and sold into slavery. Comparing the historical context that led to the captures of both Rowlandson and Equiano, to their depictions in their narratives are important because they are the events that took place in society that sparked the narratives of captivity written by both authors. The transatlantic slave trade as well as King Philips war were the events that affected the lives

The Ethics Of The Privacy Of Consumers - 1557 Words

The amount of data created by people every year has gone up significantly in the past few years. In 2015, there was 7.9 zettabytes of data created worldwide, and that amount is expected to grow to 35 zettabytes by 2020 (Lee, 2016). The increased popularity of smartphones, tablets, and other connected devices in recent years have contributed to the growing amount of data being created. Businesses see this data as a way to improve their fortunes and are coming up with ways to profit from this data. To obtain the data in order to utilize it, businesses collect or purchased data that consumers create on the internet. Critics of this collection of data believe that these businesses collecting the data are acting unethical for invading the privacy of consumers (Lavandera Morris, 2012). However, considering all the relevant laws, guidelines, and the impact on society as a whole in a deontology and utilitarian viewpoint, the collection of data for commercial use is ethical. In order to collect data on consumers using the internet, businesses include cookies, web beacons, e-tags, and various other tools on their sites (â€Å"Getting to know you†, 2014). These tools allow businesses to track consumers across the internet while collecting data on them. A website not only includes these tools from the business that created the site, but also from third-party data brokers. Data brokers collect the same information about users as the business that owns the site. Additionally, data brokersShow MoreRelatedComprehensive Legislation Of Social Media Privacy1559 Words   |  7 PagesMedia Privacy Reading and Writing Workshop II, Section 007 Qiu Jin (Rachel) August 11, 2014 Comprehensive Legislation to Protect Social Media Privacy Abstract The article makes a research on both the present situation of social media users’ privacy, and the work of the FTC and other federal departments to protect social media privacy. However, without a comprehensive legislation in the federal level, the fragmentation of such trial cannot arise enough and active attention to privacy issuesRead MoreThe Responsibilities Of An It Professional1304 Words   |  6 PagesToday’s World. It will also discuss the importance of maintaining the government and corporate data hidden with the legitimate need for whistle blowers. The paper will also cover how to maintain the privacy of medical and finical records and also allowing companies to market their products to those consumers that are interested. Finally, the paper will discuss finding the balance with companies, government, and the public and what is ethical and appropriate. Today’s responsibility’sRead MorePrivacy Issues Under Targeting Advertising1209 Words   |  5 PagesPrivacy Issues Under Targeted Advertising Advertising has always been an important part of our society. The history of advertising can be traced to pre-modern history when it served an important purpose by allowing sellers to effectively compete with other merchants for the attention of clients in Ancient Egypt. From 1704 when the first newspaper advertisement was announced, it gradually grows into a major force in American society based primarily on newspapers and magazines (Ad Age AdvertisingRead MoreWhy The Cfpb Has The Authority Of A Regulations That Restrict Backoffices Transactions1071 Words   |  5 Pagesa BackOffice third party billing applications would also transmit the consumer privacy data, it is the primary focus of consumer protection. Dealing with the constitutional rights, CFPB actually protects the consumer s right to obtain security of the data that may be stored and used by the CFPB (Consumer Financial Protection Bureau, 2012). BackOffice pattern as a third party must have clear terms and agreements for consumers so that the data can be accessed by BackOffice according to what the customerRead MoreWearable Technology And Data Privacy Essay1677 Words   |  7 PagesMegan Litkenhous Dr.  Lois Scheidt Computer and Information Ethics December 12, 2016 Wearable Technology and Data Privacy The purpose of this research is to summarize conclusions based off consumer behavior attitudes towards wearable technology and data privacy issues. Younger generations are growing up with information technology at the forefront of their development, which means the way society views technology and privacy is changing rapidly. It is not uncommon to see toddlers interacting directlyRead MoreDatabase Data Mining: the Silent Invasion of Privacy1308 Words   |  6 PagesDatabase Data Mining: The Silent Invasion of Privacy Database Data Mining: The Silent Invasion of Privacy Dustin Johnson University of Maryland University College As coined in an article in the St. Louis Post-Dispatch by Aisha Sultan, â€Å"Data is the new world currency.