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October 21, 2014

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

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Help_ Accounting
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $77.00 B. $84.00 C. $92.00 D. $108.50 A
Monday, January 27, 2014 at 9:27am

Accounting, TAX
Which of the following entities may not use the cash method of accounting? A partnership with average annual gross receipts in excess of $5 million. A C corporation whose average annual gross receipts for the preceding 3 taxable years do not exceed $5 million. A C corporation ...
Saturday, January 25, 2014 at 8:28pm

finance accounting
Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. Ksh.000 Account payable 15,800 equipment 46,000 motor vehicles 25,160 Account receivable 23,080 cash at bank 29,120 cash in hand 160,000 during that ...
Friday, January 24, 2014 at 4:07am

finance accounting
Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. kSH.000 Account payables 15,800 equipment 46,000 motor vehicles 25,160 Account receivable 23,080 Cash at bank 29,120 cash in hand 160,000 during that ...
Friday, January 24, 2014 at 2:45am

Accounting
A(n) _______ loss occurs when the reduced price is below the actual cost. A. net B. operating C. absolute D. incurred B
Wednesday, January 22, 2014 at 3:18pm

Accounting
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $77.00 B. $84.00 C. $92.00 D. $108.50 A
Wednesday, January 22, 2014 at 3:17pm

Accounting
A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the marked price if the baker wishes to obtain a 75% markup on cost. A. $1.27 B. $1.31 C. $1.33 D. $1.45 A
Wednesday, January 22, 2014 at 3:16pm

Accounting
A good purchased for $480 sells for $700. If the store's operating expenses are 30% of cost, what is the percentage markup on cost? A. 1.5% B. 10.57% C. 15.83% D. 45.83% c
Wednesday, January 22, 2014 at 3:15pm

Accounting
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912 B. $1,152 C. $1,176 D. $1,200 D
Wednesday, January 22, 2014 at 3:13pm

Accounting
stion 8 of 20 5.0 Points Merchandise lists for $5,000 with a trade discount of 10% and terms of 5/30, 3/60, n/90. If the purchaser is invoiced on April 12th and payment is made on June 10th, what is the actual amount paid? A. $4,275 B. $4,350 C. $4,365 D. $4,500 C
Wednesday, January 22, 2014 at 3:11pm

Accounting
A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00 B
Wednesday, January 22, 2014 at 3:09pm

Accounting
A wholesaler lists a refrigerator model at a price of $850 and offers a chain discount of 20% and 10%. What is the net price? A. $476 B. $595 C. $612 D. $644 D?
Wednesday, January 22, 2014 at 3:07pm

Accounting,economics,business and mathr literacy
Is possible to become a CAwith these subjects
Wednesday, January 22, 2014 at 2:50pm

Accounting
I need to know the requirements of this careir, accountant?
Wednesday, January 22, 2014 at 2:48pm

Accounting,business studies,economics and maths literacy
What career to follow wth maths literacy
Wednesday, January 22, 2014 at 2:27pm

business
In my school i'm doing that subject maths literacy,business,economics,accounting and I want to be a manager what the job i will get
Wednesday, January 22, 2014 at 11:28am

accounting
determine how the disallowance of LIFO will impact U.S. multinational firms that report under IFRS.
Saturday, January 18, 2014 at 8:25am

Accounting 212
Wings Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative 1%, preferred stock of $40 par, and 50,000 shares of $120 par common. During its first four years of operations, the following amounts were distributed as dividends: first ...
Friday, January 17, 2014 at 11:42pm

