1
26
Financial Statement
Analysis
Financial
statement
analysis should
always involve
the statement of
cash flows from
Chapter 17
Learning Objectives
1.
Describe and apply methods of
percentage analysis of financial
statements
2. Describe and apply methods of ratio
analysis of financial statements
BALANCE SHEET
Assets
Liabilities
INCOME STATEMENT
Revenue
Expenses
Equity
Profit
Debit
Credit
or
Loss
©CourseCollege.com
2
Objective 26.1: Describe and
apply methods of percentage
analysis of financial
statements
Horizontal
Vertical
O26.1
Comparing statement components
over time periods
Comparing statement components
to a total from the same statement
©CourseCollege.com
3
Horizontal –comparing across time
Year 1
BALANCE
SHEET
INCOME
STATEMENT
AssetsRevenue
Liabilities
Year 3
Year 2
BALANCE
SHEET
INCOME
STATEMENT
AssetsRevenue
Liabilities
INCOME
STATEMENT
BALANCE
SHEET
AssetsRevenue
37,500
31,200
25,600
Equity
Equity
INCOME STATEMENT
Revenue
38,400
Expenses
Expenses
Expenses
Liabilities
Year 4
Expenses
Equity
What year had the greatest increase in sales?
Profit
or
Loss
Profit
Profit
or
or
Loss
Loss
Profit
or
Loss
OR
How much have sales grown over 4 years?
O26.1
©CourseCollege.com
4
Horizontal Analysis
$ 38,400
(Year 4)
Year 4 Sales
are 150% of
Year 1 sales
=
150%
$ 25,600
(Year 1)
O26.1
©CourseCollege.com
5
Horizontal analysis -trends
Sales
% of Yr 1
Year 1
330,500
100%
Base Year
Year 2
347,025
105%
Year 3
343,720
104%
Year 4
353,635
107%
Year 5
363,550
110%
Calculating the
percentage of
base year for
each period
helps spot
trends
©CourseCollege.com
6
Horizontal analysis -trends
Sales
% of Yr 1
Year 1
330,500
100%
Year 2
347,025
105%
343,720
330,500
= 1.04 = 104%
Year 3
343,720
104%
Year 4
353,635
107%
Year 5
363,550
110%
The
denominator
is Year 1
Sales.
©CourseCollege.com
7
Vertical –comparing component with a
total from the same statement
Year 1
BALANCE SHEET
Assets
Liabilities
INCOME
Revenue
Expenses
Equity
1,000,000
250,000
What part of total assets is total equity?
O26.1
©CourseCollege.com
8
Vertical Analysis
$ 250,000
equity
Equity is
25% of
total
assets
=
25%
$ 1,000,000
assets
O26.1
©CourseCollege.com
Vertical –comparing component with a
9
total from the same statement
Year 1
BALANCE SHEET
Assets
Cash
Liabilities
INCO
Reven
50,000
Expen
Equity
Total assets
400,000
What part of total assets is Cash?
O26.1
©CourseCollege.com
10
Vertical Analysis
$ 50,000
cash
Cash is
12.5% of
total
assets
=
12.5%
$ 400,000
total assets
O26.1
©CourseCollege.com
11
Using vertical analysis*
* Comparing with the
same firm in a
different fiscal period
Hill’s cash
position
has
increased
Hill Corporation
2010 Year end Balance Sheet
Assets
Liabilities
94,500
678,000
824,500
1,597,000
%
2%
17%
21%
41%
Prop., Plant, Equip. 2,345,000
59%
Cash
AR
Inventory
Current assets
Total assets
3,942,000 100%
AP
Taxes payable
Current liab.
Long term debt
Total liabilities
Equity
Total equity
Total liab. & eq.
167,000
21,000
188,000
%
4%
1%
5%
1,407,000
1,595,000
36%
40%
2,347,000 60%
3,942,000 100%
Hill Corporation
2011 Year end Balance Sheet
Assets
Cash
AR
Inventory
Current assets
Liabilities
125,000
794,500
805,400
1,724,900
Prop., Plant, Equip. 2,650,800
Total assets
%
3%
18%
18%
39%
61%
4,375,700 100%
AP
Taxes payable
Current liab.
Long term debt
Total liabilities
Equity
Total equity
Total liab. & eq.