† Data mining is the process of analyzing data from different perspectives and then summarizing it into useful information. In essence is it applying all different types of what if scenarios on large swaths of data to get possibleRead MoreInternet Privacy Ethics1395 Words   |  6 Pages 1 III. Privacy laws 2 IV. Web Eavesdropping 3 V. New Law 3 VI. Consumer Trust Read MoreTechnologys Impact On Technology And The Use Of Technology1408 Words   |  6 Pagesdemagoguery are such issues which have become evident attributable to technological development. Technology development has affected how things are accomplished and consequently affected decision-making. â€Å"The discussions have majored in the issue of ethics and safety because technology can be applied negatively.† (Foley, 2006). Market research has distinguished a resurgence with the widespread utilization of the Internet and social networks. Currently, it is effortless for companies to connect directlyRead MoreEssay on Ethics of Cookies1279 Words   |  6 PagesEthics of Cookies eth ·ic 1 plural but singular or plural in construction : the discipline dealing with what is good and bad and with moral duty and obligation 2 a : a set of moral principles or values b : a theory or system of moral values lt;the present-day materialistic ethic c plural but singular or plural in construction : the principles of conduct governing an individual or a group lt;professional ethics d : a guiding philosophy HTTP cookie lt;World-Wide Web A packet ofRead MoreResponsibilities Of A Registered Nurse1110 Words   |  5 Pagesprofessional as ethical values from the Code of Ethics relative to the role of a Registered Nurse in New Zealand. Beauchamp and Childress (2013) defines ‘ethics as a term used for referring to different ways of understanding and examining the moral life. The New Zealand Nurses Organization (NZNO) s (2010) Code of Ethics was established to guide nurses in their practice and to convey to society the nursing profession s ethical values. Nurses need ethics because they face many complex ethical problems

What Led to the Boston Tea Party

In essence, the Boston Tea Party — a pivotal event in American history — was an act of American colonial defiance to â€Å"taxation without representation.† The American colonists, who were not represented in Parliament, felt Great Britain was unequally and unjustly taxing them for the costs of the French and Indian War.   In December 1600, the East India Company was incorporated by English royal charter to profit from trade with East and Southeast Asia; as well as India. Although it was originally organized as a monopolistic trading company, over a period of time it became more political in nature. The company was very influential, and its shareholders included some of the most prominent individuals in Great Britain. Originally, the company controlled a large area of India for trade purposes and even had its’ own army to protect the Company’s interests. In the mid-18th century, tea from China became a very valuable and important import displacing cotton goods. By 1773, the American colonists were consuming an estimated 1.2 million pounds of imported tea each year. Well aware of this, the war-strapped British government sought to make even more money from the already-lucrative tea trade by imposing tea taxes onto the American colonies.   Decrease of Sales of Tea in America In 1757, the East India Company began to evolve into a ruling enterprise in India after the Company’s army defeated Siraj-ud-daulah, who was the last independent Nawab (governor) of Bengal at the Battle of Plassey. Within a few years, the Company was collecting revenues for the Mughal Emperor of India; which should have made the East India Company very wealthy. However, the famine of 1769-70 reduced India’s population by as much as one-third along with the costs associated with maintaining a large army placed the Company on the verge of Bankruptcy. In addition, the East India Company had been operating at a significant loss due to a tremendous decrease in sales of tea to America. This decline had begun in the mid-1760s after the high cost of British tea drove some American colonists to start a profitable industry of smuggling tea from the Dutch and other European markets. By 1773 nearly 90% of all tea sold in America was being imported illegally from the Dutch. The Tea Act In response, the British Parliament passed the Tea Act on April 27, 1773, and on May 10, 1773, King George III placed his royal assent on this act. The major purpose of the passage of the Tea Act was to keep the East India Company from going bankrupt. Essentially, the Tea Act lowered the duty the Company paid on tea to the British government and in doing so gave the Company a monopoly on the American tea trade allowing them to sell directly to the colonists. Thus, East India Tea became the cheapest tea to be imported to the American colonies. When the British Parliament proposed the Tea Act, there was a belief that the colonists would not object in any form to being able to purchase cheaper tea. However, Prime Minister Frederick, Lord North, failed to take into consideration not only the power of the colonial merchants who had been cut out as middlemen from the sales of tea but also the way the colonists would view this act as â€Å"taxation without representation.