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July 4, 2015

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

accounting
i. On February 27th, the company sold goods on account to CUSTOMER, $1,800. The goods had a cost of $900. Dungy uses a perpetual inventory system. ans--> A/R (debit) $1800 Sales (credit) $1800 Cost of Goods Sold (debit) $900 Merchandise Inventory (credit) $900 ii. On ...
Thursday, November 4, 2010 by Thara

accounting
Jan.1 Beginning Inventory..300 units @ $3.00 Mar.5 Purchase..........… 900 units @ $4.00 Sept.3 Purchase...........… 1,000 units @ $5.00 Nov. 4 Purchase....… 500 units @ $7.00 During 2011, 1,000 units are sold at $10.00 each. Assume that the Periodic Invetory ...
Wednesday, November 3, 2010 by Bill

Accounting
Attached is the actual Financial Statements, Cash Flow, and Taxes associated with the assignment questions below. 2007 & 2008 statements below. We are working on a comprehensive/spreadsheet problem (financial statements, cash flow and taxes). A balance sheet for a company ...
Wednesday, November 3, 2010 by Lisa

accounting
Explain how shaving 5% off the estimated direct labor hours in the base for the predetermined overhead rate usually results in a bog boost in net operating income at the end of the fiscal year.
Wednesday, November 3, 2010 by Anonymous

math
Information related to Hermesch Company for 2011 is summarized below. Total credit sales $2,200,000 Accounts receivable at December 31 825,000 Bad debts written off 33,000 What amount of bad debts expense will Hermesch Company report if it uses the direct writeoff method of ...
Monday, November 1, 2010 by vivian

ACCOUNTING
A company purchased 1000 units of inventory on September 25 and the cost per unit was $8.50. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. (Assume a perpetual inventory system). Prepare the journal entries to fully reflect these merchandise...
Monday, November 1, 2010 by pj

accounting
A company that uses perpetual inventory system made the following cash purchases and sales: January 1 Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 units for $16 per unit. Prepare general journal entries to reord the ...
Monday, November 1, 2010 by pj

Accounting
Can someone please help me with this question and break it down into dummy terms I am struggling in this course. Even if you have solid financials, can you obtain more market share?
Monday, November 1, 2010 by Becki

Finance
explain the relationship between finance and accounting, and how they operate to determine financial viability within a health care organization
Sunday, October 31, 2010 by vonnia

accounting
A company that uses perpetual inventory system made the following cash purchases and sales: January 1 Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 units for $16 per unit. Prepare general journal entries to reord the ...
Sunday, October 31, 2010 by Jo

accounting
A company purchased 1000 units of inventory on September 25 and the cost per unit was $8.50. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. (Assume a perpetual inventory system). Prepare the journal entries to fully reflect these merchandise ...
Sunday, October 31, 2010 by Jo

accounting
From the following transactions, state which account will be debited and which account will be credited by filling up the appropriate boxes. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and Credit Sample Example Mr. X started business ...
Sunday, October 31, 2010 by Anonymous

economics
Teddy Bear, Inc., a rapidly growing manufacturer of high fashion children's shoes, plans to open a new production facility in Gastonia. Based on information provided by the accounting department, the company estimates fixed costs of $250,000 per year. Its average variable ...
Saturday, October 30, 2010 by hiten

Accounting
The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month's rent.
Saturday, October 30, 2010 by Sam

accounting
ehat type of financial reports would you expect to see in your department if you are a new accountant
Friday, October 29, 2010 by bertha