210,000
13,400
223,400
%
5%
0%
5%
1,401,200
1,624,600
32%
37%
2,751,100 63%
4,375,700 100%
©CourseCollege.com
12
Using vertical analysis*
* Compare to others.
(Firms compared should
be in the same industry
with similar operations)
Hatch has a
stronger
cash
position
Hill Corporation
2010 Year end Balance Sheet
Assets
Cash
AR
Inventory
Current assets
Liabilities
94,500
678,000
824,500
1,597,000
Prop., Plant, Equip. 2,345,000
Total assets
%
2%
17%
21%
41%
59%
3,942,000 100%
AP
Taxes payable
Current liab.
Long term debt
Total liabilities
Equity
Total equity
Total liab. & eq.
167,000
21,000
188,000
%
4%
1%
5%
1,407,000
1,595,000
36%
40%
2,347,000
60%
3,942,000 100%
Hatch Corporation
2010 Year end Balance Sheet
Assets
Cash
AR
Inventory
Current assets
Prop., Plant, Equip.
Total assets
Liabilities
68,400
29,400
131,700
229,500
956,700
%
6%
2%
11%
19%
81%
1,186,200 100%
AP
Taxes payable
Current liab.
Long term debt
Total liabilities
Equity
Total equity
Total liab. & eq.
45,600
31,500
77,100
%
4%
3%
6%
546,000
623,100
46%
53%
563,100 47%
1,186,200 100%
©CourseCollege.com
13
Combining horizontal and vertical
Sales
% of Yr 1
Year 1
330,500
100%
Year 2
347,025
105%
Year 3
343,720
104%
Year 4
353,635
107%
Year 5
363,550
110%
COGS
% of Yr 1
% COGS
Gross Profit
% GP
Other exp.
% Other exp.
Net Income
% NI
NI as % Yr1
Year 1
214,825
100%
65%
115,675
35%
99,150
30%
16,525
5.0%
100%
Year 2
235,977
110%
68%
111,048
32%
96,126
28%
14,922
4.3%
90%
Year 3
240,604
112%
70%
103,116
30%
89,367
26%
13,749
4.0%
83%
Year 4
275,835
128%
78%
77,800
22%
61,532
17%
16,267
4.6%
98%
Year 5
298,111
139%
82%
65,439
18%
49,079
14%
16,360
4.5%
99%
O26.1
Horizontal
Vertical
©CourseCollege.com
14
Combining horizontal and vertical
O26.1
Sales
% of Yr 1
Year 1
330,500
100%
Year 2
347,025
105%
Year 3
343,720
104%
Year 4
353,635
107%
Year 5
363,550
110%
COGS
% of Yr 1
% COGS
Gross Profit
% GP
Other exp.
% Other exp.
Net Income
% NI
NI as % Yr1
Year 1
214,825
100%
65%
115,675
35%
99,150
30%
16,525
5.0%
100%
Year 2
235,977
110%
68%
111,048
32%
96,126
28%
14,922
4.3%
90%
Year 3
240,604
112%
70%
103,116
30%
89,367
26%
13,749
4.0%
83%
Year 4
275,835
128%
78%
77,800
22%
61,532
17%
16,267
4.6%
98%
Year 5
298,111
139%
82%
65,439
18%
49,079
14%
16,360
4.5%
99%
©CourseCollege.com
15
Combining horizontal and vertical
Sales
% of Yr 1
Year 1
330,500
100%
Year 2
347,025
105%
Year 3
343,720
104%
Year 4
353,635
107%
Year 5
363,550
110%
COGS
% of Yr 1
% COGS
Gross Profit
% GP
Other exp.
% Other exp.