† The colonists viewed it this way because the Tea Act intentionally left in place a duty on tea that entered the colonies yet it removed the same duty of tea that entered England. After the enactment of the Tea Act, the East India Company shipped its’ tea to several different colonial ports, including New York, Charleston, and Philadelphia all of which refused to allow the shipments to be brought ashore. The ships were forced to return to England. In December 1773, three ships named the Dartmouth, the  Eleanor, and the  Beaver arrived in Boston Harbor carrying East India Company tea. The colonists demanded that the tea is turned away and sent back to England. However, the Massachusetts Governor, Thomas Hutchinson, refused to heed to the colonists’ demands. Dumping 342 Chests of Tea Into the Boston Harbor On December 16, 1773, members of the Sons of Liberty, many dressed in disguise as Mohawk Indians, boarded three British ships docked in Boston harbor and dumped 342 chests of tea into the chilly waters of Boston Harbor. The sunken chests held over 45 tons of tea, worth almost  $1 million today. Many believe the colonists’ actions had been spurred by the words of Samuel Adams during a meeting at the Old South Meeting House. In the meeting, Adams called on colonists from all towns surrounding Boston to â€Å"be in readiness in the most resolute manner to assist this Town in their efforts for saving this oppressed country.† The incident famously known as the Boston Tea Party was one of the leading acts of defiance by colonists that would come to full fruition a few years later in the Revolutionary War. Interestingly enough, General Charles Cornwallis, who surrendered the British army to General George Washington at Yorktown on October 18, 1871, was the governor-general and commander in chief in India from 1786 until 1794. Updated by Robert Longley

The Psychological Effects Of Of Abortion - 858 Words

Subsequently religion plays an even bigger role in the psychological effects attributed of abortion. This is said because if a woman is a member a strong religious group with equally strong views opposing abortion she may begin to feel as though she has to end the abortion due to feelings of shame and guilt associated with the abortion or because she doesn’t want to bring shame upon her family. These two very strong feelings may only intensify once having an abortion ,but it’s necessary to note that before the actual abortion she was experience a collection of feelings all stemming from of her religion. Many different religions view the act of abortion differently like for instance, elective abortion are justified by Catholics for health reasons, whether the mother’s or the child’s, a condition that requires a physician’s evaluation (Marvà ¡n). Whereas in a cases of spontaneous abortion their beliefs are against abortion due to the religious tex t that they follow. Furthermore The hierarchy of the Catholic Church, basing itself on the defense of the sanctity and dignity of human life from the moment of conception, prohibits abortion in any instance, even in cases of rape or when the life of a pregnant woman is at risk.†( Marvà ¡n). These facts juts make it ever harder for the woman depending on her religion to feel supported behind her decision. The point of all of this is to spotlight that the abortion is acting as the secondary cause of psychological effects and theShow MoreRelatedThe Psychological Effects Of Abortion On Mental Health1524 Words   |  7 PagesVarious studies have been conducted to show the psychological effects following an abortion. According to the results some women experience depression and anxiety. These psychological effects reflect on several factors. Abortion may relieve stress by ending an unwanted pregnancy, but the event itself may simultaneously be experienced as a stressor caus ing anxiety grief, guilt, despair and anger. These factors could lead to depression, as feelings of powerless, anger and self-condemnation are emotionsRead MoreThe Psychological Effects of Abortions amongst Teens500 Words   |  2 Pages The Psychological Effects of Abortions amongst Teens An Introduction of Abortion Are you familiar with the name Dr. Karen Ashford, probably not? She is a factious character that would have been if she was allowed to be born. She was never given a chance at life because she was aborted at only 16 weeks in uteri. She was forced to be aborted by her would be grandmother of her 13 year old mother. The young mother was not given an opportunity to voice her opinion about the outcomeRead More Psychological and Physical Side Effects of Abortion Essay869 Words   |  4 Pages Abortion was created to aid in certain situations in which a woman could not or did not want to give birth to a child and to care for the child. Abortion is a method in which the baby still in the mother’s womb or the living embryo/fetus is killed. Abortions will be performed for many reasons if it is an unwanted pregnancy for social and/or financial reasons or if there are medical circumstances with the child and/or the mother. A woman may be unable to carry the child or there may be congenitalRead MoreGianna Jessen is a Survivor of Abortion1299 Words   |  5 PagesGianna Jessen who is now thirty-six, survived an abortion. At seventeen years old, her mother attempted to abort her using the saline procedure. Eventually, Gianna forced a birth after being in the solution for eighteen hours. She was put up for adoption after she was born and was diagnosed with cerebral palsy at an early age due to the saline burning. Around the world, abortion takes place on the daily basis and the government considers this form of murder legal. This brutal act of legal murderRead MoreThe Effects Of Illegal Termination Of Pregnancies On The Quality Of Life Among Female1114 Words   |  5 PagesPROJECT ON THE EFFECTS OF ILLEGAL TERMINATION OF PREGNANCIES TO THE QUALITY OF LIFE AMONG FEMALE MINORS 14-19 YEARS IN OJO LOCAL GOVERNMENT AREA, LAGOS - STATE. BY EDWINA UCHECHI IHIM-OKWANDU APPLICATION NUMBER:17616 TEXILA AMERICAN UNIVERSITY. IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF BACHELOR DEGREE IN SCIENCE OF NURSING. APRIL,2016. ABSTRACT Illegal abortion is a general problem in the Society. It is frequently followed by Physical, Social and psychological complicationsRead MoreThe Effects of Abortion That You Dont Know About Essay1110 Words   |  5 PagesThe Effects of Abortion That You Dont Know About Many women that choose to have an abortion do not realize that it is a dangerous surgery with serious side effects. These side effects are both physical and psychological. Having an abortion is unnatural and interrupts this function of the human body. â€Å"The women’s body naturally resists the abortion, causing physical and emotional problems† (â€Å"Who does Abortion Affect?