Answer:
the pure interest rate plus allowances for financial uncertainty, tax preferences, and anticipated effect of price level changes
Explanation:
The rate of the compound interest involved the rate of interest i.e. pure also the allowance for the financial i.e. uncertainity, the preference of taxes, and the expected impact of the change in the price level
Therefore as per the given situation, the option 2 is correct as it represents the market price or the compound rate of interest
Therefore the same is to be considered
Pharoah Corporation purchased a machine on January 2, 2020, for $3200000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes: 2020 $640000 2023 $368000 2021 1024000 2024368000 2022 614400 2025185600 Assuming an income tax rate of 20% for all years, the net deferred tax liability that should be reflected on Pharoah's balance sheet at December 31, 2021 be
Answer:
$76,800
Explanation:
The computation of the net deferred tax liability is as follows:
Straight line depreciation is
= $3,200,000 ÷ 5
= $640,000
Now
Deferred tax liability for 2021
= ($1,024,000 - $640,000) × 0.20
= $76,800
hence, the net deferred tax liability that should be reflected on Pharoah's balance sheet at December 31, 2021 be $76,800
Irrespective of whether a firm produces or shuts down in the short run, fixed cost is equal to its _____
a. average variable cost.
b. total cost.
c. sunk cost.
d. total revenue.
e. marginal cost.
Answer:
c. sunk cost.
Explanation:
Because in short run, fixed cost doesn't changes with output, that is whether we produce or not, we have to pay for it, so it is considered as Sunk cost. Also like Sunk cost, we don't make decisions with fixed costs.
A company reported total stockholders' equity of $540,000 on its balance sheet dated December 31, 2016. During the year ended December 31, 2017, the company reported net income of $60,000, declared and paid a cash dividend of $18,000, declared and distributed a 10% stock dividend with a $15,000 total market value, issued additional common stock for $70,000, and resold treasury stock for $15,000 that it had purchased in 2016 for $12,000. What is total stockholders' equity as of December 31, 2017
Answer:
$667,000
Explanation:
stockholders' equity December 31, 2016 = $540,000
plus net income = $60,000
minus cash dividends = ($18,000)
plus issuance of common stock = $70,000
plus sale of treasury stock = $15,000
stockholders' equity = $667,000
Stock dividends do not affect the value of stockholders' equity, that is why they are not included in this calculation.
Accounts Payable are: Multiple Choice Long-term liabilities Estimated liabilities Always payable within 30 days Amounts owed to suppliers for products and/or services purchased on credit
Answer:
Amounts owed to suppliers for products and/or services purchased on credit
Explanation:
Accounts payable in domain of finance can be regarded as money that is been owed the supplier by the business, and this reflect on the balance sheet of the company as a liability, this is different from notes payable liabilities. It should be noted that accounts Payable are Amounts owed to suppliers for products and/or services purchased on credit
Assume the Atlas Corporation is expected to pay a $5 cash dividend next year. Dividends are expected to shrink at a rate of 3% per year. The expected return from the market portfolio is 13% and riskless interest rate is 6%. Use the constant-growth dividend discount model (DDM) to determine the intrinsic value of Atlas stock if the company has a beta of .5.
