P3. Cash budget _Grenoble Enterprises P3. Cash budget _Grenoble Enterprises Question P3. Cash budget – Basic Grenoble Enterprises had sales of $50,000 in March and $60,000 in April. Forecast sales for May, June, and July are $70,000, $80,000, and $100,000, respectively. The firm has a cash balance of $5,000 on May 1 and wishes to maintain a minimum cash balance of $5,000. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. 1) The firm makes 20% of sales for cash, 60% are collected in the next month, and the remaining 20% are collected in the second month following sale. 2) The firm receives other income of $2,000 per month. 3) The firm’s actual or expected purchases, all made for cash, are $50,000, $70,000, and $80,000 for the months of May through July, respectively. 4) Rent is $3,000 per month. 5) Wages and salaries are 10% of the previous month’s sales. 6) Cash dividends of $3,000 will be paid in June. 7) Payment of principal and interest of $4,000 is due in June. 8) A cash purchase of equipment costing $6,000 is scheduled in July. 9) Taxes of $6,000 are due in June.
INDIVIDUAL TAX RETURN PROBLEM 2 INDIVIDUAL TAX RETURN PROBLEM 2 Question INDIVIDUAL TAX RETURN PROBLEM 2Required:• Use the following information to complete Karl and Ellie Frederickson’s 2011 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps.• You may need the following forms to complete the project: Form 1040 and Schedule A. The forms, schedules, and instructions can be found at the IRSWeb site (www.irs.gov). The instructions can be helpful in completing the forms.•An Excel spreadsheet with all your detailed calculations and narratives explaining how you arrived at your numbers are REQUIRED for this assignment.Facts:1. Karl Frederickson is employed as a human resources manager for Toys Unlimited, Inc., and Ellie is a financial planner for her mother’s company,Frederickson Investments, Inc., a full service wealth planning firm. They provide the following information:• They both want to contribute to the presidential election campaign.• They live at 9876 Fighting Irish Lane, South Bend, IN.• Karl’s birthday is XXXXX and his Social Security number is XXXXX• Ellie’s birthday is XXXXX and her Social Security number is XXXXX• Karl or Ellie do not have any foreign bank accounts or trusts.2. Karl received a Form W-2 from Toys Unlimited, Inc. that contained the following information:• Line 1 Wages, tips, other compensation: $45,000• Line 2 Federal income tax withheld: 7,500• Line 3 Social Security wages: 45,000• Line 4 Social Security tax withheld: 1,890• Line 5 Medicare wages and tips: 45,000• Line 6 Medicare tax withheld: 653• Line 17 State income tax: 2,2003. Ellie received a Form W-2 from Frederickson Investments, Inc. that contained the following information:• Line 1 Wages, tips, other compensation: $85,000• Line 2 Federal income tax withheld: 12,500• Line 3 Social Security wages: 85,000• Line 4 Social Security tax withheld: 3,570• Line 5 Medicare wages and tips: 85,000• Line 6 Medicare tax withheld: 1,233• Line 17 State income tax: 4,200Appendix C C-34. Karl and Ellie incurred the following medical expenses for the year:• Transportation to Chicago for Karl’s cancer treatment: 2,000 miles• Unreimbursed hospital charges for Karl: $6,500• Unreimbursed prescription drug charges for Karl and Ellie: 1,750• Unreimbursed physician charges for Karl and Ellie: 2,200• Unreimbursed prescription glasses for Ellie: 150• Laser hair treatment for Ellie (so that she will no longer need to shave her legs) 2,0005. Karl and Ellie paid $12,000 of interest payments on their primary residence (acquisition debt of $225,000). They also paid $1,750 of interest expense on Ellie’s car loan and $500 of interest on their Visa card.6. Karl and Ellie paid $4,000 of real estate taxes on their home and $1,000 of real estate tax on a vacant lot they purchased with the hope of building their dream home in the future. They also paid $3,000 in sales tax on Ellie’s car and other purchases and $1,000 of ad valoreum tax on their cars.7. Karl and Ellie made the following contributions this year:• American Red Cross $ 200• United Way 150• St. Joseph’s Catholic Church 8,000• Food for the family of Hannah Barbara (a neighbor 225who suffered a tragic car accident this past year).• Stock transfer to the University of Notre Dame (originally 750purchased for $1,000 in 2005)8. Karl incurred $4,000 of unreimbursed meals and entertainment related to his job. Ellie incurred $1,200 of expenses for investment publications, and last year they paid their CPA $500 to prepare their tax return.9. The roof on Karl and Ellie’s house was severely damaged in a hail storm. They had to replace the roof ($7,500), which unfortunately was not covered by insurance because of their high deductible ($10,000).10. Karl won $5,000 in the state lottery. He has been playing the lottery for years ($10 in lottery tickets every week ($520 in total) that he saves to keep track of the numbers he plays).