†). Almost all of theRead MoreAbortion Is The Termination Of A Pregnancy After, Accompanied1435 Words   |  6 PagesAbortion is the termination of a pregnancy after, accompanied by, resulting in, or closely followed by the death of the embryo or fetus. People have used the negative psychological effects of abortion as a basis to either promote or discourage abortion; making it one of the most highly debated topics for years. Many studies argue that abortion can lead to serious mental illness as people have disclosed effects ranging from depression, post-traumatic stress disorder, anx iety, substance abuse, sexualRead MoreEssay about Abortion Is Murder1200 Words   |  5 Pages Since 1973, when it became legalized, abortion has been of the most controversial ethical issues in America. In the court case of Roe v. Wade, the Supreme Court came to the conclusion that women have the right to privacy which includes the right to having an abortion. This ruling has caused many controversies and millions of people throughout America protest against abortion every year. Abortion is an operation of other intervention to end a pregnancy by removing an embryo or fetus from the wombRead MoreAbortion And Racism : An Advocate For Men And Women Seeking Post Abortion Healing1336 Words   |  6 Pages â€Å"Abortion and racism are evil twins, born of the same lie. Where racism now hides its face in public, abortion is accomplishing goals of which racism only once dreamed. Together abortionists are destroying humanity at large†- Alveda King. In short, abortions are destroying the lives of Canadians one abortion at a time. An abortion leaves the mother in a vulnerable state, even more so when the mother is a teenager. Abortions negatively affect a teenage girl psychologically, physically and sociallyRead MorePersuasive Essay On Abortion1228 Words   |  5 Pagesmillion end up in abortion† (Hern). Because of the numerous traumatic psychological, physical, and overall irresponsible behavior or actions constantly encouraged due to abortion, it should be banned, and forever illegal. Killing one’s own fetus has been linked to psychological distress which has been channeled into many different cases of substance abuse. â€Å"Induced abortion has been linked to increased rates of substance abuse, especially among young woman† (â€Å"Psychological Health Effects†). Not only are

Current Liabilities and Payroll Accounting Free Essays

11 Current Liabilities and Payroll Accounting : : , , : Teaching Objectives: Make clear the concepts such as current and long-term liabilities and their characteristics, known liabilities, estimated liabilities, contingent liabilities and payroll accounting. Teaching Focus: how to define, classify, measure, report, and analyze these liabilities so that this information is useful to business decision makers. What is liability A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. We will write a custom essay sample on Current Liabilities and Payroll Accounting or any similar topic only for you Order Now Classifying Liabilities Liabilities can be classified into current liabilities and long-term liabilities according to term of payment. , Current Liabilities Current liabilities are obligations due to be paid or settled within one year or the operating cycle, whichever is longer. They are usually settled by paying out current assets such as cash. notes payable, mortgages payable, bonds payable, and lease obligations) : , : Long-term Liabilities Long-term liabilities are obligations not due within one year or the operating cycle, whichever is longer. (notes payable, mortgages payable, bonds payable, and lease obligations) : : Known Liabilities Most liabilities arise from situation with little uncertainty. They are set by agreements, contracts, or laws and are measurable. These liabilities are Known Liabilities, also called definitely determinable liabilities. Known Liabilities include accounts payable, notes payable, payroll, sales taxes payable, unearned revenues and lease obligations : : — Known Liabilities— Sales Taxes Payable Sales taxes are stated as a percent of selling prices. The seller collects sales taxes from customers when sales occur and remits these collections to the proper government agency. Since sellers currently owe these collections to the government, this amount is a current liability. : , , , , , Example:On May 15, 2009, Max Hardware sold tools and supplies for $7,500 that are subject to a 6% sales tax. $7,500 6% = $450 — Known Liabilities—unearned revenues Unearned Revenues (also called deferred revenues, collections in advance, and prepayments) are amounts received in advance from customers for future products or services. , Example: On May 1, 2009, A-1 Catering received $3,000 in advance for catering a wedding party to take place on July 12, 2009. — Known Liabilities—Short-term Note Payable A written