Accounting
Jan. 1 Merchandise inventory $144,200 Jan. 1–Feb. 7 Purchases (net) 40,000 Jan. 1–Feb. 7 Sales (net) 70,000 Estimated gross profit rate 40% Estimated merchandise inventory destroyed:
Thursday, October 28, 2010 by Katie

accounting
i want to know if the transactions are bought machinery for rs50,000, payment made to xyz store by rs10,000 by cheque, purchased office furniture on credit for rs15,000, rs1,000 receieved as a rent for the portion of office building rented out and paid salaries of rs40,000 by ...
Thursday, October 28, 2010 by maria

fundamentals of accounting
discuss the importance and major elements of a work sheet clearly explaining the examples of the main items used in the adjusting process.
Thursday, October 28, 2010 by charity

accounting
transactions 1.bought machinery for cash rs.50,000 2.payment made to XYZ store rs.10,000by cheque 3.Purchased office furniture on credit for rs.15,000 4.Rs. 1,000 received as a rent for the portion of office building rented out 5.Paid salaries of Rs.40,000 by cheque from the ...
Wednesday, October 27, 2010 by mary

Accounting
How could you apply the concepts of Readability, Reusability, and Reliability
Wednesday, October 27, 2010 by Anonymous

accounting
from the following transactions state which account will be debited and which will be credited by filling up. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and credit Sample Example Mr. X started business with cash of Rs.100,000 Cash ...
Wednesday, October 27, 2010 by pinki

accounting
From the following transactions, state which account will be debited and which account will be credited by filling up the appropriate boxes. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and Credit Sample Example Mr. X started business ...
Wednesday, October 27, 2010 by pinki

economics
suppose pam owns her own building in chicago, which she could rent for 200000 a year, and used to make 60000 a year managing a bed, bath, and beyond store. she decides to open a surfing store. her yearly sales are 500000, she pays her 2 sales workers 20000 each, she pays ...
Tuesday, October 26, 2010 by Rebecca

accounting
mordica company will receive $100,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $100,000 receipt is (A) $51,000 (B) $51,316 (c) $151,000 (D) $194,872
Tuesday, October 26, 2010 by Keisha

Accounting
Milner company will invest $200,000 today. The investment will earn 6% for 5 yearswith no funds withdrawn. In 5 years, the amount in the investment fund is A) $200,000 B) $260,000 C) 267,646 D) $268,058
Tuesday, October 26, 2010 by Keisha

accounting
Pearson corporation makes an investment today (January 1, 2010). They will receive $10,000 every December 31st for the next six years (2010-2015) If pearson wants to earn 12% on the investment, what is the most they should invest on January 1, 2010? A) $41,114 B) $46,048 C) $...
Tuesday, October 26, 2010 by Keisha

business
Listed below are five procedures followed by The Beat Company. Several individuals operate the cash register using the same register drawer. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities. Ellen May writes checks and also records ...
Monday, October 25, 2010 by vivian

accounting
On May 31, 2011, James Logan Company had a cash balance per books of $6,781.50. The bank statement from Farmers State Bank on that date showed a balance of $6,404.60. A comparison of the statement with the cash account revealed the following facts. The statement included a ...
Monday, October 25, 2010 by vivian

accounting
What is Dell’s strategy for success in the marketplace? Does the company rely primarily on a customer intimacy, operational excellence, or product leadership customer value proposition? What evidence supports your conclusion?
Monday, October 25, 2010 by felisha

Auditing
Would a public accounting firm be held liable to a third party (creditor) who extended money because on reliance of erroneous financial statements? The specific example features a junior member of the accounting firm intentionally misrepresenting the accounts of the auditee.
Sunday, October 24, 2010 by Horatio

Statistic
Using this TABLE 12-6 for the following questions: The dean of a college is interested in the proportion of graduates from his college who have a job offer on graduation day. He is particularly interested in seeing if there is a difference in this proportion for accounting and...
Sunday, October 24, 2010 by Anonymous

Managerial Finance & Accounting
P12-14 Strategic Capital Investment Decisions Smith Electronics manufactures portable CD players. Lillian Perez, the VP of operations at Smith Electronics, is considering a major capital investment decision. It would cost $2,500,000 to put new, highly automated machines in the...
Sunday, October 24, 2010 by Anonymous