Taxation related MCQs Taxation related MCQs Question 1. Which statement best describes the U.S. framework for determining if an individual who is not a U.S. citizen will be treated as a resident alien for U.S. tax purposes?A person must have a green card and meet a substantial presence test to be treated as a resident alien for U.S. tax purposes.A person must have a green card to be treated as a resident alien for U.S. tax purposes.A person must meet a substantial presence test to be treated as a resident alien for U.S. tax purposes.A person with a green card will always be treated as a resident alien for U.S. tax purposes, while a person without a green card may be treated as a resident alien if she meets a substantial presence test. 2. Which of the following statements best describes the substantial presence test as it applies to determining if a non U.S. citizen is a resident alien for U.S. tax purposes?To be treated as a resident alien, an individual must be physically present in the United States for 183 days in the current year.To be treated as a resident alien, an individual must be physically present in the United States for 183 days in the current year and each of the prior two years.To be treated as a resident alien, an individual must be physically present in the United States for 183 days using a formula that includes the current year and the prior two years.To be treated as a resident alien, an individual must be physically present in the United States for 183 days using a formula that includes the current year and the prior year. 3. Under which of the following scenarios could Charles, a citizen of England, be eligible to claim the "closer connection" exception to the substantial presence test in 2012?Charles spent 183 days in the United States in 2012 and has his tax home in England.Charles spent 183 days in the United States in 2012 and has his tax home in the United States.Charles spent 182 days in the United States in 2012 and has his tax home in England.Charles spent 182 days in the United States in 2012 and has his tax home in the United States.Knoxville Corporation, a U.S. corporation, incurred $300,000 of research and experimental (R&E) expenses during 2012. Knoxville sells inventory within the United States and abroad. Knoxville conducted all of the research related to the inventory within the United States. Gross sales of the inventory was $10,000,000, of which $3,000,000 was from foreign source sales. Gross profit from sale of the inventory was $5,000,000, of which $2,000,000 was from foreign source sales. 4. What is the minimum amount of R&E expense that can be apportioned to the company's foreign source income for foreign tax credit purposes, assuming this is the first year the company makes this computation?$120,000$90,000$45,000$05. Absent a treaty provision, what is the statutory withholding tax rate imposed by the United States on a dividend paid by a U.S. corporation to a resident of Denmark?30%15%5%0%6. Under a U.S. treaty, what must a non-resident corporation create in the United States before it is subject to U.S. taxation on its business profits?U.S. trade or businessPermanent establishmentThe physical presence of at least one employeeThe physical presence of an asset such as a warehouse7. Horton Corporation is a 100 percent owned Canadian subsidiary of Cruller Corporation, a U.S. corporation. Horton had post-1986 earnings and profits of C$2,400,000 and post-1986 foreign taxes of $1,600,000. During the current year, Horton paid a dividend of C$600,000 to Cruller. The dividend was characterized as general category income for FTC purposes. The dividend was subject to a withholding tax of C$30,000. Assume an exchange rate of C$1 = $1. Cruller reported U.S. taxable income of $2,000,000. Cruller's U.S. tax rate is 34 percent. Compute the tax consequences to Cruller as a result of this dividend.Taxable income of $3,000,000, a net U.S. tax of $590,000, and a FTC carryover of $0.Taxable income of $3,000,000, a net U.S. tax of $680,000 and a FTC carryover of $90,000.Taxable income of $2,600,000, a net U.S. tax of $680,000, and a FTC carryover of $226,000.Taxable income of $2,600,000, a net U.S. tax of $454,000 and a FTC carryover of $0.8. Windmill Corporation, a Dutch corporation, is owned by the following unrelated persons: 50 percent by a U.S. corporation, 5 percent by a U.S. individual, and 45 percent by a Swiss corporation. During the year, Windmill earned $2,000,000 of subpart F income.Answer is D
