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Accounting 5th Edition Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones - Solutions
E3-10 Make journal entries for the adjustments that would complete the preparation of the adjusted trial balance in Exercise 3-9. Date the entries and include explanations.
E3-11 Refer to the adjusted trial balance in Exercise 3-9. Prepare Signet Repair Company's income statement and statement of owner's equity for the month ended May 31, 20X2, and its balance sheet on that date. Draw arrows linking the three statements.
E3-12 The accountant for Kay Fuston. Publisher, has posted adjusting entries (a)-(e) to the accounts at December 31, 20X2. Selected balance sheet accounts and all the revenues and expenses of the entity follow in T-account form. Journalizing adjustments (Obj. 3, 4) Preparing the financial
E3-13 Quikwash Laundromat began the year with capital of $155.000. On July 12, Kent Carmichael (the owner) invested $12.000 cash in the business. On September 26. he transferred to the company land valued at $70,000. The income statement for the year ended December 31, 20X5. reported a net loss of
E3-14 Refer to Exercise 2-15 of Chapter 2. Start from the trial balance and the posted T-accounts that Amos Faraday, Consultant, prepared for his business at December 18. as follows: AMOS FARADAY, CONSULTANT Trial Balance December 18, 20XX Cash Account Accounts receivable Supplies Equipment
E3-15 Morris Chang Enterprises aids Chinese students upon their arrival in the United States. Paid by the Chinese government. Morris Chang collects some service revenue in advance. In other cases, he receives cash after performing relocation services. At the end of August a particularly busy
E3-16 For the situation of Exercise 3-15, assume the service revenue of Morris Chang Enterprises was $5,900 during August. How much cash did the business collect from the Chinese government that month? Show your work.
P3-1A Normandy Psychiatric Group had the following selected transactions during January: Jan. 1 Prepaid insurance for January through March, $600. 4 5 8 11 Performed medical service on account. $1,000. Purchased office furniture on account, $150. Paid advertising expense. $450. Purchased office
P3-2A As the controller of Lake Cypress Lumber Company, you have hired a new bookkeeper, whom you must train. He objects to making an adjusting entry for accrued salaries at the end of the period. He reasons. "We will pay the salaries soon. Why not wait until payment to record the expense? In the
P3-3A Journalize the adjusting entry needed on December 31. end of the current accounting period. for each of the following independent cases affecting Arvin Marketing Associates.a. Each Friday, Arvin pays its employees for the current week's work. The amount of the pay- roll is $6,000 for a
P3-4A Platt Investment Brokers' unadjusted and adjusted trial balances at December 31. 20X7. follow at the top of page 115. Required Journalize the adjusting entries that account for the differences between the two trial balances
P3-5A The trial balance of Liberty Duplicating Services at August 31, 20X6. year and the data needed for the month-end adjustments follow at the bottom of page 115. Adjustment data:a. Unearned service revenue still unearned at August 31, $1.670.b. Prepaid rent still in force at August 31, $620.c.
P3-1B Valleydale Bone and Joint Clinic completed the following selected transactions during May: May 2 Prepaid insurance for May through July, $800. 5224 4 Paid gas bill. $550. 9 12 14 28 29 30 31 Performed services on account, $1.000. Purchased office equipment for cash. $1.400. Received cash for
P3-2B Write a business memo to a new bookkeeper to explain the difference between the cash basis of accounting and the accrual basis. Mention the roles of the revenue principle and the matching principle in accrual-basis accounting. The format of a business memo follows. Date: To: From: New
P3-3B Journalize the adjusting entry needed on December 31. end of the current accounting period, for each of the following independent cases affecting Coronado Heating and Cooling.a. Details of Prepaid Rent are shown in the account: PREPAID RENT Jan. 1 Mar. 31 Bal. 600 2,400 Coronado pays office
P3-4B Olen Chemical Servicing's unadjusted and adjusted trial balances at April 30, 20X1. follow. OLEN CHEMICAL SERVICING Adjusted Trial Balance April 30, 20X1 Adjusted Trial Balance Trial Balance Account Title Debit Credit Debit Credit Cash 6.180 6,180 Accounts receivable 5.990 6.700 Interest