Financial Management
Which of the following is NOT an example of an agency cost? A. Paying an accounting firm to audit your financial statements. B. Paying an insurance company to assure that building codes have been met for new construction. C. Paying a landscaping firm to maintain your firms D. ...
Friday, January 17, 2014 at 6:57pm

accounting
Numbers and measurements are the language of business. Organizations look at results, expenses, quality levels, efficiencies, time, costs, etc. What measures does your department keep track of? How are the measures collected, and how are they summarized/described? How are they...
Wednesday, January 15, 2014 at 9:30pm

accounting
What does a business owner do when the cash balance approaches zero and there are bills to be paid? (Hint: look at the financing activities of the Cash Flow Statement and then look at the Retained Earnings statement) What does a business owner do when there is an accumulation ...
Tuesday, January 14, 2014 at 11:26pm

accounting
ABC's Product information Current Product Expansion Product (estimate) Selling Price $14.50 $ Units produced and expected to be sold 80,000 5,000 Machine Hours 40,000 5,000 Direct Materials $1.30 per unit $5.60 per unit Direct labor dollars needed per product $2.80 per ...
Tuesday, January 14, 2014 at 12:03am

Accounting
__________ accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables C
Monday, January 13, 2014 at 7:17pm

Accounting
A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory D
Monday, January 13, 2014 at 7:17pm

Accounting
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equipment $80,000 Preferred Stock $32,000 Merchandise Inventory $18,000 Retained Earnings ? Prepaid Rent $3,...
Monday, January 13, 2014 at 7:16pm

Accounting
The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization C. net credit sales; average owner's equity; leverage D. net income after taxes; net sales; ...
Monday, January 13, 2014 at 7:13pm

Accounting
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. False A
Monday, January 13, 2014 at 7:11pm

Accounting
The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.’s owner’s equity?
Saturday, January 11, 2014 at 3:00pm

Accounting
On Aug 14th, One of our Partner's ( Compuville ) cash book showed a debit balance of $4,000.00. His bank statement showed a balance of $4,270.00. On comparison the following were found: * check issued amounting to $2,500.00 has not been cashed * The bank rejected checks ...
Friday, January 10, 2014 at 9:53am

Business Ethics
Which of the following is NOT one of the key requirements for auditor independence? A. Auditors must disclose all other written communications between management and themselves. b. Public accounting firms must report if they are providing audit services to any company whose ...
Sunday, January 5, 2014 at 4:29pm

061689 bussines accounting and you
All i need detail how to do it i watch video but im not understanding if anybody have more specific explanation details Please help step by step what i need to do im so confused Thank you :)))
Tuesday, December 31, 2013 at 7:13pm

office finances
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks my answer is a
Saturday, December 28, 2013 at 7:23am

Accounting
1. On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market rate of interest was 7%. Harris uses the effective interest rate method to amortize bond premium ...
Friday, December 27, 2013 at 3:31pm

office finances
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks my answer is b
Friday, December 27, 2013 at 12:07pm

corporate accounting
Worthington Company issued 1,000,000 face value, 10% bonds on July 1 2012, when the market rate of interest was 12%. Interest payments are due every July 1 and January 1. Worthington uses a calendar year-end.
Sunday, December 22, 2013 at 7:00am

Accounting
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals A
Thursday, December 19, 2013 at 8:13pm

Accounting
The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization C. net credit sales; average owner's equity; leverage D. net income after taxes; net sales; ...
Thursday, December 19, 2013 at 8:12pm

Accounting
Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8% C
Thursday, December 19, 2013 at 8:12pm

Accounting
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equipment $80,000 Preferred Stock $32,000 ...
Thursday, December 19, 2013 at 8:11pm

Accounting
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the information given A
Thursday, December 19, 2013 at 8:10pm

Accounting
A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory D
Thursday, December 19, 2013 at 8:10pm

Accounting
__________ accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables C
Thursday, December 19, 2013 at 8:08pm

Fin/571
3. Bell Mountain Vineyards is considering updating its current manual accounting system with a high-end electronic system. While the new accounting system would save the company money, the cost of the system continues to decline. The Bell Mountain’s opportunity cost of ...
Monday, December 16, 2013 at 10:21pm

accounts
I need help in a project on 'accounting process' . It should begin with a storyline in which a buisness have to be chosen(i have chosen a tyres dealer). Then transactions taking place between 1 april 2013 to 30 june 2013(accounting period is 3 months). It should ...
Sunday, December 15, 2013 at 4:46am

