Use the following information for questions 1 and 2.
The following information was available from the inventory records of Rich Company for January:
Units Unit Cost Total Cost
Balance at January 1 3,000 $9.77 $29,310
January 6 2,000 10.30 20,600
January 26 2,700 10.71 28,917
January 7 (2,500)
January 31 (4,000)
Balance at January 31 1,200
1. Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?
2. Assuming that Rich maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average inventory method, rounded to the nearest dollar?
Use the following information for questions 3 and 4..
Niles Co. has the following data related to an item of inventory:
Inventory, March 1 100 units @ $4.20
Purchase, March 7 350 units @ $4.40
Purchase, March 16 70 units @ $4.50
Inventory, March 31 130 units
3. The value assigned to ending inventory if Niles uses LIFO is
4. The value assigned to cost of goods sold if Niles uses FIFO is
Below is a list of items. Classify each into one of the following balance sheet categories:
a. Cash c. Short-term Investments
b. Receivables d. Other
1. Compensating balances held in long-term borrowing arrangements
2. Savings account
3. Trust fund
4. Checking account
5. Postage stamps
6. Treasury bills maturing in six months
7. Post-dated checks from customers
8. Certificate of deposit maturing in five years
9. Common stock of another company (to be sold by December 31, this year)
10. Change fund
6.Allowance for doubtful accounts.
When a company has a policy of making sales for which credit is extended, it is reasonable to expect a portion of those sales to be uncollectible. As a result of this, a company must recognize bad debt expense. There are basically two methods of recognizing bad debt expense: (1) direct write-off method, and (2) allowance method.
(a) Describe fully both the direct write-off method and the allowance method of recognizing bad debt expense.
(b) Discuss the reasons why one of the above methods is preferable to the other and the reasons why the other method is not usually in accordance with generally accepted accounting principles.
7.-Entries for bad debt expense.
A trial balance before adjustment included the following:
Accounts receivable $80,000
Allowance for doubtful accounts 730
Sales returns and allowances 8,000
8.-Present value of an investment in equipment. (Tables needed.)
Find the present value of an investment in equipment if it is expected to provide annual savings of $10,000 for 10 years and to have a resale value of $25,000 at the end of that period. Assume an interest rate of 9% and that savings are realized at year end.
9-Future value of an annuity due. (Tables needed.)
If $4,000 is deposited annually starting on January 1, 2010 and it earns 9%, how much will accumulate by December 31, 2019?
10.-Present value of an annuity due.(Tables needed.)
How much must be invested now to receive $20,000 for ten years if the first $20,000 is received today and the rate is 8%?
11.-Compute the annual rent. (Tables needed.)
Crone Co. has machinery that cost $80,000. It is to be leased for 15 years with rent received at the beginning of each year. Crone wants a return of 10%. Compute the amount of the annual rent.
12.-Calculate market price of a bond. (Tables needed.)
Determine the market price of a $200,000, ten-year, 10% (pays interest semiannually) bond issue sold to yield an effective rate of 12%.
Provide clear, concise answers for the following.
1. What are assets?
2. What are liabilities?
3. What is equity?
4. What are current liabilities?
5. Explain what working capital is and how it is computed.
6. What are intangible assets?
7. What are current assets?
In the space provided at right, write the word or phrase that is defined or indicated.
1. Obligations expected to be liquidated 1.
through use of current assets.
2. Statement showing financial condition at a 2.
point in time.
3. Events that depend upon future outcomes. 3.
4. Probable future sacrifices of economic 4.
5. Resources expected to be converted to 5.
cash in one year or the operating cycle,
whichever is longer.
6. Resources of a durable nature used in 6.
7. Economic rights or competitive advantages 7.
which lack physical substance.
8. Probable future economic benefits. 8.
9. Residual interest in the net assets of an 9.
Define current assets without using the word "asset."
ASSETS LIABILITIES AND CAPITAL
a. Current assets f. Current liabilities
b. Investments g. Long-term liabilities
c. Plant and equipment h. Preferred stock
d. Intangibles i. Common stock
e. Other assets j. Additional paid-in capital
k. Retained earnings
l. Items excluded from balance sheet
Using the letters above, classify the following accounts according to the preferred and ordinary balance sheet presentation.
1. Bond sinking fund
2. Common stock distributable
3. Appropriation for plant expansion
4. Bank overdraft
5. Bonds payable (due 2013)
6. Premium on common stock
7. Securities owned by another company which are collateral for that company's note
8. Trading securities
10. Unamortized discount on bonds payable
12. Unearned revenue
17-Valuation of Balance Sheet Items.
Use the code letters listed below (a - l) to indicate, for each balance sheet item (1 - 13) listed below the usual valuation reported on the balance sheet.
1. Common stock 8. Long-term bonds payable
2. Prepaid expenses 9. Land (in use)
3. Natural resources 10. Land (future plant site)
4. Property, plant, and equipment 11. Patents
5. Trade accounts receivable 12. Trading securities
6. Copyrights 13. Trade accounts payable
7. Merchandise inventory
a. Par value
b. Current cost of replacement
c. Amount payable when due, less unamortized discount or plus unamortized premium
d. Amount payable when due
e. Market value at balance sheet date
f. Net realizable value
g. Lower of cost or market
h. Original cost less accumulated amortization
i. Original cost less accumulated depletion
j. Original cost less accumulated depreciation
k. Historical cost
l. Unexpired or unconsumed cost
The solution explains some multiple choice questions relating to inventory calculations
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?
b. Glutamic acid
Which amino acid would migrate the furthest toward the anode (positive electrode) during paper electrophoresis at pH 7.0?
a. Aspartic acid
Which of the following functional groups, attached to an inert matrix, could function as a cation exchanger?
Which of the following amino acids would make the best buffer at pH 4.5?
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?
b. Glutamic acid
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
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
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.
d. Iys-ala-cys-phe-met -trp