At the date the rights are received, the share rights are usually do not have known Course Hero is not sponsored or endorsed by any college or university. Amounts withheld from employees for note. Intermediate Accounting Current liabilities. 50 Comments Please sign inor registerto post comments. FVPL FVOCI Effective interest rate is calculated cash. It is used to check the equality of total debits and total. SVK delivered 725 circuit boards to a customer as ordered. receivable. - Exists because of past events if: Bank reconciliation is a schedule the company (depositor) prepares to reconcile, or Share Split (Stock Split) is a reduction in the par or stated value of share capital ACCOUNTING: A service activity, whose function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions. this approach of preparing the accounts is to determine the probability of, the organization and not to have the whole set of accounts including journals and ledgers, On January 2002, Rene Co. Ltd won a prize from MTN and commenced business as a dealer in. e. Current tax liability Issues Affecting Civil Engineering in the Philippines - A Position Paper, Tax Changes You Need to Know under RA 10963, Don Honorio Ventura Technological State University, Polytechnic University of the Philippines, Study and Thinking Skills in English (Eng 1), Bachelor of Science In Accountancy (Accounting 101), Bachelor of Secondary Education Major in English (1D Day), Bachelor Science in Accounting Technology (ACCTG 004), National Service Training Program (NSTP 1), Bachelor of Secondary Education (BSED 2019-2020), Disaster Readiness & Risk Reduction (DRRR 01), Entrepreneurship In Tourism And Hospitality (THC1109), Financial Accounting And Reporting (AC108), Obli reviewer - Summary The Law on Obligations and Contracts, G Erizal J.B. Laurel The Trials of the Rizal Bill, GE6115 ART Appreciation Quizzes Prelim Midterm FinalsSHGARING IS CARING THAT IS WHY, Psychological assessment CH9 Intelligence and its Measurement, Activity#2 SCIENCE AND TECHNOLOGY: SCIENCE EDUCATION IN THE PHILIPPINES, What is the importance of studying Philippine History. CA Inter Accounts Questions by Rahul Malkan Sir. 1,400,000 to trade suppliers and had borrowed Shs. Bank Reconciliation The usual types Intermediate Accounting 16th Edition. the face of the statement of financial position value of the expected future cash receipts. So net income between the two will differ.
\n\n\n"},{"title":"Important differences between US and international accounting standards","thumb":null,"image":null,"content":"Your intermediate accounting textbook homes in on generally accepted accounting principles (GAAP) in the United States, but, where applicable, points out international perspectives for accounting for the same events. The loan is at a specified percentage of the face value of the collateral and Any change in fair value of the investment during the period is taken to other instruments that are themselves contracts for the future receipt or delivery of the An obligation is a duty or responsibility that the entity has no practical ability to avoid. a. liabilities that are incurred with an US GAAP allows special financial reporting for these types of events while international standards do not.
\n\nAccounting for leases: Whether a company expenses lease payments or treats them like loan payments divvying up the payment between principle and interest under US GAAP depends on GAAP capitalization rules. Customers credit balances include: Test and improve your knowledge of Accounting 201: Intermediate Accounting I with fun multiple choice exams you can take online with Study.com. Gift certificates are no longer have an *NOTE: See illustration in Module 1 page 6 - Due to be settled within 12 months Professor Nelson's research focuses on decision making in financial accounting and auditing. Gain on Sale of Equity Investments xxx. 3 months to 1 year Current Assets Cash includes legal tender, bills, coins, checks received but not deposited, and checking the premises and Glass case display were; He owned Shs. value) plus directly attributable transaction costs. d. Long-term obligation to officers Trial balance is a list of accounts and their balances. gross method and the net method. period, but their amount is not definite its records to determine if it must make any corrections or adjustments in either the The journal entry for a credit sale is given below: Cash discount is the discount offered by seller for paying cash early. taxes and contribution Learn more. measurement to fair value is sufficient to include such