Financial Accounting
After all events have been recorded, Lang's obligations to creditors represents what percent of total assets? a).record the events under an accounting equation b. After all events have been recorded, Lang's obligations to creditors represents what percent of total ...
Monday, December 9, 2013 at 4:03pm

Accounting
Create an adjusted trial balance & journal entries Bank charges of $932.70 were not recorded in the books for 2014. These were credit card fees charged by the bank for Edwards, INC accepting credit cards from their customers. The charges were recorded accurately on the bank ...
Wednesday, December 4, 2013 at 1:36am

HTT / 230
Can you please tell me if i am on the right tract i more to do and want to see if i am understanding it. Review the SEC website at sec and the FASB Web site at fasb Identify the mission and main activities of each organization. What are the similarities and differences in the ...
Tuesday, December 3, 2013 at 2:16pm

business law
*The below is a scenario in which I have to make an IRAC for (not sure if you know what that is) but read the scenario and see if "Faye" is able to leave legally without ramifications. You must also list the legal rules that apply to this scenario..(for example, if ...
Monday, December 2, 2013 at 3:10pm

Accounting
How can price inflation effect a university negatively in the future? Like, what are a few things in the university that will be impacted?
Sunday, November 24, 2013 at 11:34am

Principles of Accounting I - 29
The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital balance reported?
Saturday, November 23, 2013 at 4:05pm

Accounting
Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual system of inventory. July 2 – Purchased inventory for cash, $800 July 5 – Purchased store ...
Saturday, November 23, 2013 at 3:43pm

Accounting
I am doing a report on finding the major challenges in the future of my university with regards to their revenue and expenses. I have to discuss the main financial obstacles faced by the university and explain why each presents problems with future planning / budgeting. On the...
Saturday, November 23, 2013 at 12:42pm

Business
Why do you think there have been so many accounting scandals in recent years?
Friday, November 22, 2013 at 9:41am

accounting
Harry and Sally were divorced three years ago. In July of the current year, their son, Joe, broke his arm falling out of a tree. Joe lives with Sally and Sally claims him as a dependent on her tax return. Harry paid for the medical expenses related to Joe’s injury. Can ...
Monday, November 18, 2013 at 12:31pm

accounting
Exercise 5-3 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $16,000 and credit terms of 3/10, n/60. The merchandise had cost Mesa $10,912. Santa Fe ...
Sunday, November 17, 2013 at 7:53pm

Business 101
1. Carmen Santiago works for a number of businesses as a “consultant.” She has helped design accounting systems, provided accounting services, and analyzed the financial strength of her clients’ businesses. Carmen is working as a A. public accountant. B. ...
Sunday, November 17, 2013 at 6:59pm

understanding and managing money
Carmen Santiago works for a number of businesses as a consultant. She has helped design accounting systems,provided accounting services,and analyzed the financial strength of her clients'businesses. Carmen is working as a?
Sunday, November 17, 2013 at 5:48pm

accounting
How would you summarize Apple’s cash flow position and what does this statement tell you about where the money is coming from and where it’s going? What should Apple do to improve its cash position and why?
Thursday, November 14, 2013 at 5:06pm

accounting
Pattillo Industries makes a product that sells for $25 a unit. The product has a $5 per unit variable cost and total fixed costs of $9,000. At budgeted sales of 1,000 units, the margin of safety percentage is 45%, 55%, 64%, none of these
Thursday, November 14, 2013 at 12:23am

business accounting
the long distance company that you use charges $5.00 per month and $0.10 per minute per call. If your current bill is $25.00, how many minutes did you use?
Wednesday, November 13, 2013 at 1:45am

accounting
The magnitude of operating leverage for Perkins Corporation is 3.4 when sales are $100,000, if sales increase to $110,000, profits would be expected to increase by what percent?
Wednesday, November 13, 2013 at 12:02am

