She has published articles in The Boston Globe, Yankee Magazine, and more. M The breakeven point is the number of units that need to be sold or the amount of sales revenue that has to be generated in order to cover the costs required to make the product. It's often the same as or very closely related to the net income on a financial statement. The CVP formula can also calculate the breakeven point. The purchase cost of a car is 500000. Gross profit, on the other hand, provides a more detailed profit formula and is calculated as: {eq}Gross\,Profit = Total\,Revenue - Cost\,of\,Goods\,Sold {/eq}. GAAP's main purpose is to improve how a company communicates their financial information and ensure that it is clear, consistent, and able to be compared to other companies. C It acts as a check to evaluate the performance and efficiency of the business. The purpose of invoice reconciliation is to confirm that the data entry is correctly matched with every invoice. The contribution margin may also be calculated per unit. Contribution Margin: Definition, Overview, and How To Calculate. S.V.C normally has a fixed cost component, which needs to be incurred irrespective of no. Gross revenue will always be the largest figure. Thus, if selling price of a product is Rs. Sales The most important cost accounting formulas are noted below. The Interpretation of Financial Statements. The profit formula in accounting calculates the net gains or losses incurred by the business for a period by subtracting the total expenses from the total income: Total Income Total Expenses Profit. It measures the performance for a single period, so it is possible to manipulate the results favorable to the business/ management based on the year-end targets, and huge discounts are provided to improve the top lineThe Top LineThe top line is the revenue earned by the business by selling goods or services, reported in the income statement for a defined period. To calculate profit margin as a percentage with a formula, subtract the cost from the price and divide the result by the price. In the example shown, the formula in cell E5 is: = ( C5 - D5) / C5. The results in column E are decimal values with the percentage number format applied. If the variance is unfavorable, the company is paying more than expected for its direct labor, perhaps because higher-grade people are being used, or because a labor contract has increased the labor rate. Compare the result to what was generated in each month for the past few years. Addition of materials and beginning inventory, Business and Quality Improvement Programs, Cost of Goods Manufactured, Sold, and Income Statement Formulas, Accounting Principles and Accounting Equation. Reviewing a companys gross margins allows one to have an accurate view of his or her total sales, operating expenses, and other elements. Example: If the cost price of an article is $25 and it is sold at a profit of $5, find the selling price. What Happens When Business Partners Disagree? How Operating Leverage Can Impact a Business, Marginal Revenue and Marginal Cost of Production. of Units sold. The majority of entrepreneurs would agree that it is important to have high revenues and low expenses. The methods for calculating accounting profits are derived from the Generally Accepted Accounting Principles (GAAP) set forth by an authoritative policy board, such as the Securities and Exchange Commission (SEC) or the Financial Accounting Standards Board (FASB). A target profit margin is added to the breakeven sales volume, which is the number of units that need to be sold in order to cover the costs required to make the product and arrive at the target sales volume needed to generate the desired profit. Example 2: On selling a table for $840, a trader makes a profit of $130. To calculate the labor efficiency variance, subtract the standard hours from actual hours incurred, and multiply by the standard labor rate. Profit is the key Accounting profit is the theoretical one, whereas cash profit is the real profit of the business. Implicit costsImplicit CostsImplicit cost is the opportunity cost of the organization's resources where the organization calculateswhat the business would have earned if the resource had been employed for some other purpose instead of the business activity.read more are not considered as the same is not incurred and notional. No variable costs are included if production is stopped. Alternatively, a business owner may need to do both of these things in order to repair the companys financial situation. ABC Inc. prepares its financial statements for the year 2018-19, as per the accounting approach and cash flow approach to analyze its performance. The business's accounting team decides to use the CVP analysis to determine how many blankets they need to sell in order to reach their profit goal. The contribution margin is used to determine the breakeven point of sales. What Can You Do with a Toxic Business Partner? In 2011, she published her first