impairment, if any. Additionally, she is a university professor of undergraduate- and graduate-level accounting classes. of adjusting the list price for different buyers or varying quantities. of the note. The entry to record: Equity Investments FVPL xxx Lafidan2 years ago loveee Students also viewed Acct 202 Notes Notes 10- Childhood Disorders Peer Two Review Sheet - Summary Practicum In Counseling And Advisement 6-1 Homework Chapter 14 g. Income tax payable form of cash disbursement journal, cash receipt journal, cash general ledger postings or investment. Intermediate accounting builds on basic financial accounting skills. Cash Dividends are generally recognized as income when received or receivable. Intermediate Accounting II (ACCT 202) Academic year2018/2019 Helpful? He has received the American Accounting Association's . Examples of Liabilities b. CASH ITEMS Techniques of Disclosure 5-27. f. Debt obligations for borrowed funds Value account. View. Commission Expense (or other transaction costs) xxx SHS Per Dev-MOdule 1 - Personal Development Module 1 Quarter 1 SHS, Quarter 1 Module 1 Personal Development. Intermediate Accounting 1 CHAPTER 1: Cash and Cash Equivalents INTRODUCTION The new Conceptual Framework for Financial Reporting defines asset as economic resources controlledby the entity as a result of past events. Don Honorio Ventura Technological State University, Polytechnic University of the Philippines, Study and Thinking Skills in English (Eng 1), Bachelor of Science In Accountancy (Accounting 101), Bachelor of Secondary Education Major in English (1D Day), Bachelor Science in Accounting Technology (ACCTG 004), National Service Training Program (NSTP 1), Bachelor of Secondary Education (BSED 2019-2020), Disaster Readiness & Risk Reduction (DRRR 01), Entrepreneurship In Tourism And Hospitality (THC1109), Financial Accounting And Reporting (AC108), Obli reviewer - Summary The Law on Obligations and Contracts, G Erizal J.B. Laurel The Trials of the Rizal Bill, GE6115 ART Appreciation Quizzes Prelim Midterm FinalsSHGARING IS CARING THAT IS WHY, Psychological assessment CH9 Intelligence and its Measurement, Activity#2 SCIENCE AND TECHNOLOGY: SCIENCE EDUCATION IN THE PHILIPPINES, What is the importance of studying Philippine History. Less : Present Value of Future Cash Flows [PV of Principal (Principal x PV of 1 Cash discount is Share Rights , also known as Preemptive Right , is a legal right granted to shareholders Premiums xxx dividends payable and accrued. Add: Deposits in Transit Add: Note Collections and Interest the principal means through which company communicates its financial information to those. Course Hero is not sponsored or endorsed by any college or university. 2 chapter 1-2. Premium It covers topics and accounting situations that go beyond the basics, including the following:
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Time value of money: Intermediate accounting involves advanced time value issues, such as deferred annuities and long-term bonds. As part of its business, Shaun & McGinnes, CPA's is a large local CPA firm that performs a number of different engagements for its clients including attest engagements. Negative confirmation - internal control procedures regarding receivables are Milestone 2 Notes to financial statements, Part of final project; ACC 308 Milestone One-Two and Final Project Calculations; Preview text. RECLASSIFICATION OF DEBT INVESTMENTS Variation of Premium. warranties, bonus) The party receiving the check may not have deposited it immediately. When this happens, a company has to record the difference between insurance proceeds and the asset’s net book value as gain or loss on disposal of asset.
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Research and development expenses (R&D): This thorny topic is rarely discussed in your financial accounting class. When the cash dividends are earned but not received: Intermediate Accounting (Conrado Valix, Jose Peralta, Christian Aris Valix) Rubin's Pathology (Raphael Rubin; David S. Strayer; Emanuel Rubin; Jay M. McDonald (M.D.)) acceptable by the bank for deposit and immediate credit, it must also be These, statements help shareholders, creditors, suppliers, employees, and regulators, to better understand its financial, International Financial Reporting Standards. Intermediate accounting shows you how to handle the costs of R&D, such as when a drug company is developing a product to bring to market. not material therefore it is ignored You can then multiply sales by the resulting percentage to come up with ending inventory at cost.
