ming chen began a professional practice on june 1ming chen began a professional practice on june 1

Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. 31. A:Revenue means the income earned during a given period. a. If an entry is not required for any of these transactions, state this and explain why. h. Purchased land as a future building site, paying cash of $120,000. Using the following, A:Impact on Equity - Accounting Equation - Q:Prepare the statement of retained earnings for the month of July 31. 31. Connie Young, an architect, opened an office on October 1, 2019. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. j. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. + C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid dividends, $3,000. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 1PA, Your question is solved by a Subject Matter Expert. During June, Ming Chen (the owner) completed these transactions: a. Ken Jones, an architect, opened an office on April 1, 2019. 61,000 2. $4 Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. $ Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Ming Chen (the owner) completed these transactions. Opened a business bank account with a deposit of 30,000 from personal funds. Instructions 1. a. + 2,500 2. I am highly qualified expert, working from 2008-9 in this industry. Write Balance in the Item column and place a check mark () in the Posting Reference column. b. The company paid $1,500 cash for rent of office space for the month. Introduce yourself. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. b. h. Purchased land as a future building site, paying cash of $120,000. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and A building and equipment are currently being rented, pending expansion to new facilities. 8.000 f. Paid office salaries, $6,500. %D 2. Withdrew cash for personal use, 3,900. Paid rent for period of November 1 to end of month, 4,000. A:The financial statements of the business include the income statement and balance sheet of the firm. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. 4. Received 750, with the remainder due August 4, 2019. b. Greetings! a. 5. Six months rent was paid in advance, $4,500. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. The company paid $10,000 cash to settle the liability created in transaction c. Instructions 1. During the month, Knaus. Bal. 2023. Equipment c. Received cash from fees earned. The company paid $1,500 cash for rent of office space for . The business was started by selling $100,000 worth of common stock. 25,000 Recorded services provided on account for the period May 1-15; 9,180. She, A:As you have posted multiple questions, the solution to the first question is being provided. Determine the net income for March. What amount should Carter report as net cash from investing activities? 12. A:a)Indicate the effect of the given transactions. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each. We will pay the $110 in thirty days. Served as a disc jockey for a charity ball for 1,500. Each drugstore is operated by a general manager and a controller. 25,000 So lets make no longer delay & start chatting immediately. Dividends Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. $30000. Determine the net income for June. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare an income statement, a retained earnings statement, and a balance sheet. 29. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. 8,000 During June, Ming Chen (the owner) completed these transactions. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Ming Chen (the owner) completed these transactions. f. The company purchased additional equipment for $6,000 cash. (Enter decreases to account balances with a 4. $ 15,000 I am a Ph.D. writer with more than 9 years of working experience in Writing. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Determine the increase or decrease in owners equity for August. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 10,000 Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. In addition, $28,000 of computer rental costs were incurred and paid. Bal. Show new balances after each transaction. 10. $30000. 0. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 10,000 14.Paid wages of 1,200 to receptionist and part-time assistant. 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Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 31.Withdrew 1,250 cash from PS Music for personal use. 4. 3. d. The company completed work for a client and immediately collected the $2,500 cash earned. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. A balance sheet 1. Q:Comprehensive Problem Set PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and b. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 4. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. During June, Ming Chen (the owner) completed these transactions. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 1,500 stock. Determine account balances of the T accounts. Assets (j) Withdrew cash for personal use, 100. The following transactions, A:Journal Entries: Paid telephone bill for May, 260. (Record as Miscellaneous Expense.) Owner invested $62,000 cash in the company along with equipment that had a $23,000 market value in exchange for its common stock b. The company paid $10,000 cash to settle the liability created in transaction c. Only debit card transaction fees. Amount of total revenue recorded in the ledger. The following transactions occurred during January of the current year. The following, A:Unadjusted Trial Balance - During June, Ming Chen (the owner) completed these transactions. (Do not insert the account numbers in the journal at this time.) During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. During June, (Record as Miscellaneous Expense.) 7. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. 3. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. 30. (Income Summary is account 34 in the chart of accounts.) In this activity, you will be creating. During the month, she completed the following transactions connected with her professional practice: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 58,500 Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Use the ending balances in the T-accounts to prepare a trial balance. 10,000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. g. The company paid an assistant $3,000 cash as wages for the month. Withdrew cash for personal use, 7,500. Opened a business bank account with a deposit of 50,000 from personal funds. 2. Can you think of any reason why the amount determined in (4) might not be the net income for November? 61,000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Common h. 21. 4. b. Prepare an unadjusted trial balance as of July 31, 2019. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 58,500 d. Paid rent on office and equipnwnt for the month, $5,000. Accounts containing only a single entry do not need a balance. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Q:Duerr Engineering completed the following transactions in the month of June. View this solution and millions of others when you join today! Paid 700 to a local audio electronics store for rental of digital recording equipment. b. Instructions 1. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). h. Purchased land as a future building site, paying cash of $120,000. %3D *Response times may vary by subject and question complexity. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Instructions 1. The company pald $2,100 cash for rent of office space for . Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. property. No. Hi! 18.Purchased supplies on account, 850. Received cash for job completed, 11,500. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Paid cash for miscellaneous expenses, 375. j. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 2,500 e. During the first month of operations of his, A:Solution: Received cash from customers on account, 9,000. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Determine account balances of the T accounts. The company paid $10,000 cash to settle the liability created in transaction c. j. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. Liabilities The customer will pay at a later date. b. Print Required: Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Enter the impact of each transaction on individual items of the accounting equation. 7,500 No. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. Required 1. During June, Ming Chen (the owner) completed these transactions. What if the client hasn't prepared them in advance? d. a. The following, A:Unadjusted Trial Balance - During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. c. Received cash from fees earned. b.  b. The company paid $1,500 cash for rent of office space for the month. During the month, she completed the following transactions connected with her professional practice: a. a. 3. Instrustions Prepare a balance sheet as of July 31, 20Y5. The policy covers a one-year period. Ethics and budgetary slack: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Determine the account balances after all posting is complete. 0. Received 500, with the remainder due on August 9, 2019. March transactions are as follows : During June, Ming Chen (the owner) completed these transactions. H. Paid the worker hired in D for one weeks work. During the month, Lexi completed the following transactions related to the business: Nov. 1. During the first month of 25.000 During June, Ming Chen (the owner) completed these transactions: a. $ You can message me to discuss the details. 7,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Thanks :--). Received and paid the heating bill, 248, Ck. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Record the following transactions on Page 6 of the journal: 20. Introduce your . 29.Paid miscellaneous expenses, 540. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Receivable Bal. a. Simple Accounting equation is.  d. Does the activity add value to Latchey’s provision of insurance services? No. In July of this year, M. Wallace established a business called Wallace Realty. Assignments: ACCTG-4A-80575-2021SP 31. Paid utilities expense, 4,500. a. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. a. (b) Paid office rent, 500. Only debit card transaction fees are limited by law. 1,500 The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. . If you still cannot find the error, re-analyze each transaction. Purchased supplies for cash, 1,750. 2. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. On March 1 of this year, B. Gervais established Gervais Catering Service. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 13. Budgeting issues at the movies: + + b. Extend the balances to the appropriate balance columns after each transaction is posted. 1.500 According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. The company paid $1,500 cash for rent of office space for the month. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Revenues The company paid $1,000 cash in dividends to the owner (sole shareholder). 29. ol + Help 17. 3.Paid 250 to creditors on account. 1.500 we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Prepare an unadjusted trial balance as of August 31, 2016. Determine the net income or net loss for October. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. (1,500) + Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. During the first month of operations of his, A:Solution: Find answers to questions asked by students like you. 10,000 LIABILITY b. Ken Jones, an architect, opened an office on April 1, 2016. Determine the following: a. 8. During the month, Jones, A:T accounts: Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Received $100 from a customer for services we will provide next week. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. 4. C. the firm are, A:Income statement Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. I am highly qualified expert, working from 2008-9 in this industry. 0. 0. 31. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 58,500 Ask your question! Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Kimberly Manis, an architect, opened an office on January 1, 2016. 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Net income is calculated after analysing the revenue and expenses of the organisation. 27.Paid electric bill, 915. Start your trial now! E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. During June, Ming Chen (the owner) completed these transactions. Purchased supplies on account, 850. (d) Received cash for services rendered, 900. Classify each transaction as an operating, an investing, or a financing activity. The following information is provided for the first month of operations for Legal Services Inc.: A. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. (Do not insert the account numbers in the journal at this time.) I. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Basic Accounting Systems: Cash Basis. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. No. The, A:An accounting equation refers to a mathematical representation of the transactions. 3. 30. 15. Required b. 000 60,000 To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. . 1,500 The company paid $1,500 cash for rent of office space for the month. points Required Prepare an unadjusted trial balance. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) The following transactions were completed during July, the second month of the business's operations: July 1. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. During June, Ming Chen (the owner) completed these transactions. 15,000 The worker will be paid $275 per week. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Paid rent for July, 1,750. 1. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Bal She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! *Response times may vary by subject and question complexity. Paid wages of employees, 6,800. During June, Ming Chen (the owner) completed these transactions: a. 23.Served as disc jockey for a party for 2,500. The company paid $1,500 cash for rent of office space for the. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid 5,000 on note payable. The company paid $1,500 cash for rent of office space for the month. Paid truck expenses, 435, Ck. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Mc. 2.1.4P, Your question is solved by a Subject Matter Expert. 4. b. No. 15. 28. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. The transactions of The prepaid rent at the beginning of the year was used in 2019. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Enter the following transactions on Page 2 of the two-column journal: 29. Mulberry purchased computer paper for $13,000 cash in late December. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Expenses To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. minus sign.) 2,500 9. Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. d. Paid rent on office and equipnwnt for the month, $5,000. i. To ensure my potential must visit my profile to check my ratings and uploaded samples. During June, Ming Chen (the owner) completed these transactions: a. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 1,500 %24 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. Paid office salaries, $6,500. 31. a. Gervais deposited 25,000 in a bank account in the name of the business.