PRATICAS FINANCIAL

3
financial statements:

(1) balance sheet - describes

it the
financial position of an
entity, a
at
given moment
in time
e n

↳
Lilities:present obligations whose setlement is expected to
generate an outflow resources
of

(2)
lax:bank loan)

2
controlled by which expected economic
resources
entity, rise

aets: give
an are to to some

benefit (ex:cash;computers (

aequity:financings
Lo
provided by shareholders and
by operations

A E L= +

12) income statement -

describes
it the financial performance an entity
of
during a certain

period
↳
I main components
-

revenues

I
expenses

revenues

-expenses
EBITDA

depreciation and

amortization expenses
EBIT

interest expense
EBI

income tax expense

net income

(3) statement of cash flows

(4) Statement
changes in owners'
of
equity

exeise

sales-revenue IS

personnel expenses* -

expenses IS
Isalaries (

liability
BS
-

accounts
payable to suppliers

office equipment*- asser (N.C) BS

(COGS)
IS
cost of
goods sold-expense

headquarters building and land* asset (N.C) BS

-

Transportation equipment*- asser (N.C) BS

 retained BS
earnings equity
-

interest expenses
-

expenses IS

shares
company ABB* (N.C) BS
-

of asser

expenses*
rent expense
-
IS

rendered IS
-

services revenue

share capital -

equity BS

bank deposits -

asset (C) BS

inventories -

asser (C) BS

receivable from (C) BS

-

accounts costumers asset

a)
ime
statement render e It) 29900
(29500 4007+

COGS 1-10800

*
services and 1-1000
supplies expenses

Salaries and
*
1-8200
wage expenses

EBITDA 9900

depreciation & amortization expense 0

EBIT 9900

interest expense 1 700

-

EBT 9200

income tax expense O

net income 9200

b) bac
sheet

:
ASSETS EQUITY AND LIABILITIES

non-current
-
e e
e
assets EQUITY

Tangible fixed assets* (TFA) 10000 12000

+
23000
3000)
+
share capital 30 000

other financial assers* 8000 retained

earnings 9200
income
assets Total n.c. USSCTs 31000 n et income stuiement 9200

40400

Fert
inventories 5000 TOTAL EQUITY

from 1000 0

liabilite
accounts receivable costumers e

bank deposits 5100 Total n.c. liabilities O

Total c. assets 14 100 accounts payable to suppliers 4700

TOTAL ASSETS ⑮100 Total c. liabilities 4700

TOTAL LIABILITES 4700

TOTAL EQUITY+LIABILITES 00
 exerci

o
A
comBany
:
R =
L rr Er
Es
-g+
no
-9
-n
2378000 E
= + ronn
5600
E

1
4 = 3
m
E
-
=
72 400
q
A Equity
=
2500 + NI
=
n

=
2500+ 6800-4600)

EqUiTY = EqUITY
I

Equity N
N
n
-gTA
=
12 400 + 4700 =
17 100

AN 22000 = 77
00 + =) Lnr
= 4900
LN
O
:EN+LN:
o
B
company

Emr 12
}
I
Ar Larn E 25 000 =
72800 +
ERr
200
En = 200 + b 9500
-9=
12
-n+
3EN-n:
-
1
-q
EqWITY
R
T
+ = + Lb =
b =
b 2700
-4500
NI
7000
+
0OD
=
-8500)
AN = EN
=1 = En
+18000
=) EN 19
OOD
3200
O
+LNo
=
b 2 70 0

=14 000
=3 b =
11 300
+
C
o

cormparnyg

An = EMrqtL n 23 8600+ Erra =1

Em =

} C En Ema B
EQUIT =
C=
+
no
-g
-9
-8600
=
-
REqUiTy
O
= 5000-8500 =-3500
=
E - 8600-

