Good Afternoon

Can you please assist me again with my discussion?

Accounting for Merchandising Businesses

Computers have become a staple in the lives of most people. There are many companies that provide computers on the market. Assume that you are planning to purchase a new laptop for your classes, work and home use. Please go to the websites of two major United States computer manufacturers such as Hewlett Packard, Acer, Apple, etc. and make a selection.

Once you have made your selection, please complete the following items and questions:

1) Compare the following items for your selections:

• Price
• Delivery Charges
• Financing Options
• Discounts
• Coupons
• Warranties
• Installation Offered
• Recycling of Old Components Offered

2) What are some factors that can impact the gross profit of a merchandise company?

3) One item that can help investors understand the relationship between net sales and net profits is the gross profit rate. The calculation explanation for this financial ratio is found on page 225 of the textbook. Find the financial information needed to calculate the gross profit rate for your two selected companies. Which company has the better ratio?

Why do you think this is the case?

Please use the most recent annual report available.

Also, make sure to use the same year?s annual report for your companies.

5-1 5 Accounting for Merchandising Operations Learning Objectives 1 2 Record purchases under a perpetual inventory system. 3 Record sales under a perpetual inventory system. 4 Apply the steps in the accounting cycle to a merchandising company. 5 5-2 Describe merchandising operations and inventory systems. Compare a multiple-step with a single-step income statement. LEARNING OBJECTIVE 1 Describe merchandising operations and inventory systems. Merchandising Companies Buy and Sell Goods Retailer Wholesaler Consumer The primary source of revenues is referred to as sales revenue or sales. 5-3 LO 1 Merchandising Operations Income Measurement Sales Revenue Less Cost of Goods Sold Not used in a Service business. Equals Cost of goods sold is the total cost of merchandise sold during the period. 5-4 Gross Profit Illustration 5-1 Income measurement process for a merchandising company Less Operating Expenses Equals Net Income (Loss) LO 1 Operating Cycles The operating Illustration 5-2 cycle of a merchandising company ordinarily is longer than that of a service company. Illustration 5-3 5-5 LO 1 Flow of Costs Illustration 5-4 Companies use either a perpetual inventory system or a periodic inventory system to account for inventory. 5-6 LO 1 Flow of Costs PERPETUAL SYSTEM Records continuously show inventory that should be on hand for every item. 5-7 Maintain detailed records of the cost of each inventory purchase and sale. Company determines cost of goods sold each time a sale occurs. LO 1 Flow of Costs PERIODIC SYSTEM Do not keep detailed records of the goods on hand. Cost of goods sold determined by count at the end of the accounting period. Calculation of Cost of Goods Sold: Beginning inventory Add: Purchases, net Goods available for sale Less: Ending inventory Cost of goods sold 5-8 $ 100,000 800,000 900,000 125,000 $ 775,000 LO 1 Flow of Costs ADVANTAGES OF THE PERPETUAL SYSTEM Traditionally used for merchandise with high unit values. Shows the quantity and cost of the inventory that should be on hand at any time. Provides better control over inventories than a periodic system. 5-9 LO 1 5-10 LO 1 DO IT! 1 Merchandising Operations and Inventory Systems Indicate whether the following statements are true or false. 1. The primary source of revenue for a merchandising company results from performing services for customers. 2. The operating cycle of a service company is usually shorter than that of a merchandising company. True 3. Sales revenue less cost of goods sold equals gross profit. True 4. Ending inventory plus the cost of goods purchased equals cost of goods available for sale. 5-11 False False LO 1 LEARNING OBJECTIVE Record purchases under a perpetual inventory system. 