SOLUTION MANUAL FOR j j
FoundationsjofjFinancialjManagement,j18thjEditionjbyjStanleyjBlock,jGeo
ffreyjHirt,jBartleyjDanielsen
Chapterj1-21
Chapterj1
ThejGoalsjandjFunctionsjofjFinancialjManagement
DiscussionjQuestions
1-1 Whatjeffectjdidjthejrecessionjofj2007-2009jhavejonjgovernmentjregulation?
Itjwasjgreatlyjincreased.
1-2 Whatjadvantagesjdoesjajsolejproprietorshipjoffer?jWhatjisjajmajorjdrawbackjofjthisjtypejofj
organization?
Ajsolejproprietorshipjoffersjthejadvantagejofjsimplicityjofjdecisionjmakingjandjlowjorganiz
ationaljandjoperatingjcosts.jAjmajorjdrawbackjisjthatjtherejisjunlimitedjliabilityjtojthejowner.
1-3 Whatjformjofjpartnershipjallowsjsomejofjthejinvestorsjtojlimitjtheirjliability?jExplainjbri
efly.
Ajlimitedjpartnershipjallowsjsomejofjthejpartnersjtojlimitjtheirjliability.jUnderjthisjarrangem
ent,jonejorjmorejpartnersjarejdesignatedjgeneraljpartnersjandjhavejunlimitedjliabilityjforjthej
debtsjofjthejfirm;jotherjpartnersjarejdesignatedjlimitedjpartnersjandjarejliablejonlyjforjtheirji
nitialjcontribution.jThejlimitedjpartnersjarejnormallyjprohibitedjfromjbeingjactivejinjthejma
nagementjofjthejfirm.
1-4 Injajcorporation,jwhatjgroupjhasjthejultimatejresponsibilityjforjprotectingjandjmanagingjth
ejstockholders’jinterests?
Thejboardjofjdirectors.
1-5 Whatjdocumentjisjnecessaryjtojformjajcorporation?
Thejarticlesjofjincorporation.
1-6 Whatjissuejdoesjagencyjtheoryjexamine?jWhyjisjitjimportantjinjajpublicjcorporationjrat
herjthanjinjajprivatejcorporation?
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.
, Agencyjtheoryjexaminesjthejrelationshipjbetweenjthejownersjofjthejfirmjandjthejmanagersjo
fjthejfirm.jInjprivatelyjownedjfirms,jmanagementjandjthejownersjarejusuallyjthejsamejpeople
.jManagementjoperatesjthejfirmjtojsatisfyjitsjownjgoals,jneeds,jfinancialjrequirementsjandjth
ejlike.jAsjajcompanyjmovesjfromjprivatejtojpublicjownership,jmanagementjnowjrepresentsj
alljowners.jThisjplacesjmanagementjinjthejagencyjpositionjofjmakingjdecisionsjinjthejbestjin
terestjofjalljshareholders.
1-7 Whatjarejinstitutionaljinvestorsjimportantjinjtoday’sjbusinessjworld?
Becausejinstitutionaljinvestorsjsuchjasjpensionjfundsjandjmutualjfundsjownjajlargejpercentag
ejofjmajorjU.S.jcompanies,jtheyjarejhavingjmorejtojsayjaboutjthejwayjpubliclyjownedjcompa
niesjarejmanaged.jAsjajgroup,jtheyjhavejthejabilityjtojvotejlargejblocksjofjsharesjforjthejelecti
onjofjajboardjofjdirectors,jwhichjisjsupposedjtojrunjthejcompanyjinjanjefficient,jcompetitivejm
anner.jThejthreatjofjbeingjablejtojreplacejpoorjperformingjboardsjofjdirectorsjmakesjinstitutio
naljinvestorsjquitejinfluential.jSincejthesejinstitutions,jlikejpensionjfundsjandjmutualjfunds,jr
epresentjindividualjworkersjandjinvestors,jtheyjhavejajresponsibilityjtojseejthatjthejfirmjisjma
nagedjinjanjefficientjandjethicaljway.