Statistic
TABLE 12-6 The dean of a college is interested in the proportion of graduates from his college who have a job offer on graduation day. He is particularly interested in seeing if there is a difference in this proportion for accounting and economics majors. In a random sample of...
Sunday, October 24, 2010 by NDW

accounting
John borrows $150,000. The terms of the loan are 7.5% over the next 5 years. It is important to note that he makes annual rather than monthly payments. Construct a loan amortization schedule that shows the 5 payments of John's loan. EXCEL TEMPLATE
Saturday, October 23, 2010 by sweet

accounting
You purchased a $1,000 five percent coupon bond that matures in 10 years. How much would your bond be worth if interest rates fall to 4% the day after you purchase the bond? What would the bond be worth in one year if interest rates fell to 4% at that point? UNIT 5 EXCEL ...
Saturday, October 23, 2010 by sweet

accounting psy100
What parts do they agree or disagree with? How does Rogers’ view compare with that of Maslow and other humanists?
Saturday, October 23, 2010 by Patrice

accounting
2008 = 8,700 2009 = 9,400 2010 = 10,100 2011 = Expected? What is the expected change for 2007? I know the increase is 700 for each year, but how do I calculate the growth rate for this question?
Friday, October 22, 2010 by Any help me!

accounting
what will be the adjusting entry if partners take distributions from their business instead of taking salary?
Wednesday, October 20, 2010 by priya

accounting
Corporation is considering issuing bonds on January 1, 2009, and has asked your advice concerning several matters. The firm plans to issue $800,000 of 30-year, 10 percent bonds. Bond interest payments are on January 1 and July 1. IfthebondsareissuedonJanuary1,2009,atapr​...
Tuesday, October 19, 2010 by marathoner

accounting
Corporation is considering issuing bonds on January 1, 2009, and has asked your advice concerning several matters. The firm plans to issue $800,000 of 30-year, 10 percent bonds. Bond interest payments are on January 1 and July 1. IfthebondsareissuedonJanuary1,2009,atapr​...
Tuesday, October 19, 2010 by marathoner

accounting
Jones Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Jones had 80 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under...
Tuesday, October 19, 2010 by lamyaa

accounting
The sales department thinks it could sell teh product at a slightly higher price of $45/unit, but if the price is raised, it may lose 10% if sales volume in units. What would the expected profitability be if this higher selling price/unit in fact occurred. If you can answer ...
Tuesday, October 19, 2010 by peaches

accounting
below the break even point, what does every dollar of contribution margin go toward? above the break even point, what does every dollar of contribution margin go toward?
Tuesday, October 19, 2010 by peaches

accounting
GRANT CLINIC, INC. Financial Plan and Presentation Grant Clinic, Inc. serves a suburban community with a population of about 24,000, of which 25% are expected to become patients of the clinic. Approximately 6 miles from Grant Clinic, Inc., a new residential community targeted ...
Tuesday, October 19, 2010 by Andria

financial accounting
Why is it necessary to prepare formal financial statements if all of the data are in the statement columns of the worksheet? Discuss
Monday, October 18, 2010 by Joan

accounting
Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug. 12 300 units at $11 May 5 500 units at $10 Dec. 8 200 units at $12 Eddings Company uses a periodic inventory system...
Monday, October 18, 2010 by vivian

accounting
You can invest in 10 corporate bonds paying 7 percent interest 20 conservative stocks that pay substantial dividends(typically 5 percent of the stock price every year) and 30 growth oriented-technology stocks that pay no dividends. Analyze each alternative and select one.
Saturday, October 16, 2010 by chris

Accounting
Nafari Company's sales budget has the following unit sales projection for each quarter of the calendar year 2011. January -March 1,080,000 April-June 1,360,000 July-September 980,000 October-December 1,100,000 Total 4,520,000 Sales for the first quarter of 2012 are ...
Wednesday, October 13, 2010 by sylvia

Accounting
Nafari Company's sales budget has the following unit sales projection for each quarter of the calendar year 2011. January -March 1,080,000 April-June 1,360,000 July-September 980,000 October-December 1,100,000 Total 4,520,000 Sales for the first quarter of 2012 are ...
Wednesday, October 13, 2010 by sylvia

accounting
can i get answers for pen foster exams#500843
Tuesday, October 12, 2010 by tia