2 Made using cash or credit (on account). Normally record when goods are received from the seller. Purchase invoice should support each credit purchase. Illustration 5-6 Sales invoice used as purchase invoice by Sauk Stereo 5-12 LO 2 Recording Purchases of Merchandise Illustration 5-6 Illustration: Sauk Stereo (the buyer) uses as a purchase invoice the sales invoice prepared by PW Audio Supply, Inc. (the seller). Prepare the journal entry for Sauk Stereo for the invoice from PW Audio Supply. May 4 Inventory Accounts Payable 5-13 3,800 3,800 LO 2 Freight Costs Ownership of the goods passes to the buyer when the public carrier accepts the goods from the seller. Ownership of the goods remains with the seller until the goods reach the buyer. Illustration 5-7 Shipping terms 5-14 Freight costs incurred by the seller are an operating expense. LO 2 Freight Costs Illustration: Assume upon delivery of the goods on May 6, Sauk Stereo pays Public Freight Company $150 for freight charges, the entry on Sauk Stereo's books is: May 6 Inventory 150 Cash 150 Assume the freight terms on the invoice in Illustration 5-6 had required PW Audio Supply to pay the freight charges, the entry by PW Audio Supply would have been: May 4 Freight-Out Cash 5-15 150 150 LO 2 Purchase Returns and Allowances Purchaser may be dissatisfied because goods are damaged or defective, of inferior quality, or do not meet specifications. Purchase Return Return goods for credit if the sale was made on credit, or for a cash refund if the purchase was for cash. 5-16 Purchase Allowance May choose to keep the merchandise if the seller will grant a reduction of the purchase price. LO 2 Purchase Returns and Allowances Illustration: Assume Sauk Stereo returned goods costing $300 to PW Audio Supply on May 8. May 8 Accounts Payable Inventory 5-17 300 300 LO 2 Purchase Returns and Allowances Question In a perpetual inventory system, a return of defective merchandise by a purchaser is recorded by crediting: a. Purchases b. Purchase Returns c. Purchase Allowance d. Inventory 5-18 LO 2 Purchase Discounts Credit terms may permit buyer to claim a cash discount for prompt payment. Advantages: Example: Credit terms may read 2/10, n/30. 5-19 Purchaser saves money. Seller shortens the operating cycle by converting the accounts receivable into cash earlier. LO 2 Purchase Discounts 2/10, n/30 n/10 EOM 2% discount if paid within 10 days, otherwise net amount due within 30 days. 5-20 1/10 EOM 1% discount if paid within first 10 days of next month. Net amount due within the first 10 days of the next month. LO 2 Purchase Discounts Illustration: Assume Sauk Stereo pays the balance due of $3,500 (gross invoice price of $3,800 less purchase returns and allowances of $300) on May 14, the last day of the discount period. Prepare the journal entry Sauk Stereo makes on May 14 to record the payment. May 14 Accounts Payable Inventory Cash 3,500 70 3,430 (Discount = $3,500 x 2% = $70) 5-21 LO 2 Purchase Discounts Illustration: If Sauk Stereo failed to take the discount, and instead made full payment of $3,500 on June 3, the journal entry would be: June 3 Accounts Payable Cash 5-22 3,500 3,500 LO 2 Purchase Discounts Should discounts be taken when offered? Discount of 2% on $3,500 $ $3,500 invested at 10% for 20 days Savings by taking the discount 70.00 19.18 $ 50.82 Example: 2% for 20 days = Annual rate of 36.5% $3,500 x 36.5% x 20 365 = $70 5-23 LO 2 Summary of Purchasing Transactions Inventory Debit 4th - Purchase 6th - Freight-in 3,800 150 Balance Credit 3,580 5-24 300 70 8th - Return 14th - Discount LO 2 DO IT! 2 Purchase Transactions On September 5, De La Hoya Company buys merchandise on account from Junot Diaz Company. The selling price of the goods is $1,500, and the cost to Diaz Company was $800. On September 8, De La Hoya returns defective goods with a selling price of $200. Record the transactions on the books of De La Hoya Company. Sept. 5 Sept. 8 5-25 Inventory Accounts Payable Accounts Payable Inventory 1,500 1,500 200 200 LO 2 LEARNING OBJECTIVE 3 Record sales under a perpetual inventory system. Made using cash or credit (on account). Performance obligation is satisfied when the goods are transferred from the seller to the buyer. 5-26 Sales revenue, like service revenue, is recorded when the performance obligation is satisfied. Illustration 5-6 Sales invoice should support each credit sale. LO 3 Recording Sales of Merchandise Journal Entries to Record a Sale #1 Cash or Accounts receivable XXX Sales revenue #2 Cost of goods sold Inventory 5-27 XXX XXX XXX Selling Price Cost LO 3 Recording Sales of Merchandise Illustration: PW Audio Supply records the sale of $3,800 on May 4 to Sauk Stereo on account (Illustration 5-6) as follows (assume the merchandise cost PW Audio Supply $2,400). May 4 Accounts Receivable 3,800 Sales Revenue 4 Cost of Goods Sold Inventory 5-28 3,800 2,400 2,400 LO 3 5-29 LO 3 Sales Returns and Allowances \"Flip side\" of purchase returns and allowances. Contra-revenue account to Sales Revenue (debit). Sales not reduced (debited) because: Would obscure importance of sales returns and allowances as a percentage of sales. 