Answer: $40
Explanation:
First find the required return using CAPM;
Required return = Riskfree rate + beta * (Market return - riskfree rate)
= 6% + 0.5 * (13% - 6%)
= 9.5%
Then use DDM to determine intrinsic value;
= Next dividend / (Required return - growth rate)
= 5 / (9.5% - (-3%))
= $40
Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $30,200, and its ending inventory on December 31 was understated by $15,400. In addition, a purchase of merchandise costing $21,400 was incorrectly recorded as a $2,140 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was:
Answer:
the cost of goods sold is $34,460 understated
Explanation:
The computation of the cost of goods sold is shown below
Let us assume the cost of goods sold be X - Y
X + $30,200 + ($21,400 - $2,140) = Y + $15,400
X + $49,460 = Y + $15,000
X - Y = $49,460 - $15,000
X - Y = $34,460
Hence, the cost of goods is $34,460
Since both the ending and opening inventory are understated so the cost of goods sold is also understated
Therefore the cost of goods sold is $34,460 understated
Early in the current year, Tokay Co. purchased the Silverton Mine at a cost of $31,420,000. The mine was estimated to contain 290,000 tons of ore and to have a residual value of $3,000,000 after mining operations are completed. During the year, 275,000 tons of ore were removed from the mine. At year-end, the book value of the mine (cost minus accumulated depletion) is:
Answer:
$4,470,000
Explanation:
Cost per ton = Cost - Salvage value / Estimated tons
Cost per ton = 31,420,000 - 3,000,000 / 290,000
Cost per ton = $98 per tons
Tons remaining = 290,000 - 275,000
Tons remaining = 15,000 tons
Book value of the mine at year-end = 15,000 tons*$98 + $3,000,000
Book value of the mine at year-end = $1,470,000 + $3,000,000
Book value of the mine at year-end = $4,470,000
A produce distributor uses 779 packing crates a month, which it purchases at a cost of $12 each. The manager has assigned an annual carrying cost of 39 percent of the purchase price per crate. Ordering costs are $27. Currently the manager orders once a month. How much could the firm save annually in ordering and carrying costs by using the EOQ
Answer:
$1,498.86
Explanation:
Given that;
Packing of crates per month(u) = 779
Annual carrying cost of 39% of the purchase price per crate
Ordering cost (S) = $27
D = 779 × 12 = $9,348 crates per year
H = 0.39P
H = 0.39 × $12
H = $4.68 crates per year
Total ordering cost = D/Q × S
= ( $9,348 / 779 ) × $27
= $324
Total Holding cost = Q / 2 × H
= ( 779 / 2 ) × $4.68
= $1,822.86
Annual savings = Total holding cost - Total ordering cost
= $1,822.86 - $324
= $1,498.86
The firm would be saving $1,498.86 annually.
A company's Inventory balance at the end of the year was $203,300 and $217,000 at at the beginning of the year. Its Accounts Payable balance at the end of the year was $101,000 and $95,300 at the beginning of the year, and its cost of goods sold for the year was $737,000. The company's total amount of cash payments for merchandise during the year equals:
Answer:
The answer is $745,000
Explanation:
Inventory: Closing balance - opening balance
$203,300 - $217,000
=$13,700$13,700
Inventory increased by $13,700
For accounts payable
$101,000 - $95,300
$5,700
Accounts payable increased by $5,700
Amount of cash paid is
Cost of goods sold + increase in inventory - increase in accounts payable
$737,000 + $13,700 - $5,700
=$745,000
During January 2020, the company had the following transactions: Example: Made payments of $4,000 on outstanding accounts payable 1. Sold $2,000 of inventory to customers for $3,000 in cash. 2. Purchased $2,500 of new inventory for cash 3. Sold $3,500 of inventory to customers on account for $5,500. 4. During the month, received $3,500 from customers as payments on their accounts 5. Borrowed $20,000 from the bank and issued stock for $5,000 to purchase land for $25,000 for a future warehouse 6. Paid employees $2,000 for payroll Required: 1. Record the January 2020 transactions by adding and subtracting amounts in the rows of the following table in a way that the row totals represent the end of the month balances in the financial statements. (fill in the shaded area as needed) 2. Explain the main characteristics of the balance sheet and the income statement and the relationship between those two statements.
Answer:
Journal Entries:
Example:
Debit Accounts Payable $4,000
Credit Cash Account $4,000
To record the payment to suppliers.
1. Debit Cash Account $3,000
Credit Sales Revenue $3,000
To record the cash sales to customers.
Debit Cost of Goods Sold $2,000
Credit Inventory $2,000
To record the cost of goods sold.
2. Debit Inventory $2,500
Credit Cash Account $2,500
To record the purchase of inventory for cash.
3. Debit Accounts Receivable $5,500
Credit Sales Revenue $5,500
To record the sale of goods on account.
Debit Cost of Goods Sold $3,500
Credit Inventory $3,500
To record the cost of goods sold.
4. Debit Cash Account $3,500
Credit Accounts Receivable $3,500
To record the cash receipt from customers.
5. Debit Land $25,000
Credit Bank Loan Payable $20,000
Credit Common Stock $5,000
To record the purchase of land.