Managerial Finance & Accounting
P10-9 Performance Evaluations (M324) - Objs. 2, 5 The Promotion and Advertising Department at Jefferson Corporation coordinates point of purchase promotions for its distributors. Employees of this department are graphic arts or marketing majors who develop campaign materials ...
Tuesday, October 12, 2010 by Anonymous

accounting
Assume Venture Healthcare sold bonds that have a ten-year maturity, a 12 percent coupon rate with annual payments, and a $1,000 par value. a. Suppose that two years after the bonds were issued, the required interest rate fell to 7 percent. What would be the bond's value? b...
Monday, October 11, 2010 by ted

accounting
“One company’s account receiveable is another company’s account payable”?
Sunday, October 10, 2010 by Anonymous

accounting
The City of Shiloh sold a used police car. The police car had a historical cost of $17,000, a fair value of $12,000, and was sold for $5,000. Assuming that the City maintains its books and records in a manner to facilitate the preparation of the fund financial statements, what...
Sunday, October 10, 2010 by ildiko

Medical
if john date is responsible for accounting services for weston hospital, he's the hospital's chief what?
Tuesday, October 5, 2010 by Anonymous

accounting
i am trying to understand porter's fiveforces, can anyone help me?
Monday, October 4, 2010 by tilda

accounting
The two cases described below are independent of each other. Each case provides the information necessary to prepare the stockholders' equity section of a corporate balance sheet. a. Early in 2007, Wesson Corporation was formed with the issuance of 50,000 shares of ...
Sunday, October 3, 2010 by james

Business Accounting
Who can be harmed when a company changes its accounting method to often? why?
Saturday, October 2, 2010 by kristi

accounting
The following costs were incurred by Shumway Company in purchasing land: cash price, $84,000; removal of old building, $5,200; legal fees, $3,000; clearing and grading, $3,500; installation of fence, $3,400. (a) What is the cost of the land? (b) What is the cost of the land ...
Saturday, October 2, 2010 by Thara

accounting 2
allen company sells flags with team logos. Allen has fixed costs of $588,000 per year plus variable costs of $ 5.50 per flag. Each flag sells for $ 12.50.
Saturday, October 2, 2010 by jenny

accounting
What are the different methods used to calculated depreciation? How does a company decide which method they should utilize? How does their choice affect the financial statements?
Friday, October 1, 2010 by rae

Income Tax - Accounting. Help Me Please.
Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary $60,000 Business Income $25,000 Intrest income(bonds)$10,000 Tax-exempt bond interes $ 5,000 ________ TOTAL INCOME $100,000 DEDUCTIONS: Business Expenses $ 9,500 ...
Friday, October 1, 2010 by austin

Income tax / Accounting
Computation of taxable income: The following information for 2009 relates to Tom, a single taxpayer, age 18. Salary $1,800 Intrest income $1,600 Itemized deductions $ 600 A. Compute Tom's taxable income assuming he is self-supporting B. Compute Toms's taxable income ...
Friday, October 1, 2010 by austin

managerial Accounting
Theater owners have to make competitive bids for the right to show a movie. They must sent the film distributor a proposal with 1. The length of run they provide. 2. The percentage of box office revenues that the theater will pay the distributor per week. This usually on a ...
Thursday, September 30, 2010 by Klatoyaa

managerial Accounting
Smith Co uses a standard cost system for its single product in which variable manufacturing overhead is applied on the basis of direct labor hours. The following information is given: 4 Standard costs per unit: Raw materials (1.5 grams at $16) $24.00 Direct labor (0.75 hour at...
Thursday, September 30, 2010 by Klatoyaa

