{"id":79,"date":"2021-01-26T22:01:51","date_gmt":"2021-01-26T22:01:51","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-managerialaccounting\/?post_type=chapter&#038;p=79"},"modified":"2021-06-10T19:04:11","modified_gmt":"2021-06-10T19:04:11","slug":"target-profit","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-clinton-managerialaccounting\/chapter\/target-profit\/","title":{"raw":"Target Profit","rendered":"Target Profit"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Outcomes<\/h3>\r\n<ul>\r\n \t<li>Calculate target profit<\/li>\r\n<\/ul>\r\n<\/div>\r\n<img class=\"size-medium wp-image-777 alignright\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5469\/2021\/01\/17150454\/tom-hermans-9BoqXzEeQqM-unsplash-300x200.jpg\" alt=\"Multiple books on a cart.\" width=\"300\" height=\"200\" \/>A target profit can be built-in to the equation as if it were an additional fixed cost. At the break-even point, operating income is zero, which is rarely the goal of a for-profit company. An owner or manager may identify a desired operating income and add that amount to the fixed costs in the numerator. The question then becomes: How many units does the company have to sell to pay all its expenses for the month AND earn a profit of $X? The resulting number of sales units will generate this desired operating income.\r\n\r\nLet\u2019s define two terms:\r\n<ul>\r\n \t<li>Operating income (from the contribution margin statement)<\/li>\r\n \t<li>Profit (using it\u2019s generally accepted definition)<\/li>\r\n<\/ul>\r\n<h2>Operating income<\/h2>\r\nOperating income for a business like The Home Depot, Inc. would be the difference between sales of home improvement goods and services, like lumber, appliances, tiles, etc., and the ordinary expenses related to those sales, such as rent on stores and warehouses, inventory, and wages.\r\n\r\nIf you compared operating income between two similar companies, such as Lowes, Inc. and The Home Depot, Inc., you would be comparing apples to apples.\r\n<h2>Profit<\/h2>\r\nProfit is often used in a variety of ways. For instance, in CVP analysis, it is often used as a synonym for operating income. However, it also sometimes means \u201cnet income\u201d which could include non-operating expenses, such as interest on debt.\r\n\r\nInterest on debt is not usually included in financial account net income because one company may rely heavily on debt financing that incurs interest expense, and another similar company may rely more heavily on owners contributing capital (money) to the organization. Another common non-operating item is gain or loss on the sale of assets.\r\n\r\nIn this module, we\u2019ll use the term profit and operating income interchangeably, but beware that these terms may have different meanings depending on the context.\r\n<h2>Target Profit<img class=\"size-medium wp-image-1565 alignright\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5469\/2021\/01\/12224933\/annie-spratt-t3IYuQZRDNE-unsplash-203x300.jpg\" alt=\"Child learning archery\" width=\"203\" height=\"300\" \/><\/h2>\r\nLet\u2019s run our analysis again, this time adding in a target profit of $850 per month.\r\n\r\nWe know each unit provides $1.70 in contribution margin. The contribution margin covers fixed costs and profit.\r\n\r\nIn this case, we want to know the point where profit is closest to $850, which means we have to cover fixed costs of $3,400 AND the profit of $850 (3,400 + 850 = 4,250).\r\n\r\nDivide fixed costs plus profit by contribution margin per unit:\r\n\r\n(850 + 3,400) \/ 1.70 = 2,500 units.\r\n\r\nWe can enter that into our Contribution Margin statement to see if it works:\r\n<div align=\"left\">\r\n<table class=\"fin-table acctstatement fw\"><caption>BlankBooks, Inc.\r\nCVP Analysis - target profit\r\nFor the month ending July 31, 20XX<\/caption>\r\n<tbody>\r\n<tr>\r\n<th class=\"r\" scope=\"col\"><\/th>\r\n<th class=\"r\" scope=\"col\">Units<\/th>\r\n<th class=\"r\" scope=\"col\">$\/Unit<\/th>\r\n<th class=\"r\" scope=\"col\">Total<\/th>\r\n<\/tr>\r\n<\/tbody>\r\n<tbody>\r\n<tr>\r\n<td>Sales<\/td>\r\n<td class=\"r\">2,500<\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a010.00<\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a025,000.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Variable costs<\/td>\r\n<td class=\"r\">2,500<\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.30<\/td>\r\n<td class=\"r\">20,750.