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9. A company's account balances at December 31, 2007 for Accounts Receivable and the related Allowance for Doubtful Accounts are $460,000 debit and $700 credit, respectively. From an aging of accounts receivable, it is estimated that $12,500 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for:

a. $12,500.
b. $13,200.
c. $11,800.
d. $700.
e. None of the above
f. Answer cannot be determined from the information provided

10. Gross billings for merchandise sold by a company to its customers last year amounted to $15,720,000; sales returns and allowances were $370,000, sales discounts were $175,000, and freight-out was $140,000. Net sales last year for the company were:

a. $15,720,000.
b. $15,350,000.
c. $15,175,000.
d. $15,035,000.
e. None of the above
f. Answer cannot be determined from the information provided

11. A company has the following items: write-down of inventories, $120,000; loss on disposal of Sports Division, $185,000; and loss due to strike, $113,000. Ignoring income taxes, what total amount should the company report as extraordinary losses?

a. $ -0-.
b. $185,000.
c. $233,000.
d. $298,000.
e. None of the above
f. Answer cannot be determined from the information provided

12. A company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should the company report as stockholders' equity?

a. $898,000.
b. $998,000.
c. $1,098,000.
d. $1,198,000.
e. None of the above
f. Answer cannot be determined from the information provided

13. A corporation reports:

Cash provided by operating activities $250,000
Cash used by investing activities 110,000
Cash provided by financing activities 140,000
Beginning cash balance 70,000

What is the corporation's ending cash balance?

a. $280,000.
b. $350,000.
c. $500,000.
d. $570,000.
e. None of the above
f. Answer cannot be determined from the information provided

14. A company will invest $300,000 today. The investment will earn 6% for 5 years, with no funds withdrawn. In 5 years, the amount in the investment fund is:

a. $300,000.
b. $390,000.
c. $401,469.
d. $402,087.
e. None of the above
f. Answer cannot be determined from the information provided

15. A corporation will invest $25,000 every January 1st for the next six years (2006 - 2011). If it will earn 12% on the investment, what amount will be in the investment fund on December 31, 2011?

a. $102,785.
b. $115,120.
c. $202,880.
d. $227,225.
e. None of the above
f. Answer cannot be determined from the information provided

16. What amount should be recorded as the cost of a machine purchased December 31, 2006, which is to be financed by making 8 annual payments of $6,000 each beginning December 31, 2007 if the applicable interest rate is 8%?

a. $42,000
b. $37,481
c. $63,820
d. $34,480
e. None of the above
f. Answer cannot be determined from the information provided

17. A company uses the percentage-of-completion method of accounting. In 2007, the company began work on a contract it had received which provided for a contract price of $15,000,000. Other details follow:

2007
Costs incurred during the year $7,200,000
Estimated costs to complete as of December 31 4,800,000
Billings during the year 6,600,000
Collections during the year 3,900,000
What should be the gross profit recognized in 2007?

a. $600,000
b. $7,800,000
c. $1,800,000
d. $3,000,000
e. None of the above
f. Answer cannot be determined from the information provided

18. A company began work in 2007 on contract #3814, which provided for a contract price of $7,200,000. Other details follow:

2007 2008
Costs incurred during the year $1,200,000 $3,675,000
Estimated costs to complete,
as of December 31 3,600,000 0
Billings during the year 1,350,000 5,400,000
Collections during the year 900,000 5,850,000

Assume that the company uses the completed-contract method of accounting. The portion of the total gross profit to be recognized as income in 2008 is:

a. $900,000.
b. $1,725,000.
c. $2,325,000.
d. $7,200,000.
e. None of the above
f. Answer cannot be determined from the information provided

20. A company sold some of its plant assets during 2008. The original cost of the plant assets was $750,000 and the accumulated depreciation at the date of sale was $700,000. The proceeds from the sale of the plant assets were $105,000. The information concerning the sale of the plant assets should be shown on the company's statement of cash flows (indirect method) for the year ended December 31, 2008, as a(n):

a. subtraction from net income of $55,000 and a $55,000 increase in cash flows from financing activities.
b. addition to net income of $55,000 and a $105,000 decrease in cash flows from investing activities.
c. subtraction from net income of $55,000 and a $105,000 increase in cash flows from investing activities.
d. addition of $105,000 to net income.
e. none of the above
f. answer cannot be determined from the information provided

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https://brainmass.com/business/annuity/multiple-choice-276747

Solution Summary

The solution explains various questions relating to allowance for uncollectible, net sales, extraordinary loss, FV, cost of asset and cash flows

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Amino acids multiple choice questions

Which statement is incorrect about the classification of amino acids?
a. Alanine and valine are neutral, nonpolar amino acids.
b. Lysine and arginine are basic amino acids.
c. Tryptophan and phenylalanine are aromatic amino acids.
d. Aspartic acid and aspargine are acidic amino acids.

Which of the following amino acids is the least water soluble at pH 7.0?
a. Tryptophan
b. Glutamic acid
c. Cysteine
d. Histidine

Which amino acid would migrate the furthest toward the anode (positive electrode) during paper electrophoresis at pH 7.0?
a. Aspartic acid
b. Alanine
c. Lysin
d. Glutamine

Which of the following functional groups, attached to an inert matrix, could function as a cation exchanger?
a. Diethylaminoethyl-
b. p-aminobenzyl-
c. Carboxymethyl-
d. Trimethylammonium-

Which of the following amino acids would make the best buffer at pH 4.5?
a. Histidine
b. Alanine
c. Glutamine
d. Aspartic acid

Which fact is incorrect about stereoisomers?
a. A diastereomer is a nonsuperimposable non-mirror image.
b. An enantiomer is a nonsuperimposible mirror image.
c. Diastereomers have different melting points.
d. Diastereomers rotate plane polarized light in equal but opposite direction.

Which statement is incorrect about L-isoleucine?
a. Its enantiomer is named O-isoleucine.
b. It contains a total of two asymmetric or chiral carbons.
c. It can also be named as (28, 38)-isoleucine using the (R,8) system.
d. Its diastereomer would be named O-alloisoleucine.

An isoelectric amino acid was dissolved in water and the resulting pH was approximately 7.6. What amino acid would possess this property?
a. Alanine
b. Glutamic acid
c. Histidine
d. Lysine

What volume of NaOH is required to adjust the solution of monosodium aspartate to pH 9.8?
a. 1 ml
b. 2 ml
c. 3 ml
d. 6 ml or more

What volume of 2 N Hel is required to completely titrate the 4 mmol of monosodium aspartate?
a. 2 ml
b. 3ml
c. Aml
d. 6 ml or more

Which statement is correct about the peptide ala-ser?
a. Alanine is at the N-terminal of the peptide.
b. There are a total six atoms that lie in the plane of the peptide bond linking alanine to serine.
c. The alpha-carbon of alanine is sp3 hybridized d All the above are correct statements.

What is the product formed from the acid hydrolysis of a simple amide?
a. Acid & base
b. Aldehyde & alcohol
c. Acid & amine
d. Ester & alcohol

The complete acid hydrolysis of the peptide ala-gln-trp-ser would yield:
a. Ala, gin, trp, ser
b. Ala, glu, ser
c. Ala, glu, trp, ser
d. Ala. ser

Fibrous proteins, such as collagen, have which of the following properties?
a. Highly soluble in water
b. Their hydrophilic residues are directed into the interior of the protein
c. Exhibit enzymatic activity
d. Serve structural roles in the cell

Quaternary structure is associated with:
a. The overall shape of a polypeptide chain
b. The sum of the secondary and tertiary interactions
c. Simple proteins with only one subunit
d. The relative orientation of one polypeptide to another polypeptide in a multi-subunit protein.

The information needed to define the structure of a protein is essentially contained in:
a. Amino acid composition
b. Amino acid sequence
c. Secondary structure
d. Tertiary structure.

Insulin is a polypeptide hormone that contains two short polypeptide chains linked by two interstrand disulfide bonds. The most logical order of events to perform in order to sequence this protein would be:
A: The peptides are reduced with mercaptoethanol.
B: The peptides are sequenced using Edman chemistry .
C: The peptides are separated by chromatography techniques. 0: The peptides are alkylated with iodoacetamide.
a. A, D,C, B b.C,A, 0, B
c. C, B, A, 0
d. A, B, C, 0

Which statement is incorrect about the peptide val-asp-trp-asn-ser?
a. This peptide would show a strong absorption band at 280 nm.
b. Reaction with chymotrypsin would yield two peptides.
c. To synthesize this peptide using the solid phase method of Merrifield, the amino acid directly attached to the resin would be serine.
d. After the second round of Edman chemistry using the reagent PITC, the PTH -amino acid residue released would be PTH-asn.

Which statement is incorrect about the reaction of the peptide ser-Iys-asp-trp-cys-metasn-phe-ala with the following reagents?
a. Reaction with cyanogens bromide would yield two peptides.
b. Reaction with trypsin would result in three peptides. The smallest of three peptides would have the highest pi of the three.
c. Reaciton with chymotrypsin would result in the peptides ser-Iys-asp & try-cys-met-Iysasn-phe-ala .
d. Reaction with chymotrypsin would yield a different set of peptides that overlap those obtained with tryspsin

Determine the amino acid sequence of the following oligopeptide from the experimental data below:
The amino acid composition is found the be ala, Iys, phe, met, cys plus some
decompsition products.
2. The peptide has a molecular weight around 700 Da and absorbs at 280 nm.
3. Treatment with carboxypeptidase results in tryptophan and a peptide.
4. CNBr treatment yields a tetrapeptide and a dipeptide.
5. Trypsine digestion produces an amino acid and a pentapeptide with met on the amino end.
6. Chymotrypsin digestion yields a dipeptide and a tetrapeptide.
a. trp-Iys-met-cys-met-ala
b. Iys-met-cys-phe-ala-trp
c. trp-ala-phe-cys-met-Iys
d. Iys-ala-cys-phe-met -trp

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