Accounting
What would you pay for a $50,000 debenture bond that matures in 15 years and pays $5,000 a year in interest if you wanted to earn a yield of: (Round computations to 2 decimal places and use the rounded amounts to calculate the final answer. Round the final answer to 2 decimal ...
Wednesday, September 29, 2010 by Scott

college-accounting
Choose two competitor companies that are U.S. GAAP publicly traded companies.
Tuesday, September 28, 2010 by chris

accounting
during the period 1 oct to 10 october2008 the stock figure was $38 900 sales were $7800,the company makes a gross profit of30% on cost (ii)purchases were$4000 (iii)returns in wards were$1950 (iv)one stock sheet had been overadded by$800while the other had been under-added by $...
Tuesday, September 28, 2010 by shaz

college- accounting
We just starting the chapters in accounting in school. We have about 10 problems to do. I will post one problem here and i need someone to show me how exactly they got it, so i understand and it could help me work on the other 9. here it is- The comparative Balance Sheets of ...
Tuesday, September 28, 2010 by gaba

Accounting
What is the relationship between the amounts on the adjusted trial balance for an account and its ledger? Why is it necessary to prepare the formal financial statements if all the data are on the adjusted trial balance? I am having problems finding the answer to thsee two ...
Tuesday, September 28, 2010 by kim

accounting
Which of the following is accounted for as a change in accounting principle?
Monday, September 27, 2010 by Anonymous

accounting
Assignment Please prepare the homework problems in the form of a Word and/or Excel file. Try to use one file to submit your answers if possible and include the questions with your answers. You must show your calculations. A dermatology clinic expects to contract with an HMO ...
Sunday, September 26, 2010 by Doloes

accounting
I have answer a hypothetical situation question as to what advice I would give to a business owner whose business in growing on how to make her accounting work more efficient. She manually enters in cash sales daily, makes purchase orders over the phone, but is now getting ...
Sunday, September 26, 2010 by sylvia

accounting
state 5 assumptions underlying cost- volume profit(break-even )analysis
Sunday, September 26, 2010 by shaz

Accounting
The partners in New Yorker Company decide to liquidate the firm when the balance sheet shows the following.
Sunday, September 26, 2010 by Laetitia

accounting
general ledger entry: sold $700 of merchandise (that had cost $220) on credit to Sam's Company.
Sunday, September 26, 2010 by ann

Accounting help
I'm trying to make an income statement...for sales revenue out of this information what do I add up? Sales Revenue Forecast: June (actual) 24,000 July (actual) 20,000 August 28,000 September 52,000 October 44,000 November 76,000 December 96,000 January 22,000 February 32,...
Saturday, September 25, 2010 by Claire

college
It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year’s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities. You are the bookkeeper for Biker’s ...
Saturday, September 25, 2010 by carrie

accounting
Target Corporation is currently seeking additional capital to expand its operations. Two companies have shown interest in providing additional capital. •Company #1 is interested in investing in the organization and, therefore, would like to have part ownership through the...
Thursday, September 23, 2010 by Missy

accounting
What is the adjusting entry to this problem on Dec 31st? On October 15, the school agreed to teach a four-month class (beginning immediately) for an individual for $3,100 tuition per month payable at the end of the class. The services are being provided as agreed, and no ...
Thursday, September 23, 2010 by Michelle

Accounting
What is the journal entry when a company issues debt to purchase all outstanding shares of another company?
Thursday, September 23, 2010 by Aq

accounting
Jones Company is authorized to issue 20,000 shares of no-par, $5 stated-value common stock and 5,000 shares of 9%, 100 par preferred stock. It enters into the following transaction: 1. Accepts a subscription contract to 7,000 shares of common stock at $42 per share and ...
Wednesday, September 22, 2010 by Kathy

Accounting
Can financial statement users of not-for-profit hospitals’ financial statements expect to be fully informed regarding affiliated parties, such as the linkage between St. Jude Children’s Research Hospital, ALSAC, and the foundation cited?
Tuesday, September 21, 2010 by Anonymous

Principles of Accounting I
It is standard procedures, or GAAP, to make an adjusting entry to remove the current year's principle from the long-term liabilities. You are the bookkeeper for biker's business. Biker's business has a bank loan that requires a current ratio of 1.5 times. The owner...
Tuesday, September 21, 2010 by Lizzie Nelson