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Contribution Margin<\/td>\r\n<td><\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.70<\/td>\r\n<td class=\"r line-single\"><span class=\"u-sr-only\">Single Line<\/span>4,250.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Fixed costs<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td class=\"r\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,400.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Operating income<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td class=\"r line-single line-double\"><span class=\"u-sr-only\">Single Line<\/span>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0850.00<span class=\"u-sr-only\">Double line<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<td>CM ratio<\/td>\r\n<td><\/td>\r\n<td class=\"r\">17.00%<\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n&nbsp;\r\n\r\nAgain, as with break-even, we could calculate the target profit point by dividing fixed costs plus profit by the contribution margin ratio, which will give us the target profit point in sales dollars:\r\n\r\n$4,250 \/ 0.17 = $25,000.00\r\n\r\nSince each unit sells for $10.00, the number of units we need to sell to achieve the target profit would be:\r\n\r\nTotal sales \/ price per unit = total units\r\n\r\n$25,000 \/ $10 = 2,500 units\r\n<div align=\"left\">\r\n<table class=\"fin-table acctstatement fw\"><caption>BlankBooks, Inc.\r\nCVP Analysis - projections\r\nFor the month ending July 31, 20XX<\/caption>\r\n<tbody>\r\n<tr>\r\n<th class=\"r\" scope=\"col\"><\/th>\r\n<th class=\"r\" scope=\"col\">Units<\/th>\r\n<th class=\"r\" scope=\"col\">$\/Unit<\/th>\r\n<th class=\"r\" scope=\"col\">Total<\/th>\r\n<\/tr>\r\n<\/tbody>\r\n<tbody>\r\n<tr>\r\n<td>Sales<\/td>\r\n<td class=\"r\">2,900<\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a010.00<\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a029,000.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Variable costs<\/td>\r\n<td class=\"r\">2,900<\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.30<\/td>\r\n<td class=\"r\">24,070.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Contribution Margin<\/td>\r\n<td><\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.70<\/td>\r\n<td class=\"r line-single\"><span class=\"u-sr-only\">Single Line<\/span>4,930.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Fixed costs<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td class=\"r\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,400.00<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Operating income<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td class=\"r line-single line-double\"><span class=\"u-sr-only\">Single Line<\/span>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,530.00<span class=\"u-sr-only\">Double line<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<td>CM ratio<\/td>\r\n<td><\/td>\r\n<td class=\"r\">17.00%<\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n&nbsp;\r\n\r\nHere is a review of calculating a target profit:\r\n\r\n<iframe src=\"\/\/plugin.3playmedia.com\/show?mf=6352533&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=4U60Ya5ysMU&amp;video_target=tpm-plugin-i32owu37-4U60Ya5ysMU\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe>\r\n\r\nYou can view the <a href=\"https:\/\/oerfiles.s3.us-west-2.amazonaws.com\/Managerial+Accounting\/Transcripts\/CostVolumeProfitAnalysisTargetProfit_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for \"Cost Volume Profit Analysis (CVP): Target Profit\" here (opens in new window)<\/a>.\r\n\r\nNow, let\u2019s check your understanding of calculating the target profit point.\r\n<div class=\"textbox tryit\">\r\n<h3>Practice Questions<\/h3>\r\n[ohm_question hide_question_numbers=1]217763-217764[\/ohm_question]\r\n\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li>Calculate target profit<\/li>\n<\/ul>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-777 alignright\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5469\/2021\/01\/17150454\/tom-hermans-9BoqXzEeQqM-unsplash-300x200.jpg\" alt=\"Multiple books on a cart.