book, The Evolution of Accounting and Accounting Terminology. In the above-presented case, the calculated accounting profit for the year has improved in FY 18-19 over FY 17-18 by a $500 (i.e.) The following are explicit costs: Accounting profit is closely related to, and usually equals, net income. Etsy Pro: Your products are given a large audience, and you easily sell your merchandise. (2) It insures the contractor from price fluctuations. Etsy Cons: You can only sell handmade or vintage merchandise, and there are many competitors. read more generated by the business for a particular period. As a manager, leader or owner of a business, you likely have to look at financial statements on a monthly or quarterly basis. Once a business owner understands this metric, he or she can improve the way their company performs. It is considered to be a better measure of economic viability. C All rights reserved. It can be used as an indicator to compare across business and industry. The company's accounting profit would be: {eq}Accounting\,Profit = $350,000 - $237,500= 106,500 = $112,500 {/eq}. It is easily the most watched number in finance. Unlike explicit costs that can be easily calculated, an opportunity cost is a potential source of profit that was lost by pursuing another course of action. CVP analysis is only reliable if costs are fixed within a specified production level. total explicit costs = operation expenses + interest + depreciation + taxes. Accounting profit is a company's total earnings, calculated according to generally accepted accounting principles (GAAP). total explicit costs = operation expenses + interest + Normal profit is an economic term that refers to a situation where the total revenues of a company are equal to the total costs in a perfectly competitive market. How to Get a Business Loan with Bad Credit. She has tutored English and History, as well as STEM classes, such as Statics, Calculus, and Thermodynamics. The partnership agreement includes ownership interests, management structure, rights and duties of the partners, business operations, and financial decision-making. X No. Katrina also served as a copy editor at Cloth, Paper, Scissors and as a proofreader for Applewood Books. A breach of fiduciary duty occurs when the professional person fails to do what was legally and ethically required of them. However, in one form or another, the AAR is always defined as: Some measure of average accounting profit divided by some measure of average accounting value. Accounting profit differs from economic profit because accounting profit does not include opportunity costs. This may indicate an excessive usage of sales discounts or other promotions. Economic Profit Formula | How to Calculate Economic Profit. Profit = Sales Variable Cost Fixed Cost Or. Cost of Goods Sold= $15,000. Create your account. So long as you have California required permits and licenses, it is legal to sell homemade food in California. Christine Liddell graduated from the University of Nevada, Reno in 2019 with a Bachelor of Science in Mining Engineering. A steady downward trend is cause for action, since it implies that expenses have increased or sales margins have declined. 10 Tips on How To Start A Food Truck Business. Fixed cost = Sales Variable Cost Profit (Loss); Fixed cost = (Sales*PV Ratio) Profit (Loss). Cost-volume-profit (CVP) analysis is a way to find out how changes in variable and fixed costs affect a firm's profit. Non-publicly traded companies are not required to conform to GAAP's standards, but the result may be a less favorable view from lenders and creditors. To use the above formula to find a company's target sales volume, simply add a target profit amount per unit to the fixed-cost component of the formula. Audits performed by a certified public accounting (CPA) firm ensure GAAP compliance. Then, engage an internet presence to market your transportation business. Thus: {eq}Accounting\,Profit = $350,000 - ($2,500 + $237,500 + $1,000) = $109,000 {/eq}. F.C, as the name suggests, remain fixed in amount. Kent runs a shoe company that sold 200 pieces at $5 a piece in the year under review. By dividing the total fixed costs by the contribution margin ratio, the breakeven point of sales in terms of total dollars may be calculated. Economic Order Quantity: What Does It Mean and Who Is It Important For? There can be several different variations of how accounting profit is calculated based on the industry and type of business. They paid $2,500 in order to buy the ingredients necessary to produce the food. The accounting profit formula is: {eq}Accounting\,Profit = Total\,Revenue - (Cost\,of\,Goods\,Sold + Operating\,Expenses + Taxes) {/eq}. Then, when the perpetrator purportedly hires the personal assistant, the assistant is asked to buy something with their own money with the promise to be repaid. Accounting Profit includes transactions of extraordinary and exceptional itemsExtraordinary And Exceptional ItemsExtraordinary Items refer