5-30 Could distort comparisons. LO 3 Sales Returns and Allowances Illustration: Prepare the entry PW Audio Supply would make to record the credit for returned goods that had a $300 selling price (assume a $140 cost). Assume the goods were not defective. May 8 Sales Returns and Allowances 300 Accounts Receivable 8 Inventory Cost of Goods Sold 5-31 300 140 140 LO 3 Sales Returns and Allowances Illustration: Assume the returned goods were defective and had a scrap value of $50, PW Audio would make the following entries: May 8 Sales Returns and Allowances 300 Accounts Receivable 8 Inventory Cost of Goods Sold 5-32 300 50 50 LO 3 Sales Returns and Allowances Question The cost of goods sold is determined and recorded each time a sale occurs in: a. periodic inventory system only. b. a perpetual inventory system only. c. both a periodic and perpetual inventory system. d. neither a periodic nor perpetual inventory system. 5-33 LO 3 5-34 LO 3 Sales Discount Offered to customers to promote prompt payment of the balance due. 5-35 Contra-revenue account (debit) to Sales Revenue. LO 3 Sales Discount Illustration: Assume Sauk Stereo pays the balance due of $3,500 (gross invoice price of $3,800 less purchase returns and allowances of $300) on May 14, the last day of the discount period. Prepare the journal entry PW Audio Supply makes to record the receipt on May 14. May 14 Cash Sales Discounts Accounts Receivable 3,430 70 * 3,500 * [($3,800 - $300) X 2%] 5-36 LO 3 DO IT! 3 Sales Transactions On September 5, De La Hoya Company buys merchandise on account from Junot Diaz Company. The selling price of the goods is $1,500, and the cost to Diaz Company was $800. On September 8, De La Hoya returns defective goods with a selling price of $200 and a fair value of $30. Record the transactions on the books of Junot Diaz Company. Sept. 5 Sept. 5 5-37 Accounts Receivable Sales Revenue Cost of Goods Sold Inventory 1,500 1,500 800 800 LO 3 DO IT! 3 Sales Transactions On September 5, De La Hoya Company buys merchandise on account from Junot Diaz Company. The selling price of the goods is $1,500, and the cost to Diaz Company was $800. On September 8, De La Hoya returns defective goods with a selling price of $200 and a fair value of $30. Record the transactions on the books of Junot Diaz Company. Sept. 8 Sept. 8 5-38 Sales Returns and Allowances Accounts Receivable Inventory Cost of Goods Sold 200 200 30 30 LO 3 LEARNING OBJECTIVE 4 Apply the steps in the accounting cycle to a merchandising company. Adjusting Entries Generally the same as a service company. One additional adjustment to make the records agree with the actual inventory on hand. 5-39 Involves adjusting Inventory and Cost of Goods Sold. LO 4 Adjusting Entries Illustration: Suppose that PW Audio Supply has an unadjusted balance of $40,500 in Merchandise Inventory. Through a physical count, PW Audio determines that its actual merchandise inventory at year-end is $40,000. The company would make an adjusting entry as follows. Cost of Goods Sold Inventory 5-40 500 500 LO 4 Closing Entries 5-41 LO 4 Closing Entries 5-42 LO 4 DO IT! 4 Closing Entries The trial balance of Celine's Sports Wear Shop at December 31 shows Inventory $25,000, Sales Revenue $162,400, Sales Returns and Allowances $4,800, Sales Discounts $3,600, Cost of Goods Sold $110,000, Rent Revenue $6,000, Freight-Out $1,800, Rent Expense $8,800, and Salaries and Wages Expense $22,000. Prepare the closing entries for the above accounts. Dec. 31 5-43 Sales Revenue Rent Revenue Income Summary 162,400 6,000 168,400 LO 4 The trial balance of Celine's Sports Wear Shop at December 31 shows Inventory $25,000, Sales Revenue $162,400, Sales Returns and Allowances $4,800, Sales Discounts $3,600, Cost of Goods Sold $110,000, Rent Revenue $6,000, Freight-Out $1,800, Rent Expense $8,800, and Salaries and Wages Expense $22,000. Prepare the closing entries for the above accounts. Dec. 31 5-44 Income Summary 151,000 Cost of Goods Sold Sales Returns and Allowances Sales Discounts Freight-Out Rent Expense Salaries and Wages Expense 110,000 4,800 3,600 1,800 8,800 22,000 LO 4 LEARNING OBJECTIVE 5 Compare a multiple-step with a single-step income statement. Multiple-Step Income Statement Shows several steps in determining net income. Two steps relate to principal operating activities. Distinguishes between operating and non-operating activities. 