promise to pay a specified amount on a definite future date within one year or the company’s operating cycle, whichever is longer. — NOTE GIVEN TO EXTEND CREDIT PERIOD A company can replace an account payable with a note payable. A common example is a creditor that requires the substitution of an interst-bearing note for an overdue account payable that does not bear interest. Example: On August 1, 2009, Matrix, Inc. asked Carter, Co. to accept a 90-day, 12% note to replace its existing $5,000 account payable to Carter. Matrix would make the following entry: On October 30, 2009, Matrix, Inc. pays the note plus interest to Carter. Interest expense = $5,000 12% (90 360) = $150 — NOTE GIVEN TO BORROW FROM BANK A bank nearly always requires a borrower to sign a promissory note when making a loan. When the note matures, the borrower repays the note with an amount larger than the amount borrowed. This difference between the amount borrowed and the amount repaid is interest. , , , FACE VALUE EQUALS AMOUNT BORROWED On September 1, 2009, Jackson Smith borrows $20,000 from American Bank. The note bears interest at 6% per year. Principal and interest are due in 90 days (November 30, 2009). On November 30, 2009, Smith would make the following entry: $20,000 6% (90 360) = $300 PAYROLL LIABILITIES Employers incur expenses and liabilities from having employees. , , FICA( )Federal Insurance Contributions Act (FICA) Medicare Taxes Employers must pay withheld taxes to the Internal Revenue Service (IRS) . Federal Income Tax State and Local Income Taxes Employers must pay the taxes withheld from employees’ gross pay to the appropriate government agency. Voluntary Deductions Amounts withheld depend on the employee’s request. Examples include union dues, savings accounts, pension contributions, insurance premiums, and charities. Employers owe voluntary amounts withheld from emp loyees’ gross pay to the designated agency. Gross pay is the total compensation an employee earns including wages, salaries, commissions, bonuses, and any compensation earned before deductions. ( )Wages usually refer to payments to employees at an hourly rate. ( )Salaries usually refer to payments to employees at a montly or yearly rate. Net pay, also called or take-home pay, is gross pay less all deductions. Payroll deductions, commonly called withholdings, are amounts withheld from an employee’s gross pay, either required or voluntary. Required deductions result from laws and include income taxes and Social Security taxes. Voluntary deductions, at an employee’s option, include pension and health contributions, union dues, and charitable giving. Withholdings RECORDING EMPLOYEE PAYROLL DEDUCTIONS The entry to record payroll expenses and deductions for an employee might look like this. $4,000 6. 20% = $248 $4,000 1. 45% = $58 EMPLOYER PAYROLL TAXES Employers pay amounts equal to that withheld from the employee’s gross pay. RECORDING EMPLOYER PAYROLL TAXES The entry to record the employer payroll taxes for January might look like this How to cite Current Liabilities and Payroll Accounting, Essay examples Current Liabilities and Payroll Accounting Free Essays Teaching Objectives: Make clear the concepts such as current and long-term liabilities and their characteristics, known liabilities, estimated liabilities, contingent liabilities and payroll accounting. Teaching Focus: how to define, classify, measure, report, and analyze these liabilities so that this information is useful to business decision makers. What is liability? A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. We will write a custom essay sample on Current Liabilities and Payroll Accounting or any similar topic only for you Order Now Classifying Liabilities Liabilities can be classified into current liabilities and long-term liabilities according to term of payment. Current liabilities are obligations due to be paid or settled within one year or the operating cycle, whichever is longer. They are usually settled by paying out current assets such as cash. notes payable, mortgages payable, bonds payable, and lease obligations) Long-term Liabilities Long-term liabilities are obligations not due within one year or the operating cycle, whichever is longer. (notes payable, mortgages payable, bonds payable, and lease obligations) Known Liabilities Most liabilities arise from situation with little uncertainty. They are set by agreements, contracts, or laws and are measurable. These liabilities are Known Liabilities, also called definitely determinable liabilities. Known Liabilities include accounts payable, notes payable, payroll, sales taxes payable, unearned revenues and lease obligations Known Liabilities— Sales Taxes Payable Sales taxes are stated as a percent of selling prices. The seller collects sales taxes from customers when sales occur and remits these collections to the proper government agency. Since sellers currently owe these collections to the government, this amount is a current liability. Example:On May 15, 2009, Max Hardware sold tools and supplies for $7,500 that are subject to a 6% sales tax. $7,500 ? 6% = $450 Known Liabilities—unearned revenues Unearned Revenues (also called deferred revenues, collections in advance, and prepayments) are amounts received in advance from customers for future products or services. Example: On May 1, 2009, A-1 Catering received $3,000 in advance for catering a wedding party to take place on July 12, 2009. Known Liabilities—Short-term Note Payable A written promise to pay a specified amount on a definite future date within one year or the company’s operating cycle, whichever is longer.   