to those events which are considered to be unusual by the company as they are infrequent in nature. The unit contribution margin is simply the remainder after the unit variable cost is subtracted from the unit sales price. A bad partnership could lead to profit loss and toxic company culture. A basic requirement in many of these positions is a strong understanding of the accounting profit of your business. Now, let's look at an example involving both economic profit and accounting profit. It cannot be used as a proper comparison across the business as various methodologies are used in depreciation & amortization, Impairment, provisions, accruals, and valuation. ($400,000) other expenses. If a business owner chooses the right financing options and follows the above tips, then he or she has every chance of success. To calculate the purchase price variance, subtract the budgeted purchase price from the actual purchase price, and multiply by the actual quantity. This may indicate an excessive usage of sales discounts or other promotions. The result of the profit margin calculation is a percentage for example, a 10% profit margin means for each $1 of revenue the company earns $0.10 in net profit. F Now, let's look at an example involving both economic profit and accounting profit. Get unlimited access to over 84,000 lessons. To calculate the breakeven point, divide total fixed expenses by the contribution margin. Amazon is considered as one of the world's most disruptive companies. Accounting Profit Formula = Total Revenue Explicit Cost. Explicit Cost Concept & Examples | What is Explicit Cost? The general formula most often used is the following: Total Revenue - (Cost of Goods Sold + Operating Expenses + Taxes). ADVERTISEMENTS: This ratio can also be shown in the form of percentage by multiplying by 100. Economic cost and accounting cost differ because economic costs include opportunity costs, or the cost of what is given up to pursue another economic avenue. In 2013, she was hired as senior editor to assist in the transformation of Tea Magazine from a small quarterly publication to a nationally distributed monthly magazine. Revenue is a word that describes the total amount of money that a business has made. For example, a company with $100,000 of fixed costs and a contribution margin of 40% must earn revenue of $250,000 to break even. E.g., if variable costs per unit for the budget period are estimated at CU 60 per unit and the firm is expected to produced and sold 30,000 units, actual variable costs would be CU 1,800,000. The CVP breakeven sales volume formula is: BreakevenSalesVolume Different laws for taxation in various countries and different ways of presenting the financial statements (i.e.) The specific definition we will use is: and overstock costs. The basic profit formula is: {eq}Basic\,Profit = Total\,Revenue - Explicit\,Costs {/eq}. The rent of the building that houses the pet supply company will remain the same whether or not the pet supply company sells one hundred bags of food, or one thousand. Revenue Generation for Hospitality: Definition & Overview, Revenue Management Teams: Roles & Responsibilities. Natalya Yashina is a CPA, DASM with over 12 years of experience in accounting including public accounting, financial reporting, and accounting policies. One advantage of equipment leasing is that you dont need to come up with all the cash to buy the equipment. I feel like its a lifeline. What is profit formula and how to calculate profit formula? The result should be close to 1. Companies with insufficient revenue are unable to pay their expenses. The owner sells it for 600000. It reflects the financial position and performance of the business. Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average, ILTS Music (143): Test Practice and Study Guide, ILTS Social Science - Psychology (248): Test Practice and Study Guide, ILTS School Psychologist (237): Test Practice and Study Guide, ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide, FTCE School Psychologist PK-12 (036) Prep, UExcel Organizational Behavior: Study Guide & Test Prep, ILTS Health Education (211): Test Practice and Study Guide, Ohio Assessments for Educators - Earth & Space Science (014): Practice & Study Guide, AEPA Earth Science (AZ045): Practice & Study Guide, MTTC Earth/Space Science (020): Practice & Study Guide, Create an account to start this course today. Below is the formula-Accounting Profit = Total Revenue Explicit Cost. If the number of units at a given level of output is multiplied with variable cost per unit, we get the variable proportion in the total amount of expenses at the given level. Accounting students can take help from Video lectures, handouts, helping materials, assignments solution, On-line Quizzes, GDB, Past Papers, books and Solved problems. So, we use the gross profit formula which is: Gross Profit = Total Sales Revenue Cost of Goods Sold. It is usually found at the bottom of a company's income statement (the bottom line). Solved Examples. Semi-variable expenses must be split between expense classifications using the high-low method, scatter plot, or statistical regression. Expenses can be fixed or variable. ROI (i.e.) A business bank statement loan lender relies only on the companys bank statements to qualify the borrower. Determine total revenue. What is a Breach of Contract in California? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Also see formula of gross margin ratio method with financial analysis, balance sheet and income statement analysis tutorials for free download on Accounting4Management.com. Total revenue is defined as the amount of money a company earns from providing goods and services. If he regularly sells 50 pairs per month, his total revenue is $5,000 ($100 x 50 = $5,000). Dog food made up the majority of their revenue. Q.2. Accounting profit differs from economic profit Hence, it is also often referred to as implicit costs. It is also called book profits. Income and profit are terms used to refer to revenue after it has been adjusted. The SEC mandates that publicly-traded companies must comply with GAAP. Contribution per unit = Selling Price per unit Variable Cost per unit. For small business owners with bad credit, the easiest place to get a business loan is with the SBA. The cost of producing the paper cups including materials, labor, overheads, and storage for the same time period is $15,000. Companies that do not comply with GAAP risk their publicly-traded status on the stock exchange. If we observe the third formula, we see that when the Cost price and profit ($) is given we can calculate the selling price. This calculation shows the sales level that must be attained in order to earn profits of zero. The selling of goods and services generates revenue and allows the company to pay for its expenses. Cost-volume-profit (CVP) analysis is a method of cost accounting that looks at the impact that varying levels of costs and If a business gross profit goes up over a certain period of time, then this is indicative of the business recovering. Dominant Strategy in Game Theory Concept & Examples | What is Dominant Strategy? The accounting profit definition is the revenue of a company minus the explicit costs of a company. For example, the accounting profit of the pet supplies company that made $50,000 last year, paid $10,000 to make the pet food, paid $1,500 rent, and paid $2,000 in taxes is: {eq}Accounting\,Profit = $50,000 - ($10,000 + $1,500 + $2,000) = $36,500 {/eq}. (4) Contractee pays on the basis of cost rather than arbitrary price quoted. Non-cash expenditure like depreciation, amortization, etc., reduces the accounting profit but does not impact the cash flowsCash FlowsCash Flow is the amount of cash or cash equivalent generated & consumed by a Company over a given period. $100,000 net income. You may be wondering what exactly are explicit costs. where: There are several forms of financial ratios that indicate the company's results, financial risks, and operational efficiency, such as the liquidity ratio, asset turnover ratio, operating profitability ratios, business risk ratios, financial risk ratio, stability ratios, and so on.read more, cash flow position, etc., need to be considered. Although not easy, entrepreneurs with bad credit can get a small business loan. It is a book profit that varies from cash profits (i.e.). Create Goals for the Event, 2. Formula 3: Selling Price Formula = CP + Profit. For the purpose of analysis, S.V.C is split in to Fixed Cost and Variable Cost. Invoice reconciliation is the process of matching bank statements to incoming and outgoing invoices. Before going nuclear, when business partners disagree, the partners should talk about how to move forward. ROI (i.e.) The charge for every call made constitutes the variable component. as per IFRS, US GAAP, etc. The revenue has increased by $10,000 (i.e.) 1. For ex: rent of factory building, Salaries, Audit fees, go down rent etc. Profit = Sales Total Cost Where Total cost= Variable Cost + Fixed Cost. Save my name, email, and website in this browser for the next time I comment. The profit formula in accounting calculates the net gains or losses incurred by the business for a period by subtracting the total The sale of dog food contributes to the account profit of the Pet Supplies and Beyond. It may be necessary to tighten company rules on accepting returns from customers. Find the amount of gross profit. If the motorbike was sold at $1600, find the gross profit. For instance, if a business is suffering from a negative gross profit, then it is obvious there need to be changes made. Business calls relating to further investment, profitability, market position, etc., can be analyzed with the help of such profits. Required Information and Example, Retained Earnings in Accounting and What They Can Tell You, Revenue Recognition: What It Means in Accounting and the 5 Steps. Marginal Costing Equation:We know that profit is difference between sales & total cost. The costs are fixed within a specified production level. The contribution margin ratio is determined by dividing the contribution margin by total sales. 