VANCO COMPANY_Cash flow statement VANCO COMPANY_Cash flow statement Question *Problem 12-11AThe comparative balance sheets for Vanco Company as of December 31 are presented below.VANCO COMPANYComparative Balance SheetsDecember 31Assets 2012 2011Cash $ 99,688 $ 65,970Accounts receivable 73,300 85,028Inventory 222,026 208,172Prepaid expenses 22,400 30,786Land 212,570 190,580Equipment 329,850 227,230Accumulated depreciation—equipment (65,970 ) (51,310 )Buildings 293,200 293,200Accumulated depreciation—buildings (87,960 ) (58,640 )Total $1,099,104 $991,016Liabilities and Stockholders’ EquityAccounts payable $ 65,574 $ 52,776Bonds payable 439,800 439,800Common stock, $1 par 293,200 234,560Retained earnings 300,530 263,880Total $1,099,104 $991,016Additional information:1. Operating expenses include depreciation expense of $61,572.2. Land was sold for cash at book value.3. Cash dividends of $17,592 were paid.4. Net income for 2012 was $54,242.5. Equipment was purchased for $134,872 cash. In addition, equipment costing $32,252 with a book value of$14,660 was sold for $11,728 cash.6. 58,640 shares of $1 par value common stock were issued in exchange for land with a fair value of $58,640.Prepare a statement of cash flows for the year ended December 31, 2012, using the indirect method. (Showamounts that decrease cash flow with either a - sign e.g. -15,0
OPS400 Module 1: Mastery Exercise OPS400 Module 1: Mastery Exercise Question Question 1Operations managers now devote more energy to price negotiation with their suppliers as a means of staying competitive.TrueFalse1 points Question 2The production function is clearly visible to the customer in the operations of both goods and services producers.TrueFalse1 points Question 3The "father" of scientific management isHenry Ford.Eli Whitney.Michael Schumacher.Frederick W. Taylor.1 points Question 4Which of these statements accurately captures a current trend in operations?Products and services are designed more quickly and by teams.Cost competition is more important than any other basis for competition.There is increased focus on local markets and local competition.Jobs are increasingly specialized as workers focus on basic assembly tasks.1 points Question 5The service sector constitutes what percentage of employment in the United States?Between 45% and 55%Between 55% and 65%Between 65% and 75%Between 75% and 85%1 points Question 6Which of these is NOT one of the basic functions of the management process.LeadingInspectingStaffingControlling1 points Question 7Increases in productivity are difficult to achieve ifthe task is more good-producing and standardized.the task is more physical and tangible.the task is more intellectual and personal.the task is more quantitative and repetitive.1 points Question 8When a tangible product is NOT included in the service, it is calleda pure service.a knowledge-based service.an intangible product.a direct service.1 points Question 9In the early part of the 21st century, annual productivity growth in the U.S. has been _______ .4%2.5%1%7%1 points Question 10In the U.S., the service sector provides almost 80% of all jobs.TrueFalse
Which of the following reflects the perceived fairness of an authority’s decision making Which of the following reflects the perceived fairness of an authority’s decision making Question Question 1 of 20 Which of the following reflects the perceived fairness of an authority's decision making? A. Ethics B. Justice C. Social judgment D. Corporate social responsibility Question 2 of 20 Trust propensity is a product of: A. social and economic exchange. B. moral and immoral intents. C. nature and nurture. D. distributive and procedural justice. Question 3 of 20__________ justice reflects the perceived fairness of decision-making outcomes. A. Procedural B. Interpersonal C. Informational D. Distributive Question 4 of 20In most business situations, the proper norm for allocating the decision-making outcomes is: A. equity. B. equality. C. information. D. building harmony. Question 5 of 20 __________ justice reflects the perceived fairness of decision-making processes. A. Procedural B. Interpersonal C. Informational D. Distributive Question 6 of 20 Which of the following is an interpersonal justice rule? A. Truthfulness B. Consistency C. Equity D. Propriety Question 7 of 20 Brandon, a first-line supervisor at Garden Toys Manufacturing regularly dishes out verbal abuse to employees, berates, humiliates, and embarrasses them in public. Which of the following is said to be occurring here? A. Distributive injustice B. Informational injustice C. Procedural injustice D. Interpersonal injustice Question 8 of 20 The __________ rule mandates that authorities explain decision-making procedures and outcomes in a comprehensive and reasonable manner. A. justification B. truthfulness C. consistency D. equity Question 9 of 20 When the authority accurately identifies the morally "right" course of action, it refers to: A. ethical behavior. B. moral judgment. C. moral intent. D. trust propensity. Question 10 of 20 Resourceful, productive, effective, and winner are the character traits most important to people who