NOTE GIVEN TO EXTEND CREDIT PERIOD A company can replace an account payable with a note payable. A common example is a creditor that requires the substitution of an interst-bearing note for an overdue account payable that does not bear interest. Example: On August 1, 2009, Matrix, Inc. asked Carter, Co. to accept a 90-day, 12% note to replace its existing $5,000 account payable to Carter. Matrix would make the following entry: On October 30, 2009, Matrix, Inc. pays the note plus interest to Carter. Interest expense = $5,000 ? 12%   (90 ? 360) = $150 NOTE GIVEN TO BORROW FROM BANK A bank nearly always requires a borrower to sign a promissory note when making a loan. When the note matures, the borrower repays the note with an amount larger than the amount borrowed. This difference between the amount borrowed and the amount repaid is interest. FACE VALUE EQUALS AMOUNT BORROWED On September 1, 2009, Jackson Smith borrows $20,000 from American Bank. The note bears interest at 6% per year. Principal and interest are due in 90 days (November 30, 2009). On November 30, 2009, Smith would make the following entry: $20,000 ? 6% ? (90 ? 360) = $300 PAYROLL LIABILITIES Employers incur expenses and liabilities from having employees.   FICA Federal Insurance Contributions Act (FICA)   Medicare Taxes Employers must pay withheld   taxes to the Internal Revenue Service (IRS)   Federal Income Tax State and Local Income Taxes Employers must pay the taxes withheld from employees’ gross pay to the appropriate government agency? Voluntary Deductions Amounts withheld depend on the employee’s request. Examples include union dues, savings accounts, pension contributions, insurance premiums, and charities. Employers owe voluntary amounts withheld from employees’ gross pay to the designated agency. Gross pay is the total compensation an employee earns including wages, salaries, commissions, bonuses, and any compensation earned before deductions. Wages usually refer to payments to employees at an hourly rate. Salaries usually refer to payments to employees at a montly or yearly rate. Net pay, also called or take-home pay, is gross pay less all deductions. Payroll deductions, commonly called withholdings, are amounts withheld from an employee’s gross pay, either required or voluntary. Required deductions result from laws and include income taxes and Social Security taxes. Voluntary deductions, at an employee’s option, include pension and health contributions, union dues, and charitable giving.   Withholdings RECORDING EMPLOYEE PAYROLL DEDUCTIONS The entry to record payroll expenses and deductions for an employee might look like this. $4,000 ? 6. 20% = $248 $4,000 ? 1. 45% = $58 EMPLOYER PAYROLL TAXES Employers pay amounts equal to that withheld from the employee’s gross pay. RECORDING EMPLOYER PAYROLL TAXES The entry to record the employer payroll taxes for January might look like this How to cite Current Liabilities and Payroll Accounting, Papers

Contract Law free essay sample

Justice Kelly ruled against Smart Telecom, upholding the judgment made in The Harvela Case (1986) – one with very similar facts. Both Kelly J. and Lord Templeman shared the view that where there is an expressed contractual promise to accept the highest bid – that excludes referential bidding. And that RTE had no obligation to reiterate terms of contract to Smart as there were no alterations to those existing terms. I expressly agree with these judgments. There has been a large amount of consistency in the prior case law in this area with which I will make reference to prominent cases from Wales (1898) and New York (1982). Logical methods of deduction were employed by Kelly J. in Smart v RTE with due concern for the true intention for the vendor. This type of consideration I believe to be apt and of paramount importance in the interest fairness and transparency regard to all parties involved; the vendors, the tenders and the nature of competition itself – a style which has rendered this an area of the law unchallenged for almost a century. Facts 1. RTE invited bids for sponsorship to four interested parties (two of whom were Smart and Glanbia) summoning their best offers as sealed bids and expressly promising to sell to the highest bidder. The bids were to be confidential and opened at a specific time in tandem. 2. It was specifically stated that there was a competitive nature about the request for tenders in the interest of fairness and transparency. 3. The bids were to be stated as gross figures, for a two-year period, inclusive of agency commission. 4. As a pre-emption, it was stated that in the event of identical offers, there would be a 2nd round. 5. A subsidiary of Smart called Smart Telecom Holdings Limited (Holdings) responded despite not being one of the original four parties offering 1,5100,000e (sic). . Smart responded with the offer of a sum equal to 5% above the highest priced bid received. 7. OMD Ireland on behalf of Glanbia offered 1,595,500e per annum this is 3,191,000e for two years. 8. On the morning of the deadline one of the other parties emailed enquiring, in essence, about the acceptability of referential bids. 9. RTE responded by clarifying their original email – and thus denouncing the ac ceptability of referential bids. 10. RTE did not inform the other bidders of this enquiry or the response thereto. 