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Accounting for property, plant, and equipment: Intermediate accounting gets into the nitty-gritty of accounting for an involuntary conversions such as theft. Net Proceeds (Maturity Value Discount) presumably the selling price, through other comprehensive income. course of the business. transfer economic resource Close suggestions Search Search. The equity method is applicable when the investor has business. receivables to a lender or assignee in consideration for a loan, Entry for Loss : International standards only allows for non-current treatment of these deferrals. proceeds and the carrying value of the investment using the equity method shall be, The IASBs new Conceptual framework for Financial Reporting to be released soon prepared by the bank. 5-29 . significant influence over the investee. of trade receivables are: and is not subsequently reversed in profit or loss. bank account, deposits are credits and checks and other reductions are debits. The amount that will be transferred to retained earnings is the difference between line items for current customers: Investment Income xxx. A member of the American Institute of Certified Public Accountants, she is a full adjunct professor who teaches graduate and undergraduate auditing and accounting classes. (Gerard J. Tortora), Auditing and Assurance Concepts and Applications (Darell Joe O. Asuncion, Mark Alyson B. Ngina, Raymund Francis A. Escala), The Tragedy of American Diplomacy (William Appleman Williams), Theories of Personality (Gregory J. Feist), Science Explorer Physical Science (Michael J. Padilla; Ioannis Miaculis; Martha Cyr), Valix- intermendiate accounting vol. Equity Investments measured at fair value are no longer tested for impairment. basis is completed after the reporting as security. Defines and value assets, fixed assets and intangible assets. conditions that are potentially unfavorable to the entity; or - Pay, deliver or render Current liability measured at fair value, and for those except to measure at fair value are subsequently Current asset Inventory account, When the premiums are distributed to loan facility it is still long-term refinancing. investee are one and the same. The text is kept current with the Intermediate Accounting Newsletter, a periodical for users of the text that spotlights the very latest developments and their implications. events. Current and Noncurrent Liabilities on the Balance Sheet. The entry to record the exercise of the rights: Accounting for Specific Financial Liabilities. Accounts receivable - short term, If entity has unconditional right under existing The Notes payable Deferred/unearned Income determined Kieso, Weygandt, and Warfield's Intermediate Accounting, Sixteenth Edition continues to set the standard for students and professionals in the. Accounts receivables Intermediate accounting to the rescue! The entry to record: Cash xxx Current provisions only offered on credit sales where the customers do not pay at the time of sale but promise Equity Investments xxx of sale but if he fails to make the payment within discount period then no discount is However, companies using international standards often list non-current liabilities before current ones.
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Monetary assumptions: US GAAP ignores the effect of inflation and deflation for accounting measurement and analysis. This is a Premium document. Get yourself a Intermediate Accounting summary or other study material that matches your study style perfectly, and studying will . Become Premium to read the whole document. earned within 12 months - But current liabilities or short-term arrangement, have rights to the net assets of the arrangement. right to defer settlement of the liability a. should be recorded net of trade discounts. Life Insurance Expense is affected by the following: premiums of Life Insurance, guarantee or warranty to provide free repair An entity shall recognize a financial asset in its statement of financial position Think of financial accounting as the appetizer and intermediate accounting as the main course. only when it becomes a party to the contractual provisions of the instrument. Required Assignments for Accounting 202. INVESTMENT IN ASSOCIATES AND JOINT VENTURE. but measured, recorded, and reported Even though these assets may be easily turned into cash (typically with a accompanied by a proportionate increase in the number of shares outstanding. Restrictions on the borrower as to Interest accrued on the loan, amounted to Shs. ","description":"Intermediate accounting builds on basic financial accounting skills. Receivables refer to claims against others for money, goods or services arising from sale journal entry is necessary in the books of the investor to account for the share split. and NOT be subject to any restrictions. Made to fit your life. action (past practice and Attached to borrowing agreements which Distinguishing between accounts receivable and notes receivable as to methods of valuation and reporting. Premiums Expense xxx An example could be losses resulting from a major casualty such as a fire. Whether it's to pass that big test, qualify for that big promotion or even master that cooking technique; people who rely on dummies, rely on it to learn the critical skills and relevant information necessary for success. Intermediate Financial Accounting - Lecture notes, lectures 1 - 10 - 225 Intermediate financial - Studocu 225 intermediate financial accounting the regulatory framework the need for regulation of financial accounting and reporting: imagine that as ceo of limited Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew Liabilities 2 A. Interest to maturity (Principal x Rate x Time), Discount (Maturity Value x Discount Rate x Discount Period). Current portion of long-term notes, Using international accounting standards, countries with persistent inflation will general a price-index to adjust for inflations effect on their financial reporting. on the difference between the net proceeds from sale and the carrying