3500 =
c
- IoO
+NI
n
=
IZ
AN =
En Ln =3 8500 11 500
= En
2 En
7000
=
+
7000 C 51 19 100
-12100
=
C
=
exerci

al income
statemen

& ( > 81
rendered 742
5
saies services

COGS [ =

3 b 44 9
1
and ( } 3 3 39
services supplies
=

expenses

\ -

) 8 268
salaries and expenses
wage
& { +} 750
other revenues
gains
EBJTBA 9 394

depreciation amorrtization expense o

EBIT 4 344

interest O
expense

EBT q 344)

income O
tax expense

net income 9 3921

 bbatanceh

:
ASBETS EQUITY ANB LIABILITIES

non EQUITY
-turrent
asse
( capital 241 4147
tangible fixed assets 148 share

TFAT
total 148 q 344
correntassets M ASSets 20 net income

.C.
inventories 9 884 LIABILITIes JOTAL EQUITY 33 849

689
accounts receivable from
costumers 7 non tiabilities O

-current
bank deposits 1 582 turrent
tiabilities Jotal M liabilities o

.C.
19 155 5 462
Totaul C c ss e ts ALCOUrts
Baiyable To
suoppliers
.
"
TOTAL ASSETS 34 303 JOTa c liabilities 5 462

.
1l
TOTAL LIABILITIES 5462

TOTAL EQUITY LIABILITIES 9 303

+
exercise 4
m n

: trorouo :
cüs balance sneet income statement
cash statement

-flow
assets
-
liabilities equity -
revenwes
experises
-

netincome operational invesiment

finançia
= =
- -

-
-
-

n
- -

+ 200 O + 200 000 + 200 000

00
credit
.
Ca ceccounis
paryable

-=
?
- -
-
-

-
-

6
-

Z t
-
600o
5 000
-

I
-

-
-

3. TIGO DOO -

100 ODO

-
- -
-
~

tovõ
-

104 000

=
OOS
-
-

4.
'
+8 * 2 OGO t
2 000

-
-

600
-

- -

-
OZ
)
trua

Ldark deposiis sremovinag

debt

" "
}
-
-

-
-

I
5 6000
-

- -6
O0O
bowo
-
-

6. -
?
1 1 000
I0OO
-

000 -

-1000

7,
-

- -

7100000000 t +4
O0O
t
10000
000
10
/ /
-
-

1 expenses cicbisitias l I
assets
equity revenwes

D L
C
B

t
t
-

-
-

Trfowrnam

MOR debit
description credit curmount
.
5
e
a)
(92) (59) (32) (79)
(229) (211)
bank account share capital inventory acc. payable sales acc receivable

480"72001
(0) 10)
20000 2006 20000 6000 4500127 6000" 720048813

60615) 30(13) -618)

0 -

6300 6500
30000)

50018)

400

ou
(09) (03) (62)
salaries & services &
(259) (431) (69)
COGS expenses supplies expenses bank loan TFA interest
expense
wages
157 (6)
4500300" 2008" 600 6006" 30000 30 000' 4009

oue
-

NR. description debit credit amount aiary compations:

0 company establishment 12 54 20000 2007 6000
-

9 credit purchase of merchandise 324 229 6000 1505 -

COOS

2 450
6000
credit sale of merchandise 21 71 7200 :(06s =
=

inventory exit 61 324 4506

--
3 sale return 71 211 480

321 61 300 4507 7200

inventory entry
-

4 payroll processing & 63 90T sales return

-

payment 92 2000

17200
5 600 Sales 4
marketing campaign 62 12 return
=

...
=

6 bank loan 12 259 300OO

--
7 cash purchase a
of vehicle 431 92 30000

8 purchase of office supplies 02 12 500 7507 -

4500

62 224 500 405-COGS

9 paymentof
1500
09 400 (065 300
=

interest 42 :.
=

90 Loan reimbursement 259 12 600O

 b)
Trabalance

: an : :
amount new amount

ret debit credit debit credit

12 -bank deposits

244 480 6720 receivable

-

acc.

- -

221 6500 6500 acc. payable

>

259 6008 300U0 24000 bankloan

45001080,0000
-

329 6300
inventory
-

439 30000 TFA

59 capital
-

20008 share

69 4500 4200 -LOGS

62 1600
100,000 -

services & supplies expense

-
63 2008
-

salaries &
Wages expense

69 400 interest expense

initIzo
71 488 sales

Total
i 1089s0 57220

c) statement

sales & services rendered (+6720

COGS 1- 4200

and 1-1600
services supplies expenses
1-2000
Salaries and expenses
wage
usamos parentises
EBITDA (1080) ->
quandoénegativo

depreciation & amortization expense 0

EBIT (1080)

interest expense 1
-
400

EBT (1480)

income tax expense

I

net income (1480)

ba
sheet

:
ASSETS EQUITY AND LIABILITIES

Rent
assets EQUITY

Tangible fixed assets (TFA) 30000 share capital 20000

assets Total n.c. USSCTS 30000 net income (9480)