11. The Smart bid was considered invalid – consistent with their response made to enquiry made the unnamed company about referential bids earlier that day. 12. Smart was informed of this and asked for clarification on their Holdings bid, which was that of 15 million euro. 13. They claimed this had been a typographical error and that the intended offer was 1,510,000e. RTE requested an email clarification of that. 14. An email was then received by RTE on behalf of Smart Telecom (not Holdings) rather for the sum of 1,500,100e (differs from figure mentioned). 15. RTE regarded this big from Holdings as the only valid one to emanate. 16. Notwithstanding the question of whether Holdings was even entitled to submit a bid at all, they were considered, but it was in fact Glanbia who submitted the highest fixed bid. 17. RTE accepted Glanbia’s offer. 18. Smart emailed RTE claiming they were the highest bidders and that if they did not accept they would instruct their solicitors to issue specific performance proceedings. 19. RTE responded simply by reiterating the terms of the contract and denouncing any obligation to accept their offer, as it was both not valid and not the highest. 0. Smart claimed an order for specific performance of the contract allegedly entered (damaged in lieu of specific performance are claimed as an alternative). 21. They also sought an injuction restraining RTE from awarding the sponsorship to Glanbia. 22. Smart also seeks a declaration that RTE was in breach of contract failing to inform it that a referential bid woul d be invalid. 23. A further declaration is sought to the effect that the conduct of the tendering process by RTE was rendered invalid and void because one bidder was told that referential bids were invalid and Smart was not. Ratio Decidendi Kelly J. ecided that â€Å"on the true construction of the RTE offer, the making of a referential bid was impermissible. That finding is supported by reference to the wording of the offer and by high judicial authority from England and Wales and from New York. â€Å" He is of the view that there is much to be said for the opinion of Lord Templeman to the effect that â€Å"where referential bids are sought there ought to be an express provision in the invitation permitting such bid’s to be made. Patent unfairness results unless that is done. Such unfairness would be inconsistent with the object which was sought to be achieved in the RTE offer. He also concludes that RTE’s email response to the referential bidding query â€Å"did no more than ind icate what the true position was to the enquirer. It was a response to the question that did not alter in any way the RTE offer†¦ [it was] no more than a reiteration of the existing terms, and [he] can see no basis upon which it was necessary to communicate the same information to all the other bidders. † Obiter Dictum Had there been an alteration to the terms of the offer however, different considerations would apply. Analysis Referential Bids (1) The way in which Kelly J. hose to extrapolate the true intention of RTE’s offer was both logical and consistent with the mechanics of his predecessor Lord Templeman. His first declaration was to the effect that, indeed, there was no trace of an expressed prohibition of referential bids within the offer – but by no means did this rinse the offer of an implied exclusion. A legal expression I find to be of rather appropriate mention in the analysis of this contract and indeed any contract where in which there uncerta inties lie is this: Expressio unius est exclusion alterius – which means, the expression of one thing is the exclusion of another. And indeed in Kelly J’s judgment amounts to expose the truth. Though there is no explicit exclusion of referential bidding (but for arguments sake, may be a wise inclusion to avoid confusion in future tenders) the language that is expressed is of such a clean, clear and concise nature that upon inspection exposes the terms of the contract to be anything but unclear. There are stark inconsistencies in the language with the permission of referential bidding. In relation to the general tendering process – â€Å"The tender setting out the terms upon which the supplier or builder is prepared to contract constitutes an offer. There is no obligation upon the offeror to accept any of the tenders unless he has promised in the statement inviting tenders to accept the lowest tenders. † or the highest tenders as the case may be the traditional contractual flow of offer and acceptance is overturned. Both Smart v RTE amp; Glanbia and The Harvela Case share the facts that ‘sealed bids’ were requested and consideration from the offeree compliant with the terms – would constitute valid entry into the contract. In cases void of a privilege clause as such, extinguish an obligation for the offeror to accept any either the lowest or the highest bid. He has the right to accept or reject any bid, but a duty to â€Å"consider compliant bids. †. If the language of his offer is expressed incorrectly and coupled with the absence of a privilege clause – he may way be exposed on foot of his â€Å"express contractual promise to accept the highest bid. † to the dangers of the sale aborting, a breach of contract or an obligation to retender the contract – none of which can be said for the way in which RTE’s offer. Court of Appeal. Lindley M. R. said:- â€Å"Does the offer fairly answer the description of what the liquidator had bound himself to accept. † 2) The construction of RTE’s offer, in my views, expressed their intentions in a sufficiently coherent manner. To be in any doubt of this, I believe, would be indicative of ignorance on behalf of the reader. Their use of phrases such as â€Å"in