Chapter 1

Chapter 1

Financial Financial & & Managerial Managerial Accounting Accounting The Basis for Business Decisions FOURTEENTH EDITION Williams McGraw-Hill/Irwin Haka Bettner Carcello The McGraw-Hill Companies, Inc., 20 Chapter 13 STATEMENT OF CASH FLOWS McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Learning Learning Objective

Objective Explain the purposes and uses of a statement of cash flows. LO1 The McGraw-Hill Companies, Inc., 20 Purpose Purpose of of the the Statement Statement of of Cash Cash Flows Flows Provides Provides information information about about the the cash cash receipts receipts and and cash cash payments payments of of aa business business entity entity during during the the accounting

accounting period. period. Helps Helps investors investors with with questions questions about about the the companys companys Ability Ability to to generate generate positive positive cash cash flows. flows. Ability Ability to to meet meet its its obligations obligations and and to to pay pay dividends. dividends. Need Need for

for external external financing. financing. Investing Investing and and financing financing transactions transactions for for the the period. period. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Learning Learning Objective Objective Describe how cash transactions are classified in a statement of cash flows. LO2 The McGraw-Hill Companies, Inc., 20 Classification

Classification of of Cash Cash Flows Flows The The Statement Statement of of Cash Cash Flows Flows must must include include the the following following three three sections: sections: Cash Cash Flows Flows from from Operating Operating Activities Activities Cash Cash Flows Flows from from Investing Investing Activities Activities Cash

Cash Flows Flows from from Financing Financing Activities Activities McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Learning Learning Objective Objective Compute the major cash flows relating to operating activities. LO3 The McGraw-Hill Companies, Inc., 20 Operating Operating Activities Activities Inflows Inflows from:

from: Interest Interest and and dividends dividends received. received. Sales Sales to to customers. customers. + Outflows Outflows to: to: Suppliers Suppliers of of merchandise merchandise and and services. services. Employees. Employees. Lenders Lenders for for interest. interest. Governments Governments for for taxes. taxes.

McGraw-Hill/Irwin _ Cash Flows from Operating Activities The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Learning Learning Objective Objective Compute the cash flows relating to investing and financing activities. LO4 The McGraw-Hill Companies, Inc., 20 Investing Investing Activities Activities

Inflows Inflows from: from: Selling Selling investments investments and and plant plant assets. assets. Collecting Collecting of of principal principal on on loans. loans. + Outflows Outflows to: to: Purchase Purchase of of investments investments and and plant plant assets. assets. Purchase Purchase debt

debt or or equity equity investments. investments. Make Make loans. loans. McGraw-Hill/Irwin _ Cash Cash Flows Flows from from Investing Investing Activities Activities The McGraw-Hill Companies, Inc., 20 Financing Financing Activities Activities Inflows Inflows from: from: Short-term Short-term and

and long-term long-term borrowing. borrowing. Owners Owners (for (for example, example, from from issuing issuing stock). stock). + Outflows Outflows to: to: Make Make payments payments on on borrowed borrowed funds. funds. Owners Owners for for dividends. dividends.

Purchase Purchase treasury treasury stock. stock. McGraw-Hill/Irwin _ Cash Flows from Financing Activities The McGraw-Hill Companies, Inc., 20 Cash Cash and and Cash Cash Equivalents Equivalents Cash Equivalents Cash Currency Short-term, Short-term, highly

highly liquid liquid investments. investments. Readily Readily convertible convertible into into cash. cash. So So near near maturity maturity that that market market value value is is unaffected unaffected by by interest interest rate rate changes. changes. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Learning Learning Objective Objective Distinguish between the direct and indirect methods of reporting

operating cash flows. LO5 The McGraw-Hill Companies, Inc., 20 The The operating operating cash cash flows flows section section can can be be prepared prepared using using either either the the direct direct method method or or the the indirect indirect method. method. McGraw-Hill/Irwin Lets look at the direct

method for preparing the Statement of Cash Flows. The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Cash Received Received from from Customers Customers Accrual basis revenue includes sales that did not result in cash inflows. Can be computed as: + Decrease Decrease in in receivables receivables = Cash Cash Received Received from from Customers