Net Income
% NI
NI as % Yr1
Year 1
214,825
100%
65%
115,675
35%
99,150
30%
16,525
5.0%
100%
Year 2
235,977
110%
68%
111,048
32%
96,126
28%
14,922
4.3%
90%
Year 3
240,604
112%
70%
103,116
30%
89,367
26%
13,749
4.0%
83%
Year 4
275,835
128%
78%
77,800
22%
61,532
17%
16,267
4.6%
98%
Year 5
298,111
139%
82%
65,439
18%
49,079
14%
16,360
4.5%
99%
O26.1
Sales have
grown
%Net
income
has
dropped
©CourseCollege.com
Objective 26.2: Describe and apply
methods of ratio analysis of
financial statements
Liquidity &
Safety
measures
16
Leverage &
Solvency
measures
CATEGORIES
Efficiency
measures
O26.2
Profitability &
Market
measures
©CourseCollege.com
17
Examples of each category
Liquidity & Safety measures
Leverage & Solvency measures
Current
Debt
ratio
Quick ratio
Doomsday ratio
Working capital ($)
Pledged assets to secured liabilities
to worth ratio
Debt ratio
Equity ratio
Times interest earned ratio
Debt coverage ratio
Efficiency measures
Profitability & Market measures
AR
Net
turnover
Days sales in AR
Inventory turnover
Days sales in inventory
AP Payment period
Working capital as a percentage
of sales
Total asset turnover
O26.2
profit ratio
Gross profit ratio
Operating cash flow on assets
ratio
Return on assets
Return on equity
Basic earnings per share
Price earnings ratio
©CourseCollege.com
Examples of
18
Liquidity & Safety measures
Current ratio
Quick ratio
Doomsday ratio
Working capital ($)
Pledged assets
to secured liabilities





O26.2
©CourseCollege.com
19
Current ratio and working
capital
Current
Assets
Current
Assets
O26.2
Current
Liabilities
Current
Ratio
Current
Liabilities
Working
Capital
©CourseCollege.com
20
Current ratio
The current ratio answers the following question:
How many dollars of current assets are available to pay
each dollar of current liabilities scheduled?
The higher the number, the more dollars of current
assets are available and therefore the more liquid is the
particular balance sheet being studied.
Current
Assets
O26.2
Current
Liabilities
Current
Ratio
©CourseCollege.com
21
Current Ratio Example
RAMOS Distributors
BALANCE SHEET
As of 12/31/07
ASSETS
Cash
Accounts Receivable
Inventory
Supplies
Current assets
Equipment
Total
25,600
56,700
98,200
2,100
182,600
121,000
486,200
LIABILITIES
Accounts Payable
Current liabilities
Notes Payable
Total
165,700
165,700
36,750
202,450
EQUITY
Owner, Capital
Total
283,750
486,200
$1.10 of current assets
are available to pay
each dollar of current
liabilities
Current ratio
CR =
O26.2
Current assets/Current Liabilities
1.10
1.10
?
©CourseCollege.com
22
Working capital
Working capital answers the following question:
How many dollars of current assets would remain if all
current liabilities were paid using current assets?
The resulting answer is expressed in dollars. The higher
the number, the more liquidity is displayed by the
balance sheet.
Current
Assets
O26.2
Current
Liabilities
Working
Capital
©CourseCollege.com
23
Working Capital Example
RAMOS Distributors
BALANCE SHEET
As of 12/31/07
ASSETS
Cash
Accounts Receivable
Inventory
Supplies
Current assets
Equipment
Total
25,600
56,700
98,200
2,100
182,600
121,000
486,200
LIABILITIES
Accounts Payable
Current liabilities
Notes Payable
Total
165,700
165,700
36,750
202,450
EQUITY
Owner, Capital
Total
283,750
486,200
$16,900 of current assets
would remain if current
assets were used to pay
all current liabilities
Working capital
Working capital =
O26.2
Current assets - Current Liabilities
16900.00
$16,900
?
©CourseCollege.com
24
Doomsday ratio and the quick or
acid test ratio
Cash + cash
equivalents
Cash + Short
term
Investments +
Accounts &
Notes
Receivable
O26.2
Current
Liabilities
Doomsday
ratio
Current
Liabilities
Quick ratio
©CourseCollege.com
25
Doomsday ratio
The doomsday ratio answers the following question:
If this business ceased to exist, what portion of current
liabilities could be paid by just using existing cash
available?
The doomsday ratio
deals with a worst
case scenario.
Cash
Current
Liabilities
O26.2
Doomesday
Ratio
©CourseCollege.com
26
Doomsday Ratio Example
RAMOS Distributors
BALANCE SHEET
As of 12/31/07
ASSETS
Cash
Accounts Receivable
Inventory
Supplies
Current assets
Equipment
Total
25,600
56,700
98,200
2,100
182,600
121,000
486,200
LIABILITIES
Accounts Payable
Current liabilities
Notes Payable
Total
165,700
165,700
36,750
202,450
EQUITY
Owner, Capital
Total
283,750
486,200
15% of current
liabilities could be
paid with cash
available
Doomesday ratio
Dratio
O26.2
Cash / Current liabilities
0.15
.15
?