1-8 Whyjisjprofitjmaximization,jbyjitself,janjinappropriatejgoal?jWhatjisjmeantjbyjthejgoaljofj
maximizationjofjshareholderjwealth?
Thejproblemjwithjajprofitjmaximizationjgoaljisjthatjitjfailsjtojtakejaccountjofjrisk,jthejtimingj
ofjthejbenefitsjisjnotjconsidered,jandjprofitjmeasurementjisjajveryjinexactjprocess.jThejgoalj
ofjshareholders’jwealthjmaximizationjimpliesjthatjthejfirmjwilljattemptjtojachievejthejhighe
stjpossiblejtotaljvaluationjinjthejmarketplace.jItjisjthejonejoverridingjobjectivejofjthejfirmjan
djshouldjinfluencejeveryjdecision.
1-9 Whenjdoesjinsiderjtradingjoccur?jWhatjgovernmentjagencyjisjresponsiblejforjprotectingjag
ainstjthejunethicaljpracticejofjinsiderjtrading?
Insiderjtradingjoccursjwhenjanyonejwithjnon-
publicjinformationjbuysjorjsellsjsecuritiesjtojtakejadvantagejofjthatjprivatejinformation.jThe
jSecuritiesjandjExchangejCommissionjisjresponsiblejforjprotectingjmarketsjagainstjinsiderjt
rading.jInjthejpast,jpeoplejhavejgonejtojjailjforjtradingjonjnon-
publicjinformation.jThisjhasjincludedjcompanyjofficers,jinvestmentjbankers,jprintersjwhojh
avejinformationjbeforejitjisjpublished,jandjevenjtruckjdriversjwhojdeliverjbusinessjmagazin
esjandjreadjpositivejorjnegativejarticlesjaboutjajcompanyjbeforejthejmagazinejisjonjthejnews
standsjandjthenjplacejtradesjorjhavejfriendsjplacejtradesjbasedjonjthatjinformation.jThejSECj
hasjprosecutedjanyonejwhojprofitsjfromjinsidejinformation.
1-10 Injtermsjofjthejlifejofjthejsecuritiesjoffered,jwhatjisjthejdifferencejbetweenjmoneyjandjca
pitaljmarkets?
Moneyjmarketsjreferjtojthosejmarketsjdealingjwithjshort-
termjsecuritiesjthatjhavejajlifejofjonejyearjorjless.jCapitaljmarketsjreferjtojsecuritiesjwithjajli
fejofjmorejthanjonejyear.
1-11 Whatjisjthejdifferencejbetweenjajprimaryjandjajsecondaryjmarket?
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.
, Ajprimaryjmarketjrefersjtojthejusejofjthejfinancialjmarketsjtojraisejnewjfundsjforjthejcorpora
tion.jAfterjthejsecuritiesjarejsoldjtojthejpublicj(institutionsjandjindividuals),jtheyjtradejinjthej
secondaryjmarketjbetweenjinvestors.jItjisjinjthejsecondaryjmarketjthatjpricesjarejcontinuallyj
changingjasjinvestorsjbuyjandjselljsecuritiesjbasedjonjthejexpectationsjofjcorporatejprospect
s.
1-12 Assumejyoujarejlookingjatjmanyjcompaniesjwithjequaljrisk.jWhichjonesjwilljhavejthejhi
ghestjstockjprices?
Givenjcompaniesjwithjequaljrisk,jthosejcompaniesjwithjexpectationsjofjhighjreturnjwilljha
vejhigherjcommonjstockjpricesjrelativejtojthosejcompaniesjwithjexpectationsjofjpoorjretur
ns.
1-13 Howjisjthejtimejvaluejofjmoneyjconceptjrelatedjtojthejvaluationjofjstocks?
Thejvaluejofjanjinvestmentjthatjisjexpectedjtojearnjmoneyjinjthejfuturejcanjbejcalculatedjusi
ngjtime-
valuejofjmoneyjprinciples.jCorporationsjarejexpectedjtojpayjdividendsjtojtheirjshareholders.j
Thejcurrentjvaluejofjthesejfuturejdividendsjisjthejpresentjvalue.jThejpresentjvaluejofjajstock’
sjfuturejdividendsjshouldjbejthejsamejasjthejstock’sjcurrentjprice.
