Retained Earnings When an obligation is incurred that will be paid from current financial resources. Companies using the accrual basis of accounting could overstate their income at fiscal year-end by increased shipments. Sales and Accounts Receivable. Determine whether the following statement is true or false: Most business products are distributed through direct channels. Revenues decrease equity, so a revenue account's normal balance is a credit balance. which of the following will be categorized as an investing activity on the statement of cash flows? Giovanni Food Products produces and sells frozen pizzas to public schools throughout the revenues and expenses can only be translated at the exchange rate in effect when recognized. 4. True or false: Adjusting entries ensure that assets in the balance sheet are reported at amounts that have been used up or expired during the period. 4. D 7. D) usually reported in the notes to the financial statements. 8. C) Revenues increase equity, so a revenue account's normal balance is a debit balance. Meadows Manufacturing follows the accrual basis. \text{CABOT CORPORATION Balance Sheet December 31, 2017}\\ ), Under cash-basis accounting, (Select all that apply. which of the following liabilities is created when a company receives cash for services to be provided in the future? The entries that transfer the balances of all temporary accounts to retained earnings are referred to as, The adjusting entry for an accrued revenue always includes: (Select all that apply. The related adjusting entry should consist of a debit to a(n) ____ account and a credit to a(n) _____ account. B In an adjusting entry for expenses incurred but not yet paid ______. Which of the following statements about accrual-basis accounting is true? He should include this amount in his calculation of revenues on the firm's income statement. The gross profit method is a complicated method to use in practice. categories: Why might it be important to consider cultural influences on personality? B Jackson, a physician and a member of the Subcommittee on the Coronavirus Pandemic, sent a letter in January, which was exclusively obtained by Breitbart News' Hannah Bleau . Interest Expense $137.50 C The accounts are adjusted after preparing the financial statements. d. Either report as a direct expense of the function or program with which the related depreciable assets are identified or report as an indirect expense on a separate line if the depreciable assets benefit all functions or programs. See Page 1. Using a very aggressive marketing strategy they have been able to increase their annual revenue by approximately $\$10$ million over the past 10 years. The project began in November, and Mega provides Innovative with its full $50,000 payment on January 15. 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Debit Notes Payable $12,840 Her next step in preparing the company's financial statements should be to D accrual-basis accounting and GAAP demand that Fine recognize all revenue related to the project in December. net income is understated. $8,000 of revenue and $600 of expense. A. A. it will report accounts receivable on the balance sheet at their net realizable value. Debit Notes Payable $12,000 Create a chart showing how each of the conditions below might cause market failure. B)Total revenues during the year equal . A) Revenues decrease equity, so a revenue account's normal balance is a credit balance. (3) Which of the following statements is false? C) Revenues increase owner s equity, so a revenue account's normal balance is a debit balance. Yes, it is possible for a firm to do both because there is no relationship between a firm's quality of earnings and its choice to engage in earnings management practices. \text{Total assets} \ldots\ldots\ldots & \text{\$240,200}\\ 8. Debit Interest Expense 420 D) Revenues increase equity, so a revenue account's normal balance is a credit balance. overstated; $1,725. The accounting basis that records revenues in the period that goods and services are provided to customers is referred to as. A) Revenues decrease owner s equity, so a revenue account's normal balance is a credit balance. (Select all that apply.). Payment was received on January 21 of the following year. Adjusting entries help to ensure that all ______ are recorded in the period in which they are incurred. Salaries and wages. Then solve it using the simplex method. A worksheet facilitates the preparation of the statement. c. If revenues are less than expenses, the company has a net loss and contributed capital increases to balance off the loss. The principle that matches expenses with revenues in the period when the company makes efforts to generate those revenues, Expense recognition principle (matching principle), Ch 5: Merchandising Operations and the Multip, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Immunology Exam 2 (lectures 6, 7, 8, 9, 10), Interest Payable adjusted from $5,300 to$6,800. Human trafficking is the trade of humans for the purpose of forced labour, sexual slavery, or commercial sexual exploitation for the trafficker or others. D Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. Investment earnings restricted for art preservation. 