1. A clouded leopard (Neofelis nebulosa) is a leopard-like cat found in Southeast Asia that has large patch patterns instead of the spots of the leopard (Panthera pardus) found in Africa and much of Asia. In recent news you can read stories declaring the clouded leopard of the islands of Borneo and Sumatra as being a different species from those found on the Asian mainland. If indeed these cats are a different species, this would be evidence of

Multiple Choice

• allopatric speciation.

• sympatric speciation.

• parapatric speciation.

• disruptive selection.

2. The federal government approaches you and asks if you would be willing to take 1,000 wild mustang horses to help reduce mustang overpopulation on federal park land. You agree and release them on your huge ranch. Hundreds of years later your descendents travel back to the old family ranch to see if there are any horses left. What they find astounds them—all the horses are either miniature brown type or very large brown draft horse types. None of the medium sized multicolored mustangs remain. Your descendents consult a horse geneticist and she tells them that this is probably the result of

Multiple Choice

• a genetic bottleneck.

• directional selection pressures operating on your ranch.

• disruptive selection pressure operating on your ranch.

• a mutation.

3. Except in identical twins or clones, no two individuals are genetically alike. All genetic variety in individuals comes from the fact that half of an individual's genes come from the male parent and the other half from the female parent.

True or False

4. You work for a zoo where you manage the breeding program for the cheetah. Your goal is to prevent inbreeding by obtaining mates from other zoos, making sure that your cats produce healthy offspring. In analyzing the genes of the cheetahs in all the zoo breeding programs, you notice very little variety of traits (alleles). Select all of the following conclusions which could be supported by your findings?

Check All That Apply

• All of the zoo cheetahs come from just a few common ancestors.All of the zoo cheetahs come from just a few common ancestors.

• The number of individual cheetahs currently in zoos must be very low.The number of individual cheetahs currently in zoos must be very low.

• The variety of traits found in wild cheetahs is very narrow, possibly due to only a few of the animals surviving some event or series of events in the past.The variety of traits found in wild cheetahs is very narrow, possibly due to only a few of the animals surviving some event or series of events in the past.

• Even after several generations, the baby cheetahs produced at your zoo will show very little genetic variation.Even after several generations, the baby cheetahs produced at your zoo will show very little genetic variation.

Carpenter Cornices, Ltd., produces a wide variety of cornice moldings for windows at a plant located in Evergreen Park, Illinois. Because there are hundreds of products, some of which are made only to order, the company uses a job-order costing system. On July 1, the start of the company’s fiscal year, inventory account balances were as follows: Raw materials $ 12,700 Work in process $ 6,700 Finished goods $ 10,400 The company applies overhead cost to jobs on the basis of machine-hours. Its predetermined overhead rate for the fiscal year starting July 1 was based on a cost formula that estimated $191,400 of manufacturing overhead for an estimated activity level of 58,000 machine-hours. During the year, the following transactions were completed (Assume all purchases and services were acquired on account): a. Raw materials purchased on account, $202,000. b. Raw materials requisitioned for use in production, $164,000 (materials costing $152,500 were chargeable directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: Direct labor $ 111,000 Indirect labor $ 48,300 Sales commissions $ 34,500 Administrative salaries $ 53,500 d. Prepaid insurance expired during the year, $28,000 ($17,700 of this amount related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, $25,500. f. Advertising costs incurred, $14,800. g. Depreciation recorded on equipment, $39,000. ($25,500 of this amount was on equipment used in factory operations; the remaining $13,500 was on equipment used in selling and administrative activities.) h. Manufacturing overhead cost was applied to jobs, $?. (The company recorded 31,000 machine-hours of operating time during the year.) i. Goods that had cost $326,000 to manufacture according to their job cost sheets were completed. j. Sales (all on account) to customers during the year totaled $614,000. These goods had cost $325,000 to manufacture according to their job cost sheets.1. 1.- Prepare journal entries to record the transactions for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account. (Round your intermediate calculations to 2 decimal places.) 3-a. Is Manufacturing Overhead underapplied or overapplied for the year? (Round your intermediate calculations to 2 decimal places.) 3-b. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (Round your intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prepare an income statement for the year. (Round your intermediate calculations to 2 decimal places.)