Chapterj2
ReviewjofjAccounting
DiscussionjQuestions
2-1. Discussjsomejfinancialjvariablesjthatjaffectjthejprice-earningsjratio.
Thejprice-
earningsjratiojwilljbejinfluencedjbyjthejearningsjandjsalesjgrowthjofjthejfirm,jthejriskjorj
volatilityjinjperformance,jthejdebt-
equityjstructurejofjthejfirm,jthejdividendjpaymentjpolicy,jthejqualityjofjmanagement,ja
ndjajnumberjofjotherjfactors.jThejratiojtendsjtojbejfuture-
oriented,jandjthejmorejpositivejthejoutlook,jthejhigherjitjwilljbe.
2-2. Whatjisjthejdifferencejbetweenjbookjvaluejperjsharejofjcommonjstockjandjmarketjvalue
jperjshare?jWhyjdoesjthisjdisparityjoccur?
Bookjvaluejperjsharejisjarrivedjatjbyjtakingjthejcostjofjthejassetsjandjsubtractingjoutjliabi
litiesjandjpreferredjstockjandjdividingjbyjthejnumberjofjcommonjshares
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.
, outstanding.jItjisjbasedjonjthejhistoricaljcostjofjthejassets.jMarketjvaluejperjsharejis
basedjonjthejcurrentjassessedjvaluejofjthejfirmjinjthejmarketplacejandjmayjbearjlittlejrel
ationshipjtojoriginaljcost.jBesidesjthejdisparityjbetweenjbookjandjmarketjvaluejcausedjb
yjthejhistoricaljcostjapproach,jotherjcontributingjfactorsjarejthejgrowthjprospectsjforjth
ejfirm,jthejqualityjofjmanagement,jandjthejindustryjoutlook.jTojthejextentjthesejarejquit
ejnegativejorjpositive;jmarketjvaluejmayjdifferjwidelyjfromjbookjvalue.
2-3. Explainjhowjdepreciationjgeneratesjactualjcashjflowsjforjthejcompany.
Thejonlyjwayjdepreciationjgeneratesjcashjflowsjforjthejcompanyjisjbyjservingjasjajtaxjshi
eldjagainstjreportedjincome.jThisjnon-
cashjdeductionjmayjprovidejcashjflowjequaljtojthejtaxjratejtimesjthejdepreciationjcharg
ed.jThisjmuchjinjtaxesjwilljbejsaved,jwhilejnojcashjpaymentsjoccur.
2-4. Whatjisjthejdifferencejbetweenjaccumulatedjdepreciationjandjdepreciationjexpense?jHo
wjarejtheyjrelated?
Accumulatedjdepreciationjisjthejsumjofjalljpastjandjpresentjdepreciationjcharges,jwhilej
depreciationjexpensejisjthejcurrentjyear’sjcharge.jTheyjarejrelatedjinjthatjthejsumjofjalljp
riorjdepreciationjexpensejshouldjbejequaljtojaccumulatedjdepreciationj(subjectjtojsomej
differentialjrelatedjtojasset
write-offs).
2-5. Howjisjthejincomejstatementjrelatedjtojthejbalancejsheet?
Thejearningsj(lessjdividends)jreportedjinjthejincomejstatementjisjtransferredjtojthejo
wnershipjsectionjofjthejbalancejsheetjasjretainedjearnings.jThus,jwhatjwejearnjinjthej
incomejstatementjbecomesjpartjofjthejownershipjinterestjinjthejbalancejsheet.
2-6. Commentjonjwhyjinflationjmayjrestrictjthejusefulnessjofjthejbalancejsheetjasjnormallyj
presented.
Thejbalancejsheetjisjbasedjonjhistoricaljcosts.jWhenjpricesjarejrisingjrapidly,jhistoricaljco
stjdatajmayjlosejmuchjofjtheirjmeaning—particularlyjforjplantjandjequipmentjand
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.
