Answer:
See below
Explanation:
1
Direct material price variance
= (Standard price - Actual price) × Actual quantity
= ($4.10 - $4.15) × 18,000
= -$0.05 × 18,000
= $900 Unfavorable
Direct material quantity variance
= (Standard quantity - Actual quantity) × Standard price
= (30,060 × 0.50 - 18,000) × $4.10
= (15,030 - 18,000) × $4.10
= -2,970 × $4.10
= 12,177 Unfavorable
2.
Direct labor rate variance
= (Standard rate - Actual rate) × Actual quantity
= ($20.2 - $106,656/5,555 hours) × 18,000
= ($20.2 - $19.2) × 5,555
= $1 × 5,555
= $5,555 Favourable
Direct labor efficiency variance
= (Standard quantity - Actual quantity) × Standard rate
= (10/60 × 30,060 - 5,555) × $20.2
= (5,010 - 5,555) × $20.2
= -545 × $20.2
= $11,009 Unfavourable
Suppose eggs are only sold by the dozen and priced in whole dollar amounts. No eggs are demanded at a price above $7 per dozen. At a price equal to $7 per dozen, 10 dozen eggs are demanded. If the price falls to $6 per dozen, then 11 dozen are demanded. At a price of $5 per dozen, 12 dozen are demanded. When the price falls to $4 then 13 dozen are demanded. Suppose also that this market is operating in the short run and the quantity of eggs supplied is fixed at 12 dozen eggs. What are the equilibrium price and quantity in this market?
Answer:
$5
12
Explanation:
Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied
from the question, the following table can be determined
P Qd Qs
$7 10
$6 11
$5 12 12
$4 13
At equilibrium price, quantity demanded equal quantity supplied. this price is $5 and quantity is 12
Which of the following is an example of physical distractions in
communication?
O Mixed messages.
O Lack of privacy.
O
Loss of meaning through translation.
Language barrier.
Answer:
lack of privacy is the correct answer
You are given the following information on Kaleb's Heavy Equipment: Profit margin 6.5 % Capital intensity ratio .74 Debt-equity ratio .8 Net income $ 78,000 Dividends $ 16,000 Calculate the sustainable growth rate.
Answer: 14.36%
Explanation:
The sustainable growth rate will be calculated thus:
Firstly, we will calculate the return on equity(ROE) which will be:
= Profit margin × (1/Capital intensity ratio) × (1 + Debt equity ratio)
= 6.5% (1/0.74) × (1 + 0.8)
= 0.065 × 1.35 × 1.8
= 0.158
Then, we'll calculate the plowback ratio which will be:
= 1 - (16000/78000)
= 1 - 0.2051
= 0.7949
Therefore, the growth rate will be:
= (ROE × Plowback ratio) / [1 - (ROE × Plowback ratio)]
= (0.158 × 0.7949) / [1 - (0.158 × 0.7949)]
= 0.1256 / 0.8744
= 0.1436
= 14.36%
The sustainable growth rate is 14.36%
Legacy issues $630,000 of 9.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $571,310 when the market rate is 12%.
Required:
a. Prepare the January 1, 2018, journal entry to record the bonds' issuance.
b. Prepare the journal entries to record the first two interest payments.
Solution :
a). Prepare the journal entry to record the bonds' issuance as shown below:
Interest paid = [tex]$\$630,000 \times 9\%\times \frac{1}{2}$[/tex]
= $ 28,350
Date Accounts titles and explanation Debit ($) Credit($)
1 Jan 2018 Cash 571,310
Discount on bonds payable 58,690
($ 630,000 - $ 571,130)
Bonds payable 630,000
b). Preparing the journal entries to record the first two interest payments :
Date Accounts Titles and explanation Debit($) Credit($)
30/6/2018 Interest expense 35,686.25
Discount on bonds payable 7,336.25
Cash 28,350
31/12/2018 Interest expense 35,686.25
Discount on bonds payable 7,336.25
Cash 28,350
Suppose you forecast that the standard deviation of the market return will be 20% in the coming year. If the measure of risk aversion in is A = 4: a. What would be a reasonable guess for the expected market risk premium? b. What value of A is consistent with a risk premium of 9%? (Round your answer to 2 decimal places.) c. What will happen to the risk premium if investors become more risk tolerant?