the interest of fairness and transparency†, â€Å"sealed bid†, â€Å"specific time †, â€Å"highest bidder†, and â€Å"competition† were not only patently specific about its objectives but that it would in fact be entirely absurd to construe their intentions in any other way (to accept referential bids) as that would rightly contradict that which is expressly stated. For reasons stated succinctly by Lord Templeman in pages 231 and 232 of his speech â€Å"if referential bids were permissible by implication, without express provision in the invitation for that purpose, and without any indication in the invitation of the nature of the referential bids which would be acceptable, he results could have been bizarre†. They too would have been entirely unfair in that there was â€Å"a possibility that one bidder would never have an opportunity to buy. † For a referential bid to even uphold there would have to be one fixed bid at least. Whether it was tender at all depended†¦ not upon the construction of that letter, but upon whether other people tendered. That is not what the liquidator wanted, and that is not what he bound himself to accept. † I might also add that in The Harvela Case there were a mere two tenders in question, which in the eyes of Lord Templeman could have rendered â€Å"bizarre results† but Kelly J. rig htfully pondered on how bizarre those results could have been with the imposition of four tenders. The essence of this case, I feel, boils down to an analysis of the difference between a sale by auction and a sale by fixed bidding by His Lordship in the Harvela Case: â€Å"Where there are two bidder with ample resources, each determined to secure the property and to prevent the other bidder from acquiring the property and to prevent the other bidder from acquiring the property, the stronger will prevail in the fixed bidding and may pay more than in an auction which is ecided, not by the strength of the stronger, but by the weakness of the weaker of the two bidders. † RTE intended for their offer to create a confidential, competition to render the highest bid from the strongest bidder. Referential bidding falls into none of these categories. Indeed referential bidding as I have pointed out – perverts the course of these ambitions from establishing a fair commercial result. As regards RTE’s response regarding the referential bid enquiry, I agree with Kelly J. n that it was but a mere reiteration of the facts and that no obligation was to be imposed on RTE to retender the contract on those grounds nor had they violated a contractual obligation toward Smart as they had previous fully disclosed all the terms of the contract. Indeed if they had altered the contract in any way at this point and failed to inform the other parties, the outcome of this case could have been quite different. Conclusion The consistency of the law in this area over the past century, stretching from Ireland to England, Wales, New York and Canada, can be held down to logical reasoning of very powerful courts. I think the law should continue to follow the preceding cases I’ve mentioned with a view to limiting the scope of pre-contractual liability at all costs. The intention of the vendor is, in my view, is to be regarded as of utmost importance. After all, the purpose of contract â€Å"is to establish the agreement that the parties have made and to fix their rights and duties in accordance with that agreement. And where an offer is a bona fide invitation to tender regarding the acceptability of referential bidding – any ambiguity that may arise surrounding the language in the offer, no matter how unclear as the case may be, be considered with due favour to the party that initiated the contract. There is to be no justice in enforcing a contract with which the true intention of the contrac tor is disregarded in favour of those who attempt to circumnavigate around provisions of a fair competition. I believe this to be especially the case where a company such as Smart intervenes with an offer from a subsidiary (Holdings) to cover all bases (both a fixed bid and a referential bid), leading me to believe that indeed their intentions were not in the spirit of fair competition. Smart set out to their bid not merely in ignorance, nor just knowingly but indeed to strategically obliterate their fellow competitors. And it is in my opinion, notwithstanding the contractual law in this area being so supportive of my view, that the intention of both parties should always be considered in equity too. ,399 words. [ 1 ]. Harvela Investments Ltd v Royal Trust of Canada (Cl) Ltd [1986] AC 207 [ 2 ]. South Hetton Coal Co. v Haswell Shotton Easington Coal and Coke Co. [1898] 1 Ch. 465 [ 3 ]. SSI Investors Limited v Korea Tungsten Mining Co. Limited [1982] 449 N. Y. S. 2d173 [ 4 ]. Lord Templeman in Harvela Investments Ltd v Royal Trust of Canada (Cl) Ltd [1986] AC 207 [ 5 ]. http://www. answer s. com/topic/expressio-unius-est-exclusio-alterius-1 [ 6 ]. Clarke, R. Contract Law in Ireland Fifth Edition (Dublin: Round Hall). 0 [ 7 ]. M. J. B. Enterprises Ltd v Defence Construction (1951) Ltd [ 8 ]. Clarke, R. Contract Law in Ireland Fifth Edition (Dublin: Round Hall, 2008). 11 [ 9 ]. Poole, J. Textbook on Contract Law (Oxford: Oxford University Press, 2012). 42 [ 10 ]. Smart Telecom Plc. V Radio Teilefis Eireann Glanbia Plc. [2006] IEHC 176 [ 11 ]. Lord Templman in ibid [ 12 ]. South Hetton Coal Co. v Haswell Shotton and Easington Coal and Coke Co. [1898] 1 Ch. 465. [ 13 ]. http://answers. encyclopedia. com/question/purpose-contracts-365127. html