\" width=\"300\" height=\"200\" \/>A target profit can be built-in to the equation as if it were an additional fixed cost. At the break-even point, operating income is zero, which is rarely the goal of a for-profit company. An owner or manager may identify a desired operating income and add that amount to the fixed costs in the numerator. The question then becomes: How many units does the company have to sell to pay all its expenses for the month AND earn a profit of $X? The resulting number of sales units will generate this desired operating income.<\/p>\n<p>Let\u2019s define two terms:<\/p>\n<ul>\n<li>Operating income (from the contribution margin statement)<\/li>\n<li>Profit (using it\u2019s generally accepted definition)<\/li>\n<\/ul>\n<h2>Operating income<\/h2>\n<p>Operating income for a business like The Home Depot, Inc. would be the difference between sales of home improvement goods and services, like lumber, appliances, tiles, etc., and the ordinary expenses related to those sales, such as rent on stores and warehouses, inventory, and wages.<\/p>\n<p>If you compared operating income between two similar companies, such as Lowes, Inc. and The Home Depot, Inc., you would be comparing apples to apples.<\/p>\n<h2>Profit<\/h2>\n<p>Profit is often used in a variety of ways. For instance, in CVP analysis, it is often used as a synonym for operating income. However, it also sometimes means \u201cnet income\u201d which could include non-operating expenses, such as interest on debt.<\/p>\n<p>Interest on debt is not usually included in financial account net income because one company may rely heavily on debt financing that incurs interest expense, and another similar company may rely more heavily on owners contributing capital (money) to the organization. Another common non-operating item is gain or loss on the sale of assets.<\/p>\n<p>In this module, we\u2019ll use the term profit and operating income interchangeably, but beware that these terms may have different meanings depending on the context.<\/p>\n<h2>Target Profit<img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1565 alignright\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5469\/2021\/01\/12224933\/annie-spratt-t3IYuQZRDNE-unsplash-203x300.jpg\" alt=\"Child learning archery\" width=\"203\" height=\"300\" \/><\/h2>\n<p>Let\u2019s run our analysis again, this time adding in a target profit of $850 per month.<\/p>\n<p>We know each unit provides $1.70 in contribution margin. The contribution margin covers fixed costs and profit.<\/p>\n<p>In this case, we want to know the point where profit is closest to $850, which means we have to cover fixed costs of $3,400 AND the profit of $850 (3,400 + 850 = 4,250).<\/p>\n<p>Divide fixed costs plus profit by contribution margin per unit:<\/p>\n<p>(850 + 3,400) \/ 1.70 = 2,500 units.<\/p>\n<p>We can enter that into our Contribution Margin statement to see if it works:<\/p>\n<div style=\"text-align: left;\">\n<table class=\"fin-table acctstatement fw\">\n<caption>BlankBooks, Inc.<br \/>\nCVP Analysis &#8211; target profit<br \/>\nFor the month ending July 31, 20XX<\/caption>\n<tbody>\n<tr>\n<th class=\"r\" scope=\"col\"><\/th>\n<th class=\"r\" scope=\"col\">Units<\/th>\n<th class=\"r\" scope=\"col\">$\/Unit<\/th>\n<th class=\"r\" scope=\"col\">Total<\/th>\n<\/tr>\n<\/tbody>\n<tbody>\n<tr>\n<td>Sales<\/td>\n<td class=\"r\">2,500<\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a010.00<\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a025,000.00<\/td>\n<\/tr>\n<tr>\n<td>Variable costs<\/td>\n<td class=\"r\">2,500<\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.30<\/td>\n<td class=\"r\">20,750.00<\/td>\n<\/tr>\n<tr>\n<td>Contribution Margin<\/td>\n<td><\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.70<\/td>\n<td class=\"r line-single\"><span class=\"u-sr-only\">Single Line<\/span>4,250.00<\/td>\n<\/tr>\n<tr>\n<td>Fixed costs<\/td>\n<td><\/td>\n<td><\/td>\n<td class=\"r\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,400.00<\/td>\n<\/tr>\n<tr>\n<td>Operating income<\/td>\n<td><\/td>\n<td><\/td>\n<td class=\"r line-single line-double\"><span class=\"u-sr-only\">Single Line<\/span>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0850.00<span class=\"u-sr-only\">Double line<\/span><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>CM ratio<\/td>\n<td><\/td>\n<td class=\"r\">17.00%<\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Again, as with break-even, we could calculate the target profit point by dividing fixed costs plus profit by the contribution margin ratio, which will give us the target profit point in sales dollars:<\/p>\n<p>$4,250 \/ 0.17 = $25,000.00<\/p>\n<p>Since each unit sells for $10.00, the number of units we need to sell to achieve the target profit would be:<\/p>\n<p>Total sales \/ price per unit = total units<\/p>\n<p>$25,000 \/ $10 = 2,500 units<\/p>\n<div style=\"text-align: left;\">\n<table class=\"fin-table acctstatement fw\">\n<caption>BlankBooks, Inc.<br \/>\nCVP Analysis &#8211; projections<br \/>\nFor the month ending July 31, 20XX<\/caption>\n<tbody>\n<tr>\n<th class=\"r\" scope=\"col\"><\/th>\n<th class=\"r\" scope=\"col\">Units<\/th>\n<th class=\"r\" scope=\"col\">$\/Unit<\/th>\n<th class=\"r\" scope=\"col\">Total<\/th>\n<\/tr>\n<\/tbody>\n<tbody>\n<tr>\n<td>Sales<\/td>\n<td class=\"r\">2,900<\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a010.00<\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a029,000.00<\/td>\n<\/tr>\n<tr>\n<td>Variable costs<\/td>\n<td class=\"r\">2,900<\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.30<\/td>\n<td class=\"r\">24,070.00<\/td>\n<\/tr>\n<tr>\n<td>Contribution Margin<\/td>\n<td><\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.70<\/td>\n<td class=\"r line-single\"><span class=\"u-sr-only\">Single Line<\/span>4,930.00<\/td>\n<\/tr>\n<tr>\n<td>Fixed costs<\/td>\n<td><\/td>\n<td><\/td>\n<td class=\"r\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,400.00<\/td>\n<\/tr>\n<tr>\n<td>Operating income<\/td>\n<td><\/td>\n<td><\/td>\n<td class=\"r line-single line-double\"><span class=\"u-sr-only\">Single Line<\/span>$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,530.00<span class=\"u-sr-only\">Double line<\/span><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>CM ratio<\/td>\n<td><\/td>\n<td class=\"r\">17.00%<\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Here is a review of calculating a target profit:<\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/plugin.3playmedia.com\/show?mf=6352533&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=4U60Ya5ysMU&amp;video_target=tpm-plugin-i32owu37-4U60Ya5ysMU\" width=\"800px\" height=\"450px\" frameborder=\"0\" marginwidth=\"0px\" marginheight=\"0px\"><\/iframe><\/p>\n<p>You can view the <a href=\"https:\/\/oerfiles.s3.us-west-2.amazonaws.com\/Managerial+Accounting\/Transcripts\/CostVolumeProfitAnalysisTargetProfit_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for &#8220;Cost Volume Profit Analysis (CVP): Target Profit&#8221; here (opens in new window)<\/a>.<\/p>\n<p>Now, let\u2019s check your understanding of calculating the target profit point.<\/p>\n<div class=\"textbox tryit\">\n<h3>Practice Questions<\/h3>\n<p><iframe loading=\"lazy\" id=\"ohm217763\" class=\"resizable\" src=\"https:\/\/ohm.lumenlearning.com\/multiembedq.php?id=217763-217764&theme=oea&iframe_resize_id=ohm217763\" width=\"100%\" height=\"150\"><\/iframe><\/p>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-79\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Target Profit. <strong>Authored by<\/strong>: Joseph Cooke. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Multiple books on a cart. <strong>Authored by<\/strong>: Tom Hermans. <strong>Provided by<\/strong>: Unsplash. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/unsplash.com\/photos\/9BoqXzEeQqM\">https:\/\/unsplash.com\/photos\/9BoqXzEeQqM<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><li>Child learning archery. <strong>Provided by<\/strong>: Unsplash. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/unsplash.com\/photos\/t3IYuQZRDNE\">https:\/\/unsplash.com\/photos\/t3IYuQZRDNE<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>Cost Volume Profit Analysis (CVP): Target Net Income. <strong>Authored by<\/strong>: Education Unlocked. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/4U60Ya5ysMU\">https:\/\/youtu.be\/4U60Ya5ysMU<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":364389,"menu_order":7,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Target Profit\",\"author\":\"Joseph Cooke\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"Cost Volume Profit Analysis (CVP): Target Net Income\",\"author\":\"Education Unlocked\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/4U60Ya5ysMU\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"cc\",\"description\":\"Multiple books on a cart\",\"author\":\"Tom 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