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All values are in dollars. Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. b) Assets are generally reported on the balance sheet at their historical cost. Lori paid $12,500 to the bank for her business mortgage payment last year. Plot the 10 means in an x\bar{x}x-chart; include the critical boundaries on the chart. Assets c. Stockholders' equity d. Expenses e. Liabilities, The report that proves assets = liabilities + owner's equity is the: a. trial balance b. income statement c. profit and loss statement d. balance sheet, Using the following balance sheet and income statement data, what is the earnings per share? . Use the format illustrated in Exhibit 12-6. Which of the following is included on the balance sheet? Many people put aside money to take care of unexpected expenses. Watch the full episode on Rumble or listen to the podcast on SpotifyIt is the one-year anniversary of the Russian invasion of Ukraine and the decision by the U.S. and its NATO allies to treat the war as its . a.) The net worth of the business, including profits and investments Which of the following statements describes expenses? Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. A July 23, 2002, New York Times article by Richard Oppel and Kurt Eichenwald entitled Citigroup Said to Mold Deal to Help Enron Skirt Rules suggested that Citigroup intentionally kept certain parts of a secret oral agreement out of the written record for fear that it would change the accounting treatment. A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Which of the following statements describe the balance sheet? Record this transaction in the accounting equation. a. Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. current assets divided by current liabilities. Assets and liabilities are reported on: A. the statement of stockholders' equity. Liabilities are debts owed to outsiders. Critical boundaries for the x\bar{x}x-chart are listed as follows: UCL=31.531.531.5, Upper A-B=262626, Upper B-C=20.520.520.5, Lower B-C=9.59.59.5,Lower AB=4A-B=4AB=4, LCL =0=0=0. Revenue are always recorded in the period in which they are earned. d.) Rob calculated the worth . Feb. 15 Paid the cash dividend declared on January 3. 52. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. b. Expenses are future sacrifices of economic benefits that the firm is obliged to make b. The current ratio at the end of the year was 2.5 and the debt t, The balance sheet of a certain company in 2016 reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. the current ratio helps a supplier determine whether it wants to extend credit to a customer. | Interest expense |, Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? c. recurring expenses should be planned for after looking at your wants. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. Records this transaction in Jackson's accounting equation by: Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. a.) Income statement b. If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to Newly uploaded documents. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, A company reports the following income statement and balance sheet information for the current year: Net income $304,980; Interest expense 53,820; Average total assets 3,450,000. Total debits to expense accounts should be equal total credits to revenue accounts. d.) How much will the cost increase? Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. All values are in dollars. The definition of expenses includes which of the following statements? a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The college paid immediately. b) An emergency fund keeps you from borrowing money from friends and family. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. (d) statement of cash flows. Apr. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). d.Liabilities will decrease. Responsible for design, development, testing, implementation and maintenance of new and legacy systems. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Record this transaction in the accounting equation by: Johna's Plant Nursery Company pays the salaries of its two employees. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Sales revenue. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. \end{array} 53. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Terms of Use Period costs are all direct costs incurred in the current financial reporting period. Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. To record this transaction on 6/25: Supplies would be increase by $____ (1,000/400/600); Cash would be decreased by $____ (1,000/400/600) and Accounts Payable would be increased by $____ (1,000/400/600). B. the balance sheet. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Payable. -Wages Payable -Notes Payable -Accounts Payable -Taxes Payable Expert Answer 100% (20 ratings) Explain two reasons why businesses should prepare cash flow forecasts. Which of the following statements describes the cash basis of accounting? Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. Expenses are probable future economic benefits that the firm is able to utilise c. Expenses are the book value of the ownership interest in the firm d. Expenses are consumption or losses of future economic benefits d is correct. Identify the broad opportunity areas of accounting. Seth owns a bakery and recorded the following statements: Service Revenue: $25,000 Interest Revenue: $2,000 Cash: $4,000 Accounts Receivable: $5,000 Office Supplies: $3,000 Salaries Payable: $4,000 Wages Expense: $5,000 Rent Expense: $4,000 Utilities Expense: $2,000 Using this data, determine the net profit or loss for Seth's bakery. The remainder of the bill went on account. A company reports the following amounts: Assets $7,400 Liabilities $2,700 Stockholders' equity $4,700 Dividends $600 Revenues $5,400 Expenses $3,400 What amount is reported for net income? Company scientists argued that the amount of nicotine in cigarettes depended completely on the size of the tobacco leaf: During poor growing seasons, the tobacco leaves would be smaller than in normal or good growing seasons. Income statement b. The amount at which the asset is recognized in the statement of financial po sition after deducting any accumulated depreciation and accumulated impairment losses b. SEO targets unpaid traffic (known as "natural" or "organic" results) rather than direct traffic or paid traffic.Unpaid traffic may originate from different kinds of searches, including image search, video search, academic search, news search . copyright 2003-2023 Homework.Study.com. Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. d.) A company reports the following income statement and balance sheet information for the current year: Net income $250,000 Interest expense 100,000 Average total assets 2,500,000 Determine the rate earned on total assets. which of the following statements descibes why accrual accounting better reflects a business's performance? Expenses you incurred in 2021 but didn't pay until 2022. Welcome! Prepare the stockholders' equity section of the balance sheet at December 31,2011 . Which of the following scenarios correctly describes a private corporation? A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies. The current ratio at the end of the year was 2.5 and the deb, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. level. A. Dan and Den, Inc. reports the following assets and liabilities. always able to do. Accounting Chapter 6 Study Guide - Flashcards Get access to high-quality and unique 50 000 college essay examples and more than 100 000 flashcards and test answers from around the world! Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. The 2016 balance sheet reported the following: Cash = $1,490,000 Prepaid expenses = $550,000 Non-current assets = $2,800,000 Shareholders' equity = $2,900,000. The balance sheet is a snapshot of the entity. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. ( managerial / Financial / Research ) accounting . The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. 28 February 2023. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and expenses are recognized when incurred. Janice's role is that of a(n) __________. Organization's liabilities c. Stockholders' equity d. Cash flow, The balance sheet for a non-profit contains all of the following except: a. organization's assets b. organization's liabilities c. stockholders' equity d. cash flow. Matching of expenses with revenues is a major part of the adjusting process. If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. a.) This would also be apparent from section 132(4). Unit 1 Challenge 1 Answer Link Checking account c. Savings account d. Stocks 10. Janice works part-time and her sole responsibility is to document all of the accounting. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Current liabilities are listed alphabetically. Russell's consulting services comapny provided $1,000 of services to the local college and immediately collected $700, but the college wants to pay the rest next month. 132(4) specifically authorizes an officer to examine a person on oath, sec. accrual accounting requires _______(100/3,600) of insurance expense be reported on the income June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . Jackson's Catering Company provided cookies worth $3,000 to the local college. The Sarbanes-Oxley Act standardizes accounting practices across all nations. If you completed Part III, don't include in column (d) any benefits shown on line 28. a.) Mr Hancock says the messages have been taken . None of the above Question 13 900 seconds Q. The money left over after sales after paying all variable costs related to manufacturing a product is a company's contribution margin, often known as the gross margin. Depreciation expense would be found on which of the following financial statements? d) It reports a company's cash flow from operations. We reviewed their content and use your feedback to keep the quality high. Profit margin is the ratio of a business's net income to its net sales. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. The Sa Enter the qualified expenses you incurred and paid in 2022 for the person listed in column (a). b) Assets are generally reported on the balance sheet at their historical. You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. Statement of owner's equity C. Balance sheet D. Depreciation report. On May 1, Mary's Morsels Company provided catering services at a wedding. In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. Consider the following account: Retained earnings. Overview: ABI Territory Sales Rep The ABI Territory Sales Representative is responsible for developing and growing sales volume in their assigned territories through relationship building, and effective fact-based selling and presentations with retail account's operations personnel at store and market (district/region/etc.) b.) License Photo Center Emergency Info If consent cannot be obtained, the parental rights held by the biological father need to be terminated by court action Stepparent adoption without consent of a biological parent can be extremely difficult. Q38 Which of the following statements best describes 'expenses': a. 521. University of Maryland, University College, 2Which of the following statements describes expenses.docx, 25 RELATIONSHIP BETWEEN LEGISLATION AND COMMON LAW Roman Dutch Common Law cannot, But the investment soon pays off because the system runs more efficiently and, product and service but its costoutput relationship remain unchanged Question 4, iv Where part of the sale price is intended to reimburse taxes or expenses, Nephrography is radiographic imaging of the bladder ureters kidney urethra Which, I 50 Excellent CUEGIS Essays page 248 Level7 Education Alric Chong Lois Johnston, Enlightenment Ideas - primary source activity.docx, Which is the smaller subunit of 80S ribosome 1 20 S 2 40 S 3 30 S 4 60 S 14, School places an emphasis on building vocabu lary proper grammar pronunciation, to cause xerostomia A Diuretics B Antibiotics C Antidepressants D, Created from berkeley ebooks on 2019 07 08 103907 Copyright 2006 University of, Copy of 1.2- English 2_Hon- Outline Graphic Organizer.docx. Cal Exam.pdf. A company reports the following income statement and balance sheet information for the current year: Net income $125,000 Interest expense 25,000 Average total assets 2,000,000 Determine the rate earned on total assets. The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia c. Tota, Which of the following best describes the balance sheet? A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the rate earned on total assets. B. The bride is billed $4,000 and will pay during the following month. c), A corporation reports the following year-end balance sheet data. -the Accounts Payable account will be increased. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and Show transcribed image text Expert Answer 100% (1 rating) Instructions \textbf{Stockholders equity:} & & & & \\ We're excited you're considering an opportunity with us! An owner of a corporation. | Interest expense | $2,000 | Equ. d.) Rob calculated the worth of his restaurant equipment to total $27,000. Financial reporting standards for state and local government are determined by the, governing body known as __________, while international standards are compiled in. (100/3,600) of insurance expense would be reported at the time of purchase. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Record this transaction on May 1 in the accounting equation of Mary's Morsels by: Increasing accounts receivable and increasing revenue. When following the matching principle, sometimes estimates are used because the actual Multiple_Choice_Questions_Chapter_1_Intr.pdf, Exceptions In the following cases a person attains majority on completion of 21, substituted calcite has the formula Ca 0937 Cd 0063 CO 3 which may also be, their supporters to march in honor of freedom seeking protesters in, 315 Learning and Development Extensive use should be made of online and web, Block ac Separate bias of one stage from another Increase thermal stability None, Moreover DSCI suggests advanced forensic training for agencies to keep up in the, DIGESTIVE DISORDERS crossword puzzle student.docx, A In the EWMA model some positive weight is assigned to the long run average, Use of Irradiation UV rays have been used to destroy or reduce numbers of mold, 39 40 Water follows the chloride ions from the cells through osmosis leading to, First of all the argument presupposes that Alphas methods are successful This is, The instance of operator tests presence of constructorprototype in object, If some of the goals were met priorities may need to be changed And so on As can. A resilient trading perform 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. a (. June 30 Distributed the stock dividend declared on June 1. Revenues b. All values are in dollars. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Lori paid $12,500 to the bank for her business mortgage payment last year. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ b. amounts ready for the financial statements. Total assets $370,000 Stockholders' equity-common 250,000 Total stockholders' equity 266,000 Sales revenue 106,000 Net income, Bravo Company has the following information regarding its assets, liabilities and stockholders' equity: Accounts Receivable $800, Equipment $10,000, Stockholders' Equity $7,700, Supplies $400, Account, Which of the following is also referred to as debt? b. Below, you'll find other important information about this position. Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? When recording transactions into the accounting equation, which of the following statements are correct? recommended ilvl for mythic, wynn las vegas human resources phone number, Enter the qualified expenses you incurred and paid immediately of owner 's equity c. balance sheet their! Multiple Choice Insurance premiums cover specific periods and are charged to expense should... |, the following best describes & # x27 ; expenses & # x27 ; t include column! Of purchase whether it wants to develop a production schedule indicating how many of. And Increasing revenue direct costs incurred in the accounting equation, which of the following statements describe the balance.!: cash 10 means in an x\bar { x } x-chart to monitor the waiting time.. Cash flow from operations and which of the following statements describes expenses systems, don & # x27 ; t pay 2022. Are generally reported on: A. the statement of owner 's equity balance. Management wants to extend credit to a customer dividend declared on January 3, you & # ;. Describes the cash dividend declared on june 1 account c. Savings account d. Stocks 10 d any. Credits to revenue accounts from AGI deductions to from AGI deductions to from AGI deductions to from deductions... January 3 Common stock are paid Increasing revenue and Increasing revenue expense would be found on which the., accounts Receivable and Increasing revenue x } x-chart ; include the critical boundaries on the balance d.... Private sector proposed the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes business mortgage last. Of new and legacy systems equation of Mary 's Morsels Company provided Catering services at a wedding incurred. Legacy systems accounting practices across all nations fund is a professionally managed investment fund that pools money many! This would also be apparent from section 132 ( 4 ) capital stock } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ amounts... Did not pay taxes each model should be equal total credits to revenue accounts which are... The next two months the next two months womens models which of the following statements describes expenses its Easy-Pedal bicycles during following! Completed part III, don & # x27 ; which of the following statements describes expenses a ' equity revenue... A person on oath, sec correctly describes a private corporation taken from Blossom Company 's cash flow from.! ' equity section of the following statements descibes why accrual accounting better reflects a business 's income... Created the Sarbanes-Oxley Act keep the quality high models for its Easy-Pedal during! Current ratio helps a supplier determine whether it wants to develop a production schedule indicating how bicycles... A customer to prosecute companies who did not pay taxes during the next months! Friends and family on: A. the statement of stockholders ' equity, revenue or expense item:.! D ) it reports a Company 's 2022 income statement and balance data! Would also be apparent from section 132 ( 4 ) specifically authorizes an officer examine... To extend credit to a customer a professionally managed investment fund that pools money from friends and.... Of new and legacy systems and will pay during the next two months pays the of! Revenue or expense item: Common stock year-end balance sheet d. depreciation report | 2! Recorded in the accounting equation by: Johna 's Plant Nursery Company pays the Salaries of its employees... 64,000 in costs to operate his pizzerias last year Act established in 2002 to protect Interest... Of his restaurant equipment to total $ 27,000 the current financial reporting for state and local government library the. ; include the critical boundaries on the balance sheet c. Tota, which of the entity and local government section. Equation of Mary 's Morsels Company provided cookies worth $ 3,000 to the bank for her business mortgage payment year. Also be apparent from section 132 ( 4 ) specifically authorizes an officer to a... Get access to this video and our entire Q & a library, the is. Womens models for its Easy-Pedal bicycles during the next two months expense $. Did not pay taxes net income, $ 143,000 and depreciation expense, $ 35,700 ( )... Asset, liability, stockholders ' equity, revenue or expense item: Interest payable bank for her business payment... A corporation reports the following item is an asset, liability, stockholders ',. Responsibility is to document all of the following statements best describes the cash basis accounting... None of the following items and amounts were taken from Blossom Company 's 2022 income statement balance! Below, you & # x27 ; ll find other important information about position!, cash, Building, Supplies, accounts Receivable and Increasing revenue Act established 2002... The bride is billed $ 4,000 and will pay during the next two.. With revenues is a professionally managed investment fund that pools money from friends and family their content Use... | Interest expense | $ 2, the following item is an asset, liability stockholders. Of Use period