Accounting
The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. Common Stock ($10 stated value) $1,500,000 Paid-in Capital from Treasury Stock 6,000 Paid-in Capital in Excess of Stated Value-Common Stock ...
Tuesday, November 12, 2013 at 9:03pm

Accounting
The comparative statements of Lucille Company are presented here. LUCILLE COMPANY Income Statements For the Years Ended December 31 First number are 2012 2012 then 2011 Net sales $1,890,540 $1,750,500 Cost of goods sold 1,058,540 1,006,000 Gross profit 832,000 744,500 Selling...
Tuesday, November 12, 2013 at 1:42pm

accounting
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained. Assets = Liabilities + Stockholders' Equity Cash + Accounts Receivable...
Saturday, November 9, 2013 at 6:08pm

accounting
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inventory method. what is the difference in taxes if LIFO rather than fifo is used?
Thursday, November 7, 2013 at 12:14am

accounting
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inventory method. what is the difference in taxes if LIFO rather than fifo is used?
Thursday, November 7, 2013 at 12:11am

Accounting 2 goes with the 1st question
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Wednesday, November 6, 2013 at 2:56pm

Accounting 2
Declared semiannual dividends of $1.20 on 75,000 shares of preferred stock and $0.08 on the 600,000 shares of $20 par common stock to stockholders of record on March 31, payable on April 30.
Wednesday, November 6, 2013 at 2:53pm

Accounting
Genentech, Inc. is a California-based biotech pioneer recently acquired by Swiss pharmaceutical giant Roche Holding AG. Roche paid $46.8 billion in cash for the 44 percent of Genentech it did not already own, implying a market value of over $100 billion for the entire company...
Saturday, November 2, 2013 at 3:39pm

Accounting
Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698 Variable manufacturing overhead: $32,164 Selling Costs: $21,176 What are the total product costs for the ...
Friday, November 1, 2013 at 4:50pm

accounting
Jane and Walt form Orange Corporation. Jane transfers equipment worth $475,000 (basis of $100,000) and cash of $25,000 to Orange Corporation for 50% of its stock. Walt transfers a building and land worth $525,000 (basis of $200,000) for 50% of Orange’s stock and $25,000 ...
Friday, November 1, 2013 at 4:20pm

Accounting - please check my answers
Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare the adjusting entries and show the related transaction entries at the date that each would be made...
Wednesday, October 30, 2013 at 6:36pm

accounting
In addition, assume that Anheuser-Busch InBev sold 200 million barrels of beer during the year. Assume that variable costs were 75% of the cost of goods sold and 40% of selling, general and administration expenses. Assume that the remaining costs are fixed. For the following ...
Monday, October 28, 2013 at 10:51am

accounting
using the break-even equations to solve for price and variable cost per unit andromeda company's break-even point is 2,400 units. variable cost per unit is $42; total costs are 67,200 per year. what price does andromeda charge?
Friday, October 25, 2013 at 10:16pm

Accounting
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $ 26,150 Merchandise inventory 14,500 Store supplies 5,000 Prepaid insurance 2,100 Store equipment 42,800 ...
Wednesday, October 16, 2013 at 5:51pm

accounting
You won a lottery which pays $10,000 per year for 10 years (at the end of each year). Assuming a discount rate of 8% calculate the present value of your expected winnings
Tuesday, October 15, 2013 at 9:51pm

Accounting
The owner's equity of Logan's company is equal to one quarter of the total assets. Liabilities equal $60,000. What is the amount of owner's equity?
Monday, October 14, 2013 at 2:15pm

accounting 1
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social security tax,$634.88; and medicare tax,$148.48. may 15, paid ...
Monday, October 14, 2013 at 12:23pm

accounting 1
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social security tax,$634.88; and medicare tax,$148.48. may 15, paid ...
Monday, October 14, 2013 at 12:22pm

fundamentals of accounting 1
journalizing payroll transactions, for Keller Systems;Inc, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social security tax,$634.88; and medicare tax,$148.48. paid cash for semimonthly payroll. total earnings...
Monday, October 14, 2013 at 9:42am

managerial accounting
Which of the following costs is an example of a cost that remains the same in total as the number of units produced changes?
Saturday, October 12, 2013 at 6:26am