P3-5B The trial balance of Great Lakes Investments at December 31, 20X2, and the data needed for the month-end adjustments follow at the top of the next page. Adjustment data:a. Prepaid rent still in force at December 31, $600.b. Supplies used during the month, $640.c. Depreciation for the month,
P3-6B The adjusted trial balance of Marineland Travel Designers at December 31, 20X6. follows. MARINELAND TRAVEL DESIGNERS Adjusted Trial Balance December 31, 20X6 Cash $ 1.320 Accounts receivable. 4,920 Supplies. 2.300 Prepaid rent 1.600 Office equipment. 20,180 Accumulated depreciation-office
P3-7B The unadjusted trial balance of Christine Salomon, at July 31, 20X2, and the related month-end adjustment data follow. CHRISTINE SALOMON, CPA Trial Balance July 31, 20X2 Cash. $ 5.600 Accounts receivable. 11.600 Prepaid rent. 4,000 Supplies. 800 Furniture. 28,800 Accumulated depreciation. $
Benjamin O'Henry has owned and operated O'Henry's Data Services since its beginning ten years ago. From all appearances, the business has prospered. In the past few years, you have become friends with O'Henry and his wife through your church. Recently. O'Henry mentioned that he has lost his zest
Suppose a new management team is in charge of Sunpool, Inc., an appliance man- ufacturer. Assume Sunpool's new top managers rose through the ranks in the sales and mar- keting departments and have little appreciation for the details of accounting. Consider the fol- lowing conversation between these
The net income of Simon & Hobbs, a department store, decreased sharply during 2000. Carol Simon, owner of the store, anticipates the need for a bank loan in 2001. Late in 2000, Simon instructs the store's accountant to record a $10,000 sale of furniture to the Simon familv, even though the goods
Target Corporation-like all other businesses-makes adjusting entries prior to year end in order to measure assets, liabilities, revenues, and expenses properly. Examine Target's balance sheet, and pay particular attention to Other Current Assets (which includes Prepaid Expenses) and Accrued
Return to the chapter-opening story, which describes Andrea McGinty's business. It's Just Lunch. Suppose your group is opening an It's Just Lunch office in your area. You must make some important decisions-where to locate. how to advertise, and so on-and you must also make some accounting
It's Just Lunch customers may meet their dates at one of the many Darden restaurants. Go to http://www.darden.com and list at least three of the Darden restaurant chains.
In the left-hand column click on The Numbers followed by Annual Report and Financials. Select the HTML version of the most recent annual report. Click on next to reach the table of contents. Use the Consolidated Balance Sheets to answer the following questions.a. Does the Darden Restaurants company
Use the Consolidated Statements of Earnings to answer the following questions.a. For the three most recent fiscal years list the amounts reported for "Sales." Comment on whether the three-year trend of sales is favorable or unfavorable. Sales is what type of an account? Which principle of
E3A-1 At the beginning of the year, supplies of SI, 190 were on hand. During the year. Laser Printing Company paid $5,400 cash for supplies. At the end of the year, the count of supplies indicates the ending balance is S860. Required 1. Assume that Laser Printing records supplies by initially
E3A-2 At the beginning of the year, Laser Printing Company owed customers $2,750 for unearned service collected in advance. During the year. Laser Printing received advance cash receipts of $7,000. At year end, the liability for unearned revenue is $3,700. Required 1. Assume that Laser Printing
Diebolt Sales and Ser\'ice completed the folloxving transaaions during 20X4: Oct. 1 Paid $4,500 store rent covering the six-month period ending March 31, 20X5. Dec. 1 Collected S3, 200 cash in advance from customers. The service revenue will be earned $800 monthly over the period ending March 31,
Gross profit is often mentioned in the business press as an important measure of success?
What does gross profit measure, and why is it important?
Identify ten items of information on an invoice.
Inventory costing $1.000 is purchased and invoiced on July 28 under terms of 3/10 n/30. Compute the payment amount on August
How much would the payment be on August 9? What explains the difference?
What is the latest acceptable payment date under the terms of sale?
You are beginning the adjusting and closing process at the end of your company's fiscal year. Does the trial balance carry the final ending amount of inventory? Why or why not?
In general, what does a decreasing gross profit percentage. coupled with an increasing rate of inventory turnover, suggest about a business's pricing strategy?
DE5-1 Refer to Exhibit 5-1, page 168, Target Corporation's income statement. Identify the title and the amount of Target'sa. Revenue before subtracting any expensesb. Excess of sales revenue over cost of goods soldc. Bottom-line operating performance
DE5-2 Compare the income statements of two merchandisers: Target Corporation (Exhibit 5-1. page 168) Austin Sound Center (Exhibit 5-7. page 182) For every item on the Target income statement, give the title and the amount of the same item on Austin Sound's income statement. You can ignore Target's
DE5-3 Refer to Target's income statement in Exhibit 5-1. Give some alternative titles for the following items: Net sales revenue Cost of goods sold Gross profit Net earnings
DE5-4 You may have shopped at a Gap store. Suppose Gap purchases 2,000 pairs of slacks on account for $45.000. Credit terms are 2/10 n/30. As part of this shipment, the supplier. Miralu Products of Hong Kong, shipped $8,000 worth of defective merchandise, which Gap rejected and sent back. Gap then
DE5-5 Toys "" Us purchases inventory from a variety of suppliers, including Mattel, Hasbro, and Tonka. Suppose Toys "R" Us buys $150,000 worth of Lego toys on credit terms of 3/15 n/45. Unfortunately, the goods are damaged in shipment, so Toys "R" Us returns $20.000 (original amount, before any
DE5-6 Refer to the Toys "R" Us situation in Daily Exercise 5-5 and journalize the following transactions on the books of Toys "R"Us. Explanations are not required.a. Original purchase of the goods on May 6, 20X1.b. Return of the damaged goods on May 13,c. Payment on May 15. Before journalizing this
DE5-7 Suppose a Lord & Taylor store purchases $140.000 of women's sportswear on account from Liz Claiborne, Inc. Credit terms are 2/10 net 30. Lord & Taylor pays electronically, and Liz Claiborne receives the money on the tenth day. Journalize Lord & Taylor's (a) purchase and (b) payment
DE5-8 Liz Claiborne, Inc., sells $140,000 of women's sportswear to a Lord & Taylor store under credit terms of 2/10 net 30. Liz Claiborne's cost of the goods is $82,000, and Claiborne receives the appropriate amount of cash from Lord & Taylor on the tenth day. Journalize Liz Claiborne's (a) sale.
DE5-9 Refer to the Gap/Miralu Products situation in Daily Exercise 5-4. Record the three transactions on the books of the seller. Miralu Products. Assume Miralu keeps its records in U.S. dollars and that the goods cost Miralu $22.500. Miralu's transactions area. Sale of inventory and the related
DE5-10 Intel Corporation, famous for the Pentium processor that powers many personal computers, offers sales discounts to the computer companies to which Intel sells its products. Intel also allows its customers to return defective processors. Suppose that during a recent period. Intel made sales
DE5-11 Examine the work sheet of Austin Sound Center in Exhibit 5-6, page 181. Focus on adjusting entries (a) and (b). Which entry is exactly the same as for a service company? Which entry relates to a merchandiser only? Explain the reason for the merchandiser's adjusting entry.
DE5-12 Examine the financial statements of Austin Sound Center in Exhibit 5-7. page 182. Identify every item, including subtotals and totals, that relates exclusively to a merchandiser and will not appear in the financial statements of a service entity. Note: An early-payment discount, similar to a
DE5-13 Dell Computer Corporation reported these figures in its January 31, 2000, finan- cial statements (adapted, and in millions): Cash $ 3,809 Other assets (long-term) $ 3.025 Total operating expenses. 3.552 Other current liabilities. 1.654 Accounts payable. 3,538 Property and equipment, net...
DE5-14 Use the data in Daily Exercise 5-13 to prepare Dell Computer's classified balance sheet at January 31, 2000. Use the report format with all headings, and list accounts in proper order.
DE5-15 Refer to the work sheet of Austin Sound Center in Exhibit 5-6. page 181. Based solely on the Income Statement columns of the work sheet, make two closing entries, as fol- lows: Journalize the closing entry for the first account listed that must be closed at the end of the period. Journalize
DE5-16 Refer to the income statement of Target Corporation in Exhibit 5-1. page 168. 1. Identify every account on Target's income statement that the company will close out at the end of the year. Make two closing entries for these accounts at January 31. 2000: Close the revenue Close the expenses
DE5-17 Refer to the Dell Computer situation in Daily Exercise 5-13. Compute Dell's gross profit percentage and rate of inventory turnover for 2000. One year earlier, at January 31. 1999, Dell's inventory balance was $320 million.
DE5-18 Lands' End, the catalog merchant. reported the following for the year ended January 31, 2000 (as adapted, with amounts in millions): Cash collections from customers $1.323 Cash payments to suppliers... $ 682 Net sales revenue. 1.320 Selling, general, and Cost of sales 727 administrative
DE5-19 At January 31. 1999. Target Corporation had merchandise inventory of $3.475 million. During the following year. Target purchased inventory costing $23.352 million, including freight in. At January 31, 2000. Target's inventory stood at $3.798 million. 1. Compute Target's cost of goods sold as
DE5-20 Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in French francs, denoted as "F"): Purchases. F250.000 Freight in. Sales discounts.. 4.000 Purchase returns Inventory:. Sales December 31, 20X1. 20,000 Purchase
DE5-21 Gap Inc., reported Cost of Goods Sold totaling $6.775 million. Ending inventory was $1.462 million, and beginning inventory was $1.056 million. How much inventory did Gap purchase during the year?
Net sales..... Costs and expenses: Cost of sales Other expenses. TOYS "A" US, INC. Statements of Earnings (adapted) (In millions) Net earnings (net loss).. Fiscal Years Ended January 31, January 31, 2000 1999 $11.862 $11.170 TOYS "A" US, INC. Balance Sheets (partial, adapted) 8.321 3.262 8,191
Journalize, without explanations, the following transactions of Lane's Fine Gifts during the month of September: Sept. 3 Purchased $1,900 of inventory on account under terms of 2/10 n/com (end of month) and FOB shipping point. 7 9 10 12 12 16 Returned $300 of defective merchandise purchased on
E5-4 On April 30, De Boulle Jewelers purchased inventory of $8,000 on account from Intergem Jewels, a jewelry importer. Terms were 3/15 net 45. On receiving the goods. De Boulle checked the order and found $800 of unsuitable merchandise. De Boulle returned $800 of the merchandise to Intergem on May
Refer to the business situation in Exercise 5-4. Journalize the transactions of Intergem Jewels. Intergem's gross profit is 40%, so cost of goods sold is 60% of sales. Explanations are not required.
The trial balance of State Service Company at December 31, 20X1, the end of its fiscal year, is as follows. Cash Accounts receivable Supplies.. Furniture and fixtures. STATE SERVICE COMPANY Trial Balance December 31, 20X1 Accumulated depreciation-furniture and fixtures. Building Accumulated
Refer to the data in the Mid-Chapter Summary Problem (State Service Company, page 132-133). Required 1. Journalize and post the adjusting entries. (Before posting to the accounts, enter into each account its balance as shown in the trial balance. For example, enter the $370,000 balance in the
Give the closing entries for the following accounts (balances in parentheses): Service Revenue ($5,900): Salary Expense (51.100): Income Summary (credit balance of $2,000); Asa Warner. Withdrawals ($2,300).
A friend tells you that the difference between a current liability and a long-term liability is that the two types are payable to different types of creditors. Is your friend correct? Define these two categories of liabilities.
Link Back to Chapter 3 (Adjusting Entries). Return to the trial balance in Exhibit 4-2, on the acetate between pages 130 and 131. In your own words, explain why at April 30 the following accounts must be adjusted:d. Salary payablee. Unearned service revenuea. Suppliesb. Prepaid rentc. Accumulated
Link Back to Cliapters 1. 2, and 3 (Definitions of Accounts). Examine the Adjusted Trial Balance columns of Exhibit 4-4. on the acetate between pages 130 and 131. Explain what the following items mean at April 30:a. Accounts receivableb. Suppliesc. Prepaid rentd. Furnituree. Accumulated
Study the completed work sheet (Exhibit 4-6) on the acetates between pages 130 and 131. How is the work sheet in Exhibit 4-2 similar to the adjusted trial balance in Chapter 3? How does the work sheet differ from the adjusted trial balance of Chapter 3 (Exhibit 3-10, page 991?
DE4-4 Consider the Income Statement columns and the Balance Sheet columns of the work sheet in Exhibit 4-6, on the acetates between pages 130 and 131 1. What balance does the Owner's Capital account have-debit or credit? 2. Which Income Statement account has the same type of balance as the Capital
DE4-5 Examine Exhibits 4-2 and 4-4 on the acetates between pages 130 and 131. Answer this question about closing entries: Exhibit 4-2, the (unadjusted) Trial Balance, lists all the accounts of the business entity Gay Gillen eTravel. Draw a horizontal line to separate the accounts that do not get
DE4-6 Study Exhibit 4-5 on the acetates between pages 130 and 131. 1. Journalize the closing entries fora. Owner's withdrawalsb. Service revenuec. All the expenses (make a single closing entry for all the expenses)d. Income Summary 2. Set up all the T-accounts affected by requirement 1 and insert
DE4-7 This exercise should be used in conjunction with Daily Exercise 4-6. 1. Return to Exhibit 4-5 on the acetates between pages 130 and 131. Without making any closing entries or using any T-accounts, compute the ending balance of Gay Gillen. Capital. 2. Trace Gay Gillen's ending capital balance
DE4-8 Oracle Corporation, the world's second largest software company, reported the following items adapted from its financial statements at May 31, 1999 (amounts in millions): Cash... Service revenue Accounts payable Accounts receivable. $1,786 5,139 Sales and marketing expense...... $2,622 Other
DE4-9 This exercise should be used in conjunction with Daily Exercise 4-8. Use the data in Daily Exercise 4-8 to set up T-accounts for those accounts that Oracle Corporation closed out at May 31, 1999. Insert these account balances prior to closing, post the closing entries to these accounts, and
After closing its accounts at May 31, 1999, Oracle Corporation had the following account balances (adapted) with amounts given in millions:Property Cash $ 988 1,786 Long-term liabilities Other assets Service revenue 0 Accounts receivable Owners' equity 3,695 Total expenses Other current assets.
DE4-11 Lands' End had sales of $1.320 million during the year ended January 31, 2000. and total assets of $456 million at January 31, 2000, the end of the company's fiscal year. The financial statements of Lands' End reported the following (amounts in millions): Land and buildings. $ 103 Sales
DE4-12 + Link Back to Chapter 3 (Book Value). Examine PepsiCo's balance sheet in Exhibit 4-12 on page 140. Identify or compute the following amounts for PepsiCo at December 31, 1999.a. Total current assetsb. Total current liabilitiesc. Book value of Property. Plant, and Equipmentd. Total long-term
DE4-13 This exercise should be used in conjunction with Daily Exercise 4-10. Use the postclosing trial balance that you prepared for Daily Exercise 4-10 to compute Oracle Corporation's current ratio and debt ratio. 1. How much in current assets does Oracle have for every dollar of current
DE4-14 Use Gay Gillen eTravel's classified balance sheet in Exhibit 4-11, page 139, to compute the current ratio and the debt ratio of Gillen's business at April 30. 1. How do Gillen's ratios compare to those of PepsiCo, which are presented in the Work II Out feature on page 142 and the Think It
E4-1 The trial balance of Pfeiffer Pack-n-Mail Service follows at the top of the next page. Additional information at September 30, 20X6:a. Accrued service revenue. $600.b. Depreciation, $40.c. Accrued salary expense. $500. Requiredd. Prepaid rent expired. $800.e. Supplies used, $1.650 Complete
E4-2 Journalize the adjusting and closing entries in Exercise 4-1.
E4-3 Set up T-accounts for those accounts affected by the adjusting and closing entries in Exercise 4-1. Post the adjusting and closing entries to the accounts: denote adjustment amounts by Adi closing amounts by Clo.. and balances by Bal. Double underline the accounts with zero balances alter you
E4-4 After completing Exercises 4-1. 4-2, and 4-3, prepare the postclosing trial balance in Exercise 4-1.