FoundationsjofjFinancialjManagement,j18thjEditionjbyjStanleyjBlock,jGeo
ffreyjHirt,jBartleyjDanielsen
Chapterj1-21
Chapterj1
ThejGoalsjandjFunctionsjofjFinancialjManagement
DiscussionjQuestions
1-1 Whatjeffectjdidjthejrecessionjofj2007-2009jhavejonjgovernmentjregulation?
Itjwasjgreatlyjincreased.
1-2 Whatjadvantagesjdoesjajsolejproprietorshipjoffer?jWhatjisjajmajorjdrawbackjofjthisjtypejofj
organization?
Ajsolejproprietorshipjoffersjthejadvantagejofjsimplicityjofjdecisionjmakingjandjlowjorganiz
ationaljandjoperatingjcosts.jAjmajorjdrawbackjisjthatjtherejisjunlimitedjliabilityjtojthejowner.
1-3 Whatjformjofjpartnershipjallowsjsomejofjthejinvestorsjtojlimitjtheirjliability?jExplainjbri
efly.
Ajlimitedjpartnershipjallowsjsomejofjthejpartnersjtojlimitjtheirjliability.jUnderjthisjarrangem
ent,jonejorjmorejpartnersjarejdesignatedjgeneraljpartnersjandjhavejunlimitedjliabilityjforjthej
debtsjofjthejfirm;jotherjpartnersjarejdesignatedjlimitedjpartnersjandjarejliablejonlyjforjtheirji
nitialjcontribution.jThejlimitedjpartnersjarejnormallyjprohibitedjfromjbeingjactivejinjthejma
nagementjofjthejfirm.
1-4 Injajcorporation,jwhatjgroupjhasjthejultimatejresponsibilityjforjprotectingjandjmanagingjth
ejstockholders’jinterests?
Thejboardjofjdirectors.
1-5 Whatjdocumentjisjnecessaryjtojformjajcorporation?
Thejarticlesjofjincorporation.
1-6 Whatjissuejdoesjagencyjtheoryjexamine?jWhyjisjitjimportantjinjajpublicjcorporationjrat
herjthanjinjajprivatejcorporation?
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.
, Agencyjtheoryjexaminesjthejrelationshipjbetweenjthejownersjofjthejfirmjandjthejmanagersjo
fjthejfirm.jInjprivatelyjownedjfirms,jmanagementjandjthejownersjarejusuallyjthejsamejpeople
.jManagementjoperatesjthejfirmjtojsatisfyjitsjownjgoals,jneeds,jfinancialjrequirementsjandjth
ejlike.jAsjajcompanyjmovesjfromjprivatejtojpublicjownership,jmanagementjnowjrepresentsj
alljowners.jThisjplacesjmanagementjinjthejagencyjpositionjofjmakingjdecisionsjinjthejbestjin
terestjofjalljshareholders.
1-7 Whatjarejinstitutionaljinvestorsjimportantjinjtoday’sjbusinessjworld?
Becausejinstitutionaljinvestorsjsuchjasjpensionjfundsjandjmutualjfundsjownjajlargejpercentag
ejofjmajorjU.S.jcompanies,jtheyjarejhavingjmorejtojsayjaboutjthejwayjpubliclyjownedjcompa
niesjarejmanaged.jAsjajgroup,jtheyjhavejthejabilityjtojvotejlargejblocksjofjsharesjforjthejelecti
onjofjajboardjofjdirectors,jwhichjisjsupposedjtojrunjthejcompanyjinjanjefficient,jcompetitivejm
anner.jThejthreatjofjbeingjablejtojreplacejpoorjperformingjboardsjofjdirectorsjmakesjinstitutio
naljinvestorsjquitejinfluential.jSincejthesejinstitutions,jlikejpensionjfundsjandjmutualjfunds,jr
epresentjindividualjworkersjandjinvestors,jtheyjhavejajresponsibilityjtojseejthatjthejfirmjisjma
nagedjinjanjefficientjandjethicaljway.