5-45 LO 5 MultipleStep Illustration 5-14 Key Items: Net sales Illustration 5-14 5-46 LO 5 MultipleStep Illustration 5-14 Key Items: Net sales Gross profit Illustration 5-14 5-47 LO 5 MultipleStep Illustration 5-14 Key Items: Net sales Gross profit Operating expenses Illustration 5-14 5-48 LO 5 MultipleStep Key Items: Net sales Gross profit Operating expenses Nonoperating activities Illustration 5-14 5-49 LO 5 MultipleStep Key Items: Net sales Gross profit Operating expenses Nonoperating activities Illustration 5-14 5-50 LO 5 MultipleStep Key Items: Net sales Gross profit Operating expenses Nonoperating activities Net income Illustration 5-14 5-51 LO 5 Multiple-Step Income Statement Question The multiple-step income statement for a merchandiser shows each of the following features except: a. gross profit. b. cost of goods sold. c. a sales revenue section. d. investing activities section. 5-52 LO 5 5-53 LO 5 Single-Step Income Statement Subtract total expenses from total revenues Two reasons for using the single-step format: 1. Company does not realize any profit until total revenues exceed total expenses. 2. Format is simpler and easier to read. 5-54 LO 5 Single-Step Income Statement Illustration 5-15 5-55 LO 5 Classified Balance Sheet Illustration 5-16 5-56 LO 5 DO IT! 5 Financial Statement Classifications Indicate in which financial statement and under what classification each of the following accounts would be reported. 5-57 LO 5 5-58 LO 5 5-59 LO 5 LEARNING OBJECTIVE 6 APPENDIX 5A: Prepare a worksheet for a merchandising company. Using a Worksheet As indicated in Chapter 4, a worksheet enables companies to prepare financial statements before they journalize and post adjusting entries. The steps in preparing a worksheet for a merchandising company are the same as for a service company. Illustration 5A-1 shows the worksheet for PW Audio Supply, Inc. (excluding nonoperating items). The unique accounts for a merchandiser using a perpetual inventory system are in red. 5-60 LO 6 Illustration 5A-1 5-61 LO 6 LEARNING OBJECTIVE 7 APPENDIX 5B: Record purchases and sales under a periodic inventory system. Determining Cost of Goods Sold Under a Periodic System Ending inventory determined by physical count. 5-62 No running account of changes in inventory. Cost of goods sold not determined until the end of the period. LO 7 Determining Cost of Goods Sold Under a Periodic System Illustration 5B-2 Cost of goods sold for a merchandiser using a periodic inventory system Illustration 5B-2 5-63 LO 7 Recording Merchandise Transactions Record revenues when sales are made. Do not record cost of merchandise sold on the date of sale. Physical inventory count determines: Cost of merchandise on hand and Cost of merchandise sold during the period. 5-64 Record purchases in Purchases account. Purchase returns and allowances, Purchase discounts, and Freight costs are recorded in separate accounts. LO 7 Recording Purchases of Merchandise Illustration: On the basis of the sales invoice (Illustration 5-6) and receipt of the merchandise ordered from PW Audio Supply, Sauk Stereo records the $3,800 purchase as follows. May 4 Purchases Accounts Payable 5-65 3,800 3,800 LO 7 Recording Purchases of Merchandise FREIGHT COSTS Illustration: If Sauk pays Public Freight Company $150 for freight charges on its purchase from PW Audio Supply on May 6, the entry on Sauk's books is: May 6 Freight-In (Transportation-In) Cash 5-66 150 150 LO 7 Recording Purchases of Merchandise PURCHASE RETURNS AND ALLOWANCES Illustration: Sauk Stereo returns $300 of goods to PW Audio Supply and prepares the following entry to recognize the return. May 8 Accounts payable 300 Purchase Returns and Allowances 5-67 300 LO 7 Recording Purchases of Merchandise PURCHASE DISCOUNTS Illustration: On May 14 Sauk Stereo pays the balance due on account to PW Audio Supply, taking the 2% cash discount allowed by PW Audio for payment within 10 days. Sauk Stereo records the payment and discount as follows. May 14 Accounts Payable Purchase Discounts Cash 5-68 3,500 70 3,430 LO 7 Recording Sales of Merchandise Illustration: PW Audio Supply, records the sale of $3,800 of merchandise to Sauk Stereo on May 4 (sales invoice No. 731, Illustration 5-6) as follows. May 4 Accounts Receivable Sales Revenue 3,800 3,800 No entry is recorded for cost of goods sold at the time of the sale under a periodic system. 