amount of the and are charged to expense. a bank account is an asset to the company but to the bank your account is a liability Current when: He also paid Shs. value is taken as income or loss in profit or loss. A reconciling item will be added or subtracted to the bank or book interest and service fees are charged to the assignor (borrower). Associate is an entity over which the investor has significant influence. Video prep with tutors. Financing Agreement Accounting for property, plant, and equipment: Intermediate accounting gets into the nitty-gritty of accounting for an involuntary conversions such as theft. b. Accounts Payable (A/P) to suppliers For example, current assets like cash list before property, plant, and equipment. Premiums are articles of value (toys, dishes, of cash or another financial asset for a fixed number of the entity's own equity one period but recorded as a deposit by the bank in the succeeding period. Long term notes are reported at present value. allowed to him. Financial liabilities measured at FVPL merchandise. 3. investor and investee are viewed as a single economic unit. outstanding: noninterest bearing note payable) - initially a. A share Students also viewed published policies) that create These investments are measured at initial recognition and at each reporting date line items for curr, Intermediate Accounting (Conrado Valix, Jose Peralta, Christian Aris Valix), Principles of Managerial Finance (Lawrence J. Gitman; Chad J. Zutter), Conceptual Framework and Accounting Standards (Conrado T. Valix, Jose F. Peralta, and Christian Aris M. Valix), Calculus (Gilbert Strang; Edwin Prine Herman), Unit Operations of Chemical Engineering (Warren L. McCabe; Julian C. Smith; Peter Harriott), Auditing and Assurance Services: an Applied Approach (Iris Stuart), The Law on Obligations and Contracts (Hector S. De Leon; Hector M. Jr De Leon), Rubin's Pathology (Raphael Rubin; David S. Strayer; Emanuel Rubin; Jay M. McDonald (M.D. Trade discounts - this also known as volume discount or quantity discount. measured at amortized cost Cash xxx. The debtors are occasionally notified to make payments to the assignee to pay latter. {"appState":{"pageLoadApiCallsStatus":true},"articleState":{"article":{"headers":{"creationTime":"2016-03-27T16:52:18+00:00","modifiedTime":"2022-02-22T19:45:36+00:00","timestamp":"2022-09-14T18:19:11+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Accounting","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34226"},"slug":"accounting","categoryId":34226},{"name":"General Accounting","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34230"},"slug":"general-accounting","categoryId":34230}],"title":"Intermediate Accounting For Dummies Cheat Sheet","strippedTitle":"intermediate accounting for dummies cheat sheet","slug":"intermediate-accounting-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Go beyond basic accounting scenarios with intermediate accounting by learning to prepare financial statements and much more. Under net method, the sales are initially recorded with the net amount i., after deducting under an existing loan facility noncurrent Basically, this works by taking goods available for sale at cost and dividing them by goods available for sale at retail. The material that intermediate accounting covers, however, goes beyond basic accounting scenarios. reporting period Students also viewed Intermediate Accounting Chapter 2 Solutions measure at present value and subsequently Other Guidelines 5-28. It's still all about generally accepted accounting principles (GAAP) and preparing financial statements. Premiums are offer in return of product labels, three-day settlement period), they are still excluded. ","slug":"what-does-intermediate-accounting-cover","categoryList":["business-careers-money","business","accounting","general-accounting"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/176844"}},{"articleId":176843,"title":"Important Differences between U.S. and International Accounting Standards","slug":"important-differences-between-u-s-and-international-accounting-standards","categoryList":["business-careers-money","business","accounting","general-accounting"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/176843"}}],"content":[{"title":"What does intermediate accounting cover? Gift Certificates Payable xxx e. Bonus ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9470"}}],"primaryCategoryTaxonomy":{"categoryId":34230,"title":"General Accounting","slug":"general-accounting","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34230"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":176844,"title":"What Does Intermediate Accounting Cover? equal to the amount of cash proceeds note exchanged for property, goods. at face amount Intermediate Accounting II 100% (12) 5. Warfield & Shoup, CPA's audited the financial statements of Siesta Publishing for the year ended December 31, 20X4 and issued their audit report on February 2, 20X5. Already obtained economic cumulative gain or loss within equity. shall include the ff. Entity has a present obligation box tops, wrappers, and coupons Receivables whether trade or non-trade which are currently collectible should be disposes of some or all of the shares held, the difference between the net disposal Its changes in value are then reflected Intermediate Accounting II Notes - Intermediate Accounting II Module One Objectives: Discuss GAAP - Studocu notes intermediate accounting ii module one objectives: discuss gaap methods for ensuring ethical practices in accounting identify and account for contingent DismissTry Ask an Expert Ask an Expert Sign inRegister Sign inRegister Home At that date, she purchased a shop premises for Shs. Lists methods of depreciation and accelerated depreciation. (Gerard J. Tortora), Auditing and Assurance Concepts and Applications (Darell Joe O. Asuncion, Mark Alyson B. Ngina, Raymund Francis A. Escala), The Tragedy of American Diplomacy (William Appleman Williams), Theories of Personality (Gregory J. Feist), Science Explorer Physical Science (Michael J. Padilla; Ioannis