©CourseCollege.com
27
Quick ratio
The quick ratio answers the following question:
How many dollars of cash, short term investments,
accounts and notes receivable are available to pay
current assets?
Cash + Short
term
Investments +
Accounts &
Notes
Receivable
O26.2
Notice Inventory is
not included
Current
Liabilities
Quick
Ratio
©CourseCollege.com
28
Quick Ratio Example
BALANCE SHEET
As of 12/31/07
ASSETS
Cash
Accounts Receivable
Inventory
Supplies
Current assets
Equipment
Total
25,600
56,700
98,200
2,100
182,600
121,000
486,200
LIABILITIES
Accounts Payable
Current liabilities
Notes Payable
Total
165,700
165,700
36,750
202,450
EQUITY
Owner, Capital
Total
283,750
486,200
50% of current liabilities could be
paid without relying on Inventory
or Supplies
Quick ratio
Quick ratio =
O26.2
Cash + AR / Current Liabilities
.50
?0.50
©CourseCollege.com
29
Examples of
Leverage & Solvency measures
Debt to worth ratio
Debt ratio
Equity ratio
Times interest earned ratio
Debt coverage ratio





O26.2
©CourseCollege.com
30
Leverage
Balance Sheet
Assets
Liabilities
Balance Sheet
Assets
Liabilities
Equity
Equity
Highly Leveraged
(claims on assets are
Limited Leverage
(claims on assets are
mostly from liabilities)
mostly from equity)
O26.2
©CourseCollege.com
31
Leverage
Balance Sheet
Assets
Liabilities
Balance Sheet
Assets
Liabilities
Equity
Equity
Highly Leveraged
(claims on assets are
Limited Leverage
(claims on assets are
mostly from liabilities)
mostly from equity)
O26.2
©CourseCollege.com
32
Debt to worth ratio
The debt to worth ratio answers the following question:
For every $1 of Equity, how many dollars of Liabilities does
the firm owe?
A leverage measure
Total
Liabilities
Debt to
Worth
Total
Equity
O26.2
©CourseCollege.com
33
Debt to Worth Example
CASE SUPPLY
BALANCE SHEET
As of 12/31/07
ASSETS
Cash
Accounts Receivable
Inventory
Supplies
Equipment
Total
Debt to Worth
D/W
O26.2
24,000
34,500
67,800
1,500
43,200
171,000
=
=
LIABILITIES
Accounts Payable
Salaries Payable
Notes Payable
Total
56,000
3,400
1,200
60,600
EQUITY
Owner, Capital
Total
110,400
231,600
Total Liab/Total Equity
0.55
Each dollar
of Equity
supports 55
cents of
Liabilities
©CourseCollege.com
34
Debt ratio
The debt ratio answers the following question:
What percentage of total assets is supported by debt?
A leverage measure
Total
Liabilities
Debt ratio
Total
Assets
O26.2
©CourseCollege.com
35
Debt ratio Example
DRUTCH SUPPLY
BALANCE SHEET
As of 12/31/07
ASSETS
Cash
Accounts Receivable
Inventory
Supplies
Equipment
Total
Debt ratio
Debt ratio
O26.2
24,000
34,500
67,800
1,500
43,200
171,000
=
LIABILITIES
Accounts Payable
Salaries Payable
Notes Payable
Total
56,000
3,400
1,200
60,600
EQUITY
Owner, Capital
Total
110,400
231,600
Total Liab/Total Assets
= 0.35
Each dollar
of Assets is
supported
by 35 cents
of Liabilities
©CourseCollege.com
36
Times Interest Earned Ratio
Adjusted accrual income = the sum of accrual net
income + interest expense + income tax expense +
non cash expenses such as depreciation, amortization
and depletion.
Times
interest
earned
=
Adjusted accrual income
Interest expense
The higher the ratio, the
more adequate earnings are
to cover interest expense
O26.2
©CourseCollege.com
37
Debt Coverage Ratio
Adjusted accrual income = the sum of accrual net
income + interest expense + income tax expense +
non cash expenses such as depreciation, amortization
and depletion.