1. Liabilities are economic resources that are expected to benefit the business in the future. LP (5) Zenephia Corp. accepted a 9-month note receivable from a customer on October 1, 2019. Maple Leaf also performs services of $1,875 during the last two days of March, but is not paid in full until April 13. A \text{Short-term investments} \ldots\ldots\ldots & \text{8,400} & \text{Accrued wages payable} \ldots\ldots\ldots & \text{3,200}\\ Which of the following statements is true of revenues? a customer has been billed before $6,000 cash is received; $4,500 cash is paid for next quarter's insurance for property. a. On March 1, 2020, the firm prepaid $34,800 for 2 years' rent of a warehouse. $2,500 A) on the balance sheet and income statement, respectively. D Accrual-basis accounting is optional under . Revenues increase equity, so a revenue account's normal balance is a debit balance. \text{Interest expense} \ldots\ldots\ldots & \text{4,100}\\ Option a is true. If the city projects a $428,000 increase in the sales tax revenues originally budgeted, how would the change in the projection be recorded? D) A firm's revenue will increase as its costs increase. 6. Which of the following best describes the recommended format for the government-wide statement of activities? For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. Credit Cash $12,420 Which of the following explains the process of depreciation? The post-closing trial balance checks that total __________ equal _________ correct at the end of the period. Expert Answer. (Enter one word per blank.). Prepaid expenses should be ______ by the cost of the asset used during the accounting period. The following is true of a partnership. Explain why the following statement is True, False, or Uncertain according to economic principles. How much does your employer pay into the social security system on your behalf? cash-basis accounting and GAAP demand that Fine recognize all revenue related to the project in January. Culver Companys investments in available-for-sale securities at December 31 show total cost of $195,000 and total fair value of$205,000. (Only one word per blank). Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. 1. 4. A What does the periodicity assumption state? D b. 10. 2. C Which of the following statements is true of revenues? If a company using accrual-basis accounting wanted to overstate their income at the end of the fiscal year with increased shipments, the two accounts that would be most at risk are If the ultimate consumer is a business that collects and pays to the government VAT on . $20,000 Adam Corporation uses the cash-basis of accounting. $$ $$ Income statement accounts are temporary accounts, while balance sheet accounts are permanent accounts. The entry is an accrual of $3,000 in Wage and Salary Expense. Interest Payable $137.50 If the annual premium is $924, find the amounts of the three payments. Producing a barrel of lager requires $3\ \mathrm{lb}$ of corn and $2\ \mathrm{lb}$ of hops. b. which of the following inventory costing methods results in the highest value of ending inventory during a period of rising inventory costs? Which of the following is an acceptable method of reporting depreciation expense for depreciable assets used by governmental activities? (Enter only one word per blank.). Which of the following statements is not true? The adjusting entry for a prepaid expense includes a debit to a(n) ______ account and a credit to a(n) ____ account. Term. Debit Notes Payable $12,000 G 6. Credit Cash $12,420 How do adjusting entries for accrued expenses affect liabilities and expenses? the vertical line and credits posted on the right side of the vertical line. Which of the following accounts increased as a result of this transaction? This would also be apparent from section 132(4). These cash flows include borrowing from banks, repaying bank loans, receiving cash from stockholders for company stock, or paying dividends to stockholders. B) Revenues decrease equity, so a revenue account's normal balance is a debit balance. A. Your pie chart must be wrong, because you have the 45%45 \%45% frequency wedge near the upper left and the answer key shows it near the lower right. The adjusting entry for a deferred revenue includes a debit to a(n) _____________ account and a credit to a(n) _____________ account. You selected C : understate assets, net income, and stockholders' equity. gross profit, operating income, net income. Under GASB requirements for external financial reporting, the budgetary comparison schedule (or statement) would be found as a part of. debit Supplies $2,500; credit Supplies Expense $2,500. 132(4) specifically authorizes an officer to examine a person on oath, sec. The cost of direct materials is fixed per unit but variable in total. P. Indicate whether each of the following expenditure items should be classified as a function (F), program (P), organization unit (OU), activity (A), character (C), or object (O). Estimated Other Financing Sources. 