prescribe to which of the following ideologies? A. Utilitarianism B. Formalism C. Idealism D. Conventionalism Question 11 of 20 The degree to which tasks in an organization are divided into separate jobs refers to: A. centralization. B. chain of command. C. span of control. D. work specialization. Question 12 of 20 Which of the following represents how many employees each manager in the organization has responsibility for? A. Chain of command B. Formalization C. Centralization D. Span of control Question 13 of 20 __________ allow managers to be much more hands-on with employees, giving them the opportunity to use directive leadership styles while developing close mentoring relationships with employees. A. Wide spans of control B. High formalization C. Low centralization D. Narrow spans of control Question 14 of 20 If decision making is pushed down to lower level employees, and these employees feel empowered to make decisions on their own, an organization has a __________ structure. A. wide B. decentralized C. moderate D. narrow Question 15 of 20 Which of the following organizational structure elements is typically found in a mechanistic structure? A. Low levels of formalization B. Weak chains of command C. High degree of work specialization D. Wide spans of control Question 16 of 20 Stable environments allow organizations to focus on: A. flexibility. B. change. C. efficiency. D. adaptation. Question 17 of 20 Differentiators are more likely to take which of the following approaches to organizational design? A. Mechanistic B. Global C. Multidivisional D. Organic Question 18 of 20 As organizations become larger, they tend to become more __________ in nature A. simple B. global C. mechanistic D. organic Question 19 of 20 __________ are designed for efficiency and rely on high levels of work specialization, formalization, centralization of authority, rigid and well-defined chains of command, and relatively narrow spans of control. A. Bureaucracies B. Simple structures C. Simple structures D. Organic structures Question 20 of 20The biggest weakness of a functional structure is that: A. the organization as a whole has a relatively narrow focus. B. the organization has fewer product lines. C. it operates in a stable environment. D. employees lose sight of the bigger organizational picture.
business managment data bank business managment data bank Question 25. (p. 88) Characteristics of managerial decisions include all of the following EXCEPT: A. Risk B. Uncertainty C. Convention D. Lack of structure E. All of the above are correct 26. (p. 88) Managers often ignore problems for all of the following reasons EXCEPT: A. They can't be sure how much time, energy or trouble lies ahead B. Getting involved is risky C. It is easier to procrastinate or to get busy with less demanding activities D. Managers are often too busy to make decisions E. All of the above are correct 27. (p. 89) Decisions encountered and made before, having objectively correct answers and solvable by using simple rules, policies or numerical computations are: A. Qualitative decisions B. Programmed decisions C. Non-economic decisions D. Policy options E. Nonprogrammed decisio 28. (p. 89) New, novel, complex decisions having no proven answers are: A. Nonprogrammed decisions B. Standing plans C. Single-use plans D. Corporate objectives E. Programmed decisions 29. (p. 89) The state that exists when the probability of success is less than 100 percent is: A. Certainty B. Uncertainty C. Risk D. Standard deviation E. Programmable decisions : 30. (p. 89) The state that exists when decision makers have accurate and comprehensive information is: A. Uncertainty B. Probability analysis C. Certainty D. Policy formulation E. Risk 31. (p. 89) The state that exists when decision makers have insufficient information is: A. Certainty B. Uncertainty C. Risk D. Probability E. Undecided 32. (p. 89) Shakil works for a large contractor. Company policy requires that in hiring subcontractors, at least three bids must be received and that the lowest bid which meets specifications will be accepted. Shakil's decisions regarding the hiring of subcontractors would be classified as: A. Minimizing B. Programmed C. Lacking structure D. Reprehensible E. Maximizing 33. (p. 89) Managers of Shadow Blinds are contemplating whether to open the company's first international branch in Europe or Asia. These managers are facing a _______ decision. A. Routine B. Programmed C. Well structured D. Nonprogrammed E. Satisficing 34. (p. 89) Uncertainty exists when the manager: A. Faces two conflicting issues B. Knows the risk involved in making the decision C. Has accurate information to make the decision D. Has insufficient information to make the decision E. None of the above describes uncertainty in decision making 1 35. (p. 91) Opposing pressures from different sources is: A. Conflict B. Cooperation C. Collusion D. Cohesiveness E. Groupthink 36. (p. 91) Kathy has received two job offers. One is from a firm in a town that Kathy would like to live in but the other offer would pay more. Kathy is having a difficult time making a decision due to experiencing: A. Internal conflict B. Organizational conflict C. Physical location conflict D. Psychological conflict E. Individual conflict / 37. (p. 91) The initial step in the decision making process is to: A. Select an alternative B. Evaluate the decision C. Implement the decision D. Generate alternatives E. Identify the problem Learning Objec:38. (p. 91) A manager may discover that a problem exists by comparing current performance with A. Past performance B. The performance of other organizations C. Future expected performance D. All of the above E. None of the above m 39. (p. 92) The mager of the Gallery Restaurant noted that the restaurant had experienced a decrease number of evening customers. The manager promptly ordered the chef to rewrite the evening menu. Customer feedback later indicated that the problem had not been the menu but poor service from the wait staff. The manager's decision to have the menu revised suggests that she failed to: A. Identify the problem B. Evaluate the alternatives and consequences C. Properly diagnose the cause of the problem D. Evaluate the decision and its consequences E. Identify a solution : 2 40. (p. 92) Once a problem is identified and properly diagnosed, the next stage in the decision making process involves: A. Evaluating alternatives B. Evaluating consequences C. Evaluating information D. Evaluating the decision E. Generating alternative solutions : 41. (p. 92-93) 41 When a solution is specifically designed for a particular problem or set of problems, it is called: A. A designer-enhancement B. Dynamic C. Ready-made D. Future-generated E. None of the above 42. (p. 93) Custom-made decisions require: A. A consultant B. In-depth computations C. Top management approval D. Creativity E. Brainstorming 43. (p. 93) Alternative solutions to a competitor's price cuts might include all of the following EXCEPT: A. Emphasizing consumer risks to low-priced products B. Building awareness of your products' features and overall quality C. Communicating your cost advantage to your competitors so they realize they can't win a price war D. Eliminating all communication with your competitors so they will have less information about your pricing strategies E. All of the above are correct : 2 44. (p. 94) Alternative courses of action that can be implemented based on how the future unfolds are called: A. Single-use plans B. Contingency plans C. Standing plans D. Corporate objectives E. Shadow plans : 2 45. (p. 94) Aggie, the manager of Happy Hounds Kennel, knows that the economy can greatly affect her level of business. She has developed a plan of action for each of the four possible economic outcomes that have been predicted for her geographic area over the next 4-6 years. Aggie's use of these strategies according to the state of the economy suggests that she: A. Is facing a stable environment B. Utilizes contingency planning C. Focuses on efficient decisions D. Engages in satisficing E. Is a rational decision maker
BIO156 Quiz 3: Lessons 5 and 6 BIO156 Quiz 3: Lessons 5 and 6 Question Question 1 of 30 According to __________, energy cannot be created or destroyed. Aristotle's first principle the first law of thermodynamics the second law of thermodynamics the third law of thermodynamics Einstein's law of relativity Question 2 of 30 Which one of the following processes is endergonic? the burning of wood the release of heat from the breakdown of glucose the synthesis of glucose from carbon dioxide and water the breakdown of glucose cellular respiration Question 3 of 30 Anything that prevents ATP formation will most likely result in cell death. force the cell to rely on lipids for energy. result in the conversion of kinetic energy to potential energy. force the cell to rely on ADP for energy. have no effect on the cell. Question 4 of 30 Which one of the following is true about the ATP molecule? It contains two phosphate groups. Extremely stable bonds link the second and third phosphate groups. It contains the six-carbon sugar hexose. It contains a nitrogenous base molecule called adenine. None of the choices are correct. Question 5 of 30 When an enzyme catalyzes a reaction, it lowers the activation energy of the reaction. it raises the activation energy of the reaction. it becomes a product. it acts as a reactant. None of the choices are correct. Question 6 of 30 Which one of the following is false? An enzyme's function depends on its three-dimensional shape. Enzymes are very specific for certain substrates. Enzymes are used up in chemical reactions. Enzymes emerge unchanged from the reactions they catalyze. An enzyme binds to its substrate at the enzyme's active site. Question 7 of 30 Which of the following is a coenzyme? zinc Vitamin B6 iron iodine hydrogen ions Question 8 of 30 Bacterial production of the enzymes needed for the synthesis of the amino acid tryptophan declines with increasing levels of tryptophan and increases as tryptophan levels decline. This is an example of competitive inhibition. noncompetitive inhibition. feedback inhibition. positive feedback. irreversible inhibition. Question 9 of 30 The second law of thermodynamics states that____________. energy can be transformed into matter and, because of this, we can get something for nothing. energy can be destroyed only during nuclear reactions, such as those that occur inside the sun. if energy is gained by one region of the universe, another place in the universe also must gain energy to maintain the balance of nature. energy tends to become increasingly dispersed and unusable. Question 10 of 30 ATP is the energy currency of a cell produced by the destruction of ADP expended in the process of photosynthesis produced during the phosphorylation of any organic compound Question 11 of 30 Which statement about energy transformations is true? In energy transformations, energy is conserved or recycled. Living organisms decrease entropy in the universe as energy is transformed from light to chemical energy. Energy is constantly being created in the universe. Entropy is constantly increasing in the universe. Energy transformations decrease entropy in the universe. Question 12 of 30 The active site of an enzyme is where the coenzyme is located. is a specific bulge or protuberance on an enzyme. is a groove or crevice on the structure of the enzyme. will react with only one substrate no matter how many molecules may resemble the shape of the substrate. rigidly resists any alteration of its shape. Question 13 of 30 The term anaerobic means without bacteria. without ATP. without CO2. with O2. without O2. Question 14 of 30 The processes of photosynthesis and cellular respiration are complementary. During these energy conversions, some energy is lost in the form of heat. created in the form of heat. used to create light. All of the choices are correct. None of the choices are correct. Question 15 of 30 Which one of the following statements is false? Cellular respiration consumes glucose. is a single chemical reaction with just one step. produces water. produces carbon dioxide. releases heat. Question 16 of 30 During cellular respiration, the energy in glucose becomes stored in molecules of ammonia. is used to manufacture glucose. is released all at once. is carried by electrons. None of the choices are correct. Question 17 of 30 Oxidation is the __________, and reduction is the __________. gain of electrons; loss of electrons loss of electrons; gain of electrons loss of oxygen; gain of oxygen gain of oxygen; loss of oxygen gain of protons; loss of protons Question 18 of 30 Pyruvate forms at the end of glycolysis. is the molecule that starts the citric acid cycle. is the end product of oxidative phosphorylation. is the end product of chemiosmosis. is a six-carbon molecule. Question 19 of 30 During cellular respiration, glucose is converted into two pyruvic acid molecules. These molecules are each converted into a two-carbon molecule joined to a coenzyme A molecule. each lose a carbon atom, which is released as CO2. together contain less chemical energy than was found in the original glucose molecule. are oxidized. All of the choices are correct. Question 20 of 30 The end products of the citric acid cycle include all of the following except CO2 pyruvic acid. ATP. NADH. FADH2. Question 21 of 30 Which of the following statements about the inner mitochondrial membrane is false? ATP synthase is associated with it. It plays a role in the production of pyruvic acid. Electron carriers are associated with it. It is involved in chemiosmosis. A gradient of H+exists across it. Question 22 of 30 Bacteria that are unable to survive in the presence of oxygen are called strict anaerobes. aerobes. facultative anaerobes. chemosynthetic bacteria. microaerophiles. Question 23 of 30 Muscle soreness associated with strenuous exercise is at least partly due to an excess of ATP that builds up during vigorous exercise. the presence of lactate and other metabolites produced during fermentation in muscle cells. the large amount of carbon dioxide that builds up in the muscle. the accumulation of alcohol from anaerobic respiration. None of the choices are correct. Question 24 of 30 The terms “cristae” and “matrix” are associated with which cellular function(s)? Glycolysis and oxidative phosphorylation Krebs cycle and oxidative phosphorylation Glycolysis and Krebs cycle Glycolysis only Oxidative phosphorylation only Question 25 of 30 Which of the following statements about glycolysis is correct? Glycolysis occurs in the mitochondria. Glycolysis happens to glucose only. Glycolysis results in the production of citric acid and occurs in the Golgi body. Glycolysis results in the production of pyruvate and occurs in the cytoplasm. Question 26 of 30 During respiration, the greatest amount of ATP is produced during glycolysis. acetyl-CoA formation. the Krebs cycle. oxidative phosphorylation. Question 27 of 30 The location of the electron transport system in eukaryotic cells is on the inner membrane of the mitochondria. on the inner membrane of the chloroplasts. throughout the cytoplasm of the cell. on the inner portion of the plasma membrane. Question 28 of 30 The major function of the inner membrane of the mitochondrion is the production of ATP. To carry out this function, the mitochondrion must have all of the following except membrane-bound electron transfer chains. * enzymes for glycolysis. ATP synthase enzymes imbedded in the membrane. enzymes for the Krebs cycle. Question 29 of 30 The oxygen we breathe in is needed for the process of respiration. Which of the following is the major role of oxygen in respiration? Oxygen is needed to start glycolysis. Oxygen carries electrons to the electron transfer chains in the mitochondria. Oxygen is the final electron acceptor at the end of the electron transfer chain. Oxygen combines with free carbons to form carbon dioxide. Question 30 of 30 The term "phosphorylation" refers to the use of an enzyme to break down ATP. transfer of a phosphate to a substrate - like ADP. taking away of phosphate molecules from enzymes. second law of thermodynamics relating to phosphorous function. subtraction of a phosphate from a substr
ACCT 3220_Fall 2013_Sapienti Co ACCT 3220_Fall 2013_Sapienti Co Question ACCT 3220 Fall 2013 Group Exercise #4 Sapienti Co. sells $400,000 of 12% bonds on June 1, 2014, the contract date. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2018. The bonds yield 10%. After the second interest payment, Sapienti buys back the bonds when the market interest rate is 8%. Required: 1. Record the journal entry for the issuance of the bond. 2. Record the journal entry for the first interest payment. 3. Record the journal entry on December 31, 2014. 4. Record the journal entry for the second interest payment. 5. Record the journal entry for the buy back of the bonds.
ACC 400 FINAL EXAM ACC 400 FINAL EXAM Question ACC 400 FINAL EXAMThe condensed financial statements of Westward Corporation for 2009 and 2008 are presented below.Westward Corporation Westward CorporationBalance Sheet Income StatementDecember 31, 2009 For the Year Ended December 31, 2009Assets Revenues $2,000,000Current assets ExpensesCash and temporary Cost of goods sold 1,080,000investments $ 30,000Selling and administrativeAccounts receivable 70,000Expenses 495,000Inventories 120,000Interest expense 30,000Total current assets 220,000Total expenses 1,605,000Property, plant, and Incomebefore income taxes 395,000equipment (net) 780,000Income tax expense 140,000Total assets $1,000,000Net income $ 255,000Liabilities and Stockholders' EquityCurrent liabilities $ 80,000Long-term liabilities 300,000Common stockholders' equity 620,000Total liabilities and stockholders' equity $1,000,000Westward Corporation Westward CorporationBalance Sheet Income StatementDecember 31, 2008 For the Year Ended December 31, 2008Assets Revenues $2,500,000Current assets ExpensesCash and temporary Cost of goods sold 1,750,000investments $ 40,000Selling and administrativeAccounts receivable 90,000Expenses 500,000Inventories 150,000Interest expense 30,000Total current assets 280,000Total expenses 2,280,000Property, plant, and Income before income taxes 220,000equipment (net) 800,000Income tax expense 77,000Total assets $1,080,000Net income $ 143,000Liabilities and Stockholders' EquityCurrent liabilities $ 140,000Long-term liabilities 320,000Common stockholders' equity 620,000Total liabilities andstockholders' equity $1,080,000Select data from fiscal year 2007:Inventory: $100,000Total assets: $900,000Stockholders’ Equity: $540,000Instructions1. Compute the following listed ratios for 2009 and 2008 showing supporting calculations. (5.2 points)a. Current ratiob. Debt to total Assetsc. Times interest earnedd. Inventory turnovere. Profit margin ratiof. Return on common stockholders' equityg. Return on assets2. Perform horizontal and vertical analysis on Westward’s financial statements, show your results. (3.0 points)3. Assess the financial performance of Westward, given the analysis tools used in questions 1 and 2 above. (5.3 points)4. If the company wanted to perform industry comparison analysis, what references would you recommend it use? (1.5 points)