6. Debit Salaries and Wages $2,000
Credit Cash Account $2,000
To record the payment of payroll.
2. The main characteristics of the balance sheet and the income statement and the relationship between the two statements:
The balance sheet is a financial statement that records the outstanding balances of assets, liabilities, and equity at the end of a period. It states the closing balances that are permanent and transferrable to the next accounting period. The income statement is a financial statement that records the revenue, expenses, and income for the period. The temporary closing balances are taken to this statement in order to determine the net income.
The relationship between the two statements is that the net income or loss that is extracted from the income statement is taken to the balance sheet. The two statements are end-of-period financial statements that determine the financial profitability and the financial position (assets, liabilities, and equity) of the business.
Explanation:
In this instance, the template for adding and subtracting amounts in the rows is not available. So the transactions have been recorded using the journal. Most importantly, note that, each transaction increases or reduces the assets, the liabilities, and the equity, as the case may be.
George purchased a futures contract at 349. The contract is on 2500 units, requires a 10% margin deposit and is priced in cents per unit. George sold the contract at 278. What is George's return on invested capital
Answer:
-203.4%
Explanation:
Initial investment = 2,500*349*10%
Initial investment = 87,250
Return = (278 - 349) * 2,500 unit
Return = -71 * 2,500 unit
Return = -177,500
Return on invested capital = Return / Initial investment
Return on invested capital = -177,500/87,250
Return on invested capital = 2.034383954154728
Return on invested capital = -203.4%
Match the terms with the appropriate definition
1. cyber-safety
2. closing
a word added in front of your name
leg. Miss, Mrs., Ms. Me)
taking measures to keep personal
Information private in an online
environment
organization of information by date.
starting with the most recent experience
employment form used to collect
information about individuals applying
for a job
one or two words ending a
professional letter before your signature
3. job application
4. prefix
5. reverse chronological order
Answer:
see below
Explanation:
Match the terms with the appropriate definition
1. cyber-safety
taking measures to keep personal information private in an online
environment.
Cyber -safety is all about being secure and safe online. It is deploying strategies to avoid online-associated risks and their possible consequences.
2. Closing
one or two words ending a professional letter before your signature. Closing a letter signifies its end. The closing words show appreciation and respect for the recipient. Closing phrases are polite, respectful, and professional. They include
It has been a pleasure doing business with you
Thank you for your time and consideration
Please let me know if I can be of any more assistance
3. Job application
Organization of information by date. Starting with the most recent experience employment form used to collect information about individuals applying for a job.
A Job application is sent together with a resume to potential employers. It allows the applicant the chance to convince the employer that they are the best candidate for the job. Job applications indicate the position being applied and the contact details of the applicant.
4. Prefix
A word added in front of your name, e.g., Miss, Mrs., Ms. Me)
A prefix is a syllable or group of syllables that add more weight/meaning to a word when put before it. A prefix alters the meaning of the word before it. Other examples of prefixes include Dr, M.P., or Prof.
Marigold Corporation's December 31, 2020 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 40000 shares authorized; 21000 shares issued $ 420000 Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding 20000000 Paid-in capital in excess of par value - preferred stock 69000 Paid-in capital in excess of par value - common stock 27500000 Retained earnings 9050000 Treasury stock (30,000 shares) 704000 Marigold's total paid-in capital was
Answer: $47,989,000
Explanation:
Total Paid-in capital = Preferred stock + Paid-in capital in excess of par value - preferred stock + Common stock + Paid-in capital in excess of par value - common stock
= 420,000 + 69,000 + 20,000,000 + 27,500,000
= $47,989,000
Beth, an American citizen, travels to Italy on vacation and buys an espresso machine to bring home. Her purchase increases:_____
a. Italy's GDP
b. Italy's GDP and U.S. GDP, since Beth spent dollars buying the machine.
c. U.S. GDP since she will have the machine with her at home in the U.S.
d. Neither U.S. nor Italy's GDP, since the product was bought in one country and used in another.
Answer:
Italy's GDP
Explanation:
Gross Domestic Product (GDP) is defined as the market value of all final goods and services produced in a country during a period of time e.g one year. It help analyze the quality of life - living standards and measure economic growth. Traveling to another country and purchasing thetheirur product or product there is increasing that country's GDP.