Debt
Coverage
=
Adjusted accrual income
Principal & Interest payments
The higher the ratio, the more
adequate earnings are to
cover debt service payments
O26.2
©CourseCollege.com
Example -Times interest earned and
Debt coverage ratios
38
Balance Sheet -Ruiz Recycling
As of 12/31 2009
Assets
Cash
Accounts receivable
Inventory
Property, Plant, Equipment
Total assets
123,000
345,000
410,500
1,200,500
2,079,000
Liabilities
Accounts Payable
Current Portion Long Term Debt
Long Term Debt
Total liabilities
Equity
Ow ner, Capital
536,700
138,600
823,400
1,498,700
580,300
Income Statement
For the year ended 12/31/09
Sales
2,347,000
Cost of Goods Sold
1,760,250
Wages expense
210,600
Depreciation expense
60,025
Interest expense
86,580
Misc expense
38,400
Net Profit
O26.2
191,145
Adjusted accrual income
376,150
(NP +Inc tax exp + Int exp + depr)
Times Int erest earned
4.3 X
Adjusted accrual income / Interest expense
Debt Co verage
1.7 X
Adjusted accrual income/( Principal + Interest exp)
©CourseCollege.com
Examples of
39
Efficiency measures
AR turnover
Days sales in AR
Inventory turnover
Days sales in inventory
AP Payment period
Working capital as a
percentage of sales
Total asset turnover







O26.2
©CourseCollege.com
40
AR Turnover
The AR turnover ratio answers the following question:
How many times did the firm sell its’ average Accounts
Receivable.
Average AR is often
calculated as:
(Beg AR +End AR)/2
Sales
AR
Turnover
Average
Accounts
Receivable
O26.2
©CourseCollege.com
41
Days’ Sales Uncollected
(in AR)
The days’ sales uncollected answers the following
question:
On average, how many days will it take to collect the
current AR total?
The AR balance is the
end of year total.
Sales is for the year.
AR
Sales
O26.2
X 365
Days’ Sales
Uncollected
©CourseCollege.com
42
Example
Assets
Cash
Accounts receivable
Alllow ance for Uncol.
Accounts
Inventory
Total assets
Balance Sheet -April's Gifts
As of 12/31 2007 and 2008
2007
9,000
75,000
2008
10,000
81,000
Liabilities
Accounts Payable
Inv. Loan
2007
45,000
18,000
2008
41,500
14,400
(2,500)
(2,600)
Total liabilities
63,000
55,900
169,500
196,500
151,000
232,500
164,000
252,400
Equity
Ow ner, Capital
Income Statement
For the year ended 12/31/08
Sales
Cost of Goods Sold
Wages expense
Uncollectible account
expense
Miscellaneous expense
Net Profit
O26.2
654,000
490,500
61,000
2,000
73,500
27,000
Average AR
(net AR for years 2007 +2008) / 2
AR t urnover
(Sales / Avg. AR)
Days' Sales Uncollect ed
(365 x AR / Sales)
75,450
8.7
X
43.8 days
©CourseCollege.com
43
Inventory Turnover
Inventory turnover answers the following question:
How many times did the firm sell their average
inventory during the year?
COGS
Remember to
use the
Average
Inventory
Average
Inventory
O26.2
Inventory
Turnover
©CourseCollege.com
44
Days Sales in Inventory
Days Sales in Inventory answers the following question:
How many days sales of inventory remain in the present
balance of inventory?
Ending
Inventory
Remember to use
the ending
Inventory
COGS
O26.2
X 365
Days Sales
in
Inventory
©CourseCollege.com
45
Example –Inventory ratios
Balance Sheet -April's Gifts
As of 12/31 2007 and 2008
Assets
Cash
Accounts receivable
Alllow ance for Uncol.
Accounts
Inventory
Total assets
2007
9,000
75,000
2008
10,000
81,000
Liabilities
Accounts Payable
Inv. Loan
2007
45,000
18,000
2008
41,500
14,400
(2,500)
(2,600)
Total liabilities
63,000
55,900
169,500
196,500
151,000
232,500
164,000
252,400
Equity
Ow ner, Capital
Income Statement
For the year ended 12/31/08
Sales
Cost of Goods Sold
Wages expense
Uncollectible account
expense
Miscellaneous expense
Net Profit
O26.2
654,000
490,500
61,000
2,000
73,500
27,000
Average Inventory
157,500
(Inventory for years 2007 +2008) / 2
Invent ory t urnover
3.1 X
(COGS / Avg. Inv.)