Answer:
a) 16%
b) 2.25
c) Increase in expected market risk premium
Explanation:
Expected standard deviation of market return = 20%
measure of risk aversion ( A ) = 4
a) Determine a reasonable expected market risk premium
= A * ( std ) ^2
= 4 * ( 20%)^2
= 16%
b) determine Value of A
market risk premium = A * ( std )^2
∴ A = 9% / ( 20% ) ^2
= 0.09 / 0.04
= 2.25
c) If investors become more risk tolerant the expected market risk premium will increase
What is a production function? How does a long-run production function differ from a short-run production function? A. A function showing the minimum output that a firm can produce for every specified combination of inputs. In the short-run production function, all inputs are variable, whereas the long-run production function has at least one fixed input.. B. A function showing the highest output that a firm can produce for every specified combination of inputs. In the short-run production function, all inputs are variable, whereas the long-run production function has at least one fixed input. C. A function showing the minimum output that a firm can produce for every specified combination of inputs. In the long-run production function, all inputs are variable, whereas the short-run production function has at least one fixed input. D. A function showing the highest output that a firm can produce for every specified combination of inputs. In the long-run production function, all inputs are variable, whereas the short-run production function has at least one fixed input.
Answer:
A
Explanation:
10. What is an advantage of using a credit card?
1 point
It will not affect your credit score or credit history
Since it is tied directly to your checking account, it prevents you from spending money
you do not have
If you need to carry a balance, the interest rates are generally quite low (less than 5%)
If you pay off your balances every month in full, it's like getting a short-term interest-
free lom
11. Each of the following financial products will help you build a credit
history EXCEPT
10. The correct advantage of using a credit card is: if you pay off your balances every month in full, it's like getting a short-term interest-free loan.
11. All the mentioned financial products can help build credit history when used responsibly, so none of them should be excluded from the list.
10. Using a credit card responsibly and paying off the balance in full each month offers the advantage of essentially accessing interest-free credit for a short period.
When you make purchases with a credit card and pay the full amount by the due date, you avoid paying any interest charges on those purchases. This can be particularly beneficial if you have a large purchase or unexpected expense that you need to make and would prefer to pay off gradually over a few weeks or months without incurring interest.
11. As for the financial products that help build credit history, all of the following options can contribute to establishing a credit history:
Credit cards: Responsible use, such as making timely payments and keeping credit utilization low, can help build a positive credit history.
Loans (e.g., student loans, auto loans, mortgages): Consistently making payments on time and in full can demonstrate your ability to manage debt responsibly.
Lines of credit: Similar to credit cards, properly managing lines of credit and making timely payments can contribute to a positive credit history.
Secured credit cards: These cards require a security deposit but can still help build credit history if used responsibly.
Therefore, all the mentioned financial products can help build credit history when used responsibly, so none of them should be excluded from the list.
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Shelton Company has the following account balances at year-end:
Accounts receivable $140,000
Allowance for doubtful accounts 7,200
Sales discounts 4,800
Shelton should report accounts receivable at a net amount of:__________
a. $120,000.
b. $ 12,800.
c. $1 08,000.
d. $115,200
Answer:
See below
Explanation:
Given the above information, Shelton should report the account receivable at a net amount as computed below;
= Accounts receivables - Allowance for doubtful account
Accounts receivables = $140,000
Allowance for doubtful account = $7,200
= $140,000 - $7,200
= $132,800
Therefore, account receivables at a net amount is $132,800
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $14,000; (2) up to 120 days past due, $4,500; and (3) more than 120 days past due, $2,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 2 percent, (2) 12 percent, and (3) 30 percent, respectively. At December 31 (end of the current year), the Allowance for Doubtful Accounts balance is $800 (credit) before the end-of-period adjusting entry is made. Data during the current year follow:
a. During December, an Account Receivable (Patty's Bake Shop) of $750 from a prior sale was determined to be uncollectible; therefore, it was written off immediately as a bad debt.
b. On December 31, the appropriate adjusting entry for the year was recorded.
