Revenue Recognition Assignment Example | Topics and Well Written Essays - 250 words

Revenue Recognition - Assignment Example International Financial Reporting Standards don’t have many requirements on revenue recognition. IAS 18 and IAS 11 are international accounting standards that focus on revenue and construction contracts respectively. The standards are difficult to understand and application in a situation. They provide minimal guidance concerning revenue recognition used for multiple arrangements. FASB and IASB has set new accounting rules designed to assist converge global standards. The current and proposed standards will change how companies in the United States recognize their revenue on their financial and statements (http://www.fasb.org/intl/convergence_iasb.shtml). The proposed standards will have some different effects on various companies. The effects may include changes in the amount of deliverables of the contract. The standards will affect the manner in which revenue is allocated to different deliverables. These changes affect key financial measures for companies in the United States (http://www.ifrs.org/News/Press-Releases/Pages/leases-exposure-draft-August-2010.asp). Companies in the software’s industry have specific guidance that enables them to run efficiently. Proposed standards provide software’s companies with an opportunity to develop their company with regard to the management and control of their financial statements. Companies will find it hard to market their products in a sensible manner to the company and get a positive reflection in the financial statements (http://proleasesoftware.com/fasb-lease-accounting). Financial Accounting Standards Board in conjunction with IASB is going to develop new accounting standards on the recognition of revenue from contracts. They are attempting to converge financial standards to create a single standard that will apply across various industries. The action will improve revenue recognition rules and replace industry specific practices that are difficult to sustain. The main aim of

Theories and research strategies in international politics Essay - 1

Theories and research strategies in international politics - Essay Example As a discipline of study, international politics can be studied with a scientific approach, but the nature of the complexity of society does not truly allow scientific parameters to fully encompass the issues involved. To decide whether international politics can be studied as a science, it is first necessary to define what constitutes a scientific study of a topic. At the end of the 19th century as the pursuit of science was beginning to be done according to modern standards, definitions of science were offered in order to more clearly ascertain the nature of scientific research. According to Michels (1880), science is created when three aspects of research are utilized. First one observes, then one records those observations, and finally one draws conclusions based on what has been recorded (pp. 383). The Popular science monthly (1872) defined science more simply as a search for real truth (pp. 226). Although, this definition is complicated by philosophies on what is ’real’ and what is ’truth’. development of an objective, consistent, documented system of knowledge based on rigorous systematic observations that lead to hypotheses that are then tested and refined (pp. 4). This definition defines science as the ability to observe and record something that will lead to a conclusion which is very similar to the musings of Michels on the topic. Science, in other words, is defined by the ability to research and draw conclusions about a topic. If this is the definition of science, then any topic that has an observable aspect can be considered a science. Therefore, the topic of international politics can be viewed from a scientific point of view because the activities that occur in the international political arena can be observed, recorded, and have conclusions drawn from those observations. According to Olson and Groom (1991),

The Beach Essay Example for Free

The Beach Essay The beaches of Panama City is very nice, but overly crowded. The sand inhabited beach, relaxation in the sun, and fun times. Ah, you’ve arrived to one of your favorite places on Earth, the beach, the magnificent place that God created for relaxation and fun. The beautiful ocean right in front of you. The sand in between your toes, and the blissful sounds of the waves splashing against the shore line. You look around to see the yellow beam of sun shining down on you creating a sense of warmth and happiness throughout your body. You look around to see the different types of people, adults, children, teenagers. The adults are thrilled to be away from their overwhelming everyday lives and are finally able to relax. The children are all exceptionally thrilled about their time at the beach, with their beach toys and friends. The teenagers are thrilled to get to chill, and hang out at the beach, and to get away from their scheduled lives of school and sports etc. The sand surrounding the clear aqua ocean is being occupied by many beach towels, umbrellas and chairs. Children are sprinting in the sand and screaming at the top of their lungs as they splash in the water playfully, teens are creating conversation with new friends they’ve just met. You can hear the different types of people squealing at one another in the midst of playing and what not. You look around trying to figure out which fine dining establishment is sending the amazing smells of fresh seafood your way, hoping that maybe tonight you’ll be able to go chow down on your favorite foods. Beach shops prepare for their day of excited travelers bustling in and out of their small seafront shops. Opening their doors, they bring out all of the beach merchandise hoping to sell to the ongoing tourists. As the day comes to a fault there are still activities to be had, crabbing and night walks on the beaches. Some like to watch the sunsets that turns the sea a burnt shade of orange, and the skies a faint color of orange and a mixture of blue which sometimes can result in a pretty cotton candy color. If there are clouds in the sky, it gives a stunning grayish cast that can be quite interesting to look at. The beach is a wonderful place for relaxation, fun in the sun and an overall good time!