Present Value of an Annuity of 1 Periods8%9% 10.926 0.917 0.909 21.783 1.759 1.736 32.577 2.531 2.487 A company has a minimum required rate of return of 9%. It is considering investing in a project that costs $195000 and is expected to generate cash inflows of $78000 at the end of each year for three years. The net present value of this project is $39000. $19742. $2418. $197418.
Answer:
d. $197,418
Explanation:
Profitability index for this project = Present value of cash inflows / Present value of cash inflows
Profitability index for this project = 2.531*$78000 / $195000
Profitability index for this project = $197,418 / $195,000
Profitability index for this project = 1.0124
So, the net present value of this project is $197,418
The Baldwin Company currently has the following balances on their balance sheet: Total Assets $256,555 Total Liabilities $149,320 Retained Earnings $49,793 Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year
Answer: $80,242
Explanation:
Common stock = Assets - Liabilities - Retained earnings
Assets next year = 256,555 + 55,000
= $311,555
Liabilities remain unchanged.
Retained earnings
= Opening retained earnings + Net income - dividends
= 49,793 + 44,200 - 12,000
= $81,993
Common stock next year;
= 311,555 - 149,320 - 81,993
= $80,242
Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost is $820,000. The estimated residual value of the building is $52,000 and it has an expected useful life of 25 years. Assuming the first year's depreciation expense was recorded properly, what would be the amount of depreciation expense for the second year
Answer:
The depreciation expense for the second year would be $60,352.
Explanation:
Double-declining-balance can be described as a method of depreciation method that depreciates an assets at twice the rate of the straight line depreciation method.
The depreciation expense for the second year can then be calculated as follows:
Straight line depreciation rate = 1 / Number expected useful life = 1 / 25 = 0.04, or 4%
Double-declining depreciation rate = Straight line depreciation rate * 2
= 4% * 2 = 8%
Year 1 depreciation expense = Building cost * Double-declining depreciation rate = $820,000 * 8% = $65,600
Year 2 depreciation expense = (Building cost - Year 1 depreciation expense) * Double-declining depreciation rate = ($820,000 - $65,600) * 8% = $754,400 * 8% = $60,352
Therefore, the depreciation expense for the second year would be $60,352.
One benefit of price discrimination is that: __________
a. it exists only in theory, not in the real world.
b. firms are able to provide goods to consumers at a consistent price.
c. all consumers are able to gain monopsony power.
d. some consumers are able to buy the product at a lower price than would otherwise exist.
e. most firms minimize revenue.
Answer:
d. some consumers are able to buy the product at a lower price than would otherwise exist.
Explanation:
Price discrimination means the company charged different prices to different persons for the similar product. Also the seller thinks that they can agree to the customer for paying it.
So as per the given situation, the option d is correct as it defines the price discrimination
Therefore the other options are incorrect
When both supply and demand shift to the left, the equilibrium Group of answer choices quantity is indeterminate. price always falls. quantity always falls. price always rises. quantity always rises.
Answer:
quantity always falls
Explanation:
In the case when the supply and the demand shifted to the left so the equilibrium would price would not be determined also the equilibrium quantity would decline or fall
So according to the given situation, the third option is correct as it shows the quantity fall situation i.e. considered and relevant too
At the end of 20X4, Sherpa Lighting Ltd. has a large stock of incandescent lighting fixtures that are becoming obsolete due to a new trend to low-energy fluorescent and LED lighting fixtures. The current inventory of incandescent fixtures has a cost of $170,000. The sales manager of Sherpa estimates that the inventory can be sold through the normal course of business over the next several reporting quarters for approximately $150,000. Sales personnel are given a 10% commission on sales. In addition, Sherpa will grant an additional 5% sales commission for sales of these almost-obsolete fixtures, intended to make up for the reduced sales prices as well as an additional incentive to sell them. In early 20X5, Sherpa's production manager decided that the fixtures can be adapted to not only accept the new LED lighting but also compete quite effectively with new products coming on the market. During 2005, the fixtures are converted at a cost of $25,000. The sales manager estimates that after the conversion, the newly adapted inventory can be repriced to fetch $185,000 (before 10% sales commission) in the market. Required: Using the valuation allowance method, prepare the appropriate journal entries to record inventory adjustments at the end of each of 20X4 and 20X5.