5-69 LO 7 Recording Sales of Merchandise SALES RETURNS AND ALLOWANCES Illustration: To record the returned goods received from Sauk Stereo on May 8, PW Audio Supply records the $300 sales return as follows. May 8 Sales Returns and Allowances Accounts Receivable 5-70 300 300 LO 7 Recording Sales of Merchandise SALES DISCOUNTS Illustration: On May 14, PW Audio Supply receives payment of $3,430 on account from Sauk Stereo. PW Audio honors the 2% cash discount and records the payment of Sauk's account receivable in full as follows. May 14 Cash Sales Discounts Accounts Receivable 5-71 3,430 70 3,500 LO 7 Recording Sales of Merchandise COMPARISON OF ENTRIES Illustration 5B-3 5-72 LO 7 Recording Sales of Merchandise COMPARISON OF ENTRIES Illustration 5B-3 5-73 LO 7 Illustration 5B-5 Worksheet for merchandising companyperiodic inventory system 5-74 A Look at IFRS LEARNING OBJECTIVE 8 Compare the accounting for merchandising under GAAP and IFRS. Key Points Similarities The definition of inventories is basically the same under GAAP and IFRS. 5-75 Under both GAAP and IFRS, a company can choose to use either a perpetual or a periodic inventory system. As indicated above, the basic accounting entries for merchandising are the same under both GAAP and IFRS. LO 8 A Look at IFRS Key Points Similarities IFRS requires that 2 years of income statement information be presented, whereas GAAP requires 3 years. Differences 5-76 Under GAAP, companies generally classify income statement items by function. Classification by function leads to descriptions like administration, distribution, and manufacturing. Under IFRS, companies must classify expenses either by nature or by function. Classification by nature leads to descriptions such as the following: salaries, depreciation expense, and utilities expense. If a company uses the functional-expense method on the income statement, disclosure by nature is required in the notes. LO 8 A Look at IFRS Key Points Differences 5-77 Presentation of the income statement under GAAP follows either a single-step or multiple-step format. IFRS does not mention a single-step or multiple-step approach. Under IFRS, revaluation of land, buildings, and intangible assets is permitted. The initial gains and losses resulting from this revaluation are reported as adjustments to equity, often referred to as other comprehensive income . The effect of this difference is that the use of IFRS result in more transactions affecting equity (other comprehensive income) but not net income. LO 8 A Look at IFRS Looking to the Future The IASB and FASB are working on a project that would rework the structure of financial statements. Specifically, this project will address the issue of how to classify various items in the income statement. A main goal of this new approach is to provide information that better represents how businesses are run. In addition, this approach draws attention away from just one number net income. It will adopt major groupings similar to those currently used by the statement of cash flows (operating, investing, and financing), so that numbers can be more readily traced across statements. For example, the amount of income that is generated by operations would be traceable to the assets and liabilities used to generate the income. Finally, this approach would also provide detail, beyond that currently seen in most statements (either GAAP or IFRS), by requiring that line items be presented both by function and by nature. The new financial statement format was heavily influenced by suggestions from financial statement analysts. 5-78 LO 8 A Look at IFRS IFRS Self-Test Questions Which of the following would not be included in the definition of inventory under IFRS? a) Photocopy paper held for sale by an office-supply store. b) Stereo equipment held for sale by an electronics store. c) Used office equipment held for sale by the human relations department of a plastics company. d) All of the above would meet the definition. 5-79 LO 8 A Look at IFRS IFRS Self-Test Questions Which of the following would not be a line item of a company reporting costs by nature? a) Depreciation expense. b) Salaries expense. c) Interest expense. d) Manufacturing expense. 5-80 LO 8 A Look at IFRS IFRS Self-Test Questions Which of the following would not be a line item of a company reporting costs by function? a) Administration. b) Manufacturing. c) Utilities expense. d) Distribution. 5-81 LO 8 Copyright \"Copyright 2015 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.\" 5-82 PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. PRINTED BY: irisgarcia3@student.kaplan.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted