Multiple Questions Answers

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Subject Intro to Computers.

 

 

1.A business has just hired you as IT consultant. They are interested in cloud computing to provide supplementary computing power during the Christmas shopping season when deemed for their online products skyrockets. Which type of cloud computing would be ideal for them ?

 

a.network as a service

 

b.platform as a service

 

c.infrastructure as a service

 

d.software as a service

 

 2.Your brother wants to purchase a copy of the Microsoft Office Suite and he must have access . Which version does he need to purchase ?

 

a.Home and Business edition

 

b.Professional edition

 

c.Home and Student edition

 

d.Ultimate

 

 3.Your boss would like to make a diagram of the HR structure of your organization.He wants to know what application you would recommend.What Microsoft office suite application do you suggest to him ?

 

a.Project

 

b.Visio

 

c.Access

 

d.EverNote.

 

4.You are the network administrator of a network called Acme.com. The network consists of a single domain controller and it has gone down. What is a consequence of this ?

 

a.Domain names cannot be resolved into IP addresses

 

b.Mac addresses cannot be resolved into IP addresses

 

c.Users cannot authenticate to the domain

 

d.Client computers cannot obtain dynamic IP addresses

 

 

 

5.You recently purchased a domain name and just uploaded your new website to a web hosting company. What do you need to do next so that people can see your website by typing your domain name into a browser ?

 

a.Upload your domain name to the web server using FTP

 

b.Point your domain name at the IP address of the web server

 

c.Convert your website from HTML to a CSV file

 

 d.Advertise your domain name on Google Ads.

At December 31, 2014, Grinkov Corporation had the following account balances.

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Brief Exercise 18-14

At December 31, 2014, Grinkov Corporation had the following account balances.

 

Installment Accounts Receivable, 2013           $65,000

Installment Accounts Receivable, 2014           110,000

Deferred Gross Profit, 2013                23,400

Deferred Gross Profit, 2014                41,800

 

Most of Grinkov’s sales are made on a 2-year installment basis.

Indicate how these accounts would be reported in Grinkov’s December 31, 2014, balance sheet. The 2013 accounts are collectible in 2015, and the 2014 accounts are collectible in 2016.

 

 

Grinkov Corporation

Balance Sheet

December 31, 2014

 

Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity 

 

Deferred Gross Profit    Installment Accounts Receivable Due in 2014    Installment Accounts Receivable Due in 2015    Installment Accounts Receivable Due in 2016    $

 Deferred Gross Profit    Installment Accounts Receivable Due in 2014    Installment Accounts Receivable Due in 2015    Installment Accounts Receivable Due in 2016    $

Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity

 

 

 

Deferred Gross Profit    Installment Accounts Receivable Due in 2014    Installment Accounts Receivable Due in 2015    Installment Accounts Receivable Due in 2016    $

Multiple Questions Answers

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1) Which of the following is true?
A. The maker of a note does not have priXXXXX XXXXXability upon signing the note, nor does the drawer of a check upon signing the check.
B. The maker of a note has priXXXXX XXXXXability upon signing the note, and the drawee of a check has priXXXXX XXXXXability upon the drawer’s signing of the check.
C. The maker of a note has priXXXXX XXXXXability upon signing a note, but the drawer of a check does not have priXXXXX XXXXXability upon signing the check.
D. The maker of a note has priXXXXX XXXXXability upon signing the note and the drawer of a check has priXXXXX XXXXXability upon signing the check.
E. The drawer of check has priXXXXX XXXXXability upon signing the check, but the maker of a note does not have priXXXXX XXXXXability upon signing the note.

2) Alan guarantees Visa that he will pay for his daughter Florence’s debt with Visa. If Alan fails to pay Visa, who is liable for Florence’s debt?
A. Neither Alan nor Florence is liable to Visa.
B. Florence is primarily liable to Visa, as she was the party who used the credit in the first place.
C. Alan is primarily liable to Visa, the accommodation maker.
D. Both Alan and Florence are primarily liable to Visa for Florence’s debt.

3) In order for a security interest to give the secured party protection against the claims of other creditors of the debtor, the security interest must:
A. Entitle the creditor to possession.
B. Attach to the subject matter.
C. Terminate the debtor’s interest.
D. Become perfected.

4) Which of the following is true about the distinction between secured and unsecured credit?
A. Secured debt results from a judgment of the court, whereas unsecured debt results from the agreement of the parties.
B. Secured debt will be collected over more than 1 year, whereas unsecured debt is expected to be collected within 1 year.
C. Secured debt is debt that has already been paid, and unsecured has not yet been paid.
D. Secured debt is expected to be collected, whereas collection of unsecured debt is doubtful.
E. Secured debt has collateral associated with it, whereas unsecured debt has no associated collateral.

Multiple Questions Answers

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1. Western Electric has 23,000 shares of common stock outstanding at a price per share of $57 and a rate of return of 14.2 percent. The firm has 6,000 shares of 7 percent preferred stock outstanding at a price of $48 a share. The preferred stock has a par value of $100. The outstanding debt has a total face value of $350,000 and currently sells for 102 percent of face. The yield-to-maturity on the debt is 8.49 percent. What is the firm’s weighted average cost of capital if the tax rate is 34 percent? 
12.69 percent
13.44 percent
14.19 percent
14.47 percent
14.92 percent

2. Which one of the following activities is a source of cash? 
Answer 
Decreasing long-term debt
Increasing inventory
Repurchasing shares of stock
Increasing fixed assets
Decreasing accounts receivable

3. Which one of the following is a use of cash? 
Answer 
Issuing new shares of stock
Increasing accounts payable
Decreasing inventory
Decreasing fixed assts
Increasing accounts receivable

4. The weighted average cost of capital is defined as the weighted average of a firm’s: 
Answer 
return on its investments.
cost of equity and its aftertax cost of debt.
pretax cost of debt and equity securities.
bond coupon rates.
dividend and capital gains yields.

Multiple Questions Answers

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1. You write a newspaper story about a local hobbyist. You take a dislike to the man and in
your article, throw in the assertion that he molested neighborhood children. You won’t be
liable for defamation if
A. the plaintiff consented to you writing a story about his hobby.
B. the plaintiff is a public figure.
C. what you said is true.
D. only one other person besides the plaintiff saw your statement.

2. The defendant walked up to the plaintiff, a stranger, and quietly demanded her money.
No weapon was used. However, the plaintiff felt intimidated and handed over her purse.
After this episode she suffered nightmares for several weeks and required a sleeping 
pill prescription.
A. The plaintiff has a case for conversion and appropriation.
B. The plaintiff has a case for conversion and intentional infliction of emotional distress.
C. The plaintiff has a case for conversion but not intentional infliction of emotional 
distress. Among other reasons, the facts don’t suggest intent or outrageous or 
extreme behavior by the defendant.
D. The plaintiff has a case for battery and conversion.

3. You’re sitting in your easy chair reading a magazine by the light of your picture window.
You look up in time to see a boy throw a rock at the window. Instinctively you duck. The
rock shatters the window, hitting you before falling to the floor. The boy takes off running,
but the police pick him up later. What are the most torts you could reasonably claim the
boy committed?
A. Assault.
B. Assault and battery.
C. Assault and battery and conversion.
D. Assault and battery and conversion and trespass.

4. A Massachusetts business has the name The Coffee & Tea House. Will the state allow someone to use The Coffee House Cafe as a name for their business also to operate in Massachusetts?
A. It depends. The state will have to determine whether or not the two names are XXXXX XXXXX
B. Yes, because the names aren’t identical.
C. If the Coffee House is a foreign corporation, the state has absolutely no control over them of any kind.
D. Yes, if the businesses are organized as different types of entities.

 

 

 

Multiple Questions Answers

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1. Tech, Inc., sells its brand-name computer equipment directly to its franchised retailers. Depending on how existing franchisees do, Tech may limit the number of franchisees in a given area to reduce intrabrand competition. Tech’s restriction on the number of dealers likely is
A) a per se violation of the Sherman Act.
B) exempt from the antitrust laws.
C) subject to continuing review by the appropriate federal agency.
D) subject to the rule of reason.

2. Francis owns a small motel in Sugarloaf Key. She notices by means of public advertising that her competitors in Big Pine Key and Ramrod Key have extended by two weeks their “winter season” and thus their winter season higher rates. Francis also notices the “no vacancy” signs at her competitors’ motels. So, Francis decides to extend the winter season at her motel too. Francis has engaged:
A) Illegal horizontal price-fixing by means of an express agreement.
B) Illegal horizontal price-fixing by means of an implied agreement
C) Legal action by means of the doctrine of Conscious Parallelism
D) Legal action since anti-trust law does not apply to small motels, only large ones and hotels.

3. General Construction contracts to build a store for Home Stores for $1 million. In mid-project, Home repudiates the contract, and General stops working. General incurred costs of $600,000 and would have made a profit of $100,000. General’s measure of damages likely is
A) $1 million.
B) $700,000.
C) $100,000.
D) nothing.

4. The four shareholders of Delta, Inc., want to prevent each other from selling the shares to third parties without first being given the opportunity to buy them. The shareholders can provide for this in
A) a buy-sell agreement that includes a “take-along” clause.
B) a buy-sell agreement that includes a right of first refusal.
C) a key-person clause that specifies who can sell what to whom.
D) none of the above.

 

 

 

 

A+ Answers of the following Questions

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Question 1. 1. (TCO A) Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant:
Total Construction Fixed Price $7,000,000
Construction Start Date March 3, 2012
Construction Complete Date December 4, 2013
As of Dec 31… 2012 2013
Actual cost incurred $2,700,000 $3,050,000
Estimated remaining costs $2,700,000 $-
Billed to customer $2,400,000 $4,600,000
Received from customer $2,000,000 $4,800,000
Assuming Platypus Building Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013? (Points : 5)
$450,000
$625,000
$1,050,000
$1,250,000
2. (TCO A) Kerry Corp purchased a used bottling machine from Bob’s Bottling Inc. on Jan 1, 2012 for $2100000. Bob accounted for the sale correctly under the installment sales method. It had a book value of $1575000. Kerry paid with $300000 cash and a note for $1800000 with an annual interest of 10%. Kerry agreed to make equal annual payments of $600000. Kerry Corp made their first payment on Jan 1, 2013 of $780000 which included interest of $180000 to date of payment.
As of Dec 31, 2013 Bob has deferred gross profit of ? (Points : 5)
$255,000
$330,000
$375,000
$300,000
3. (TCO A) Blue Suede Construction Corp used the percentage-of-completion method of revenue recognition. They were contracted to build the new amphitheater for $4500000. Additional information was provided:
As of Dec 31…. 2012 2013
Percentage of completion 35% 60%
Estimated total expected costs $3,750,000 $3,900,000
Gross profit recognized (Cumulative) $225,000 $300,000
Contracted costs incurred during 2013 were… (Points : 5)
$975,000
$2,340,000
$825,000
$1,027,500
4. (TCO A) In industries with high rates of return (such as a magazine distribution company) an alternative method of revenue recognition would be… (Points : 5)
record sales net of an estimate of expected future returns
record sales in current period and returns in future periods as they occur

Multiple Questions Answers

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1. Refer to the following table showing a monopolist’s demand schedule:
Price Quantity
$50 300
40 600
20 800
10 1,000
What is marginal revenue for a price decrease from $50 to $40?
a. $9,000
b. $24,000
c. $30
d. $20


2. The market demand for a monopoly firm is estimated to be:
Qd = 100,000 – 500P +2M + 5,000PR
where Qd is is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2012. The marginal cost function is estimated to be MC = 500 + 0.006Q. Total fixed cost in 2012 is expected to be $4 million.
The profit-maximizing price for 2012 is
a. $580.
b. $400.
c. $80.
d. $20.

3. The market demand for a monopoly firm is estimated to be:
Qd = 100,000 – 500P +2M + 5,000PR
where Qd is is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2012. The marginal cost function is estimated to be MC = 500 + 0.006Q. Total fixed cost in 2012 is expected to be $4 million. 
For 2012, the inverse demand function is
a. P = 600 − 0.001Q.
b. P = 300 − 0.002Q.
c. P = 600 − 0.004Q.
d. P = 600 – 0.002Q.


4. When a firm’s demand curve is tangent to its average total cost curve, the
a. firm must be operating at its efficient scale.
b. firm’s economic profit is zero.
c. firm must be incurring economic losses.
d. firm must be earning economic profits.

 

 

Multiple Questions Answers

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Question 1
In preparing a process explanation, the step of __________ forms the basis (backbone) of the process explanation and aids in designing visuals.


A. listing the sequence of steps in the process
B. identifying the audience
C. organizing the material
D. choosing the diction
 
 
Question 2
An overview of an entire sequence can be provided by timelines as well as by:


A. pie charts.
B. bar graphs.
C. schedules.
D. scatter graphs.
 
 
Question 3
When writing process explanations, use active voice when:


A. the action involves a person and you want to emphasize the recipient of the action.
B. when the person doing the the action is insignificant or unimportant.
C. when the action does not involve a person and you want to emphasize the recipient of the action.
D. the action involves a person and you want to emphasize the operator or the doer of the action.
 
 
Question 4
Because process explanations are chronological, writers often use __________ to signal movement from one part of the process to the next.


A. thesis statements
B. headings and subheadings
C. commas
D. bullets

Ashwood Inc financial statement

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Ashwood, Inc. is a public enterprise whose shares are traded in the over-the-counter market. At December 31, 2006 Ashwood had 6,000,000 authorized shares of $10 par value common stock, of which 2,000,000 shares were issued and outstanding. The stockholders’ equity accounts at December 31, 2006 had the following balances:
Common stock …………………. $20,000,000
Additional paid-in capital ………… 7,500,000
Retained earnings …………………. 6,470,000
Transactions during 2007 and other information relating to the stockholders’ equity accounts were as follows:
1. On January 5, 2007, Ashwood issued at $54 per share, 100,000 shares of $50 par value, 9%, cumulative convertible preferred stock. Each share of preferred stock is convertible, at the option of the holder, into two shares of common stock. Ashwood had 600,000 authorized shares of preferred stock.
2. On February 2, 2007, Ashwood reacquired 20,000 shares of its common stock for $16 per share. Ashwood uses the cost method to account for treasury stock.
3. On April 27, 2007, Ashwood sold 500,000 shares (previously unissued) of $10 par value common stock to the public at $17 per share.
4. On June 18, 2007, Ashwood declared a cash dividend of $1 per share of common stock, payable on July 13, 2007 to stockholders of record on July 2, 2007.
5. On November 9, 2007, Ashwood sold 10,000 shares of treasury stock for $21 per share.
6. On December 14, 2007, Ashwood declared the yearly cash dividend on preferred stock, payable on January 14, 2008 to stockholders of record on December 31, 2007.
7. On January 18, 2008, before the books were closed for 2007, Ashwood became aware that the ending inventories at December 31, 2006 were understated by $300,000 (the after-tax effect on 2006 net income was $210,000). The appropriate correcting entry was recorded the same day.
8. After correcting the beginning inventory, net income for 2007 was $4,500,000.

Required
1. Prepare a statement of retained earnings for Ashwood for the year ended December 31, 2007. Assume that only single period financial statements for 2007 are presented.
2. Prepare the stockholders’ equity section of Ashwood’s balance sheet at December 31, 2007.