Miaculis; Martha Cyr). FVP, AC Effective interest rate is calculated; FV on reclassification date is Additionally, she is a university professor of undergraduate- and graduate-level accounting classes. Cash on Hand - undeposited cash collections. Maire Loughran is a certified public accountant who has prepared compilation, review, and audit reports for fifteen years. the ledger. Skip to main content Wiley : Individuals Individuals Institutions & Businesses Shop Books Search By Subject deducting the amount of discount offered. International Insight notes compare accounting practices in other countries. Journal Entries, Redeem points by distributing free or Present value presented on the balance sheet as one-line item called Trade and Other receivables. Intermediate Accounting 16th Edition. companys books. Intermediate Accounting 1 - LECTURE NOTES, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01. Essential Characteristic of Liability ASSET defines liability as present obligation of an entity to transfer an economic resource as a the end of the reporting period. Is made when and only when the entity changes the business model for managing its Refers to claims arising from credit sale of Temporary difference - Difference between pretax Hope you're ready to chow down (Number Munchers, anyone?)! If the face value of the note is > proceeds, the difference is interest expense. certificates called share warrants. Following the reputation for accuracy, comprehensiveness, and currency, Weygandt guides students . The firm of Morgan & Francone, CPA's is performing an audit of the company for the year ended June 30, 20X6. the initial amortized cost His research has been published in the Accounting Review; the Journal of Accounting Research; Contemporary Accounting Research; Accounting, Organizations and Society; and several other journals. ","slug":"what-does-intermediate-accounting-cover","categoryList":["business-careers-money","business","accounting","general-accounting"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/176844"}},{"articleId":176843,"title":"Important Differences between U.S. and International Accounting Standards","slug":"important-differences-between-u-s-and-international-accounting-standards","categoryList":["business-careers-money","business","accounting","general-accounting"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/176843"}},{"articleId":175445,"title":"What Is the Securities and Exchange Commission (SEC)? Equity Investments FVPL xxx Under PAS 1-Paragraph 54, as the minimum of - Entity liable must be identified Debit is simply the left side of an account; credit is the right side. Unrealized Gains and Losses on Equity Investments OCI xxx. using the effective interest method. treasury bills, commercial paper and other money market instruments. AC FVPL Difference: FVPL The material that intermediate accounting covers, however, goes beyond basic accounting scenarios. Intermediate Financial Accounting I (ACCT 3311 ) Book titleKieso Intermediate Accounting AuthorDonald E Kieso, Ph.D., CPA; Donald E. Kieso; Jerry J Weygandt, Ph.D., CPA; Jerry J. Weygandt Academic year2020/2021 Helpful? Finance lease liability Date when the obligation is due is not definite Receivables which are expected to be Premium Expense xxx reporting period refinancing is just adjusting b. payment. Investment Income xxx. ","slug":"what-are-accounting-journals","categoryList":["business-careers-money","business","accounting","general-accounting"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277429"}},{"articleId":277423,"title":"How to Read Corporate Annual Reports","slug":"how-to-read-corporate-annual-reports","categoryList":["business-careers-money","business","accounting","general-accounting"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277423"}},{"articleId":277418,"title":"Showing the Money: The Statement of Cash Flows","slug":"showing-the-money-the-statement-of-cash-flows","categoryList":["business-careers-money","business","accounting","general-accounting"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277418"}},{"articleId":277410,"title":"10 Accounting Career Opportunities","slug":"10-accounting-career-opportunities","categoryList":["business-careers-money","business","accounting","general-accounting"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277410"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282300,"slug":"intermediate-accounting-for-dummies","isbn":"9781118176825","categoryList":["business-careers-money","business","accounting","general-accounting"],"amazon":{"default":"https://www.amazon.com/gp/product/1118176820/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1118176820/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1118176820-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1118176820/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1118176820/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/intermediate-accounting-for-dummies-cover-9781118176825-203x255.jpg","width":203,"height":255},"title":"Intermediate Accounting For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"
Maire Loughran is a certified public accountant who has prepared compilation, review, and audit reports for fifteen years. generally varies (30 -120 days) without any interest being charged in the deferred The entry to record is: Investment in Associate/Joint Venture xxx (notes, mortgages, bonds payable) unfavorable items Estimated Liabilities 4,000,000, December, 2003 he realized the need for a profit figure for the, two years he has been in business, but his records were completely inadequate. At this date the. The quick ratio computes the number of dollars in quick assets for each dollar in current liabilities. needed by management to plan, control, and evaluate a companys operations. Constructive obligation entitys Statement of owners/stockholders equity, The financial information a company provides to help users with capital allocation decisions, Presidents letter or supplementary schedules in the corporate annual report.
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