10. (3) In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of $4,500 for services to be performed in January 2020. B 1 / 59. in a perpetual inventory system, multiple performance obligations ____________. \ Debit Prepaid Rent $3,000; credit Rent Expense $3,000, On November 1, 2022, Cherry Industries, which uses a calendar year as its fiscal year, signs a $12,000, 7%, six-month note payable. \text{Assets} & \quad & \text{Liabilities and Equity}\\ 35) The T-account is a summary device that is shaped like a capital T with debits posted on the left side of. 9. A) Revenues decrease equity, so a revenue account's normal balance is a credit balance. Yes, it is possible for a firm to do both. $14,200, On July 1, the Fisher Shoe Store paid $18,000 to Acme Realty for 6 months' rent beginning July 1. Deferrals and Accruals. The rent agreements on both buildings went into effect on the dates the rents were prepaid. which of the following is true of the balance sheet presentation of the Allowance for Bad Debts? C _____________ is defined as the "cost of borrowing money." 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. Classify the term below into one of the following a. a. Construct a time series plot. At the end of the accounting period, a physical count of office supplies revealed $900 still on hand. C Round answer to the nearest hundredth. A. C : A partnership does not have the tax advantages that a sole proprietorship enjoys. D Before placing a purchase order, a department should check that available appropriations are sufficient to cover the cost of the item being ordered. Swanstrom also receives the December utility bill for $600 but does not pay this bill until 2020 . When goods produced are homogeneous. When goods or services are received. Public Safety. Maple Leaf's employees earn a normal weekly wage of $18,000 during a five-day work week. a depreciable asset's cost minus accumulated depreciation is called __________. These errors mean that the firm's balance sheet will show a stockholders' equity amount that is $500 higher than it should be. The process of allocating the cost of an asset to expense over the useful life of the asset is called. <p class="SectionHeads">Purpose</p> <p>The job of Accountant II is done for the purpose/s of performing a variety of moderately complex professional accounting duties . C A C) quickly an asset may be converted into cash. 4. Which of the following statements about revenue is correct? Adjusting entries ensure that ______ balances are reported at amounts representing the economic benefits that remain at the end of the period. preparing all deferral entries. c. When there is no ending inventory. B Suppose that a company did not make an adjusting entry to record revenue earned but not yet billed to customers. The result of this oversight is that D) financial statements are business documents that report on a business in monetary terms, providing information to help users make informed business decisions. Journalize the entry to record the payment of the note and entire interest on May 1, 2023. He should include this amount in his calculation of stockholders' equity on the firm's balance sheet. Resolves product issues (clients/companies complaints) by clarifying their complaint; determining the cause of the problem; selecting and explaining the best solution . What should he do with the figure he calculates at the bottom of this statement? These errors mean that the firm's balance sheet will show a stockholders' equity amount that is $500 lower than it should be. A. C in a periodic inventory system, _________. Income Statement for Year Ended December 31, 2015. 1. Which explains this entry? 10. Regarding liabilities, which of the following statements is incorrect? . $2,200. At the end of the year, merchandise inventory was overstated. Eighty percent of the toys sold in the United States are manufactured in China. Is it possible for a firm to engage in earnings management yet also have a high quality of earnings? When should Mainzel recognize the related revenue using accrual accounting? B CS C While the prospect of passage for many of these bills is low, they are sure to keep committees and . debit Supplies Expense $2,500; credit Supplies $2,500 D A cost is something used up to produce revenues in a particular accounting period. Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities. They would record it as a credit to revenue and debit to cash on April 30. This means that the ending balance of the account. assets are understated. Credit Cash $12,420. cash-basis; May. March 31 falls on a Tuesday for the current year. (5) Which of the following best describes the concept of the aging method of receivables? Which of the following is a true statement? What is a single subject research methodology in behavioral sciences? On November 15, Fine Flooring begins to install new carpet throughout Prime Publishing's corporate headquarters. **Required** 9. which of the following will be categorized as an operating activity on the statement of cash flows? A d. If revenues are greater than expenses, the company has net income and retained earnings decreases The Prepaid rent balance at December 31, 2019 equals ______. recognize the entire year's insurance expense in the month of January. after closing entries have been posted ____________. Which of the following is true about unearned revenues? Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? The employees of Leichester Services, Inc. worked the last two weeks of December, 2016. 4. On January 1, 2016, Palmer, a fast-food company, had a balance in its Cash account of $32,000. Lloyd's Landscaping Service purchased $3,500 worth of landscaping supplies on June 2 and recorded the purchase as an asset. (5) When is revenue from the sale of merchandise normally recognized? b. Barbers and hairdressers' registration fees. C G D Which of the following statements is true regarding contracts in ASC Topic 606 guidance for revenue recognition? Initially a prepayment for items such as rent or insurance are recorded as assets and later are recorded as a(n) __________ in the period the benefit expires. Which of the following accounts neither increases nor decreases the fund balance of the General Fund during the fiscal year? revenues are recognized when the seller provides goods or services to its customers, in the amount the seller expects to be entitled to receive. preparing all accrual entries. <p><span class="bold"><span class="bold">Responsibility for Unethical Action</span></span></p> <p>The following story is true except that all names have been changed . Andy records an adjusting entry for deferred revenue. which of the following is a characteristic of a plant asset, such as a building? Andy should: (Select all that apply.). (* These are short-term notes receivable arising from customer (trade) sales.) At December 31, 2019, GolfWorld should make the following adjustment: A. Debit Sales Revenue by $3,750 and credit Unearned Sales Revenue by $3,750. the financial performance of the business during the current accounting period net income= revenues- expenses sales revenue, wages expense, supplies expense, rent expenseWhere would you review the revenues and expenses of a business? c. The Actual column is required to be presented using the government's budgetary basis of accounting. add the company's net income for March to the company's retained earnings as of March 1. C Adam Corporation should record expenses when: ___________ occur when the cash flow occurs after either the expense is incurred or the revenue is earned. the bank charged a service fee of $55. B B.More tax revenue is raised if a tax is collected from producers. a business purchases equipment for $8,000 cash. which of the following assets must be reported at the lower-of-cost-or-market value? accrual-basis; April. \text{Plant assets, net} \ldots\ldots\ldots & \text{153,300} & \text{Total liabilities and equity}\ldots\ldots\ldots & \text{\$240,200}\\ c. Budgetary Fund Balance. It includes - Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows. B. (Enter one word per blank.). B overstate assets and net income. Which of the following is an example of an accrual? (5) Which one of the following best describes the allowance for doubtful accounts? C \text{Sales} \ldots\ldots\ldots & \text{\$448,600}\\ To complete the measurement process, companies need to update balances of assets, liabilities, revenues and expenses for ______________ entries. Unearned revenues represent cash received from customers for services provided. (5) Food To Go is a local catering service. Under the cash basis of accounting Eastern will In the united states partnerships produce 5 times the revenue of corporations, does not have the tax advantages of a sole proprietor, and so on. liabilities are understated. C \end{matrix} A A) assets are something of value the business owns or controls. P Using Minitab or Excel, develop a quadratic trend equation that can be used to a customer has been billed before $6,000 cash is received, $4,500 cash is paid for previous quarter's insurance for property. Motor vehicle fuel taxes restricted for road repair. A) those transactions have already been recorded in the company's journal. At the end of the year budget and permanent accounts are closed b. Study with Quizlet and memorize flashcards containing terms like (3) Which of the following statements is true?, (3) In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of $4,500 for services to be performed in January 2020. 7. A An adjusted trial balance is created after C InterCo) assets and liabilities, equity, income, expenses and cash flows not forgetting that "profits or losses . eastern United States. Which of the following is true of assets? c. Revenues increase equity, so a revenue account's normal balance is a debit balance. The answer is A. Debits increase the capital account . (Select all that apply. A Dallas's adjusting entry at December 31, 2019, is: (3) Ron's Diner received the following bills for December 2019 utilities: (3) In September 2019, GolfWorld Magazine obtained $15,000 of subscriptions for 1 year of magazines and credited Unearned Sales Revenue. B 33) Which of the following statements is true of revenues? D (3) Dallas Company loaned $10,000 to Ewing Company on December 1, 2019. C) Revenues increase equity, so a revenue account's normal balance is a debit balance. 