Answer:
Sherpa Lighting Ltd.
Journal Entries, using the valuation allowance method:
December 31, 20X4:
Debit Inventory Write-down Expense $20,000
Credit Inventory $20,000
To write down inventory because of obsolescence.
December 31, 20X5:
Debit Inventory $25,000
Credit Cash Account $25,000
To record the cost of converting the fixtures.
Explanation:
a) Data and Calculations:
December 31, 20X4:
Cost of Inventory of incandescent fixtures = $170,000
Estimated sales value of the inventory = $150,000
Obsolete inventory Expense = $20,000 ($170,000 - $150,000)
December 31, 20X5:
Balance of Inventory of incandescent fixtures = $150,000
Add conversion cost = 25,000
Ending balance of inventory = $175,000
What is the best source of information to use when purchasing a new car?
O Social media posts
O Car salesman on the lot
O Advertisement in a car magazine
O Unpaid reviews on reputable car sites
Option D. Unpaid reviews on reputable car sites
What sources of information do you have about cars?Awards and rankings. There are many awards and many websites publish rankings of vehicles in different categories.
NHTSA or IIHS. These two organizations evaluate the safety of new cars.
Government website.
Understanding how a car works can help you drive more safely, reduce the risk of accidents, and extend the life of your car. For example, if you know how brakes wear over time, you can identify signs of wear early and replace them before increasing the risk of brake failure.
Learn more about purchasing at
https://brainly.com/question/5168855
#SPJ2
A new sports car sells for $40,000. The value of the car decreases by 12% annually. After how many years will it be worth half of its selling price
Answer:
n= 6.11 years
Explanation:
Giving the following information:
Present value= $40,000
Future value= $20,000
Decrease rate= 0.12
To calculate the number of years for the car to reach a value of $20,000; we need to use the following formula:
n= ln(FV/PV) / ln(1+i)
n= ln(20,000/40,000) / ln(1.12)
n= 6.11 years
The following information was taken from the 2021 financial statements of Waterway Industries: Bonds payable, January 1, 2021 $ 809000 Bonds payable, December 31, 2021 4830000 During 2021 • A $725000 payment was made to retire bonds payable with a face amount of $807000. • Bonds payable with a face amount of $319000 were issued in exchange for equipment. In its statement of cash flows for the year ended December 31, 2021, what amount should Waterway report as proceeds from issuance of bonds payable?
Answer:
the amount reported as proceeds from bond issuance is $4,509,000
Explanation:
The computation of the amount reported as proceeds from bond issuance is as follows
Total Bond Issued during 2021
= Bonds payable, December 31, 2021 - Bonds payable, January 1, 2021 + Bond Payable retired
= $4,830,000 - $809,000 + $807,000
= $4,828,000
Now
Bond issued for cash is
= Total bond issued - Bonds issued in exchange for Equipment
= $4,828,000 - $319,000
= $4,509,000
Hence, the amount reported as proceeds from bond issuance is $4,509,000
Mary Richardo has performed $520 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Mary make
Answer: d. Debit Accounts Receivable and credit Service Revenue
Explanation:
The client is yet to pay for the service so they owe Mary. This makes them an Accounts receivable and so Mary should debit Accounts receivables to reflect this.
Mary should also credit Service revenue because the services were for work done in the current accounting period and according to the Revenue Recognition principle, have to be recognized as revenue in the period.
he director of capital budgeting for See-Saw Inc., manufacturers of playground equipment, is considering a plan to expand production facilities in order to meet an increase in demand. He estimates that this expansion will produce a rate of return of 11%. The firm's target capital structure calls for a debt/equity ratio of 0.8. See-Saw currently has a bond issue outstanding that will mature in 25 years and has a 7% annual coupon rate. The bonds are currently selling for $804. The firm has maintained a constant growth rate of 6%. See-Saw's next expected dividend is $2 (D1), its current stock price is $40, and its tax rate is 40%. Should it undertake the expansion? (Assume that there is no preferred stock outstanding and that any new debt will have a 25-year maturity.)