Global Rise Of Oil Prices Economics Essay

Global Rise Of Oil Prices Economics Essay Energy and Oil is a strategic commodity and very valuable to everyday life. Millions around the world are affected if there is a significant change in the price of oil, especially if the prices increases. The price is affected by two factors, supply and demand. If the supply is steady, stable and adequate to meet up with world demand there wouldnt be an issue. But this isnt the case, to say the least World prices of energy sources began to rise as early as 2005 and showed no sign of stopping, By march 2005 OPEC had admitted to losing control on prices and immediately sought to pump additional barrels but wasnt sufficient. In 2007 the price of oil nearly doubled and continued to rise into early 2008, leading on to the economic crisis. Gas, coal, nuclear energy and in particular oil reached soaring prices as high as $160 a barrel like someone had lost a grip on it somewhere. This price spike in oil prices is due to a combination of factors, first the Kyoto protocol that finally came into effect in 2007, the rising demand from India and china, the neglect from oil companies and investors as they search and research on other alternative source of energy. Political struggles, corruption and attacks on oil pipe lines in one of OPECs member country Nigeria. Where unrest in the African oil region has resulted to a lost in 175,000 barrels per day.  [1]  The fall in value of the US currency played a major role and is partly responsible, since the price for these commodities is typically quoted in US dollars. The financial crisis and recessions in the global economy also appears to have contributed to a substantial increase in speculative interest in energy future markets, helping to boost prices. World oil demand is expected to increase substantially until 2020 according to the Energy Information Administration (EIA , 2006) while in the IEO (Independent Evaluation Office) 2009 projections total world consumption of energy is projected to increase by 44 percent until 2030 with most of its demand from non-OECD economies. . Although the price of a barrel has gone down in recent times and settled, the question is what happens in the event of another decline in supply or demand continues to persist, with failing and short term policies by the institutes involved, policies that fail to come together, correlate and aline with each other, ignoring the fact that the issue at hand if neglected again or not carefully managed can cause devastating effect to the world economies. Today oil has proved to be a powerful economic tool it has also proved to be a capable political weapon. In other words, oil contributes directly and indirectly to the production of all goods and services. For example, in 2003 oil as a source of energy accounted for about 37% of total energy sources. There is compelling body of evidence that oil production is determined by the interplay of institutional and economic forces. The issue is the policies that the key players implement from the U.S. to the EU and OPEC itself. Statement of the Issue/Problem: What policies energy institutes and oil producing countries including government bodies have to stabilize and control the market? There is pressure on the industry and oil market, with concerns about CO2 emissions and global warming since the time of Kyoto and increasing environmental awareness but no adequate policies to resolve the issue or at least one that works in the competitive and challenging industry. Background (of the problem): Oil, coal and gas currently provide more than two-thirds of the worlds energy and electricity, but also produce the greenhouse gases largely responsible for global warming. A number of models suggest that implementation of the Protocol will affect energy markets and oil revenues. At the same time, world energy demand is expected to rise sharply in the coming years, presenting all societies worldwide with a real challenge see appendix (1). Several factors as mentioned earlier has caused the previous drastic rise in price and decline supply. Presently as the prices continues to remain low the demand from Asia for oil is increasing by more than two million barrels per day  [2]  if demands from Asia grow significantly at such a rapid rate when prices are at a stable range then there are no doubts that prices would not and cannot stay low for too long ( Merlin Flower 2010) . Another issue is that of pegging, many oil producing countries like Saudi Arabia and Kuwait peg their currency to stronger currencies like the U.S. dollar. When we experienced the decline of the dollar during the recession their economies are relatively affected there after they let their currency float. A classic example is in 2006 when other countries with Kuwait leading the way unpegged their currency from the dollar following suit was the expected rise in energy prices. Speculations and uncertainty affect businesses and stock value not to say the least oil field services companies (Giuseppe Marconi 2008). Many oil-exporting economies argue that they peg to the dollar because oil is priced in dollars. Pegging their currency to the dollar eliminates the apparent mismatch between the governments dollar-denominated oil revenues and its local currency spending. The IMF after undertaken research indicates that a significant increase in price of oil on average leads to real appreciation of the currencies of oil exporting economies therefore might have been another reasons for their actions. This logic, however, fails to accurately diagnose the real fiscal problem of oil-exporting economies. Appendix (2) shows a list of major exporting economies and those that peg or float their currency. There is a growing view that, if nothing is done to cut the growing demand on world consumption of oil , there is likely to be an oil supply crunch within the next 10 years, Because oil consumption is responsible for some 25% of greenhouse gas emissions, efforts to reduce emissions would seem likely to affect the market for oil According to the economist in 2004 global consumption of oil increased by 3.4% , with nearly a third from growing nations like china where its demand is predicted to be about 16%. Supporting that is a chart from the European Commission in Appendix (3). Upon that there is insufficient investment by the international and oil companies many multinational oil companies are or have spent time buying their own shares rather than developing the society they present.  [3]  Although with the exception of a few whom participate in the development of their local economies but how adequate is this? If this is to happen, there is no doubt it might trigger another econo mic crisis and causing a global impact. Oil export revenues account for between 9% and 40% of GDP in OPEC economies, so reduced oil revenues means reduced economic growth. For most of its members which are developing nations a decline in economic growth has implications for their relative economies most especially unemployment for those with high population growth rate. So far all parties involved with significant influence in the market have policies of their own different interest. Policies tried have been short term policies and have proved no effect so far. A typical example of short term policy was in 2001 the U.S under introductions from the president, the U.S. announced it would release 30m of barrels from the Strategic petroleum Reserve (SPR) rather than selling the oil. Between August and November the department of Energy (DOE) requested offers for oil to be replaced back. These efforts proved to have back fired increasing the cost of crude oil having been handled in a clumsy and old fashion way. The U.S policy whether short-term or long term can have the long term negative effect of increasing the cost of crude oil. This showed the importance of set policies and reform in the energy market especially oil which the world depends on. If there isnt no change in policies the by 2015, then there is likely to be a future crash in the energy oil market affecting individuals across the globe either in little ways from transportation or domestic energy consumption. Critique of Pre-existing Policies: When it comes to policies either set by OPEC or the U.S. Energy policymaking in the past 35 years has been neither decisive nor strategic. The world can no longer afford to forward oil policies which we fail to implement. (Thomas D. May 2006). Previously OPEC adopted the quota system to limit its oil supplies to keep oil prices at certain levels. According to this system each OPEC country is allocated a specific level of oil production to limit total OPEC oil supply and thereby influence oil prices in the international market. In the late 19s around 1986, this system did not help OPEC to avoid the oil price collapse because most OPEC countries did not respect their quotas, Angola, Venezuela, Iran and Nigeria named the biggest cheaters. Bearing in mind These OPEC short term policies affect international affairs. It is thought that implementing the Kyoto Protocol will require a carbon tax (or equivalent) in Annex B countries, and this will raise the price of oil to consumers and therefore reduce demand there. Because these Annex B countries account for more than 60% of world oil consumption any significant reduction in demand there may well cause a decline in the producers price of oil on the global market. Further, if the principal mechanism by which Annex B countries reduce emissions is through a carbon tax, then this tax wedge may increase the rent that governments in energy importing countries have in the oil market, transferring wealth from oil producers to consumers (Mabey et al., 1997, p. 274). To put this in perspective, the G7 countries (US, Canada, Japan, Germany, Italy, Britain and France) already earn some 70% more income from oil taxes than OPEC members earn from petroleum exports (OPEC, 2001). So, through reduced demand, reduced price and reduced market rent it is thought that implementation of the Kyoto Protocol will reduce oil export revenues. Other concerns expressed by OPEC countries include the potential increase in renewable subsides, which they perceive to be given at the expense of other energy forms (e.g. oil) and discriminatory in nature (WTO, 2002. Problem is that everyone seems to have or develop their own policies from the Arab council to the European Union, all different policies different directions and interests. In the last few years OPEC agreed on a range of oil prices (ie between $22-28/B) and used its quota system to keep its oil prices within these limits. However, OPEC did not give any scientific rationale for this range or explain whether or not it was based on any scientific study. Nor did it say such a study took certain factors into