4 Factors of Production Explained With Examples, Fiscal Year: What It Is and Advantages Over Calendar Year, How a General Ledger Works With Double-Entry Accounting Along With Examples, Just-in-Time (JIT): Definition, Example, and Pros & Cons, NRV: What Net Realizable Value Is and a Formula To Calculate It, Operating Costs Definition: Formula, Types, and Real-World Examples, Operating Profit: How to Calculate, What It Tells You, Example, Production Costs: What They Are and How to Calculate Them, What Is a Pro Forma Invoice? Gross Profit (Operating Expenses + Taxes) = Accounting Profit. MOS (In Units) = Profit / Contribution per unit. Also learn latest Accounting & management software technology with tips and tricks. When the lesson ends, take the opportunity to display your ability to: To unlock this lesson you must be a Study.com Member. Learn about cost accounting formulas by exploring 12 calculations, including gross margin and debt-to-equity ratio, and reviewing several costing formula examples. A steady downward trend is If the variance is unfavorable, it means the actual selling price was lower than the standard selling price. A personal assistant scam typically involves a perpetrator putting out an ad to hire a personal assistant. The profit formula in accounting calculates the net gains or losses incurred by the business for a period by subtracting the total expenses from the total income: Total Income Total Expenses - Profit. If the variance is unfavorable, employees are being less efficient than expected. Labour Turnover in Cost Accounting [Meaning, Methods, Effects and Cost], Micro Economics Notes and Important Questions. Net profit is calculated by deducting all company expenses from its total revenue. One disadvantage of equipment leasing is higher overall costs than outright purchasing the equipment. Fixedcosts So, for a business to be profitable, the contribution margin must exceed total fixed costs. To calculate the material yield variance, subtract the standard unit usage from actual unit usage, and multiply by the standard cost per unit. A fiduciary is a professional person who owes a legal and ethical responsibility to another person. The contribution margin is the difference between total sales and total variable costs. The company is hoping to make a third-quarter profit of $140,000. To calculate the selling price variance, subtract the budgeted price from the actual price, and multiply by the actual unit sales. How Cash Books Work, With Examples, Cost of Debt: What It Means, With Formulas to Calculate It, Cost of Equity Definition, Formula, and Example, Cost-Volume-Profit (CVP) Analysis: What It Is and the Formula for Calculating It, Current Account: Definition and What Influences It, Days Payable Outstanding (DPO) Defined and How It's Calculated. Businesses are most concerned with the effect on their bottom line. Determine explicit costs. opportunity cost of capitalCost Of CapitalThe cost of capital formula calculates the weighted average costs of raising funds from the debt and equity holders and is the total of three separate calculations weightage of debt multiplied by the cost of debt, weightage of preference shares multiplied by the cost of preference shares, and weightage of equity multiplied by the cost of equity.read more employed is not considered in the calculation of accounting profits. Taylor Rule Formula & Calculation | What is the Taylor Rule in Economics? Desired Sales to earn Desired Profit = (Fixed Cost / Desired Profit) / P/v Ratio. Some balance sheets for public companies can be found on the Securities Exchange Commission (SEC) website. What is Accounting Profit?Accounting profit is the net income available after reducing direct costs and expenses from the total revenue calculated following the generally accepted. Variable expenses do rely on production. What Is Cost-Volume-Profit (CVP) Analysis? It helps in decision-making regarding business expansion, investments, performance, etc. Gross profit = Revenue Cost of Goods Sold, COGS = (Beginning Inventory Costs + Additional Inventory Costs) Ending Inventory. If talking fails, the partners may discuss a buy-out. Learn how to use the accounting profit formula to calculate the net profit after deducting expenses. In general, a business will want to have the highest profit it can manage. Revenue represents the sum of all the profits made by a company. Accounting profit is calculated using methods and principles set by authoritative policy boards referred to as Generally Accepted Accounting Principles (GAAP). It is important to recognize that the formula used to calculate gross profit only takes certain business expenses into account. P/V Ratio = 20 15/20 100 = 5/20 100 = 25%. A demand letter is a letter that is commonly written by a lawyer on behalf of a client