1-8 Whyjisjprofitjmaximization,jbyjitself,janjinappropriatejgoal?jWhatjisjmeantjbyjthejgoaljofj
maximizationjofjshareholderjwealth?
Thejproblemjwithjajprofitjmaximizationjgoaljisjthatjitjfailsjtojtakejaccountjofjrisk,jthejtimingj
ofjthejbenefitsjisjnotjconsidered,jandjprofitjmeasurementjisjajveryjinexactjprocess.jThejgoalj
ofjshareholders’jwealthjmaximizationjimpliesjthatjthejfirmjwilljattemptjtojachievejthejhighe
stjpossiblejtotaljvaluationjinjthejmarketplace.jItjisjthejonejoverridingjobjectivejofjthejfirmjan
djshouldjinfluencejeveryjdecision.
1-9 Whenjdoesjinsiderjtradingjoccur?jWhatjgovernmentjagencyjisjresponsiblejforjprotectingjag
ainstjthejunethicaljpracticejofjinsiderjtrading?
Insiderjtradingjoccursjwhenjanyonejwithjnon-
publicjinformationjbuysjorjsellsjsecuritiesjtojtakejadvantagejofjthatjprivatejinformation.jThe
jSecuritiesjandjExchangejCommissionjisjresponsiblejforjprotectingjmarketsjagainstjinsiderjt
rading.jInjthejpast,jpeoplejhavejgonejtojjailjforjtradingjonjnon-
publicjinformation.jThisjhasjincludedjcompanyjofficers,jinvestmentjbankers,jprintersjwhojh
avejinformationjbeforejitjisjpublished,jandjevenjtruckjdriversjwhojdeliverjbusinessjmagazin
esjandjreadjpositivejorjnegativejarticlesjaboutjajcompanyjbeforejthejmagazinejisjonjthejnews
standsjandjthenjplacejtradesjorjhavejfriendsjplacejtradesjbasedjonjthatjinformation.jThejSECj
hasjprosecutedjanyonejwhojprofitsjfromjinsidejinformation.
1-10 Injtermsjofjthejlifejofjthejsecuritiesjoffered,jwhatjisjthejdifferencejbetweenjmoneyjandjca
pitaljmarkets?
Moneyjmarketsjreferjtojthosejmarketsjdealingjwithjshort-
termjsecuritiesjthatjhavejajlifejofjonejyearjorjless.jCapitaljmarketsjreferjtojsecuritiesjwithjajli
fejofjmorejthanjonejyear.
1-11 Whatjisjthejdifferencejbetweenjajprimaryjandjajsecondaryjmarket?
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.
, Ajprimaryjmarketjrefersjtojthejusejofjthejfinancialjmarketsjtojraisejnewjfundsjforjthejcorpora
tion.jAfterjthejsecuritiesjarejsoldjtojthejpublicj(institutionsjandjindividuals),jtheyjtradejinjthej
secondaryjmarketjbetweenjinvestors.jItjisjinjthejsecondaryjmarketjthatjpricesjarejcontinuallyj
changingjasjinvestorsjbuyjandjselljsecuritiesjbasedjonjthejexpectationsjofjcorporatejprospect
s.
1-12 Assumejyoujarejlookingjatjmanyjcompaniesjwithjequaljrisk.jWhichjonesjwilljhavejthejhi
ghestjstockjprices?
Givenjcompaniesjwithjequaljrisk,jthosejcompaniesjwithjexpectationsjofjhighjreturnjwilljha
vejhigherjcommonjstockjpricesjrelativejtojthosejcompaniesjwithjexpectationsjofjpoorjretur
ns.
1-13 Howjisjthejtimejvaluejofjmoneyjconceptjrelatedjtojthejvaluationjofjstocks?
Thejvaluejofjanjinvestmentjthatjisjexpectedjtojearnjmoneyjinjthejfuturejcanjbejcalculatedjusi
ngjtime-
valuejofjmoneyjprinciples.jCorporationsjarejexpectedjtojpayjdividendsjtojtheirjshareholders.j
Thejcurrentjvaluejofjthesejfuturejdividendsjisjthejpresentjvalue.jThejpresentjvaluejofjajstock’
sjfuturejdividendsjshouldjbejthejsamejasjthejstock’sjcurrentjprice.
