For 2016, Clapton Company reported a decline in net income. At the end of the year, S. Hand, the president, is presented with the following condensed comparative income statement:

Prepare a comparative income statement with horizontal analysis for the two-year period, using 2015 as the base year. Use the minus sign to indicate an amount or percent decrease. If required, round percentages to one decimal place.

Some recent financial statements for Smolira Golf, Inc., follow.

Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter the profitability ratios as a percent.)

Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 3,181 $ 3,257 Accounts payable $ 2,158 $ 2,610 Accounts receivable 4,762 5,771 Notes payable 1,755 2,126 Inventory 12,498 13,772 Other 91 108 Total $ 20,441 $ 22,800 Total $ 4,004 $ 4,844 Long-term debt $ 13,300 $ 16,060 Owners’ equity Common stock and paid-in surplus $ 38,500 $ 38,500 Fixed assets Accumulated retained earnings 15,659 39,185 Net plant and equipment $ 51,022 $ 75,789 Total $ 54,159 $ 77,685 Total assets $ 71,463 $ 98,589 Total liabilities and owners’ equity $ 71,463 $ 98,589 SMOLIRA GOLF, INC. 2016 Income Statement Sales $ 187,570 Cost of goods sold 126,303 Depreciation 5,323 EBIT $ 55,944 Interest paid 1,420 Taxable income $ 54,524 Taxes 19,083 Net income $ 35,441 Dividends $ 11,915 Retained earnings 23,526 Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter the profitability ratios as a percent.) 2015 2016 Short-term solvency ratios a. Current ratio times times b. Quick ratio times times c. Cash ratio times times Asset utilization ratios d. Total asset turnover times e. Inventory turnover times f. Receivables turnover times Long-term solvency ratios g. Total debt ratio times times h. Debt−equity ratio times times i. Equity multiplier times times j. Times interest earned ratio times k. Cash coverage ratio times Profitability ratios l. Profit margin % m. Return on assets % n. Return on equity %

Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2016, appears below. December 31 is the company’s fiscal year-end. The company uses the perpetual inventory system.

Debits

Cash 88,420

Accounts receivable 27,000

Supplies 0

Prepaid rent 0

Inventory 66,000

Office equipment 83,000

Cost of goods sold 132,500

Interest expense 0

Salaries and wage expense 53,950

Rent expense 17,600

Supplies expense 2,320

Utility expense 6,100

Credits

Accumulated depreciation—office equipment 10,790

Accounts payable 35,400

Salaries and wages payable 4,800

Note payable 31,200

Common stock 120,000

Retained earnings 19,700

Sales revenue 255,000

Totals 476,890 476,890

Cash dividends paid to shareholders during the year amounted to $9,000.

Information necessary to prepare the year-end adjusting entries appears below.

1. The office equipment was purchased in 2014 and is being depreciated using the straight-line method over an eight-year useful life with no salvage value.

2. Accrued salaries and wages at year-end should be $7,200.

3. The company borrowed $31,200 on September 1, 2016. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%.

4. The company debits supplies expense when supplies are purchased. Supplies on hand at year-end cost $580.

5. Prepaid rent at year-end should be $1,300.

Required information 1. Complete the worksheet below.

2-a. Use the information in the worksheet to prepare an income statement for 2016.

2-b. Use the information in the worksheet to prepare a statement of shareholders’ equity for 2016.

2-c. Use the information in the worksheet to prepare a balance sheet as of December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)

Required information

3. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Kriveloff Company is in the process of closing its books at the end of 2017. The company's preliminary income statement for 2017 and its reported income statement for 2016 are given below.

                                                                             2017                             2016

                        Sales Revenues                       $ 900,000                    $ 880,000

                        Cost of Goods Sold                    (450,000)                     (425,000)

                        Gross Profit                                 450,000                       455,000

                        Depreciation                               (115,000)                     (115,000)

                        Other Expenses                          (108,000)                     (102,000)

                              Net Income                         $ 227,000                    $ 238,000

        Kriveloff's records reveal the following information:

(1)  Kriveloff failed to accrue $7,000 of supplies expense at the end of 2016.  The supplies expense was recorded as paid in 2017.

(2)  On 1/1/15, Kriveloff purchased a machine for $120,000.  Although the machine was expected to have a five-year life, it was erroneously expensed in recording the purchase.  The appropriate depreciation method for this machine is double-declining-balance with no residual.

(3)  At the end of 2017, Kriveloff decided to change its inventory costing method from average cost to the FIFO method.  An analysis of the accounting records provides the following cost of goods sold amounts under average cost and FIFO:

                                    Year                     FIFO            Average

                                    2015                410,000           430,000

                                    2016                420,000           425,000

                                    2017                432,000           450,000

(4) Kriveloff acquired a truck on 1/3/15 for $75,000 and estimated its useful life to be 6 years with a salvage value of $15,000. In 2017, after the preliminary statements were prepared, Kriveloff realized that the truck could be used for an additional 5 years, but that the salvage value at the end of that time would probably be only $10,000. Straight-line depreciation is being used.

        Required:

        A.    Prepare the necessary journal entries at December 31, 2017, to record the above information.

B. Prepare new comparative income statements to reflect the adjustments required by items (1)-(3) above.  You may ignore income taxes.

        C.    Retained earnings reported for the end of 2016 was $2,333,000 and at the end of 2015 was $2,195,000.  Dividends of $100,000 have been declared in each year.  Prepare comparative statements of retained earnings for Kriveloff Company, reflecting appropriate adjustments from items (1)-(3) above, ignoring income taxes.

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Which reagents react with reducing sugars (but not non-reducing sugars), indicate each reagent that reacts (5 points): (i) Millon's reagent, (ii) Bradford’s reagent, (iii) Benedict’s reagent, (iv) Barfoed’s reagent, (v) Biuret reagent

Which of the following electron configurations is incorrect?

A)            N^2-         1s² 2s² 2p⁶ 3s² 3p⁵

B)            V+        [Ar] 4s¹ 3d³

C)            Fe³⁺       [Ar] 4s² 3d³

D)            Sn⁴⁺     [Kr] 4d¹⁰

E)            Ca⁺      [Ar] 4s¹

For the binomial distribution with n = 10 and p = 0.4, where p is probability of success. Let X be the number of successes.

(a) Find the probability of three or more successes.

(b) Find the µ, E(X), and σ 2 , V ar(X)

Which of the following complexes involved in electron transport and oxidative phosphorylation does NOT directly impact the pH of mitochondrial intermembrane space?

A) Complex I

B) Complex II

C) Complex III

D) Complex IV

E) Complex V