setting forth facts supporting a demand for money. flashcard set{{course.flashcardSetCoun > 1 ? The difference between the two amounts gives us the Fixed Cost component in the semi variable cost. 1. If the pet supply company sold 100 bags of dog food at $6 a piece, their revenue would be $600, as seen by the following equation: {eq}Revenue = 100* $6 {/eq}. It is calculated by applying the following formula: P/v Ratio = (Sales-Variable Costs)/ Sales*100; P/v Ratio = 1 Variable cost ratio (Variable Cost Ratio is the % of variable cost to sales). As a business' main goal is to make money, profits are of vital import. Live Tutoring. Income Statement: $700,000 revenue. Accounting profit is the revenue of a company minus the explicit costs of a company. That's quite a difference! Publicly-traded companies must adhere to the SEC's standards. Accounting profit is the same, or similar, to net income. What is Sales Revenue & How to Calculate it | Sales Revenue vs. For example, a lawyer owes a fiduciary responsibility to the clients, a doctor owes a fiduciary duty to a patient, and a trustee owes a fiduciary duty to a beneficiary. Its annual turnoverAnnual TurnoverAnnual turnover is the yearly sales or yearly receipts of a profession. How can I Calculate Break-Even Analysis in Excel? Q.3. A Medium Term Loan is Repayable in two to five years. Consumer Sovereignty Examples & Limitations | What is Consumer Sovereignty? To calculate the selling price variance, subtract the budgeted price from the actual price, and multiply by the actual unit sales. Offer Food and Entertainment. This article has been a guide to accounting profit and its Definition. Management must then determine the organization's ability to meet that minimum sales level on a regular basis; otherwise, the company will lose money. A business profit is revenue minus expenses. Example 2: The cost of a motorbike is $1000. The additional labor cost is $200. Q.1. Their operating expenses, in the form of wages, advertising, rent, utilities, and insurance, cost $237,500. Find Gross profit. Let us take the example of a Retail Food & Beverage Shop that has clocked total sales of $100,000 during the year ended on December 31, 2018. If the variance is unfavorable, it can indicate that the company is buying materials at a higher cost than anticipated, or that it is buying in smaller volumes than expected. These are the reported profits of the business (i.e.) Aaron has worked in the financial industry for 14 years and has Accounting & Economics degree and masters in Business Administration. Another assumption is all changes in expenses occur because of changes in activity level. A business partnership agreement is a legally binding contract that outlines the terms and conditions for the partners of a company. The pet supplies company made $36,500 in accounting profit. The company lost thousands of dollars by choosing to stay in the dog and cat food market exclusively. The easiest way of growing your list of clients is to schedule a meeting with businesses that do a lot of shipping and introduce your transportation company. Gross profit is also sometimes called sales profit or gross income. Sales. Try refreshing the page, or contact customer support. Net profit (total pre-tax profits) and accounting profit are essentially equal, and make up a business' bottom line. An error occurred trying to load this video. The formula for gross profit can be derived by using the following steps: Step 1: Firstly, determine the net sales of the company, and it is easily available as a line item in the income In 2011, she became editor of World Tea News, a weekly newsletter for the U.S. tea trade. CVP analysis makes several assumptions, including that the sales price, fixed, and variable costs per unit are constant. Semi-variable expenses must be split between expense classifications using the high-low method, scatter plot, or statistical regression. Its break-even point is $2.7 million. Cost-volume-profit analysis is used to determine whether there is an economic justification for a product to be manufactured. Gross Profit = $30,000 $15,000= $15,000 33.3% increase over PY. Take the pet supplies company, known as Pet Supplies & Beyond, and their financial statement as of August 31, 2020. Accounting profit is the most closely monitored value in finance. If the pet supply company successfully attracted more customers through a targeted web market campaign, however, they could increase their profits but keep the price the same. Add up the income from every revenue stream. The best way to see what goes into accounting profit is to look at an income statement, which is also commonly called a profit and loss statement. This example yields a required sales revenue of $375,000. Using the Profit Percentage Formula, Profit Percentage = (Profit/Cost Price) 100. Stick to the Budget, 4. These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels.read more 2018-19. 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