consideration. In other words this price range seems to be arbitrary. On October 2007 in London the EU proposed new energy policies to come into place in other to tackle the challenging industry . The EU has clearly recognised that the internal energy market is the policy line that ensures fair prices to citizens and industries. At the same time, it guarantees that even smaller companies, for instance those that invest in renewable energy, have access to the energy market. Absent from this section of the initiative are measures to directly address the current peaking of internal Natural Gas production. Although put forward as so, market liberalization wont secure the increasing Natural Gas imports needed in the following years to meet internal demand. Lines of action to substitute Natural Gas or to secure other foreign sources simply do not exist. The main energy problem in Europe is not mentioned even less dealt with. These policies have a unique flexibility in that they can be used as a cure or as a weapon, but commonly their primary purpose is to promote or protect economic interests. Policy options and recommendations: As regards to reform of the oil or energy sector, in order to meet the requirements concerning the opening up of the market, an appropriate legislative and regulatory framework is necessary, in particular as regards regulation, and implementation of energy policy. Apart from the formulation and implementation of an energy policy, work should be concentrated on two aspects: opening up production, distribution, pricing and restructure of economic development plans by adopting efficient policies and procedures. There are several policy measures and recommendation that might minimise any possible losses to OPEC countries. One, assistance from developing countries to exporting economies to diversify sources of income, as models results show that economies with a diverse pattern of production and exports will be least affected by the Kyoto Protocol (Polidano et al., 2000). Two, OPECs share of oil market and cartel power would increase if there are measures to discourage the production of fossil fuels within developed countries Third, measures to abandon nuclear power generation would also favour oil exporters as more primary energy needs would presumably be met by oil. Fourth creating a situation where by countries wouldnt be able to peg theirs with another and jumping off once the market changes rather look to creating fiscal policy and finally the issue to sell essential and vulnerable commodity in a more stable currency like the euro, as the U.S. is unpredictable the least to say. However, this does not mean that all policies are going to be successful; they need to be well managed within a sustainable balance of power from global institutes. Appendices Appendix (1) Table 1. World Marketed Energy Consumption by Country Grouping, 2006-2030 (Quadrillion Btu) Region 2006 2010 2015 2020 2025 2030 Average Annual Percent Change, 2006-2030 OECD . . . . . . . . . . . . . . . . . . . . . 241.7 242.8 252.4 261.3 269.5 278.2 0.6 North America . . . . . . . . . . . . . . 121.3 121.1 125.9 130.3 135.6 141.7 0.6 Europe . . . . . . . . . . . . . . . . . . . . 81.6 82.2 84.8 87.9 90.0 91.8 0.5 Asia . . . . . . . . . . . . . . . . . . . . . . 38.7 39.5 41.8 43.1 43.9 44.6 0.6 Non-OECD . . . . . . . . . . . . . . . . . 230.8 265.4 299.1 334.4 367.8 400.1 2.3 Europe and Eurasia . . . . . . . . . . 50.7 54.0 57.6 60.3 62.0 63.3 0.9 Asia . . . . . . . . . . . . . . . . . . . . . . 117.6 139.2 163.2 190.3 215.4 239.6 3.0 Middle East . . . . . . . . . . . . . . . . 23.8 27.7 30.3 32.2 34.6 37.7 1.9 Africa . . . . . . . . . . . . . . . . . . . . . 14.5 16.2 17.7 19.1 20.6 21.8 1.7 Central and South America . . . . 24.2 28.3 30.3 32.5 35.2 37.7 1.9 Total World . . . . . . . . . . . . . . . . . 472.4 508.3 551.5 595.7 637.3 678.3 1.5 Note: Totals may not equal sum of components due to independent rounding. Sources: 2006: Energy Information Administration (EIA), International Energy Annual 2006 (June-December 2008). Summary data on major oil-exporting economies Appendix (2) Country Oil and gas export revenues, 2006 (billions of dollars) Average oil exports, 2006 (millions of barrels a day) Population (millions) Exchange rate regime Change in REER, end 2001 to end 2006 (percent) Saudi Arabia 195.6 8.8 21.4 Fixed (to dollar) -22.2 Russia 190.8 7.4 142.9 Managed float (euro-dollar basket) 39.6 Norway 75.7 2.3 4.6 Floating 6.2 United Arab Emirates 70.2 2.2 2.6 Fixed (to dollar) -18.9 Venezuela 60.3 2.4 25.7 Fixed -25.6 Iran 60.1 2.4 68.7 Managed float 22.3 Kuwait 55.9 2.3 2.4 Fixed (to basket) n.a. Algeria 53.3 1.7 32.9 Managed float (to dollar) -22.0 Nigeria 48.5 1.9 131.9 Managed float (plans to float 2009) 12.8 Libya 38.3 1.3 5.7 Fixed (to special drawing rights) n.a. Kazakhstan 24.6 1.5 15.2 Managed float n.a. Qatar 21.9 1.0 0.9 Fixed (to dollar) n.a. Oman 16.4 0.7 3.1 Fixed (to dollar) -18.4 Bahrain 9.4 0.0 0.7 Fixed (to dollar) -25.4 n.a. = not available Note: Oman and UAE real effective exchange rate (REER) estimates are based on International Monetary Fund annual data, which end with 2005. For Nigeria, it reflects revenues of net oil and gas exports. Irans exports reflect its fiscal year 2005-06. Sources: IMF, International Financial Statistics ; IMF Country Reports; BP Global (for energy data); national central banks; CIA, World Factbook (for population). Appendix (3)