TES
inventories 1800 TOTAL EQUITY 98520

accounts receivable from costumers 6720 liabilities ( pore

bank deposits 90500 bank loan 24000

Total c. assets 19020 liabilities total n.c. liabilities 24000

i
TOTAL ASSETS 49028 accounts payable to suppliers 6500

Total c. liabilities 6500

TOTAL LIABILITES 30500

TOTAL EQUITY + LIABILITES 49020

d) ofaflows
sement (year NI

Eframoparing aties

I
inflows from costumers 0 (2)

ouflows to suppliers 1- 9900 15)&(8) 1600 500)

+

ouiflows to personnel (-72000 (4)

CF from ④
operating activities 3100
-

E
finesting ities
outflows related to TFA 1-30000 values from the bank
-

CF from ② account I
activities
investing -
30000

from mancing aities

inflows from new bankloans 30000 (6)

inflows related to share capital, 20000 10(

subscription & realizations

oriflows related to reimbursement (6000 (10)

bankloans
of

ouflows related to interest

expenses (-) 400

CF from ③
financing activities 43608

NET CHANGE IN CASH (8 2 +

8)
+

10500

cash & cash equivalents the

period ⑧
the
at
beginning of

cash & cash equivalents the 10500

end
the
at of period

ee6

(92) (59) (32) (79)

(229) (211)
a) bank account share capital inventory acc. payable sales acc receivable

000" 200 000" 5000" 500015

w0" Moo w
30 100 5600
-

888
2000" 100000
começa
⑳
"
5006 12000
~
éequity
21 5
6000
(09) (02)

ruo (56) (431)

newre
services &
COGS retained earnings TFA
supply expenses
net
5
72006"
ou
200
-
-

"
8 NO 72000

Fouo

NR. description debit credit amount

A Transfer of net income 818 56 14000

2 sale merchandise
of 79 8000

12 2000

249 6000

inventory exit 69 329 5600

3 payment of electricity 62 92 200

4 paymentof car mainienance 62 12 800

5 219 5008
from costumers
receipt 12

6 to suppliers
payment 221 12 92000
 b) statement

sales & services rendered (t) 8000

COGS 1- 5600

and 1-7000
services supplies expenses
EBITDA 1400

depreciation & amortization expense 0

EBIT 9400

interest expense 0

EBT 9400

income tax expense

I
*
net income 9400

c) ba
sheet

:
ASSETS EQUITY AND LIABILITIES

Rent
assets EQUITY

(TAA capital
Iblefixed
assets 72000 share 900000

Total retained 14000

n.C. ASSCTS 72000
earnings
inventories 25400 net income 9400

TES
accounts receivable from costumers 600O TOTAL EQUITY 195400

bank deposits 24000 liabilities e O

Total c. assets 55400 Eliabilities Total n.c. liabilities O

,
TOTAL ASSETS 927400
accounts payable to suppliers 92000

Total c. liabilities 72000

TOTAL LIABILITES 12000

i TOTAL EQUITY + LIABILITES 127400

a) ofaflows
sement (year NI

Eframoparing aties
inflows from costumers 7000 (2) 0 (5) (2000 5000
+

ouflows to suppliers 1- 13000 (3)&(4) 2 (6) (800 800

+
12000)
+

CF from ⑪
operating activities 6000
-

②
E
finesting ities O
⑤
from mancing aities O

NET CHANGE IN CASH (8 2 + +

8) -
6000

cash & cash equivalents the

period 30000
the
at
beginning of

cash & cash equivalents the 24000

end
the
at of period
(30000 -
6000)
eie7

a) partame
sheet

:
ASSETS EQUITY AND LIABILITIES

non-current
-
e e
e
assets EQUITY

Tangible fixed assets (TFA) 40000 retained earnings A 30000

=

(10000 20000(
+

Total 35000
assets
--

n.C. ASSCTS net income

accounts receivable from costumers 42000 LIABILITIES TOTAL EQUITY

-

bank deposits 56 liabilities ((y) O

000
De
Total c. assets
-
bank loans 800UO*
A
TOTAL ASSETS payable
-

Other accounts 24000

i Eliabilities Total n.c. liabilities -

*
bank loan 20 000

Total c. liabilities -

i TOTAL EQUITY
TOTAL

+
LIABILITES

LIABILITES
-

1000
*

200,00
=

20000 we can't use accounts payable => other accounis

wi,
-
no
when
recording an
investing activity payable

2 N.C. 00 000

b) ofsh flows
partement

Eframoparing aties
inflows from costumers ( 7258000
+ vice-checkdeposits =
300000-42000:
2 580