Chapterj2
ReviewjofjAccounting
DiscussionjQuestions
2-1. Discussjsomejfinancialjvariablesjthatjaffectjthejprice-earningsjratio.
Thejprice-
earningsjratiojwilljbejinfluencedjbyjthejearningsjandjsalesjgrowthjofjthejfirm,jthejriskjorj
volatilityjinjperformance,jthejdebt-
equityjstructurejofjthejfirm,jthejdividendjpaymentjpolicy,jthejqualityjofjmanagement,ja
ndjajnumberjofjotherjfactors.jThejratiojtendsjtojbejfuture-
oriented,jandjthejmorejpositivejthejoutlook,jthejhigherjitjwilljbe.
2-2. Whatjisjthejdifferencejbetweenjbookjvaluejperjsharejofjcommonjstockjandjmarketjvalue
jperjshare?jWhyjdoesjthisjdisparityjoccur?
Bookjvaluejperjsharejisjarrivedjatjbyjtakingjthejcostjofjthejassetsjandjsubtractingjoutjliabi
litiesjandjpreferredjstockjandjdividingjbyjthejnumberjofjcommonjshares
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.
, outstanding.jItjisjbasedjonjthejhistoricaljcostjofjthejassets.jMarketjvaluejperjsharejis
basedjonjthejcurrentjassessedjvaluejofjthejfirmjinjthejmarketplacejandjmayjbearjlittlejrel
ationshipjtojoriginaljcost.jBesidesjthejdisparityjbetweenjbookjandjmarketjvaluejcausedjb
yjthejhistoricaljcostjapproach,jotherjcontributingjfactorsjarejthejgrowthjprospectsjforjth
ejfirm,jthejqualityjofjmanagement,jandjthejindustryjoutlook.jTojthejextentjthesejarejquit
ejnegativejorjpositive;jmarketjvaluejmayjdifferjwidelyjfromjbookjvalue.
2-3. Explainjhowjdepreciationjgeneratesjactualjcashjflowsjforjthejcompany.
Thejonlyjwayjdepreciationjgeneratesjcashjflowsjforjthejcompanyjisjbyjservingjasjajtaxjshi
eldjagainstjreportedjincome.jThisjnon-
cashjdeductionjmayjprovidejcashjflowjequaljtojthejtaxjratejtimesjthejdepreciationjcharg
ed.jThisjmuchjinjtaxesjwilljbejsaved,jwhilejnojcashjpaymentsjoccur.
2-4. Whatjisjthejdifferencejbetweenjaccumulatedjdepreciationjandjdepreciationjexpense?jHo
wjarejtheyjrelated?
Accumulatedjdepreciationjisjthejsumjofjalljpastjandjpresentjdepreciationjcharges,jwhilej
depreciationjexpensejisjthejcurrentjyear’sjcharge.jTheyjarejrelatedjinjthatjthejsumjofjalljp
riorjdepreciationjexpensejshouldjbejequaljtojaccumulatedjdepreciationj(subjectjtojsomej
differentialjrelatedjtojasset
write-offs).
2-5. Howjisjthejincomejstatementjrelatedjtojthejbalancejsheet?
Thejearningsj(lessjdividends)jreportedjinjthejincomejstatementjisjtransferredjtojthejo
wnershipjsectionjofjthejbalancejsheetjasjretainedjearnings.jThus,jwhatjwejearnjinjthej
incomejstatementjbecomesjpartjofjthejownershipjinterestjinjthejbalancejsheet.
2-6. Commentjonjwhyjinflationjmayjrestrictjthejusefulnessjofjthejbalancejsheetjasjnormallyj
presented.
Thejbalancejsheetjisjbasedjonjhistoricaljcosts.jWhenjpricesjarejrisingjrapidly,jhistoricaljco
stjdatajmayjlosejmuchjofjtheirjmeaning—particularlyjforjplantjandjequipmentjand
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.