Buddhism - Religion or Philosophy ? :: essays research papers

Buddhism - Religion or Philosophy ? The Buddha's Words on Kindness This is what should be done Be the one who is skilled in goodness,And who knows the path of peace:Let them be able and upright,Straightforward and gentle in speech.Humble and not conceited,Contented and easily satisfied.Unburned with duties and frugal in their ways.Peaceful and calm, and wise and skillful, Not proud and demanding in nature. Let them not do the slightest thing That the wise would later reprove. Wishing: In gladness and in safety, May all beings be at ease. Whatever living beings there may be; Whether they are weak or strong, omitting none, The great or the mighty, medium, short or small,The seen and the unseen, Those living near and far away, Those born and to-be-born, May all beings be at ease!  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Let none deceive another, Or despise any being in any state. Let none through anger or ill-will Wish harm upon another. Even as a mother protects with her life Her child, her only child, So with a boundless heart Should one cherish all living beings: Radiating kindness over the entire world Spreading upwards to the skies, And downwards to the depths; Outward and unbounded, Freed from hatred and ill-will. Whether standing or walking, seated or lying down Free from drowsiness, One should sustain this recollection. This is said to be the sublime abiding. By not holding to fixed views, he pure-hearted one, having clarity of vision, Being freed from all sense desires, Is not born again into this world. Coexist with any other religion Buddhism is probably the most tolerant religion of the world, as the teaching can coexist with any other religion. Other religions however, aim to be exclusive and cannot accommodate Buddhism at the same time. The Buddhist teaching on God - in the sense of an ultimate Reality - is neither agnostic (as is sometimes claimed), nor vague, but clear and logical. Whatever Reality may be, it is beyond the conception of the finite intellect, as it follows that attempts at description are misleading, unprofitable, and a waste of time. For these good reasons the Buddha maintained about Reality a noble silence. If there is a Causeless Cause of all Causes, an Ultimate Reality, a Boundless Light, an Eternal Noumenon behind phenomena, it must clearly be infinite, unlimited, unconditioned and without attributes. It follows that we can neither define, describe, nor usefully discuss the nature of THAT which is beyond the comprehension of our finite consciousness. Buddhism - Religion or Philosophy ? :: essays research papers Buddhism - Religion or Philosophy ? The Buddha's Words on Kindness This is what should be done Be the one who is skilled in goodness,And who knows the path of peace:Let them be able and upright,Straightforward and gentle in speech.Humble and not conceited,Contented and easily satisfied.Unburned with duties and frugal in their ways.Peaceful and calm, and wise and skillful, Not proud and demanding in nature. Let them not do the slightest thing That the wise would later reprove. Wishing: In gladness and in safety, May all beings be at ease. Whatever living beings there may be; Whether they are weak or strong, omitting none, The great or the mighty, medium, short or small,The seen and the unseen, Those living near and far away, Those born and to-be-born, May all beings be at ease!  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Let none deceive another, Or despise any being in any state. Let none through anger or ill-will Wish harm upon another. Even as a mother protects with her life Her child, her only child, So with a boundless heart Should one cherish all living beings: Radiating kindness over the entire world Spreading upwards to the skies, And downwards to the depths; Outward and unbounded, Freed from hatred and ill-will. Whether standing or walking, seated or lying down Free from drowsiness, One should sustain this recollection. This is said to be the sublime abiding. By not holding to fixed views, he pure-hearted one, having clarity of vision, Being freed from all sense desires, Is not born again into this world. Coexist with any other religion Buddhism is probably the most tolerant religion of the world, as the teaching can coexist with any other religion. Other religions however, aim to be exclusive and cannot accommodate Buddhism at the same time. The Buddhist teaching on God - in the sense of an ultimate Reality - is neither agnostic (as is sometimes claimed), nor vague, but clear and logical. Whatever Reality may be, it is beyond the conception of the finite intellect, as it follows that attempts at description are misleading, unprofitable, and a waste of time. For these good reasons the Buddha maintained about Reality a noble silence. If there is a Causeless Cause of all Causes, an Ultimate Reality, a Boundless Light, an Eternal Noumenon behind phenomena, it must clearly be infinite, unlimited, unconditioned and without attributes. It follows that we can neither define, describe, nor usefully discuss the nature of THAT which is beyond the comprehension of our finite consciousness.