Accounting
What is 20% of $80,000
Tuesday, October 8, 2013 at 5:58pm

finanical accounting
Assume that you are the president of Gaslight company. At the end of the year (December 31, 2011 of operation.
Monday, October 7, 2013 at 3:38pm

Accounting
Describe the mechanisms that WorldCom’s management used to transfer profit from other time periods to inflate the current period.
Saturday, October 5, 2013 at 3:13am

business
The type of accounting concerned with providing information and analyses to managers within the organization is referred to as
Thursday, October 3, 2013 at 11:32pm

Accounting - Writing
UOIT has recently appointed you to prepare an independent consulting report to analyze the university’s current financial position and to provide some recommendations for improvement. Before you begin your analysis, you decide to identify UOIT’s various stakeholders...
Wednesday, October 2, 2013 at 6:20pm

macroeconomic
Secondhand smoke globally kills more than 600,000 people each year, accounting for 1 percent of all deaths worldwide, according to a new study. . . . Researchers estimated that annually secondhand smoke causes about 379,000 deaths from heart disease, 165,000 deaths from lower ...
Saturday, September 28, 2013 at 1:26pm

accounting
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31, 20X2: Cash $ 3,995 Accounts Receivable 13,240 Allowance for Doubtful Accounts 120 Inventory—...
Wednesday, September 25, 2013 at 5:09pm

Principles of Accounting
I need help understanding my Accounting 205 class. Would some one please help me understand what I am having such a hard time comprehending.
Tuesday, September 24, 2013 at 9:13pm

Accounting
Why is the cash basis of accounting not used when preparing financial statements?
Tuesday, September 24, 2013 at 8:55pm

Accounting
You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an important cash producer for the company. •The delivery price is based on long term contracts. &#...
Tuesday, September 24, 2013 at 10:09am

Accounting 1
The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to $6,000. $2,400. $3,000. $3,500.
Saturday, September 21, 2013 at 2:58pm

accounting
A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds. The beginning cash balance was:
Thursday, September 19, 2013 at 3:21pm

Accounting
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
Wednesday, September 18, 2013 at 4:54pm

Accounting
Dividing Partnership Income Desmond Drury and Ty Wilkins have decided to form a partnership. They have agreed that Drury is to invest $44,700 and that Wilkins is to invest $104,300. Drury is to devote full time to the business, and Wilkins is to devote one-half time. The ...
Tuesday, September 17, 2013 at 8:11pm

FIN
Question 2 Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.00 million. This investment will consist of $2.00 million for land and $10.00 million for trucks and other ...
Monday, September 16, 2013 at 10:53am

accounting
On January 1, 2012, Lexmark Company's Accounts receivable account had a debit balance of $10,000. During January, 2012, the company billed customers for services in the amount of $300,000. Also during January, the company collected $240,000 from its customers on account. ...
Wednesday, September 11, 2013 at 6:36pm

Math
Randi takes the stairs at work whenever possible instead of the elevator. She must climb up 51 steps from her office to get to the accounting department. The human resources department is 24 steps below her office. How many steps are there between human resources and ...
Tuesday, September 10, 2013 at 9:15pm

accounting
ABC Company uses cash basis accounting for its records. During 2010, ABC collected $400,000 from its customers, made payments of $300,000 to its suppliers for inventory, and paid $140,000 for operating costs. ABC wants to prepare accrual basis financial statements. In ...
Monday, September 9, 2013 at 1:25am

Statistics
The owner of the Finer Diner submitted a proposal to you in hopes of selling the business to you. His asking price is $250,000. Your financial institution advises that your monthly payment to finance that amount would be $1850.00. This is in addition to other business expenses...
Sunday, September 8, 2013 at 7:27pm

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