Days' Sales In Invent ory
122.0 days
(365 x Inv. / COGS)
©CourseCollege.com
46
AP payment period
The AP payment period answers the following
question:
How many days is the firm expected to take to pay the
present balance of Accounts Payable?
The AP balance is the
end of year total.
COGS is for the year.
AP
COGS
O26.2
X 365
AP payment
period
©CourseCollege.com
47
Example –AP payment period
Harianto Imports
Harianto Imports
Balance Sheet
As of 12/31/07
Assets
Cash
AR
Inventory
Supplies
Equipment
Total Assets
56,000
122,000
311,000
12,000
45,000
546,000
Income Statement
For the year ending 12/31/07
Liabilities
AP
Credit Line
Loan Payable
Total Liab.
Equity
Owner, Capital
Total Liab. + Equity
186,000
110,000
10,400
306,400
239,600
546,000
Sales
Less Sales R&A
Net Sales
Expenses
COGS
Wages
Supplies
Rent
Utilities
Miscellaneous
Total Expenses
AP Payment Period
(AP/COGS x 365)
142
630,000
(7,560)
622,440
478,800
63,500
1,120
18,500
13,400
1,200
576,520
DAYS
Net Income
45,920
186,000 / 478,800 x 365 = 142
O26.2
©CourseCollege.com
48
Total Asset Turnover Ratio
The higher the
turnover ratio,
the more
effective
management
is in utilizing
assets to
generate sales
Total asset turnover ratio is:
Net Sales / Average total assets
Sales
Average
Assets
O26.2
©CourseCollege.com
Total asset turnover -Example
49
Balance Sheet -Chen Distributors
As of 12/31 2010 and 2011
Assets
Cash
Accounts receivable
Inventory
Property Plant Equip
Accumulated Depr.
Total assets
2007
34,000
265,000
535,000
275,600
(175,500)
934,100
2008
28,500
301,400
575,000
264,600
(196,500)
973,000
Liabilities
Accounts Payable
Equipment loan
2007
198,500
173,000
2008
187,500
169,500
Total liabilities
Equity
Ow ner, Capital
371,500
357,000
562,600
616,000
Income Statement
For the year ended 12/31/08
Sales
Cost of Goods Sold
Wages expense
Depreciation expense
Selling expense
Miscellaneous expense
Net Profit
O26.2
3,356,800
2,517,600
314,900
21,000
296,700
Average Assets
(TA for years 2010 +2011) / 2
153,200
53,400
To t al asset t urno ver
( Sales/ Average assets)
953,550
3.5
X
©CourseCollege.com
Examples of
50
Profitability & Market measures
Net profit ratio
Gross profit ratio
Operating cash flow on assets ratio
Return on assets
Return on equity
Basic earnings per share
Price earnings ratio







O26.2
©CourseCollege.com
51
Net Profit ratio
All Fit Health Supply
Income Statement
For the Year ending December 31, 2007
%
Net Sales
894,580
Cost of Goods Sold
435,500
Gross Profit
459,080 51%
Operating expenses
324,480
Net Profit
O26.2
134,600 /
894,580
= 15%.
Or $.15 out of
every sales
dollar was
remains as net
profit.
134,600 15%
©CourseCollege.com
52
Gross Profit ratio
Income Statement
For the Year ending December 31, 2007
%
Merchandise Sales
Discount Card Sales
Net Sales
869,580
25,000
894,580
Cost of Goods Sold
435,500
Gross Profit
459,080 51%
Total operating expenses
324,480
Net Profit
O26.2
459,080 /
894,580
= 51%.
Or $.51 out of
every sales
dollar was left to
cover remaining
expenses and
profit after the
cost of sold
merchandise was
deducted.
134,600 15%
©CourseCollege.com
53
Basic earnings per share
Net income available to common stockholders
divided by
# of Common shares outstanding
Net income less
preferred dividends
Weighted
average
common
shares during
the earning
period
O26.2
average # of common
shares outstanding
©CourseCollege.com
54
Price earnings ratio
Market price per share
Basic earnings per share
How many times are
investors paying for
the annual earnings
per share?
O26.2
©CourseCollege.com
55
End Unit 26
©CourseCollege.com