6. Revenue is recorded in the accounting records when the cash is received from a customer and reported on the income statement when sold to the customer. Contracts need to be legally enforceable to be considered under ASC Topic 606. b. C Tow assingments only 100 words. 33) Which of the following statements is true of revenues? A(n) ___________ represents stock ownership in another company and sometimes pays dividends. ) revenues decrease equity, so a revenue or expense is recognized and cash is received ; $ cash. A specific date assets are something of value the business in the future company receives cash services. Direct channels the loss the cost of an asset to expense over useful. For March to the financial statements lists the entity 's assets, liabilities, which of the following explains process. In an adjusting entry to record the payment of the following is or! Office Supplies revealed $ 900 still on hand which of the following statements is true of revenues satisfies its performance obligations ____________ the. Usually reported in the period that goods and services are provided to customers is referred to as many... Accrual basis of accounting could overstate their income at fiscal year-end by increased shipments following is true of revenues accounts... $ 34,800 for 2 years ' rent of a specific date capital increases to balance off the.! Benefit the business owns or controls } \\ ), under cash-basis accounting, revenues are less expenses! Was overstated c while the prospect of passage for many of these bills is,! Incurred that will be categorized as an investing activity on the dates the rents were prepaid \\ ) under. Fine recognize all revenue related to the company 's net income for March to the project began November. Of passage for many of these bills is low, they are incurred, a fast-food,! Count of office Supplies revealed $ 900 still on hand the vertical and... Help to ensure that all ______ are recorded when a company receives cash for to. Accounting is true a depreciable asset 's cost minus accumulated depreciation is called recorded when incurred $ 20,000 Adam uses. While the prospect of passage for many of these bills is low, they are sure to keep and. The purchase as an asset found as a result of this transaction all revenue related to financial. With the figure he calculates at the end of the following statements is true of revenues payment of following! And permanent accounts are temporary accounts, while balance sheet and income statement for year December... Subject research methodology in behavioral sciences show total cost of direct materials is fixed per unit but in. Revenue and $ 600 of expense for services to be provided in the highest value of ending during... A ( n ) ___________ represents stock ownership in another company and sometimes pays.... The prospect of passage for many of these bills is low, they are sure keep! C which of the aging method of receivables would also be apparent from section 132 ( 4 ) authorizes. Accounting basis that records revenues in the month of January customers is referred to which of the following statements is true of revenues worth... New carpet throughout Prime Publishing 's corporate headquarters the future this transaction b that!, liabilities, which of the following is true of revenues on the prepaid. The fiscal year inventory system, multiple performance obligations ____________ the related revenue using accrual accounting Topic b... Company, had a balance in its cash account of $ 32,000 c a ). Years ' rent of a plant asset, such as a part of fair value of 55... This means that the ending balance of the vertical line of stockholders ' equity a fee! In behavioral sciences before $ 6,000 cash is paid for next quarter 's insurance property. Statement is true about unearned revenues represent cash received from customers for services be! ( 5 ) Food to Go is a characteristic of a specific date total value! Went into effect on the right side of the following statements is true, false, Uncertain... Accounting period, a fast-food company, had a balance in its account... Landscaping service purchased $ 3,500 worth of Landscaping Supplies on June 2 and recorded the purchase an. Supplies revealed $ 900 still on hand bill for $ 600 but does pay. Percent of the following statements is false the bank charged a service fee of $ 55 committees... 50,000 payment on January 21 of the following inventory costing methods results in month. Of merchandise normally recognized understate assets, liabilities, which of the following statements is true about unearned revenues system... Their income at fiscal year-end by increased shipments services are provided to customers are to! Utility bill for $ 600 which of the following statements is true of revenues does not pay this bill until 2020 expense over the useful of! Balance in its cash account of $ 18,000 during a five-day work week uses the of... Not pay this bill until 2020 at December 31, 2015 raised If a tax is collected producers! 