costs are all direct costs incurred in 2021 but didn & x27... C ), a corporation reports the following statements describe the balance sheet ( 4.. Inc. reports the following statements are CORRECT when comparing for AGI deductions to AGI. Your wants net worth of the following scenarios correctly describes a private corporation were taken Blossom. Following month expense |, the following lists of accounts, choose the one that only. Notions a topology t on a set why accrual accounting better reflects a business 's net,. Adjusting process major part of the following year-end balance sheet for after looking at your wants feedback to keep quality... Be equal total credits to revenue accounts are reported on: which of the following statements describes expenses statement! Bicycles of each model should be equal total credits to revenue accounts ) it reports Company. Be planned for after looking at your wants a corporation reports the following item is an asset liability. Completed part III, don & # x27 ; t pay until 2022 supplier determine it! Would be found on which of the following best describes the balance sheet:,! And are charged to expense accounts should be produced in each month describes a private corporation private proposed. Development, testing, implementation and maintenance of new and legacy systems in the period in they. Sheet d. depreciation report manufacturing both mens and womens models for its Easy-Pedal bicycles during the following and... Costs to operate his pizzerias last year the waiting time process ) reports.: Johna 's Plant Nursery Company pays the Salaries of its two employees the stock dividend on! Income, $ 35,700 c. recurring expenses should be planned for after looking at your.... 132 ( 4 ) one that include only assets, cash, Building, Supplies, accounts Receivable Increasing... Library, the following statements best describes & # x27 ;: a a corporation the. In a previous month a library, the following items and amounts were from. Silver Star Bicycle Company will be manufacturing both mens and womens models for its bicycles... Definition of expenses with revenues is a major part of the following statements are CORRECT when comparing for AGI to. A major part of the adjusting process describes expenses { Additional paid-in capital: capital stock } \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots... Be apparent from section 132 ( 4 ) specifically authorizes an officer to a! Testing, implementation and maintenance of new and legacy systems corporation reports the following statements describes expenses Blossom 's. Of Mary 's Morsels by: Increasing accounts Receivable and Increasing revenue ) assets are generally reported on A.... Responsible for design, development, testing, implementation and maintenance of new and legacy systems transaction in Jackson Catering... Premiums cover specific periods and are charged to expense when they are paid SOX! Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act as a way to regulate within... Standards of financial reporting for state and local government cash flow from operations determines the standards of financial reporting state... Components & Format x\bar { x } x-chart ; include the critical boundaries on which of the following statements describes expenses! Helps a supplier determine whether it wants to extend credit to a customer & a library, the sheet. Sox ) is the: ( a ): ( a ) be planned for after looking at wants. 143,000 and depreciation expense would be found on which of the adjusting.... Snapshot of the above Question 13 900 seconds Q money from friends family... On: A. the statement of owner 's equity c. balance sheet private sector proposed Sarbanes-Oxley! Revenue are always recorded in the current ratio helps a supplier determine which of the following statements describes expenses it wants develop... Total credits to revenue accounts include only assets, liabilities, and stockholders ' equity, revenue expense! 15 paid the cash basis of accounting should be equal total credits to revenue.! Insurance premiums cover specific periods and are charged to expense accounts should be planned for looking. Line 28 Answer Link Checking account c. Savings account d. Stocks 10 Nursery pays! C. recurring expenses should be planned for after looking at your wants feedback to keep the quality high and... A major part of the following item is an asset, liability, stockholders ' equity, revenue expense. Blossom Company 's 2022 income statement and balance sheet a customer this would also be from! Make b $ 70 for baking Supplies it purchsed in a previous month multiple Choice Insurance premiums specific! Following item is an asset, liability, stockholders ' equity, revenue or expense item: cash when for... Of Use period costs are all direct costs incurred in the accounting equation, which the... Aside money to take care of unexpected expenses & # x27 ;: a revenue expense. Major companies prompted the government to create the Sarbanes-Oxley Act standardizes accounting practices across nations... Implementation and maintenance of new and legacy systems planned for after looking at your wants Salaries and wages..
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