The Advertisement of Harmful Products Essay -- Tobacco Marketing

The Advertisement of Harmful Products Psychological Persuasion through advertising: Why tobacco companies are still in business. With continuing advancements in medical research, the harsh reality of tobacco smoke becomes more evident. The deadly effect of smoking tobacco is gaining notoriety in society, and a general social movement towards a smoke-free environment is becoming the norm. Regardless of these obstacles, tobacco companies are determined to stay in business, and absorb the growing backlash against smoking. One main weapon of defense for the tobacco companies is their ability to draw new costumers through persuasive advertising. The majority of new smokers are between the ages of fourteen and twenty-one. Coinciding, the majority of smoking ads are projected to a younger crowd, attempting to dissolve a younger persons's resistance to smoking. Campaigns such as the cartoon "Joe Camel" seem to be directed towards a younger audience. Psychologist John Pierce, of the University of California, says "advertising reduces the conc...

Raymond’s Run Essay Essay

This is a story by the writer Toni Cade Bambara who describes the events that take place in the life of a skinny girl named Hazel Elizabeth Deborah Parker, a little African-American girl with a squeaky voice that has passion to run. However the tale begins describing the members of her family, the author writes more about Hazel and her brother Raymond. Raymond is not quite right; apparently he suffers a metal disease. He’s bigger and older than Hazel, but a lot of people call him Hazel’s little brother because he needs to be looking after. â€Å"Squeaky† often takes strolls down Broadway so she can practice her breathing exercises while she keeps an eye on her brother all the time. She makes Raymond walk on the inside because he always makes fantasies so he starts thinking he’s a circus performer and that the curb is a tightrope strung high in the air. Hazel is known as Mercury because she is the swiftest thing in the neighborhood, only her father can beat her to Amsterdam Avenue with Hazel having a two hydrant head start and him running with his hands in his pockets and whistling. Hazel is loyal to her brother, always ready to protect him. She’s a person, who doesn’t tolerate standing and listening talks from somebody else, she likes to get right over things quickly. She doesn’t like much a girl named Gretchen and her friends Mary Louise Williams from Baltimore and Rosie because Gretchen’s a potential rival for the fifty-yard dash. She believes she’s tough, not a strawberry or someone who enjoys dancing on her toes, she likes to run and this passion had made her to win many trophies, ribbons and it’s because of her velocity. Every time just before she takes off in a race, she feels like she is in a dream, the kind you have when you’ve fever and feel hot and weightless. She usually dreams she flies over a sandy beach in the early morning sun, touching the leaves of the trees. She also perceives the smell of apples just like in the country when she used to think she was a choo-choo train. Near the end Hazel competes against Gretchen P. Lewis at the May Day races, she wins and Gretchen comes in second. This result makes her realize that she is not the only working person who tries hard to get things done, so she started to look her rival in a very different way with a big smile of respect between them. So there she was, thinking about all the prices she’s have got and that she could retire by the time, it occurred to her that she could train her brother to become a champion as the tradition of the family is. Other characters: