excercise 22 - ACCOUNTING Exercise 22 Walt Disney 1...

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Unformatted text preview: ACCOUNTING Exercise 22 Walt Disney 1 ECONOMIC EVENTS 2 1. Pay $2,000,000 for film rights to the screenplay. 2. Record compensation payments for cast, directors, producers and extras. Gross payroll is $140,000,000. Federal withholding is $20,000,000, state withholding $10,000,000, FICA 8%, SDI 1%. Withholdings are accrued. Net payroll is paid. 3. Accrue payroll taxes. FICA 8%, FUTA 2%, SUTA 4%. 4. Pay $4,000,000 for set construction. 5. Pay $6,000,000 for sound synchronization. 6. Pay $8,000,000 for rental facilities on location.. 7. Pay $10,000,000 for post production costs for music, special effects and editing. 8. Receive $40,000,000 invoice from advertising agency. 9. Pay $12,000,000 to manufacture DVDs. 10. Receive $2,000,000,000 film revenue from movie exhibition. 11. Amortize $80,000,000 of film cost. 12. Record $40,000,000 DVD sales, on credit. 13. Record $6,000,000 DVD cost of sales. 14. Pay $20,000,000 for treasury shares. 15. Accrue $10,000,000 estimated restructuring costs (3 year restructuring). 16. Sell treasury shares for $14,000,000. 17. Accrue interest on Notes Payable (12%). 18. Transfer $1,856,000,000 Net Income to Retained Earnings. JOURNAL ENTRIES 1. 2. 3. 4. 5. 3 JOURNAL ENTRIES 6. 7. 8. 9. 10. 4 JOURNAL ENTRIES 11. 12. 13. 14. 15. 5 JOURNAL ENTRIES 16. 17. 18. 19. 20. 6 7 Cash Reference Transaction Debit Beginning Current Balance Credit Debit 1,400,000,000 Credit 8 Notes Payable Reference Transaction Debit Beginning Current Balance Credit Debit Credit 400,000,000 9 Common Stock Reference Transaction Debit Beginning Current Balance Credit Debit Credit 200,000,000 10 Paid in Capital Reference Transaction Debit Beginning Current Balance Credit Debit Credit 400,000,000 Retained Earnings Reference Transaction Debit Beginning 11 Current Balance Credit Debit Credit 400,000,000 _________________ A/C Reference Transaction Debit 12 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 13 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 14 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 15 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 16 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 17 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 18 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 19 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 20 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 21 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 22 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 23 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 24 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 25 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 26 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 27 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 28 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 29 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 30 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 31 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 32 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 33 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 34 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 35 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 36 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 37 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 38 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 39 Current Balance Credit Debit Credit _________________ A/C Reference Transaction Debit 40 Current Balance Credit Debit Credit TRIAL BALANCE….. page 1 Account Debit 41 Credit TRIAL BALANCE…..page 2 Account Total Debit 42 Credit BALANCE SHEET Current Assets Current Liabilities Long Term Assets Long Term Liabilities Stockholders equity Total Total 43 INCOME STATEMENT Revenue Expense Unusual Events Net Income (Loss) 44 JOURNAL ENTRY ANSWERS 1. Dr Film Production Cost 2,000,000 Cr Cash 2,000,000 2. Dr Film Production Cost 140,000,000 Cr Federal Withholding Payable 20,000,000 Cr State Withholding Payable 10,000,000 Cr FICA Payable (140,000,000 x 8%) 11,200,000 Cr SDI Payable (140,000,000 x 1%) 1,400,000 Cr Cash 97,400,000 3. Dr Film Production Cost 19,600,000 Cr FICA Payable (140,000,000 x 8%) 11,200,000 Cr FUTA Payable (140,000,000 x 2%) 2,800,000 Cr SUTA Payable (140,000,000 x 4%) 5,600,000 4. Dr Film Production Cost 4,000,000 Cr Cash 42,000,000 5. Dr Film Production Cost 6,000,000 Cr Cash 6,000,000 45 JOURNAL ENTRY ANSWERS 6. Dr Film Production Cost 8,000,000 Cr Cash 8,000,000 7. Dr Film Production Cost 10,000,000 Cr Cash 10,000,000 8. Dr Advertising Expense 40,000,000 Cr Accounts Payable 40,000,000 9. Dr DVD Inventory 12,000,000 Cr Cash 12,000,000 10. Dr Cash 2,000,000,000 Cr Film Revenue 2,000,000,000 46 JOURNAL ENTRY ANSWERS 11. Dr Amortization Expense 80,000,000 Cr Accumulated Amortization 80,000,000 12. Dr Accounts Receivable 40,000,000 Cr DVD Sales 40,000,000 13. Dr DVD Cost of Sales 6,000,000 Cr DVD Inventory 6,000,000 14. Dr Treasury Stock 20,000,000 Cr Cash 20,000,000 15. Dr Restructuring Loss 10,000,000 Cr Restructuring Liability 10,000,000 47 JOURNAL ENTRY ANSWERS 16. Dr Cash 14,000,000 Dr Retained Earnings 6,000,000 Cr Treasury Stock 20,000,000 17. Dr Interest Expense (400,000,000 x 12%) 48,000,000 Cr Interest Payable 48,000,000 18. Dr Net Income 1,856,000,000 Cr Retained Earnings 1,856,000,000 48 49 Cash Reference Transaction Debit Current Balance Credit Beginning Debit 1,400,000,000 GJ1 2,000,000 1,398,000,000 GJ2 97,400,000 1,300,600,000 GJ4 4,000,000 1,296,600,000 GJ5 6,000,000 1,290,600,000 GJ6 8,000,000 1,282,600,000 GJ7 10,000,000 1,272,600,000 GJ9 12,000,000 1,260,600,000 GJ10 2,000,000,000 GJ11 GJ16 3,260,600,000 20,000,000 14,000,000 3,240,600,000 3,254,600,000 Credit 50 Notes Payable Reference Transaction Debit Beginning Current Balance Credit Debit Credit 400,000,000 51 Common Stock Reference Transaction Debit Beginning Current Balance Credit Debit Credit 200,000,000 52 Paid in Capital Reference Transaction Debit Beginning Current Balance Credit Debit Credit 400,000,000 Retained Earnings Reference Transaction Debit Current Balance Credit Beginning GJ16 GJ17 53 Debit Credit 400,000,000 6,000,000 392,000,000 1,856,000,000 2,250,000,000 Film Production Cost Reference Transaction Debit 54 Current Balance Credit Debit GJ1 2,000,000 2,000,000 GJ2 140,000,000 142,000,000 GJ3 19,600,000 161,600,000 GJ4 4,000,000 165,600,000 GJ5 6,000,000 171,600,000 GJ6 8,000,000 179,600,000 GJ7 10,000,000 189,600,000 Credit Federal Withholding Payable Reference Transaction Debit GJ2 55 Current Balance Credit 20,000,000 Debit Credit 20,000,000 State Withholding Payable Reference Transaction Debit GJ2 56 Current Balance Credit 10,000,000 Debit Credit 10,000,000 57 FICA Payable Reference Transaction Debit Current Balance Credit Debit Credit GJ2 11,200,000 11,200,000 GJ3 11,200,000 22,400,000 58 SDI Payable Reference Transaction Debit GJ2 Current Balance Credit 1,400,000 Debit Credit 1,400,000 59 FUTA Payable Reference Transaction Debit GJ3 Current Balance Credit 2,800,000 Debit Credit 2,800,000 60 SUTA Payable Reference Transaction Debit GJ3 Current Balance Credit 5,600,000 Debit Credit 5,600,000 61 Advertising Expense Reference Transaction Debit GJ8 40,000,000 Current Balance Credit Debit 40,000,000 Credit 62 Accounts Payable Reference Transaction Debit GJ8 Current Balance Credit 40,000,000 Debit Credit 40,000,000 63 DVD Inventory Reference Transaction Debit GJ9 GJ13 Current Balance Credit 12,000,000 Debit 12,000,000 6,000,000 6,000,000 Credit 64 Film Revenue Reference Transaction Debit GJ10 Current Balance Credit 2,000,000,000 Debit Credit 2,000,000,000 65 Amortization Expense Reference Transaction Debit GJ11 80,000,000 Current Balance Credit Debit 80,000,000 Credit Accumulated Amortization Reference Transaction Debit GJ11 66 Current Balance Credit 80,000,000 Debit Credit 80,000,000 67 Accounts Receivable Reference Transaction Debit GJ12 40,000,000 Current Balance Credit Debit 40,000,000 Credit 68 DVD Sales Reference Transaction Debit GJ12 Current Balance Credit 40,000,000 Debit Credit 40,000,000 69 DVD Cost of Sales Reference Transaction Debit GJ13 6,000,000 Current Balance Credit Debit 6,000,000 Credit 70 Treasury Stock Reference Transaction Debit GJ14 GJ16 Current Balance Credit 20,000,000 Debit Credit 20,000,000 20,000,000 0 71 Restructuring Loss Reference Transaction Debit GJ15 10,000,000 Current Balance Credit Debit 10,000,000 Credit 72 Restructuring Liability Reference Transaction Debit GJ15 Current Balance Credit 10,000,000 Debit Credit 10,000,000 73 Interest Expense Reference Transaction Debit GJ17 48,000,000 Current Balance Credit Debit 48,000,000 Credit 74 Interest Payable Reference Transaction Debit GJ17 Current Balance Credit 48,000,000 Debit Credit 48,000,000 75 Net Income Reference Transaction Debit GJ18 1,856,000,000 Current Balance Credit Debit 1,856,000,000 Credit TRIAL BALANCE…..page 1 Account Cash Debit 76 Credit 3,254,600,000 Notes Payable 400,000,000 Common Stock 200,000,000 Paid in Capital 400,000,000 Retained Earnings Film Production Cost 2,250,000,000 189,600,000 Federal Withholding Payable 20,000,000 State Withholding Payable 10,000,000 FICA Payable 22,400,000 SDI Payable 1,400,000 FUTA Payable 2,800,000 SUTA Payable 5,600,000 Advertising Expense 40,000,000 Accounts Payable DVD Inventory 40,000,000 6,000,000 Film Revenue Amortization Expense 2,000,000,000 80,000,000 Accumulated Amortization Accounts Receivable 80,000,000 40,000,000 77 TRIAL BALANCE…..page 2 Account Debit Credit DVD Sales DVD Cost of Sales Treasury Stock Restructuring Loss 40,000,000 6,000,000 0 10,000,000 Restructuring Liability Interest Expense 10,000,000 48,000,000 Interest Payable 48,000,000 Net Income 1,856,000,000 Total 5,530,200,000 5,530,200,000 BALANCE SHEET Current Assets Cash 78 Current Liabilities 3,254,600,000 Federal WH Payable 20,000,000 A/R 40,000,000 State WH Payable 10,000,000 DVD Inventory 6,000,000 FICA Payable 22,400,000 SDI Payable 1,400,000 FUTA Payable 2,800,000 SUTA Payable 5,600,000 Accounts Payable 40,000,000 Interest Payable 48,000,000 Long Term Assets Long Term Liabilities Film Production Cost 189,600,000 Notes Payable 400,000,000 Accumulated Amortization (80,000,000) Restructuring Liability 10,000,000 Net Book Value 109,600,000 Stockholders equity Common Stock 200,000,000 Paid in Capital 400,000,000 Retained Earnings Total 3,410,200,000 2,250,000,000 Total 3,410,200,000 INCOME STATEMENT 79 Revenue DVD Sales 40,000,000 DVD Cost of Sales 6,000,000 Gross Profit 34,000,000 Film Revenue 2,000,000,000 Expense Advertising Expense 40,000,000 Amortization Expense 80,000,000 Restructuring Loss 10,000,000 Interest Expense 48,000,000 Unusual Events Net Income (Loss) 1,856,000,000 80 Pirates of the Caribbean Video 2. Asset Expense 0% 0% Ex pe ns e 1. 15 As se t Cost of film rights to the screenplay 81 Pirates of the Caribbean Video 2. Asset Expense 0% 0% Ex pe ns e 1. 15 As se t Compensation of cast, directors, producers, extras 82 Pirates of the Caribbean Video Cost of payroll taxes related to cast, directors, producers, extras 0% 0% Ex pe ns e 2. Asset Expense As se t 1. 15 83 Pirates of the Caribbean Video 2. Asset Expense 0% 0% Ex pe ns e 1. 15 As se t Costs of set construction, operations and wardrobe 84 Pirates of the Caribbean Video Costs of sound synchronization 15 0% 0% Ex pe ns e 2. Asset Expense As se t 1. 85 Pirates of the Caribbean Video Costs of rental facilities on location 0% 0% Ex pe ns e 2. Asset Expense As se t 1. 15 86 Pirates of the Caribbean Video 2. Asset Expense 0% 0% Ex pe ns e 1. 15 As se t Post production costs for music, special effects, editing 87 Pirates of the Caribbean Video Film revenue recognized ex hi bi te d 0% As re lea se d 0% he n 2. When released As exhibited W 1. 15 88 Pirates of the Caribbean Video Film production cost is amortized 0% on % cu rre nt ly. er an ti. . ov Ba se d in e tl 0% .. . ... re ff ilm St ra ig h 3. 0% fir st ye ar o 2. In first year of film release Straight line over anticipated theatre life of the film Based on %currently earned of total anticipated revenue to be earned In 1. 15 89 Pirates of the Caribbean Video DVD production cost 0% 0% Ex pe ns e 2. Asset Expense As se t 1. 15 90 Pirates of the Caribbean Video 0% m ad ea se ea .. . da te 0% re re l Ds a DV As 2. On film release date As DVDs are made available for sale in stores fil m 1. 15 On DVD inventory cost goes to Cost of Sales 91 Pirates of the Caribbean Video Film advertising/marketing costs 0% 0% Ex pe ns e 2. Asset Expense As se t 1. 15 92 1. Pay $2,000,000 for film rights to the screenplay. ... Pr od uc ti o n C. Dr .. Ca sh 2, 00 0, Dr 00 Ca 0 sh 2, 00 0, 00 0 2, 00 pe ns e Fi lm Dr 4. 0% 0% 0% 0% Ex 3. 15 Fi lm 2. Dr Film Expense 2,000,000 Cr Cash 2,000,000 Dr Film Production Cost 2,000,000 Cr Cash 2,000,000 Dr Cash 2,000,000 Cr Film Production Cost 2,000,000 Dr Cash 2,000,000 Cr Film Expense 2,000,000 Dr 1. 93 2. Record compensation payments for cast, directors, producers and extras. Gross payroll is $140,000,000. Federal withholding is $20,000,000. State withholding $10,000,000. FICA 8% x 140,000,000 = 11,200,000 SDI 1% x 140,000,000 = 1,400,000. Net payroll is paid to employees. 140,000,000 – 20,000,000 – 10,000,000 – 11,200,000 – 1,400,000 = 97,400,000 15 Pr od uc tio n ns e. .. Dr Fil m xp e rie sE 0% C. .. 0% Sa la 2. Dr Salaries Expense 140,000,000 Cr Fed WH Payable 20,000,000 Cr State WH payable 10,000,000 Cr FICA Payable 11,200,000 Cr SDI Payable 1,400,000 Cr Cash 97,400,000 Dr Film Production Cost 140,000,000 Cr Fed WH Payable 20,000,000 Cr State WH payable 10,000,000 Cr FICA Payable 11,200,000 Cr SDI Payable 1,400,000 Dr 1. 94 3. Accrue payroll taxes. Gross payroll is 140,000,000. FICA 8% x 140,000,000 = 11,200,000. FUTA 2% x 140,000,000 = 2,800,000 SUTA 4% x 140,000,000 = 5,600,000. 15 0% Dr Fil m Pr od uc ax E tio nC o. xp en .. . 0% Pa yro ll T 2. Dr Payroll Tax Expense 19,600,000 Cr FICA Payable 11,200,000 Cr FUTA Payable 2,800,000 Cr SUTA Payable 5,600,000 Dr Film Production Cost 19,600,000 Cr FICA Payable 11,200,000 Cr FUTA Payable 2,800,000 Cr SUTA Payable 5,600,000 Dr 1. 95 4. Pay $4,000,000 for set construction. 15 Dr Set Construction Expense 4,000,000 Cr Cash 4,000,000 Dr Film Production Cost 4,000,000 Cr Cash 4,000,000 0% Dr Fil m Co ns Pr od uc tio tru cti nC o. on ... . 0% Se t 2. Dr 1. 96 5. Pay $6,000,000 for sound synchronization. 15 0% Dr Fil m nd Pr od uc Ex pe tio ns e6 nC ... ... 0% So u 2. Dr Sound Expense 6,000,000 Cr Cash 6,000,000 Dr Film Production Cost 6,000,000 Cr Cash 6,000,000 Dr 1. 97 6. Pay $8,000,000 for rental facilities on location. 15 0% Pro Fil m Dr tE xp en du c se 8 tio n ,00 ... Co .. 0% Re n 2. Dr Rent Expense 8,000,000 Cr Cash 8,000,000 Dr Film Production Cost 8,000,000 Cr Cash 8,000,000 Dr 1. 98 7. Pay $10,000,000 for post production costs for music, special effects and editing. 15 0% Dr Fil m Pr od uc cti tio on ... nC ... 0% Po st Pr od u 2. Dr Post Production Expense 10,000,000 Cr Cash 10,000,000 Dr Film Production Cost 10,000,000 Cr Cash 10,000,000 Dr 1. 99 8. Receive $40,000,000 invoice from advertising agency. 15 0% Dr Film Pro rtis in gE duc tio n xpe ... C.. . 0% Ad ve 2. Dr Advertising Expense 40,000,000 Cr Accounts Payable 40,000,000 Dr Film Production Cost 40,000,000 Cr Accounts Payable 40,000,000 Dr 1. 100 9. Pay $12,000,000 to manufacture DVDs. 15 0% Dr Fil m Inv Pr od uc ti o en to ry 12 ,. nC .. ... 0% DV D 2. Dr DVD Inventory 12,000,000 Cr Cash 12,000,000 Dr Film Production Cost 12,000,000 Cr Cash 12,000,000 Dr 1. 101 10. Receive $2,000,000,000 film revenue from movie exhibition. 15 0% Dr Fil m Re ve nu ,00 e2 0,0 0 ,00 0, 0 ... 00 0% Ca sh 2 2. Dr Cash 2,000,000,000 Cr Film Revenue 2,000,000,000 Dr Film Revenue 2,000,000,000 Cr Cash 2,000,000,000 Dr 1. 102 11. Amortize $80,000,000 of film production cost. 15 Ex p. . . 0% Dr Am or tiz ati on Ex p.. . 0% Am or tiz ati on 2. Dr Amortization Expense 80,000,000 Cr Film Production Cost 90,000,000 Dr Amortization Expense 80,000,000 Cr Accumulated Amortization 80,000,000 Dr 1. 103 12. Record $40,000,000 DVD sales, on credit. 15 0% Dr DV D Sa un ts les Re cei vab .. 40, 000 ,00 0 0% Ac co 2. Dr Accounts Receivable 40,000,000 Cr DVD Sales 40,000,000 Dr DVD Sales 40,000,000 Cr Accounts Receivable 40,000,000 Dr 1. 104 13. Record $6,000,000 DVD cost of sales. 15 .. ,0. ry 6 en to Inv ry E DV D en to Dr Dr DV D Inv Inv en to ry 6 x.. ,0. . .. ... ale s fS DV D Co st o 4. 0% 0% 0% 0% Dr 3. DV D 2. Dr DVD Cost of Sales 6,000,000 Cr DVD Inventory 6,000,000 Dr DVD Inventory 6,000,000 Cr DVD Cost of Sales 6,000,000 Dr DVD Inventory Expense 6,000,000 Cr DVD Inventory 6,000,000 Dr DVD Inventory 6,000,000 Cr DVD Inventory Expense 6,000,000 Dr 1. 105 14. Pay $20,000,000 for treasury shares. 15 Dr Tr ea su ry St oc t .. . es tm en kI nv 0% k2 ... 0% St oc 2. Dr Stock Investment 20,000,000 Cr Cash 20,000,000 Dr Treasury Stock 20,000,000 Cr Cash 20,000,000 Dr 1. 106 15. Accrue $10,000,000 estimated restructuring costs (three year restructuring). 15 i Res ng Lo .. truc tur i D r ng Lo Cas .. h1 Dr 0,0 Res 00, 000 truc tur ing Lia bi.. uct ur 4. 0% 0% 0% 0% Dr 3. Res tr 2. Dr Restructuring Loss 10,000,000 Cr Cash 10,000,000 Dr Restructuring Loss 10,000,000 Cr Restructuring Liability 10,000,000 Dr Cash 10,000,000 Cr Restructuring Loss 10,000,000 Dr Restructuring Liability 10,000,000 Cr Restructuring Loss 10,000,000 Dr 1. 107 16. Sell treasury shares for $14,000,000. Loss….. Cost 20,000,000 – Sale 14,000,000 = 6,000,000 0 00, 0 4,0 h1 Ca s Dr Dr Ca s h1 4,0 4,0 00 00 ,0 ,00 00 0% 0% 00 0% h1 3. 15 Ca s 2. Dr Cash 14,000,000 Dr PIC Treasury Stock 6,000,000 Cr Treasury Stock 20,000,000 Dr Cash 14,000,000 Dr Retained Earnings 6,000,000 Cr Treasury Stock 20,000,000 Dr Cash 14,000,000 Dr Loss on Sale 6,000,000 Cr Treasury Stock 20,000,000 Dr 1. 108 17. Accrue interest on Notes Payable (12%). 400,000,000 x 12% = 48,000,000 .. Pay ab l e4 .. 48, ble res t Inte Dr Dr No te sP aya Exp en se 4. . .. se 4 res t Exp en Inte Dr 4. 0% 0% 0% 0% res t 3. 15 Inte 2. Dr Interest Expense 48,000,000 Cr Notes Payable 48,000,000 Dr Interest Expense 48,000,000 Cr Interest Payable 48,000,000 Dr Notes Payable 48,000,000 Cr Interest Expense 48,000,000 Dr Interest Payable 48,000,000 Cr Interest Expense 48,000,000 Dr 1. 109 18. Transfer $1,856,000,000 Net Income to Retained Earnings. 15 0% ne d Re ta i Dr In c om e1 Ea rn i ,85 6, ng s ... ... 0% Ne t 2. Dr Net Income 1,856,000,000 Cr Retained Earnings 1,856,000,000 Dr Retained Earnings 1,856,000,000 Cr Net Income 1,856,000,000 Dr 1. PIRATES OF THE CARIBBEAN 110 111 COMPETITIVE ADVANTAGE 112 DUCKS 113 ...
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This note was uploaded on 11/03/2010 for the course ACCT 325 taught by Professor Anderson,p during the Winter '09 term at Azusa Pacific.

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