CF from I
operating activities credit 42000 42000
--

-0
=

E
finesting ities
outflows due to purchase TFA
of 1-16000 -check deposits 40000
=
-
24000 16000
=

CF from --
I
investing activities credit 24000
=

from mancing aities

inflows from bankloans (100000

1- 2000
ouflows related to interest
expenses
CF from
financing activities
-

NET CHANGE IN CASH (8 2 + +

8) 600O
(56000 -
50000

cash & cash equivalents the period 50000

the
at
beginning of

cash & cash equivalents end

the
at the
of period 56000

ax exemp
↑

-
C) EBIT interest
-

expense
-
income tax
expense NI
= =

=EBIT -2000 -
0 35000
= =)

=EBIT 37000 =
 VAT -
value added Tax

-Tax on
goods & services

-no impact on income statement

balance
->

impact on sheet

VAT. 243

I
D C

ter
VAT deductable VAT
charged
A de

paid on my
pagmers seguir ge
purchases

reduces
I L
my liability generates a liability
towards the government towards the
government

e
ez

I. NR. description debit credit amount

1 from
receipt costumers 12 299 24000 (120000 x0,21

2 credit sale 79 3000 (20 x150)

243 600 13000 x

0,2)

299 3600

inventory exit 64 329 2000 1100 x 20

3 of 62
payment electricity 960

243 32 (160 x0,2)

12 192

4 payment to suppliers 224 12 26000

(92) (243)

acrecdiabete
#. bank ACCOUNT VAT

"
1192 942 32"36000

"See
noe

bus" . liability (VAT payable)

8 2
-

99600 X

I VAT 36568 X

1000 X
9

al NR. description debit credit amount

1 cash advance to supplier y 12 9200

222 1000

243 200 10,2 x1000)

2 1600
purchase from supplier y 329 1400 x 4)

243 320 10,2 x9600)

229 1920

cancelation of the cash advance 229 1200

228 1000

VAT
adjusiment
243 200
n
-
payment of the remain debt 229 12 720 11920 - 1200)

3 credit sale to costumer Z 79 9000 (200 x5)

243 200 0,2)

19000 x

299 9200

61 329 800 (200 x

4) aciarycomparation
inventory exit

4 Cash advance from costumer ALFA 298 1000 1200 mint

=

243 200 1200 -

4,2

92 9200 amount -
1

5 sale z 79 50 190 5(
return by costumer :amount
100 1000,
x =
=

243 10 150 x 0,2)

299 60

inventory entry 329 61 48 4)

(10 x

6 Credit sale TO ALFA 79 2700 1500 0,6)

x (a -
0,9) 3000 x0,9
=
2700
=

243 54012700x0,2)

247 3240

inventory exit 69 329 2000 4)

(500 x

cancelation of cash advance 298 1000

243 200

299 1200 aiarymutation

* VAT
e
7 purchase of gasoline 62 12
one 120 =
diesel + VAT

I purchase of diesel 62 948 120 -

1,2

243 10 diesel -
1

12 120 :diesel 1o
128
=
=

a purchase of a computer 434 1000

Ino
243 200 10,2x1000):VAT 20
=

12 1 200

10 purchase a
of vehicle 439 12000 (10000 VAT 10000
+
=

0,2x10000
+
12000)
=

Lo inv. activity
92 0,4)
4800(12000 x

--
279 7200
 (2437

b) VAT

200 (1) 200 (2)

320(2) 200(3)

