1. Chum salmon (Oncorhynchus keta) are born in freshwater environments and then migrate to the sea. Near the end of their lives, they return to the freshwater stream where they were born to spawn. In freshwater, water constantly diffuses into the body and ions are lost from the body. In salt water, body water diffuses out of the body and excess ions are gained from the water. A salmon's gills have special cells to pump salt in or out of the body to maintain homeostasis. In response to the salmon's moves between freshwater and salt water, some cells in the gills are produced and others are destroyed. These changes made in the cells of the gills during the lifetime of an individual salmon are an example of which of the following

   	a.	evolution
   	b.	trade-offs
   	c.	acclimatization
   	d.	adaptation

   A researcher is setting up an experiment to measure basal metabolic rate in songbirds. Which of the following would be the best set of conditions for the birds immediately before and during the measurement?

   	a.	House the birds in a cage with no food for a few hours before measurement; conduct measurements in a room the same temperature as the room where housed
   	b.	House the birds in a cage with no food for a few hours before measurement; conduct measurements in a colder room than the room where housed, and exercise the birds.
   	c.	House the birds in a cage with plenty of food and water to avoid stress; conduct measurements in a room the same temperature as the room where housed.
   	d.	House the birds in a cage with plenty of food and water to avoid stress; conduct measurements in a warmer room than the room where housed.

2. Which of the following events produces the "pull" that is associated with myosin and actin sliding past one another?

   	a.	the binding of ATP to the myosin head
   	b.	the hydrolysis of ATP
   	c.	the release of a phosphate from the myosin head after ATP is hydrolyzed
   	d.	the myosin head with an empty ATP binding site

(a) Sally is the owner of a huge bookstore in Quarry Bay. Near retirement age, she is looking for opportunities to sell her business. One day, Ricky, who was interested to buy the bookstore, was invited by Sally to visit her bookstore. Ricky was excited to see that there was a small tea shop inside the bookstore selling Taiwanese style drinks. Ricky was led by Sally to visit the whole bookstore including a tea shop. Sally told Ricky that the customers enjoyed having a cup of takeaway drink from the tea shop before reading and purchasing books in the bookstore. She also mentioned that the tea shop and the bookstore together attracted many students and youngsters nearby, generating a total monthly revenue of over HK$800,000. Ricky was very satisfied with what he saw that day. Thinking that he was buying the bookstore together with the tea shop, he immediately placed a deposit with Sally for purchase of her business. However, one week later, Ricky learned from a reliable source of information that the tea shop inside the bookstore actually belonged to another owner. Sally did not share any profits from the tea shop, neither could she influence the tea shop’s operation.

Required:

(a) Discuss whether the conduct of Sally constitutes misrepresentation. You are required to cite a relevant case in your explanation but do NOT need to discuss the different types of misrepresentation.

(b) In February, Mr and Mrs Lee engaged Susan, a famous ballerina to perform a private show at their villa in the New Territories to celebrate their 30th wedding anniversary in August. At the same time, Mr and Mrs Lee paid Susan HK$10,000 as deposit for her performance. In March, Susan’s left ankle was injured badly while practising. She was told by her doctor that the injury was very serious and she would probably have difficulty walking for the rest of this year. Susan decided to take her doctor’s advice and cancel the ballet show. There is no provision in the contract between Susan and Mr and Mrs Lee in respect of Susan’s injury. When Mr and Mrs Lee were informed of Susan’s injury and the cancellation of her ballet show, they were shocked and very disappointed.

Required:

(bi) Discuss whether Susan’s contract with Mr and Mrs Lee can be discharged by frustration.

(bii) Discuss whether Mr and Mrs Lee are entitled to demand a refund of their deposit and claim for additional compensation.

Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 157,500 Total current assets $ 713,000 Equipment 576,000 Less: accumulated depreciation 72,000 Equipment, net 504,000 Total assets $ 1,217,000 Liabilities and Equity Accounts payable $ 370,000 Bank loan payable 14,000 Taxes payable (due 3/15/2018) 89,000 Total liabilities $ 473,000 Common stock 474,000 Retained earnings 270,000 Total stockholders’ equity 744,000 Total liabilities and equity $ 1,217,000 To prepare a master budget for January, February, and March of 2018, management gathers the following information. a. The company’s single product is purchased for $30 per unit and resold for $57 per unit. The expected inventory level of 5,250 units on December 31, 2017, is more than management’s desired level, which is 20% of the next month’s expected sales (in units). Expected sales are: January, 7,000 units; February, 9,000 units; March, 11,500 units; and April, 10,500 units. b. Cash sales and credit sales represent 20% and 80%, respectively, of total sales. Of the credit sales, 59% is collected in the first month after the month of sale and 41% in the second month after the month of sale. For the December 31, 2017, accounts receivable balance, $125,000 is collected in January and the remaining $395,000 is collected in February. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2017, accounts payable balance, $60,000 is paid in January and the remaining $310,000 is paid in February. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $72,000 per year. e. General and administrative salaries are $144,000 per year. Maintenance expense equals $2,100 per month and is paid in cash. f. Equipment reported in the December 31, 2017, balance sheet was purchased in January 2017. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $33,600; February, $96,000; and March, $24,000. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month’s depreciation is taken for the month in which equipment is purchased. g. The company plans to buy land at the end of March at a cost of $145,000, which will be paid with cash on the last day of the month. h. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $28,000 at the end of each month. i. The income tax rate for the company is 41%. Income taxes on the first quarter’s income will not be paid until April 15. Required: Prepare a master budget for each of the first three months of 2018; include the following component budgets. 6. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2018.

[The following information applies to the questions displayed below.]

5.

value:
15.00 points

Required information

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Expanded tableDifficulty: 3 HardLearning Objective: 22-P4 Appendix-Prepare each component of a master budget and link each to the budgeting process-for a merchandising company.

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6.

value:
15.00 points

Required information

References

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Expanded tableDifficulty: 3 HardLearning Objective: 22-P4 Appendix-Prepare each component of a master budget and link each to the budgeting process-for a merchandising company.

Check my work

7.

value:
15.00 points

Required information

References

eBook & Resources

Expanded tableDifficulty: 3 HardLearning Objective: 22-P4 Appendix-Prepare each component of a master budget and link each to the budgeting process-for a merchandising company.

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8.

value:
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Expanded table

Andrew and James are old friends; they are the same age and used to have near-identical
athletic abilities. After a few years passing, the following has changed in terms of their physical
health:
- Andrew is relatively healthy, but he knocked his arm a few days ago, which is now
bruised, and he is suffering from mild pain when he uses his arm.
- James is starting to experience a loss of Myotubularin function in his body muscles,
which is leading to the disorganisation of T-tubules (transverse tubules).
Between the two, who would fare the worst in a quick round of table tennis? Give reasons for
you stance.(9marks)

Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 157,500 Total current assets $ 713,000 Equipment 576,000 Less: accumulated depreciation 72,000 Equipment, net 504,000 Total assets $ 1,217,000 Liabilities and Equity Accounts payable $ 370,000 Bank loan payable 14,000 Taxes payable (due 3/15/2018) 89,000 Total liabilities $ 473,000 Common stock 474,000 Retained earnings 270,000 Total stockholders’ equity 744,000 Total liabilities and equity $ 1,217,000 To prepare a master budget for January, February, and March of 2018, management gathers the following information. The company’s single product is purchased for $30 per unit and resold for $57 per unit. The expected inventory level of 5,250 units on December 31, 2017, is more than management’s desired level, which is 20% of the next month’s expected sales (in units). Expected sales are: January, 7,000 units; February, 9,000 units; March, 11,500 units; and April, 10,500 units. Cash sales and credit sales represent 20% and 80%, respectively, of total sales. Of the credit sales, 59% is collected in the first month after the month of sale and 41% in the second month after the month of sale. For the December 31, 2017, accounts receivable balance, $125,000 is collected in January and the remaining $395,000 is collected in February. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2017, accounts payable balance, $60,000 is paid in January and the remaining $310,000 is paid in February. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $72,000 per year. General and administrative salaries are $144,000 per year. Maintenance expense equals $2,100 per month and is paid in cash. Equipment reported in the December 31, 2017, balance sheet was purchased in January 2017. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $33,600; February, $96,000; and March, $24,000. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month’s depreciation is taken for the month in which equipment is purchased. The company plans to buy land at the end of March at a cost of $145,000, which will be paid with cash on the last day of the month. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $28,000 at the end of each month. The income tax rate for the company is 41%. Income taxes on the first quarter’s income will not be paid until April 15. Required: Prepare a master budget for each of the first three months of 2018; include the following component budgets: 1. Monthly sales budgets. 2. Monthly merchandise purchases budgets. 3. Monthly selling expense budgets. 4. Monthly general and administrative expense budgets. 5. Monthly capital expenditures budgets. 6. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2018.

Near the end of 2017, the management of DJS Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017. DJS SPORTS CO. Estimated Balance Sheet December 31, 2017 Assets Liabilities and Equity Cash 36,000 Accounts Payable $ 360,000 Accounts Receivable 525,000 Bank Loan Payable 15,000 Inventory 150,000 Taxes Payable (due 3/15/17) 90,000 Total Current Assets $ 711,000 Total Liabilities $ 465,000 Equipment 540,000 Common Stock 472,500 Less: Accum Depreciation (67,500) Retained Earnings 246,000 Net Equipment 472,500 Total Stockholder's Equity 718,500 Total Assets $ 1,183,500 Total Liabilities and Equity 1,183,500 To prepare a master budget for January, February, and March of 2018, management gathers the following information.

a. DJS Sport's single product is purchased for $25 per unit and resold for $50 per unit. The expected inventory level of 6,000 units on December 31, 2017, is more than management's desired level for 2018, which is 20% of the next month's expected sales (in units). Expected sales are: January, 8,000 units; February, 9,000 units; March, 10,000 units; and April, 11,000 units. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 60% is collected in the first month after the month of sale and 40% in the second month after the month of sale. For the December 31, 2017, accounts receivable balance, $125,000 is collected in January and the remaining $400,000 is collected in February. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2017, accounts payable balance, $80,000 is paid in January and the remaining $280,000 is paid in February. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $60,000 per year. e. General and administrative salaries are $144,000 per year. Maintenance expense equals $2,000 per month and is paid in cash. f. Equipment reported in the December 31, 2017, balance sheet was purchased in January 2017. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $36,000; February, $96,000; and March, $28,800. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month's depreciation is taken for the month in which equipment is purchased. g. The company plans to acquire land at the end of March at a cost of $150,000, which will be paid with cash on the last day of the month. h. DJS Sports has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $25,000 in each month. i. The income tax rate for the company is 40%. Income taxes on the first quarter's income will not be paid until April 15.

Required: 1. Budgeted income statement for the entire first quarter (not for each month).

2. Budgeted balance sheet as of March 31, 2018.

The geographical principle of nearness states that everything is related to everything else but near things are more related than distant things. In your own lives and experience, does this principle seem accurate? What other geographical concepts can you use to support or challenge the principle of nearness, and to describe your own social, economic, political, etc., connections and interactions?
write 200 words.

Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017.

DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2017Assets      

Cash$35,000

Accounts receivable 520,000    

Inventory 150,000  

  Total current assets   $705,000

Equipment 552,000   

Less: accumulated depreciation 69,000    

Equipment, net    483,000

Total assets   $1,188,000

Liabilities and Equity    

  Accounts payable$360,000    

Bank loan payable 14,000    

Taxes payable (due 3/15/2018) 89,000

    Total liabilities   $463,000

Common stock 475,000   

Retained earnings 250,000  

  Total stockholders’ equity    725,000

Total liabilities and equity   $1,188,000

o prepare a master budget for January, February, and March of 2018, management gathers the following information.

1. The company’s single product is purchased for $30 per unit and resold for $52 per unit. The expected inventory level of 5,000 units on December 31, 2017, is more than management’s desired level, which is 20% of the next month’s expected sales (in units). Expected sales are: January, 6,750 units; February, 9,000 units; March, 10,750 units; and April, 9,500 units.
2. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 61% is collected in the first month after the month of sale and 39% in the second month after the month of sale. For the December 31, 2017, accounts receivable balance, $125,000 is collected in January and the remaining $395,000 is collected in February.
3. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2017, accounts payable balance, $70,000 is paid in January and the remaining $290,000 is paid in February.
4. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $78,000 per year.
5. General and administrative salaries are $156,000 per year. Maintenance expense equals $1,900 per month and is paid in cash.
6. Equipment reported in the December 31, 2017, balance sheet was purchased in January 2017. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $31,200; February, $103,200; and March, $24,000. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month’s depreciation is taken for the month in which equipment is purchased.
7. The company plans to buy land at the end of March at a cost of $175,000, which will be paid with cash on the last day of the month.
8. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $40,810 at the end of each month.
9. The income tax rate for the company is 39%. Income taxes on the first quarter’s income will not be paid until April 15.

Required:
Prepare a master budget for each of the first three months of 2018; include the following component budgets:

1. Monthly sales budgets.
2. Monthly merchandise purchases budgets.
3. Monthly selling expense budgets.
4. Monthly general and administrative expense budgets.
5. Monthly capital expenditures budgets.
6. Monthly cash budgets.
7. Budgeted income statement for the entire first quarter (not for each month).
8. Budgeted balance sheet as of March 31, 2018.

Near the Sawtooth Mountains in central Idaho, the city of Stanley is looking at developing its geothermal resources. It is to make the long, cold winters pass a bit more conveniently (hot tubs for everyone!). Still, intended to be the primary heating source for the town. Stanley isn’t very wealthy, so it's looking at developing the geothermal energy and paying for it over 30 years. At the end of 30 years, the system will be junk, worth nothing.

The data for the project are shown in the table below. Note that all values are in nominal dollar terms (actual market values), initially valued at the end of year zero dollars, and increasing at the rate of x% per year in nominal terms. The inflation rate is 2% per annum. All annual values accrue at the end of each year.
(a). What is the net present value of the investment at 5% and 10% (these discount rates are in real terms.)?
(b). The town is planning to finance the fixed costs by borrowing. What does the city need to charge annually to its 1,000 year-round residents to pay off the fixed costs?
(c). A conservation group devoted to clean rivers is concerned that discharges of spent or unused geothermal water into the local stream will decimate trout populations. They point out that the data in the table do not reflect this environmental loss. Net tourism benefits from trout fishing during year zero (at the beginning of year 1) can be conservatively estimated at $50,000, and tourism net-benefits have historically been increasing at the rate of 5% per annum. If the project planners take this additional annual loss into account, what is the NPV of the project at 5% and 10%?

Benefit and Cost:            

Benefits:

Annual savings in heating expenses: initial value=200,000, increasing at 5% per year.

Tax revenue increase: Initial value 100,000, rising at 5% per year, nominal.

Operating Costs:

Annual labor costs: initial value=150,000, rising at 2% per year.

Annual energy costs (for running pumps, etc.): initial value=25,000, increasing at 5% per year.

Annual maintenance expenses: initial value=10,000 per year, increasing at 5% per year.

Annual insurance costs: initial value=1000, increasing at 2% per year.

Fixed costs:

Equipment purchase: 100,000

Equipment installation: 100,000

Building construction costs: 75,000

Licensing, inspections, etc.: 1,000