Customers Net Net Sales Sales McGraw-Hill/Irwin Increase Increase in in receivables receivables = The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Cash Received Received from from Customers Customers The The accounts accounts receivable receivable balance balance was was $80,000 $80,000

on on 12/31/06 12/31/06 and and $110,000 $110,000 on on 12/31/07. 12/31/07. IfIf accrual accrual sales sales revenue revenue for for 2007 2007 was was $900,000, $900,000, what what was was cash cash basis basis revenue? revenue? + Decrease Decrease in in receivables receivables = Net Net Sales Sales $900,000

$900,000 McGraw-Hill/Irwin Cash Cash Received Received from from Customers Customers Increase Increase in in receivables receivables = The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Cash Received Received from from Customers Customers The The accounts accounts receivable receivable balance

balance was was $80,000 $80,000 on on 12/31/06 12/31/06 and and $110,000 $110,000 on on 12/31/07. 12/31/07. IfIf accrual accrual sales sales revenue revenue for for 2007 2007 was was $900,000, $900,000, what what was was cash cash basis basis revenue? revenue? Net Net Sales Sales $900,000 $900,000 McGraw-Hill/Irwin

$30,000 $30,000 Increase Increase in in receivables receivables Cash Cash Received Received from from Customers Customers == $870,000 $870,000 = The McGraw-Hill Companies, Inc., 20 Lets look at some simplified formulas for computing direct method cash flows. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Interest

Interest and and Dividends Dividends Received Received McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Cash Paid Paid for for Merchandise Merchandise Step 1 Step 2 McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Cash Paid Paid for for Merchandise Merchandise How much did Martin Co. pay for inventory in 2007? Inventory, 1/1/07

Inventory, 12/31/07 COGS, 12/31/07 a. b. c. d. $900,000 $923,000 $947,000 $877,000 McGraw-Hill/Irwin $ 130,000 $ 165,000 $ 900,000 A/P, 1/1/07 A/P, 12/31/07 $ 23,000 $ 35,000 Purchases Purchases for for 2007 2007 were were $935,000. $935,000. Purchases Purchases == $900,000 $900,000 ++ $35,000 $35,000

Cash Cash Paid Paid for for Merchandise Merchandise in in 2007 2007 was was $923,000. $923,000. Cash Cash Paid Paid == $935,000 $935,000 -- $12,000 $12,000 The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Cash Payments Payments for for Expenses Expenses After After deducting deducting depreciation depreciation and and other other noncash noncash expenses, expenses, the

the cash cash paid paid for for expenses expenses is is affected affected by by (1) (1) whether whether the the expense expense was was prepaid, prepaid, and and (2) (2) whether whether the the expense expense was was accrued. accrued. Cash Paid for Expenses McGraw-Hill/Irwin = Expenses + Increase in prepaid expenses - Decrease in

prepaid expenses + Decrease in accrued liabilities - Increase in accrued liabilities The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Now, lets prepare a direct method Statement of Cash Flows for Martin Co. The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Martin Co. Comparative Balance Sheets - Assets December 31, 2006 2007 Cash $ 60,000 Accounts Receivable, net 27,000 Inventory 230,000 Trading Securities

Equipment, net 500,000 Investments 100,000 $ 70,370 35,000 200,000 25,000 425,000 130,000 Total Assets $ 885,370 McGraw-Hill/Irwin $ 917,000 The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Martin Co. Comparative Balance Sheets - Liabilities and Equity Accounts Payable Salaries Payable Interest Payable Income Tax Payable Notes Payable, Bob's Bank Bonds Payable Premium on Bonds Payable

Common Stock Retained Earnings Total Liabilities and Equity McGraw-Hill/Irwin December 31, 2006 2007 $ 15,000 $ 12,000 7,000 5,000 11,950 7,350 20,000 17,000 70,000 60,000 250,000 150,000 5,000 4,000 450,000 88,050 500,000 130,020 $ 917,000 $ 885,370 The McGraw-Hill Companies, Inc., 20 Direct

Direct Method Method Martin Co. Income Statement Amounts For the Year Ending December 31, 2007 Sales Revenues Cost of Goods Sold Depreciation Expense Interest Expense Income Tax Expense Salary Expense Other Expenses Amortization of Bond Premium Gain on Sale of Equipment Extraordinary Loss Equity in Investee Income $ 800,000 560,000 5,000 28,050 27,980 80,000 71,000 1,000 3,000 30,000 40,000 Net Income $ McGraw-Hill/Irwin