Required:
1. Give the required journal entries for the two items listed above.
2. Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the income statement and balance sheet for the current year. Disregard income tax considerations.
Answer:
Brown Cow Dairy
1. Journal Entries:
a. Debit Allowance for Uncollectibles $750
Credit Accounts Receivable $750
To write-off an uncollectible account.
b. Debit Bad Debts Expense $1,520
Credit Allowance for Doubtful Accounts $1,520
To record bad debts expense for the year.
2. Amounts that would be reported:
Income Statement:
Bad debts expense $1,520
Balance Sheet:
Accounts Receivable $21,000
less Allowance for Doubtful accounts $1,570
Explanation:
a) Data and Calculations:
(1) not yet due, $14,000 * 2% = $280
(2) up to 120 days past due, $4,500 * 12% = 540
(3) more than 120 days past due, $2,500 * 30% = 750
Total $21,000 $1,570
Balance of Allowance for Doubtful Accounts = $800
a. Debit Allowance for Uncollectibles $750
Credit Accounts Receivable $750
To write-off an uncollectible account.
b. Debit Bad Debts Expense $1,520
Credit Allowance for Doubtful Accounts $1,520
To record bad debts expense for the year.
Consumers have become more vulnerable to privacy infringement and identity theft MOST LIKELY due to which trend? A) consumers' decreasing awareness of investment scams B) the proliferation of automated financial transactions C) the rising rate of mortgage foreclosures during the recession D) the government's increasing regulation of the consumer credit industry
A) consumers’ decreasing awareness of investment scams.
Consumers that have more vulnerable to privacy infringement and identity theft because of this trend so it is option A.
What is privacy infringement?
At the time when the information related to the person that should be obtained against his or her so it should be either by coercion or it should be forced. Here the right to privacy should be violated. So, Consumers that have more vulnerable to privacy infringement and identity theft because of this trend so it is option A.
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You are considering an investment that promises to pay $1,000 per year for the next 10 years. The interest rate associated with investments having similar risk is 6.0%. How much would you be willing to pay for this investment
Answer:
$7360.09
Explanation:
the amount i would be willing to pay can be determined by calculating the present value of the cash flows
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow each year from year 1 to 10 = 1000
I = 6%
PV = $7360.09
To determine PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
The CAPM is a theory of the relationship between risk and return that states that the expected risk premium on any security equals its beta times the market return.a. Trueb. False
Answer:
a. True
Explanation:
As we know that
Under CAPM, the cost of the capital is
= risk free rate of return + beta × (market rate of return - risk free rate of return)
= risk free rate of return + beta × market risk premium
So it shows the relationship between the risk and return on which the expected risk premium equivalent to the beta and the same should be multiplied with the market return
Therefore the given statement is true
Camelot Company has estimated the following costs for this year for 50,000 units: Manufacturing Selling and Administrative Variable $100,000 $ 25,000 Fixed 150,000 75,000 Total $250,000 $100,000 What is the initial selling price needed to obtain a target profit of $50,000 using the manufacturing cost markup method
Answer:
the initial selling price is $8 per unit
Explanation:
The computation of the initial selling price is shown below;
Total manufacturing costs = $250,000
Now
Markup required is
= $100,000 + $50,000
= $150,000
So, the Initial selling price is
= ($250,000 + $150,000) ÷ 50,000
= $8.00
hence, the initial selling price is $8 per unit
Margaret sells hand-knit scarves at a flea market. Each scarf sells for $25. Margaret pays $30 to rent a vending space for one day. The variable costs are $15 per scarf. How many scarves should she sell each day in order to break even?
Answer:
The answer is 3 units
Explanation:
Break even sale is the amount of sales a firm or business needs to sell to break even , that is, the amount to sell to neither make profit nor loss.