Management Accounting
Monash Company is currently manufacturing part Z911, producing 40,000 units annually. The part is used in the production of several products made by Monash. The cost per unit for Z911 is as follows: Direct Materials $9.00 Direct Labour 3.00 Variable Overhead 2.50 Fixed ...
Tuesday, September 21, 2010 by Ken

accounting
what kind of source documents do we collect for accounting information systems?
Tuesday, September 21, 2010 by Cindy

Accounting
1. Assume that Sprinturf uses a job order costing system. For the three basic cost categories of direct materials, direct labor, and overhead, identify at least two typical costs that would fall into each category for Sprinturf. 2. Assume a local high school expresses an ...
Monday, September 20, 2010 by Dezmin

Accounting
It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year’s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities. You are the bookkeeper for Biker’s ...
Monday, September 20, 2010 by Brian

uop
A firm utilizing FIFO inventory accounting would, in calculating gross profits, assume that
Sunday, September 19, 2010 by Anonymous

auditing
Describe how the separation of (1) authorization of production transactions, (2) recording of these transactions, and (3) physical custody of inventories can be specified among the production, inventory, and cost accounting departments
Sunday, September 19, 2010 by rebeca

grade 12 accounting
I posted a question a while ago, I was hoping someone would get back to it? Its not a difficult question, I'm just unsure whether to debit or credit accumulated amortization. This is for march 31 and the adjustment is 100 of amortization. What do I do?
Friday, September 17, 2010 by kat

grade 12 accounting
The account accumulated amortization - equipment is a credit account and it has 1,200 in it on the work sheet for the month ended march 31, 2003. I have to make an adjustment to it, and the adjustment is: amortization for march is 100. Do I credit or debit the 100 to the ...
Friday, September 17, 2010 by kat

Managerial Accounting
Rocky Mountain Outfitters manufactures cowboy boots. Information related to a recent production period is as follows: Estimated manufacturing overhead, 2004 $240,000 Estimated machine hours, 2004 12,000 Direct labor cost, September $ 8,000 Direct materials cost, September $5,...
Friday, September 17, 2010 by Anonymous

Accounting
The proposed 'asset' investment for a new restaurant is $2,000,000. The restaurant is expected to generate cash inflows of $300,000 during its 'project' life of ten (10) years. The Weighted Cost of Capital is 10%. What is the Present Value of a 'cash' ...
Thursday, September 16, 2010 by Kathy

accounting 101
Preparing A Journal Entry. I need help telling whether it's accounts receivable, rent expense, etc. Also determining whether it's debit or credit. I understand everything else like the T-account and Trial Balance, just determining what they are is what I'm having ...
Thursday, September 16, 2010 by James

accounting
Making a t account need to know how to enter this Recognized operating expenses for 2009 of 30,000 including 5,000 on credit and 25,000 cash
Wednesday, September 15, 2010 by chris

accounting
I need to make a t account for accounting homework. The statements are from 2009? Earned revenues for 2009 of 55,000 including 8,000 on credit and 47,000 cash. Received a 3,000 deposit from hospital to start January 5, 2010. Purchased supplies on account for future use. 7,000
Wednesday, September 15, 2010 by chris

Accounting
I am attempting to complete a budget matrix. Is a consultant listed as a functional budget item or a line-item budget? Are indirect costs listed as a functional budget item or a line-item budget? My understanding from the reading is that I have 1) Functional Budget to ...
Wednesday, September 15, 2010 by Sarah

accounting
E4-1 The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are as follows. BRISCOE COMPANY Worksheet For the Month Ended June 30, 2008 Trial Balance Account Titles Dr. Cr. Cash $2,320 Accounts Receivable 2,440 Supplies 1,880 Accounts Payable $1,120 ...
Monday, September 13, 2010 by Kris

accounting
There is also a lot of companies that report their federal taxes using the accrual basis and their state taxes on the cash method. Why do you think a company would want to do this?
Sunday, September 12, 2010 by Richard

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Homework Help: Business

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