41,970 The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Additional Additional Information Information Trading Trading Securities Securities were were purchased purchased during during 2007 2007 at at aa cost cost of of $25,000. $25,000. Equipment Equipment with with aa book book value value of of $40,000 $40,000 was was sold sold during during the the year

year for for $43,000. $43,000. Equipment Equipment with with aa book book value value of of $30,000 $30,000 was was destroyed destroyed during during aa freak freak flood flood in in 2007. 2007. There There was was no no insurance. insurance. Martin Martin owns owns 25% 25% of of the the common common stock stock of of another another company company and

and uses uses the the equity equity method method to to account account for for this this investment. investment. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Additional Additional Information Information Martins Martins tax tax rate rate is is 40%. 40%. The The Notes Notes Payable Payable to to the the bank

bank carry carry aa 12% 12% rate. rate. The The payments payments are are due due on on the the first first day day of of each each month. month. The The Bonds Bonds Payable Payable carry carry aa 9% 9% rate. rate. Interest Interest is is payable payable semiannually semiannually on on July July 11 && Jan. Jan. 1. 1. Sold

Sold stock stock during during 2007 2007 for for $50,000. $50,000. Received Received $10,000 $10,000 dividends dividends from from its its equity equity investment investment.. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Received from Customers Sales Sales Revenues Revenues Less: Less: Increase Increase in in A/R A/R Cash Cash Received Received from

from Customers Customers $ $ 800,000 800,000 (8,000) (8,000) $ $ 792,000 792,000 Cash Paid to Employees Salary Salary Expense Expense Add: Add: Decrease Decrease in in Salary Salary Payable Payable $ $ 80,000 80,000 2000 2000 2,000 2,000 Cash Cash Paid

Paid to to Employees Employees $ $ 82,000 82,000 McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Paid for Inventory Cost Cost of of Goods Goods Sold Sold Add Add :: Decrease Decrease in in A/P A/P Less: Less: Decrease Decrease in in Inventory Inventory Cash Cash Paid

Paid for for Inventory Inventory $$ 560,000 560,000 3,000 3,000 (30,000) (30,000) $$ 533,000 533,000 Cash Paid for Interest Interest Interest Expense Expense Add: Add: Decrease Decrease in in Interest Interest Payable Payable $$ 28,050 28,050 2000 2000 4,600 4,600 Cash Cash Paid

Paid for for Interest Interest $$ 32,650 32,650 McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Paid for Taxes Income Income Tax Tax Expense Expense Add: Add: Decrease Decrease in in Taxes Taxes Payable Payable $ $ 27,980 27,980 2000 2000

3,000 3,000 Cash Cash Paid Paid for for Taxes Taxes $ $ 30,980 30,980 Other Operating Cash Flows McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Direct Direct Method Method Cash Flows From Operating Activities McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Martin Co. Statement Cashof Equipment aa book

value Equipment with with bookof value ofFlows For the Period December 31, 2007 $40,000 was sold for $40,000 was soldEnding for $43,000. $43,000. Operating Cash Flows $ 27,370 Investing Cash Flows Bonds Bonds Payable Payable decreased decreased from from Proceeds from saleduring of Equipment $250,000 to 2007.

$250,000 to $150,000 $150,000 during 2007. 43,000 Financing Cash Flows Proceeds from sale of Stock Principal paid on Bonds Principal paid on Notes Net Cash Flows for the Period Notes Notes Payable Payable decreased decreased from from Add: Beginning Cashduring Balance $70,000 to 2007. $70,000 to $60,000 $60,000 during 2007. Ending Cash Balance McGraw-Hill/Irwin