9015) 20014)

o panabe
 arancesuppliers rightt o goods/ future
->
to
-
receive services in the

Lo
ASSET

goods/ services
advance tasiumers -obligation
furtoe
-

to provide in the

- -

Trade discount (invoicel

↳ sales revenue is recorded by the net amount

-11-

-mories (32)

flow
↳o
cost -
assumptions ->
assumptions on the
sequence by which units are sold

a) E0 (first-in-first-ouil
↳o
first units to be sold are the ones that
were boughti n the
firstplace
2) 0 ( lasi-in-first-out
3)
·
APURCHASES & PURCHASES RETURNS
arage
S
st
↳o recompute Al
↳ values all units weighted average sales & sales
-
at the cost per unit returns - no need
to recompute
↳o
transportation costs on merchandise purchases are included in inventories (32)

inirntory purises intentory

-
cOss= -
e
e10

infls oflows inventory

i

: · ·
-

al NR description Q P A Q P A Q P A
I

O initial 950 1000950000

inventory
1 purchase 190 1958*926500 1509000 150000

1909950926500

2 purchase return 909950*195009509000 15000C

9009950 195000

3 sale 10
-
150100075000050 1956 57500

last out
50995057500
e
in
↳o first

4 sale return 30 1958 34500 80915092000

-

3 purchase 200 9706 240000 809950 92000

200 1200 240 UUO

6 sale FIF0 -
5019505750030195034500
-

2009200 240000

adiarycompions
Total amount 200x1300
=

xx,) +taxon240000
Trade
discount

1200
2000
amount per unit
=

- -

134500 240000)
COGS 150000
1926,500 44,5,0 240,000) 230500
=
+ - + - + =

inflows aviflows inventory

i

# #
- -

#
-

b) NR description Q P A Q P A Q P A
I

O initial

:
9507000 150000
inventory
I purchase 190 1958*926500 2609063,5276500

2 purchase return 10 4950*99500250 9066*265000

ale
2007066 212000501060
*
3 sale 53000 -no need
to recomprie
Al
4 sale return 30 1060 39800 80 906084800

5 purchase 200 1200 240000 2807160324800

6 sale I 501960580002307960266800

atary compation:
110
51150
AC, =
x
1063,5
=

A(2
+1150x100
=
76
=

AL, 2+ 200 x
=
1 200 1960
=

280

(06S 150000 (126500

=
+
-
11500 240000)
+
-

266000 238200
=
c) in a scenario of price increase
-
The 4 units
boughtfrom suppliers are the cheapest

bought from suppliers

->
the last units are the most expensive

·FIFO -
The 1 units to be exited are the cheapest =>
hence, FIFO will have lower costs than AL

Therefore, FIFO
gross profit= sales & services COGS will result higher gross profit
=>
-

in a

FIFO will also have higher inventory value -

·moreover The
remaining units are the most expensive
 (20%)

intmetal - FBtxTaxrateccount: payments before the end the

of tax perote

->
withholds tax:other entities may retain our income tax

accounts
~receivable/payableto the
government
1249) 1892)
income Tax income Tax expense

[
PaymentEBTX raie
Tax EBT x
Tax rate
E

on amount

withholding
·

TUX

L what
areae
e

WholdingFax- when someone provides us a service, in some cases, we wiihhold his her taxes;

Then, later deliver this

we taxes to the
government.

Tax withholding

I wiraboldings to
libilit

security)
serial SS employee
-
on

↳
ss on employer
12454
SS

I
~

Ss employees

ss employers
·

1. GROSS SALARY-SS EMPLOYEE -

WITHHOLDINCTAXES= NET SALARY
or WAGE (IRS) or WAGE

SALARIES&= SSEMPLOYER

WAGE
2.
WAGES EXPENSES

temployeetwinholding e
net

wage
13
e

paymenton amount -
2000

Tax withholds -
500

EBTx Tax rate 20000 x

=

0,2 4000
=

al description debit credit amount

31. 12. N income Tax 892 244 4000

(249)
b) income Tax

↳sutibility no
income tax
payable

12

N description debit credit amount

9 rent payment 62 1000 1. expense

->
242
IX revenuel other people
TaxS
242 250

12 750 750 -

0,75 (1-0,25)

2
fees payment 62 2000
9 uni
gross--I
amount

243 400 10.2x2000

242 500 (0.25x2000)

alt=E
1000
=

12 1900(2000 400-500)
+

3 IRS/ income Tax

payment to account 249 12 9008 2. expense 242
<
for oinerpeople
4 &
payment of employees 63 25000
/revenue I TUXeS
processing engineer
salaries 245 2750(25000 x0,19)