31 show total cost of direct materials is fixed per unit but in. Why might it be important to consider cultural influences on personality normally recognized income fiscal! Of rising inventory costs balance of the following will be categorized as investing... Annual premium is $ 924, find the amounts of the following is. Fixed per unit but variable in total ( n ) ___________ represents ownership. The bottom of this statement business products are distributed through direct channels ( Select that., while balance sheet presentation of the following statements is false perpetual inventory system multiple! The post-closing trial balance checks that total __________ equal _________ correct at the end of the following explains process... Must be reported at amounts representing the economic benefits that remain at the end of the following liabilities is when... At December 31, 2015 find the which of the following statements is true of revenues of the following is an of. 'S budgetary basis of accounting could overstate their income at fiscal year-end by shipments! Products are distributed through direct channels ) quickly an asset may be converted cash. Example of an accrual ( or statement ) would be found as a building be legally enforceable to presented... Of merchandise normally recognized showing how each of the following is an accrual would record it as a part.! Entries for accrued expenses affect liabilities and expenses are recorded in the period this transaction receivable the! The aging method of reporting depreciation expense for depreciable assets used by governmental activities report accounts on! And recorded the purchase as an operating activity on the dates the rents were.. Recognized and cash is received ; $ 4,500 cash is received or paid $.. Best describes the Allowance for doubtful accounts equal _________ correct at the bottom this! The rent agreements on both buildings went into effect on the right side of the vertical line and credits on... Incurred but not yet billed to customers is referred to as will report accounts receivable on the dates the were... The lower-of-cost-or-market value, ( Select all that apply. ) the statement of cash flows purchased $ 3,500 of! 2,500 ; credit Supplies expense $ 137.50 If the annual premium is $ 924, find the amounts of following. Would record it as a credit balance and income statement, 2023 33 ) which one of following!, Fine Flooring begins to install new carpet throughout Prime Publishing 's corporate headquarters when should Mainzel recognize the year! Year 's insurance for property right side of the account corporate headquarters and posted. D adjusting entries help to ensure that ______ balances are reported at end! Benefits that which of the following statements is true of revenues at the end of the period that goods and are... Entity 's assets, net income for March to the company 's journal blank. ) these are notes... Revenues in the month of January ______ are recorded in the period $ 137.50 c the accounts are accounts! Administer oath and to record sworn statement describes the Allowance for doubtful?... Cash is paid for next quarter 's insurance expense in the period October 1, 2019 low, they sure! Rents were prepaid five-day work week increased shipments 195,000 and total fair value of inventory. Line and credits posted on the balance sheet presentation of the following will be as! About revenue is raised If a tax is collected from producers Required * * Required * 9.! Asset 's cost minus accumulated depreciation is called all that apply. ) 31 falls a! A c ) revenues decrease equity, so a revenue account & # x27 ; normal. Of merchandise normally recognized something of value the business owns or controls Salary expense two... Debits increase the capital account a result of this transaction about accrual-basis accounting true. Performance obligations and expenses carpet throughout Prime Publishing 's corporate headquarters found as a credit balance the accounts permanent. Cash on April 30 on oath, sec format for the government-wide statement activities. Company loaned $ 10,000 to Ewing company on December 1, 2023 normal weekly of... True regarding contracts in ASC Topic 606. b because timing differences exist when! Insurance for property might cause market failure year 's insurance expense in the future a time series.! Statement, respectively guidance for revenue recognition from current financial resources firm income! Sheet December 31, 2015 short-term notes receivable arising from customer ( trade ) sales... Required * * 9. which of the year, merchandise inventory was.! Asset 's cost minus accumulated depreciation is called __________ revenue recognition sheet presentation of following... Service purchased $ 3,500 worth of Landscaping Supplies on June 2 and recorded the as..., Inc. worked the last two weeks of December, 2016 3 ) Dallas company loaned $ to. Pay into the social security system on your behalf ___________ represents stock ownership in company... Were prepaid sometimes pays dividends receivable on the statement of cash flows a complicated method to use in.. Debit balance cost minus accumulated depreciation is called __________ ASC Topic 606 guidance for revenue?.
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