$ 50,000 (100,000) (10,000) (60,000) $ 10,370 60,000 $ 70,370 The McGraw-Hill Companies, Inc., 20 Martin Co. Statement of Cash Flows For the Period Ending December 31, 2007 Notice Notice that that the the Ending Ending $ 27,370 Cash Cash Balance Balance per per the the Investing Cash Flows Statement Statement of of Cash Cash Flows Flows Proceeds from sale of Equipment 43,000 agrees with

the 12/31/07 agrees with the 12/31/07 Financing Cash Flows Cash Cash balance balance on on the the Proceeds from saleBalance of Stock Sheet. $ 50,000 Balance Sheet. Operating Cash Flows Principal paid on Bonds Principal paid on Notes Net Cash Flows for the Period Add: Beginning Cash Balance Ending Cash Balance McGraw-Hill/Irwin (100,000) (10,000) (60,000) $ 10,370 60,000 $ 70,370 The McGraw-Hill Companies, Inc., 20

McGraw-Hill/Irwin Learning Learning Objective Objective Explain why net income differs from net cash flows from operating activities. LO6 The McGraw-Hill Companies, Inc., 20 Reconciling Reconciling Net Net Income Income with with Net Net Cash Cash Flows Flows There are two major categories of reconciling items. They include adjusting for: 1. Noncash Expenses. 2. Timing Differences. Depreciation Expense Accounts receivable McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20

McGraw-Hill/Irwin Lets look at the indirect method that is used by over 97% of all companies. The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Learning Learning Objective Objective Compute net cash flows from operating activities using the indirect method. LO7 The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Changes Changes in in current current assets assets and and current current liabilities liabilities as

as shown shown on on the the following following table. table. Cash Cash Flows Flows from from Operating Operating Activities Activities Net Net Income Income McGraw-Hill/Irwin ++ Losses Losses and and -- Gains Gains ++ Noncash Noncash expenses expenses such such as as

depreciation depreciation and and amortization. amortization. The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Use this table when adjusting Net Income to Operating Cash Flows. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Joyce, Joyce, Inc. Inc. has has prepared prepared the the Balance Balance Sheet Sheet as as of of March March 31, 31, 2006,

2006, and and March March 31, 31, 2007. 2007. The The Income Income Statement Statement for for the the year year ended ended 3/31/07 3/31/07 has has also also been been prepared. prepared. Joyce Joyce needs needs help help preparing preparing the the Statement Statement of of Cash Cash Flows Flows using using the the indirect indirect method. method.

McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method The was The $8,000 $8,000 gain gainJoyce, was the the Inc. Joyce, Inc. result of selling land result of selling land Income IncomeStatement Statement costing $32,000 for $40,000 costing $32,000 for $40,000 For Forthe

theYear YearEnding Ending3/31/07 3/31/07 cash during the period. cash during the period. Revenues $ 727,000 Revenues Operating OperatingExpenses Expenses Depreciation DepreciationExpense Expense Gain Gainon onSale Saleof ofLand Land Net NetLoss Loss McGraw-Hill/Irwin $ 727,000 (748,000)

(748,000) (6,000) (6,000) 8,000 8,000 $$ (19,000) (19,000) The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method Method The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Joyce Joyce issued issued $50,000 $50,000 of of no no par par common common stock stock to to settle settle the the $50,000

$50,000 note note payable. payable. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method Method The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method Method With With the the indirect indirect method, method, always always start start with with the the net net income income or

or net net loss loss for for the the period. period. The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method Method The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method Method Accounts Accounts receivable receivable decreased. decreased. 3/31/07 3/31/07 3/31/06 3/31/06 $23,000 $23,000 -- $40,000 $40,000 == $(17,000) $(17,000)

The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method Method Accounts Accounts payable payable increased. increased. 3/31/07 3/31/07 3/31/06 3/31/06 $38,000 $38,000 -- $27,000 $27,000 == $11,000 $11,000 The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Inventory Inventory increased. increased. 3/31/07 3/31/06 3/31/07 3/31/06 $350,000

$350,000 -- $300,000 $300,000 == $50,000 $50,000 McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Salaries Salaries payable payable decreased. decreased. 3/31/07 3/31/07 3/31/06 3/31/06 $$ 9,000 9,000 -- $14,000 $14,000 == $(5,000) $(5,000) McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method Method Add

Add back back non-cash non-cash expenses. expenses. The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method Method Subtract Subtract gains. gains. The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method Method The The operating operating cash cash flows flows amount amount comes comes from from the

the schedule schedule just just prepared. prepared. The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Land originally costing $32,000 was sold for $40,000. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Dividends of $20,000 were paid to owners during the year. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Compute the net change in cash

for the period. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method Complete Complete the the Statement Statement of of Cash Cash Flows Flows by by reconciling reconciling beginning beginning cash cash to to ending ending cash. cash. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Indirect Indirect Method