Break even sales = Fixed cost ÷ ( unit sales - variable costs)
$30/($25 - $15)
$30/$10
=3 units
Break even sales is 3 units. That means Margaret needs to 3 units of hand-knit scarves to neither make profit or loss. Units above 3 will result into profit making while units below 3 will result into loss making.
Kanesha is an entrepreneur and has recently opened her first coffee shop, The Coffee Cat. Kanesha pays $5,000 rent each month, $3,200 for monthly employee payroll, and $2,100 for supplies each month. She was planning on selling several of her own tables and chairs on Craigslist for $900, but instead she brought them to The Coffee Cat. Additionally, Kanesha quit working as an accountant where she was earning $54,000 per year to open up the shop. If the shop earns $150,000 in revenue this year, calculate annual: Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Hint: be sure to calculate explicit costs as annual costs. a. Accounting profits. $ b. Economic profits. $
Answer:
$26400
$-28500
Explanation:
Accounting profit= total revenue - explicit cost
Total revenue =price x quantity sold
Explicit cost includes the amount expended in running the business.
They include rent , salary and cost of raw materials
Explicit costs = (5000 x 12) + (3200 x 12) + (2100 x 12)
= 60,000 + 38400 + 25200 = 123600
Accounting profit = 150,000 - 123600 = 26400
Economic profit = accounting profit - implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
Implicit costs = 54,000 + 900 = 54900
Economic profit = 26400 - 54900 = $-28500
Suppose that the average wage earner saves 3% of her take-home pay and spends the other 97%. Also suppose that 97% of any amount spent is always re-spent (with 3% saved). Estimate the impact that a proposed $35 billion tax cut will have on the economy over the long run due to the additional spending generated. (Round your answer to the nearest integer.)
Answer:
A proposed $35 billion tax cut will make $1,132 billion to be circulated through the economy over the long run due to the additional spending generated.
Explanation:
MPS = Marginal propensity to save = Average wage earner saves = 3%, or 0.03
MPC = Marginal propensity to consume = Average wage earner spends = 97%, or 0.97
Tax multiplier = - MPC/MPS = - 0.97/0.03 = - 32.3333333333333
Tax cut = - $35 billion
Impact of $35 billion tax cut = Tax multiplier * Tax cut = (- 32.3333333333333) * (- $35 billion) = $1,132 billion
Therefore, a proposed $35 billion tax cut will make $1,132 billion to be circulated through the economy over the long run due to the additional spending generated.
Why does insurance matter? What have you heard about insurance from your parents or the news?
A small business sold an equipment for $30,000 after depreciating the equipment using the MACRS depreciation method. The applicable federal tax rate for the company is 39%. The federal tax liability on this depreciation recapture is $10,200 if the company also had other taxable income of $200,000 in that year.
a. True
b. False
Scenario 3-2 In country A a worker who works 40 hours can produce 200 pounds of rice or 100 pounds of broccoli. In country B a worker who works 40 hours can produce 160 pounds of rice or 120 pounds of broccoli.
Refer to Scenario 3-2. What is the opportunity cost of producing rice? Refer to Scenario 3-2. What is the opportunity cost of producing broccoli? Refer to Scenario 3-2. Which country, if either, has a comparative advantage producing rice? Refer to Scenario 3-2. Which country, if either, has a comparative advantage producing broccoli? Refer to Scenario 3-2. Give a range of prices in terms of pounds of rice per pound of broccoli at which the two countries would be both be willing to trade.
Answer:
The answer is below
Explanation:
1) Opportunity cost of producing rice:
For country A, opportunity cost of producing rice = 100 pounds of broccoli / 200 pounds of rice = 1/2 pounds of broccoli
For country B, opportunity cost of producing rice = 120 pounds of broccoli / 160 pounds of rice = 3/4 pounds of broccoli
Opportunity cost of producing broccoli:
For country A, opportunity cost of producing broccoli = 200 pounds of rice / 100 pounds of broccoli = 2 pounds of rice
For country B, opportunity cost of producing broccoli = 160 pounds of rice / 120 pounds of broccoli = 4/3 pounds of rice
2) The country with comparative advantage is the country with lower opportunity cost.
Country A has a comparative in producing rice (1/2 pounds of broccoli < 3/4 pounds of broccoli)
Country B has a comparative in producing broccoli (4/3 pounds of rice < 2 pounds of rice)
3) For better off trade, the price should lie between two different opportunity costs.
Therefore, the price per pound of broccoli in terms of pounds of rice should lie between 4/3 and 2 pounds of rice
The individual assets invested by a partner in a partnership Group of answer choices revert back to that partner if the partnership liquidates. determine that partner's share of net income or loss for the year. are jointly owned by all partners. determine the scope of authority of that partner.
Answer:
Partners have equal rights in a partnership group.
Explanation:
Net income and losses are distributed equally to all partners in a partnership group.
A common size analysis requires the representation of financial statement data in terms of a single financial statement item (or base account or value). What is the most commonly used base item for a common size income statement
Answer:
Net sales
Explanation:
A common size income statement represent the income statement in which each item line wise should be expressed as the sales or revenue percenatge. The motive of preparing this statement is to have the analyse and compare the performance of the company with their various years
So the base item that should be common used for this type of income statement is net sales
A firm has forecasted sales of $4,500 in April, $3,000 in May, and $5,000 in June. All sales are on credit. 30% is collected in the month of the sale, and the remainder in the following month. What will be the balance in accounts receivable at the end of June
Answer:
$3,500
Explanation:
Calculation to determine What will be the balance in accounts receivable at the end of June
Balance in accounts receivable =June Forecasted sales* (Remaining percentage-Percentage collected)
Let Plug in the formula
Balance in accounts receivable =$5,000*(100%-30%)
Balance in accounts receivable=$5,000*70%
Balance in accounts receivable=$3,500
Therefore the balance in accounts receivable at the end of June will be $3,500
A company with a higher contribution margin ratio is either more or less sensitive to changes in sales revenue, depending on other factors. likely to have a lower breakeven point. less sensitive to changes in sales revenue. more sensitive to changes in sales revenue.
Answer:
more sensitive to changes in sales revenue.
Explanation:
Contribution margin can be defined as the subtraction of variable cost from the sales price.
Mathematically, it given by the formula;
[tex] Contribution \; margin = sales \; price - variable \;cost[/tex]
Variable cost refers to cost which are the same per unit of production but vary directly with level of output.
Generally, a company that has a higher contribution margin ratio is more sensitive to changes in sales revenue because it affects it in the long-run.
what's is the difference between external dimensions and internal dimensions fators
Answer:
Internal Environment dimension refers internal conditions with a business or organization that effect its growth and working such as employees, machinery, working hours, funds etc.
Extern Environment dimension refers external conditions that effect business or organization growth and working such as organization's performance, profitability, and functionality
Explanation:
Internal Environment dimension refers internal conditions with a business or organization that effect its growth and working such as employees, machinery, working hours, funds etc.
Extern Environment dimension refers external conditions that effect business or organization growth and working such as organization's performance, profitability, and functionality
Javier computer services began operations in July 2017. At the end of the company prepares monthly financial statements. It has the following information for the month.
a. At July 31, the company owed employees $1,800 in salaries that the company will pay in August.
b. On July 1, the company borrowed $40,000 from a local bank on a 10-year note. The annual interest rate is 12%.
c. Service revenue unrecorded in July totaled $3,000.
Required:
Prepare the adjusting entries needed at July 31, 2017.
Answer and Explanation:
The adjusting entries are shown below:
a. Salaries expense Dr $1,400
To Salaries payable $1,400
(being salaries expense is recorded)
b. Interest expense ($40,000 × 12% × 1 ÷12) $400
To interest payable $400
(being interest expense is recorded)
c. Account receivable Dr $3,000
To Service revenue $3,000
(being revenue is recorded)
These 3 entries should be recorded
The following items are reported on a company's balance sheet: Cash $160,000 Marketable securities 75,000 Accounts receivable (net) 65,000 Inventory 140,000 Accounts payable 200,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio fill in the blank 1 b. Quick ratio fill in the blank 2
Answer and Explanation:
a. The current ratio is
We know that
Current ratio = Current Assets ÷ Current Liabilities
= $440,000 ÷ $200,000
= 2.2
Cash $160,000
Marketable Securities $75,000
Account receivable $65,000
Inventory $140,000
Current Assets $440,000
Account Payable $200,000
current liabilities $200,000
b
Quick ratio =( Current assets - inventory ) ÷ Current Liabilities
= ($440,000 - $140,000 ) ÷ $200,000
= 1.5
An investment opportunity requires a payment of $910 for 12 years, starting a year from today. If your required rate of return is 6.5 percent, what is the value of the investment to you today
Answer:
PV= $7,424.44
Explanation:
Giving the following information:
Annual payment (A)= $910
Number of periods (n)= 12 years
Rate of return (i)= 6.5%
To calculate the value of the investment today (PV), we need to use the following formula:
PV= A*{(1/i) - 1/[i*(1 + i)^n]}
PV= 910*{(1/0.065) - 1/ [0.065*(1.065^12)]}
PV= $7,424.44
Ford Motor Company agreed to pay its workers $37 an hour in 1999 and $37 an hour in 2001. The CPI in 1999 was 166 and in 2001 was 180. Calculate the real wage rate in each year (to the nearest cent). Did these workers really get a pay raise between 1999 and 2001?
Answer:
No, the wage rate did not raise.
Explanation:
Given the nominal wage rate for the year 1999 = $37
CPI for 1999 = 166
The real wage for the year 1999 = [ Nominal wage / CPI ] x 100
The real wage for the year 1999 = [ 37/ 166] x 100 = $22.28
Given the nominal wage rate for the year 2001 = $37
CPI for 2001 = 180
The real wage for the year 2001 = [ Nominal wage / CPI ] x 100
The real wage for the year 2001 = [ 37/ 180] x 100 = $20.55
No the wage rate did not raise.
Consolidated Corporation,a U.S.firm,wishes to participate,but limit its involvement,in Middle Eastern markets.Consolidated empowers Doha Ltd. ,an Egyptian firm,to enter into contracts in certain countries on behalf of Consolidated.This is:________
A) a distribution agreement.
B) an agency relationship.
C) indirect exporting.
D) direct exporting.
Answer:
B) an agency relationship.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.
In this scenario, Consolidated (principal) empowers Doha Ltd., an Egyptian firm to enter into contracts in certain countries on behalf of Consolidated. Thus, this is an agency relationship.
An agency relationship can be defined as a mutual relationship existing between two parties, wherein a principal authorizes the agent to act as the principal's representative or on his behalf (fiduciary role) in dealing with third parties.
Basically, Consolidated is the principal based on the agency relationship while Doha Ltd. is considered to be an agent and as such is authorized or empowered to enter into contracts in certain countries on behalf of Consolidated.
g Suppose there are 100 consumers with individual demand curves like the one in Question 1 and 10 producers with individual supply curves like the one in Question 1. Find the competitive equilibrium for this marke
Answer:
The correct answer is "16".
Explanation:
The given question seems to be incomplete. Please find the attachment of the full query.
According to the question,
The supply per producer when there are overall 10 producers,
⇒ [tex]P(\frac{Y}{10} )=10+(\frac{Y}{200} )[/tex]
or,
⇒ [tex]Y=200P-2000[/tex]
The consumption per producer when there are overall 100 producers,
⇒ [tex]P(\frac{x}{100} )= 40-(\frac{2x}{100} )[/tex]
or,
⇒ [tex]x = 2000-50 P[/tex]
At equilibrium,
⇒ [tex]200P-2000=2000-50P[/tex]
On adding "2000" both sides, we get
⇒ [tex]200P-2000+2000=2000-50P+2000[/tex]
⇒ [tex]200P=4000-50P[/tex]
[tex]250P=4000[/tex]
[tex]P=\frac{4000}{250}[/tex]
[tex]=16[/tex]