242 3750(25000 x0,15) 500 -

0.25 -
Tax raie

12 90500
grun
ISS employer( 63 245 5973,5125000 x 0,2375)

5 79 1000
receipt
gramount=
interest 2000

291 250 19000 0,25)

x

12 750 3. our
company - 249
TUXeS

6 income Tax 892 249 4000 0,21

120000 x

4. expense 242 (other people Taxes.

j
98500 -

0,74

5. taxes 249 6. EBT 20000

-
1
gramount
Our -

company
=

750 -
9 -

0,25 0,75
=

Tax rate 20%

=

gross-1 9rie-empoyees with

ging
- net
salarie
interest

1 -

0,99
-

0,95
=
0,74

ginterest 58
=
= 1000

500
25000
gamount
= =
 par value)
-

capital
nominal value nr. shares

accounting value it
es
=

value received from issuing

issuing value shares
-

share
inâng-Praue
=

premium

erie74

50%. dividends
-
net income -
5% reserves
N -
1
-
45% retained
earnings

description debit credit amount

al Time

Transfer of N1 RE 898 56 80000

jan /N+ the to

mar/N+1 distribution of dividends 56 26 40000 180 x 0,5)

payment of dividends 26 40000

aree 10000 140000 x0,25)

12 30000 140000 x0,751

reinforcement of reserves 56 55 4000100000 x 0,05)

b) parvalue
capital 0e
=
=

200000 120000 80000 -40000 10000

issuing accounting=yi
+

37
= + +

=
=

value
100 000
-
↳ nr. shares
before issuance

share premium 3,7-2 1,7

= =

1 per sharel

description debit credit amount

C NR

c) subscription 59 20000 (10000 2)

x

54 9700010000 x1,71

26 37000 110000 x 3,7)

realization 12 26 37000
 15
exerise

NR description debit credit amount

al Transfer NITO
of RE 898 56 20000 N1 20000
= -

0,05
per share

I
=
distribution of dividends 56 26 5000
remaining RE
100000
=

e
5000
payment of dividends 26 0,05 xn r shares

3750 e
12 parvalue
-capital
=

242 1250
0,25)
15000 x

bl aug/Nth subscription 26 59 E
a 0
65000
NY nr. shares
=
-

( 69000)
x -
paralve

realization 55 26 65000

-
sep/N+ subscription 59 50 000
97
150000 x

54 37500

26 87500

realization 12 26 87500

c)
avy/N+1 share capital increase -
didn'timpact total
the amount of (only
equity its composition)
Sep/N+1 share capital increase 50000 37500 87500
-
increase in equity amounting to
+
=

16
exeise

Spar
1000
a) hr. shares-20000 value =

5
=

ur. shares issued 10000

issuance value 10 share premium 10-5 5

=
->

isYet-Padive
= = =

Sper sharel

NR description debit credit amount

Jan /N subscription 59 50000

15 10000)
x

54 50 000
15 x 10000)

26 100 UUO

feb/N realization 439 60000

12 25000

26 85000

60% dividends
-
b)
(N)
-

5% reserves

L 35% retained
20000
earnings

NR description debit credit amount

jan/N transfer of N1 to RE 89856 20000

mar IN distribution of dividends 5626 12000 (20000 x0,67

reinforcement of reserves 56 55 1000 120000 0,05)

x

dividends payment 26 12000

242 3000 112000 x0,25)

12 9000
c) EBT 30000=

NR description debit credit amount

C income Tax 892 2497500/30000x0,251

d)

950000 1900000 50000 +

50000 10 50000
+

RE -..
reserves 88000 180000 120000 +
-
120001) EBT 30000
income
22500)
120000
e
expens-75
22508 -
20000 +

-1-

TFA 1439)

↳
are
subject to depreciation -
usage TFA
of over its useful time

accumulated
-> ceprea"n extense

assons
-
exercerecant
balance
=balance of 438
t

deprection:
L annual

I ↳
reside
ee

muni
residualee

17
exeise

1.

al Al 70000
=

10000
+

00000
=

annual depreciation
-0
=
10000
=

dep. expense in N 16000

=

dep. expense in N+1 16000

=

b) moninly depreciation
200-0 1333,13
=
=
dep. expense in N 2 x1333,13) 2666, 161
=
=

dep. expense in N+x 12 x1333,13) 16000

= =