Method Note that the ending cash amount ties back to Joyces Balance Sheet at 3/31/07. The McGraw-Hill Companies, Inc., 20 Indirect Indirect Method Method In addition, on the face of the statement or in a supplemental schedule, disclose the $50,000 noncash financing activity. McGraw-Hill/Irwin Cash interest payments and cash tax payments must be disclosed. The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Learning Learning Objective Objective Discuss the likely effects of various business strategies on cash flows. LO8 The McGraw-Hill Companies, Inc., 20

Managing Managing Cash Cash Flows Flows Cash Cash Budgets Budgets are are used used by by management management to to plan plan and and forecast forecast future future cash cash flows. flows. A C a s h B u d g e t c a n b e u s e d to : F o r c e m a n a g e m e n t to c o o r d in a te a c tiv itie s . P r o v id e m a n a g e r s w it h a d v a n c e n o t ic e o f a v a ila b le r e s o u r c e s . P r o v id e ta r g e ts u s e fu l in e v a lu a tin g p e r fo r m a n c e . P r o v id e a d v a n c e w a r n in g s o f p o te n t ia l c a s h s h o r ta g e s . McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 Managing Managing Cash Cash Flows Flows

Increase Increase collection collection of of accounts accounts receivables. receivables. Keep Keep inventory inventory low. low. Delay Delay payment payment of of liabilities. liabilities. Plan Plan timing timing of of major major expenditures. expenditures. Invest Invest idle idle cash. cash. McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20

McGraw-Hill/Irwin Learning Learning Objective Objective Explain how a worksheet may be helpful in preparing a statement of cash flows. LO9 The McGraw-Hill Companies, Inc., 20 Using Using aa Spreadsheet Spreadsheet Beginning Beginning cash cash balance balance Add: Add: Cash Cash receipts receipts Total Total available available cash cash Less: Less: Cash Cash disbursements disbursements Excess Excess(deficiency)

(deficiency) of of available available cash cash over over cash cash disbursements disbursements Financing Financing needed needed Financing Financing repayments repayments Ending Ending cash cash balance balance $$ $$ Cash Cash Budget Budget May June July May June July 27,500 -27,500 $$ 15,000 15,000 $$

3,500 3,500 31,000 31,000 August August $$ -- 16,000 16,000 $$ 15,000 15,000 -$$ 15,000 15,000 The The ending ending cash cash balance balance of of one one month month becomes becomes the the beginning cash balance of the next month.

beginning cash balance of the next month. The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin Using Using aa Spreadsheet Spreadsheet Beginning Beginning cash cash balance balance Add: Add: Cash Cash receipts receipts Total Total available available cash cash Less: Less: Cash Cash disbursements disbursements Excess Excess(deficiency) (deficiency) of

of available available cash cash over over cash cash disbursements disbursements Financing Financing needed needed Financing Financing repayments repayments Ending Ending cash cash balance balance $$ $$ Cash Cash Budget Budget May June May June 27,500 27,500 $$ 15,000 15,000 $$ 3,500 2,000 3,500

2,000 31,000 31,000 $$ 17,000 17,000 $$ 16,000 16,000 $$ 15,000 15,000 $$ 18,000 18,000 (1,000) (1,000) 11,000 11,000 --$$ 15,000 15,000 $$ 10,000 10,000 July August July August 10,000 10,000 $$ 10,000 10,000 9,000 14,000 9,000 14,000 19,000 19,000 $$ 24,000 24,000

6,000 6,000 8,000 8,000 $$ 13,000 13,000 $$ 16,000 16,000 --3,000 6,000 3,000 6,000 $$ 10,000 10,000 $$ 10,000 10,000 Financing Financing is is needed needed in in June June because because the the company company must must maintain maintain aa minimum minimum cash cash balance balance of of $10,000. $10,000.

McGraw-Hill/Irwin The McGraw-Hill Companies, Inc., 20 McGraw-Hill/Irwin End End of of Chapter Chapter 13 13 The McGraw-Hill Companies, Inc., 20

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