Answer and Explanation:
The computation is shown below:
Debt = D ÷ (E + D)
= 0.8 ÷ (1 + 0.8)
= 0.4444
Now
Weight of equity = 1 - Debt
= 1 - 0.4444
= 0.5556
As per Dividend discount model
Price = Dividend in 1 year ÷ (cost of equity - growth rate)
40 = $2 ÷ (Cost of equity - 0.06)
Cost of equity = 11%
Cost of debt
K = N
Let us assume the par value be $1,000
Bond Price =∑ [(Annual Coupon) ÷ (1 + YTM)^k] + Par value ÷ (1 + YTM)^N
k=1
K =25
$804 =∑ [(7 × $1000 ÷ 100)/(1 + YTM ÷ 100)^k] + $1000 ÷ (1 + YTM ÷ 100)^25
k=1
YTM = 9
After tax cost of debt = cost of debt × (1 - tax rate)
= 9 × (1 - 0.21)
= 7.11
WACC = after tax cost of debt × W(D) + cost of equity ×W(E)
= 7.11 × 0.4444 + 11 × 0.5556
= 9.27%
As we can see that the WACC is lower than the return so it should be undertake the expansion
The twelve Federal Reserve banks are involved in monetary policy in several ways including the following except​:_________
a. issuing currency.
b. voting on the purchase and sale of government securities that affect both interest rates and the amount of reserves in the banking system.
c. being the final authority for the discount rate.
d. deciding which banks can obtain discount loans.
Answer:
B
Explanation:
The twelve Federal Reserve banks are involved in monetary policy in several ways including the following except voting on the purchase and sale of government securities that affect both interest rates and the amount of reserves in the banking system.
ou decide to invest in a portfolio consisting of 17 percent Stock X, 38 percent Stock Y, and the remainder in Stock Z. Based on the following information, what is the standard deviation of your portfolio? State of Economy Probability of State Return if State Occurs of Economy Stock X Stock Y Stock Z Normal .75 9.20% 2.60% 11.60% Boom .25 16.50% 24.50% 16.00%
Answer:
5.00%
Explanation:
The computation of the standard deviation is as follows;
Stock return for Normal state of the economy
= 0.17 × 9.20 + 0.38 × 2.60 + 0.45 × 11.60
= 1.564% + 0.988% + 5.22%
= 7.78%
Now
Stock return for Boom state of the economy
= 0.17 × 16.50 + 0.38 × 24.50 + 0.45 × 16
= 2.805% + 9.31% + 7.2%
= 19.32%
Now Weighted average return
= 0.75 × 7.78 + 0.25 × 19.32
= 5.835% + 4.83%
= 10.67%
Standard deviation = Normal probability × (Stock return for Normal state of the economy - Weighted average return)^number of years + Boom probability × (Stock return for Boom state of the economy - Weighted average return)^number of years)^percentage
= 0.75 × (7.78 - 10.67)^2 + 0.25 × (19.32 - 10.67)^2)^0.5
= 5.00%
A well-known fashion brand in Pakistan recently faced a scandal. The owner's husband got arrested for allegedly sending their employee away upon diagnosis of Corona virus. The Police claimed the designer and her husband should have notified the authorities and admitted the sick employee to a hospital. However, the couple claimed their duty was to just send the employee away after guiding him. The husband got released the very next day for which they thanked Prime Minister.
Answer:
ok
Explanation:
is this real ?? when did this happen ?
Suppose a stock will have a return of -10% during a recession, and a return of 20% with normal market condition. If over the next year, the chance of recession is 40%, and the chance of normal condition is 60%. The stock's expected return next year is ______ %.
Answer: 8%
Explanation:
Expected return is a weighted average of the different returns that a stock will have in different economic conditions.
This stock's expected return is;
= (Probability Economic state * Return given economic state) + (Probability Economic state b * Return given economic state b)
= ( 40% * -10%) + (20% * 60%)
= 8%
find median for the following terms is 72 76 64 80 68 61 85 91 62 82
Answer: 74 ? i think