E4-5 Link Back to Chapter 2 (Adjusting Entries). TelSurf accounting records include the following account balances: Prepaid insurance Unearned service revenue. December 31, 20X1 20X2 $1,400 $1,600 4.100 3.700 During 20X2, TelSurf recorded these transactions and adjusting entries:a. Collected
E4-6 From the following selected accounts of Hyundai Energy at June 30, 20X4, prepare the entity's closing entries: Liu Hyundai, capital. $ 21,600 Interest expense. $ 2,200 Service revenue. 101.100 Accounts receivable 14,000 Unearned revenues. 1,350 Salary payable. 850 Salary expense.. 12,500
E4-7 The accountant for MissouriOne.com has posted adjusting entries (a) through (e) to the following selected accounts at December 31, 20X8. All the revenue. expense, and owner's equity accounts-plus a few of the assets and liabilities-of the entity are listed here in T-account form. SUPPLIES
E4-8 From the following accounts of Lubricon Chemical Company, prepare the entity's statement of owner's equity for the year ended December 31. 20X2. WLES, CAPITAL MATTHEW KNOWLES, WITHDRAWALS Jan. 1436,000 Mar. 31 39,000 Dec. 31 142,000 Mar. 9. 28,000 Jun. 30 27,000 INCOME SUMMARY Dec. 31 285,000
E4-9 The trial balance and income statement amounts from the April work sheet of H.B. Fuller Polling Company follow: Account Title Unadjusted Trial Balance Income Statement Cash $ 5.200 Supplies 2.400 Prepaid rent 1.100 Computer equipment 51.100 Accounts payable.. Accumulated depreciation. Salary
E4-10 Refer to Exercise 4-9. Required 1. After solving Exercise 4-9, use the data in that exercise to prepare the classified balance sheet of H.B. Fuller Polling Company at April 30 of the current year. Use the report format. 2. Compute Fuller Polling's current ratio and debt ratio at April 30. One
E4-11 Refer to Exercise 3-14 of Chapter 3. Start from the posted T-accounts and the adjusted trial balance that Amos Faraday. Consultant, prepared for his business at December 31: AMOS FARADAY, CONSULTANT Adjusted Trial Balance December 31, 20XX Adjusted Trial Balance Account Debit Credit Cash
E4-12 Data for the unadjusted trial balance of Links Resorts at December 31, 20X2, follow: Cash $ 3,000 Horst Schulz, capital. $49.100 Other current assets 9,400 Horst Schulz, withdrawals. 51,800 Property, plant, Service revenue... 93.600 and equipment 66.200 Salary expense 42,700 Accumulated
The unadjusted T-accounts of Fidelity Sound Studio, at December 31, 20X2. and the related year-end adjustment data follow at the top of the next page. Adjustment data at December 31, 20X2:a. Unearned service revenue earned dur- ing the year. $5,000.b. Supplies on hand. $1,000. Requiredc.
This problem should be used in conjunction with Problem 4-3A. It completes the accounting cycle by posting to T-accounts and preparing the postclosing trial balance. Required 1. Using the Problem 4-3A data, post the adjusting and closing entries to the T-accounts. denoting adjusting amounts by
Link Back to Chapter 2 (Accounting Errors). The accountant for Liberty Landscaping encountered the following situations while adjusting and closing the books at December 31. Consider each situation independently.a. A $500 credit to Accounts Receivable was posted as a debit. (1) At what stage of the
The adjusted trial balance of Chase Webmaster Service at April 30. 20X2. after all adjustments, follows at the top of the next page. Adjusting data at April 30. 20X2. which have all been incorporated into the adjusted trial balance figures above, consist ofa. Accrued service revenue, $2,200.b.
The unadjusted T-accounts of Lisa Tenney, M.D., at December 31, 20X2, and the related year-end adjustment data follow. CASH Bal. 29,000 ACCUMULATED DEPRECIATION Bal. 12,000 NOTE PAYABLE, LONG-TERM Bal. 40,000 SERVICE REVENUE Bal. 145,000 DEPRECIATION EXPENSE ACCOUNTS RECEIVABLE SUPPLIES Bal. 44,000
Link Back to Chapter 2 (Accounting Errors). The accountant of Iowa Packing Company encountered the following situations while adjusting and closing the books at February 28. Consider each situation independently.a. A $1,400 debit to Supplies was posted as $4,100. (1) At what stage of the accounting
. One year ago, Alex Fleming founded Jack-of-All-Trades Job Search, and the business has prospered. Fleming comes to you for advice. He wishes to know how much net income his business earned during the past year. He also wants to know what the entity's total assets, liabilities, and capital are.
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