For the following description of​ data, identify the​ W's, name the​ variables, specify for each variable whether its use indicates it should be treated as categorical or quantitative and for any quantitative variable identify the units in which it was measured. Determine if the data comes from a designed survey or experiment. Determine if the variables are time series or​ cross-sectional.

A company surveyed a random sample of

65006500

employees in the region. One question they asked​ was, "If your employer provides you with mentoring opportunities are you likely to remain in your job for the next

tenten

​years?" They found that

580580

members of the sample said yes.

Identify the Who for this study.

A.The

65006500

employees in the region

B.The

580580

employees who answered yes

C.

All the employees in the region

D.

All people in the region

Identify the What for this study. Select all that apply.

A.

The amount an employee receives in benefits

B.

The average amount of time an employee remains at their job

C.Whether or not an employee is likely to remain at their job for the next

tenten

years

D.The average number of jobs someone goes through in a

fivefive

year period

E.The average number of jobs someone goes through in a

tenten

year period

F.Whether or not an employee is likely to remain at their job for the next

fivefive

years

Identify the When for this study.

A.Over the course of

fivefive

years

B.Within the past

tenten

years

C.

Over the course of a year

D.

This information is not given.

Identify the Where for this study.

A.

Over the phone

B.

At a hotel

C.

Online

D.

This information is not given.

Identify the Why for this study.

A.To determine the least amount of benefits to keep an employee at their job for a minimum of

tenten

years.

B.To determine how many people have been at their current job for at least

fivefive

years.

C.To determine the likelihood that someone remains at their job for the next

tenten

years given that their employer provides them with mentoring opportunities.

D.

This information is not given.

Identify the How for this study.

A.

Employers went door to door surveying residents.

B.

The company passed out a survey to be filled out during the work day.

C.

An online poll was posted on the​ company's website.

D.

This information is not given.

Specify the categorical variables for this study. Select all that apply.

A.

Amount of time at the company

B.

Gender

C.

Age

D.

Mentoring opportunities

E.Whether or not an employee is likely to remain at their job for the next

tenten

years

F.

There are no categorical variables.

Specify the quantitative variables and their units for this study. Select all that apply.

A.

Number of​ jobs; count

B.

Amount of time at the​ company; years

C.

​Age; years.

D.

Mentoring​ opportunities; count

E.

There are no quantitative variables.

Specify whether the data come from a designed survey or experiment.

Experiment

Designed survey

Are the variables time series or​ cross-sectional?

​Cross-sectional

Time series

Troy just returned from a business trip for health-care administrators in Orlando. Kristen, a relatively new employee who reports to him, also attended the conference. They both work for Gateway Hospital, a for-profit hospital in the St. Louis area. The Orlando conference included training in the newest reporting requirements in the health-care industry, networking with other hospital administrators, reports on upcoming legislation in health care, and the current status of regulations related to the Affordable Care Act. The conference was in late March and coincided with Troy’s kids’ spring break, so the entire family traveled to Orlando to check out Walt Disney World and SeaWorld. 100 Chapter 2 Cognitive Processes and Ethical Decision Making in Accounting The hospital’s expense reimbursement policy is very clear on the need for receipts for all reimbursements. Meals are covered for those not provided as part of the conference registration fee, but only within a preset range. Troy has never had a problem following those guidelines. However, the trip to Orlando was more expensive than Troy expected. He did not attend all sessions of the conference, to enjoy time with his family. Upon their return to St. Louis, Troy’s wife suggested that Troy submit three meals and one extra night at the hotel as business expenses, even though they were personal expenses. Her rationale was that the hospital policies would not totally cover the business costs of the trip. Troy often has to travel and misses family time that cannot be recovered or replaced. Troy also knows that his boss has a reputation of signing forms without reading or careful examination. He realizes the amount involved is not material and probably won’t be detected. Kristen is approached by Joyce, the head of the accounting department, about Troy’s expenses, which seem high and not quite right. Kristen is asked about the extra night because she did not ask for reimbursement for that time. Kristen knows it can be easily explained by saying Troy had to stay an extra day for additional meetings, a common occurrence for administrators, although that was not the case. She also knows that the hospital has poor controls and a culture of “not rocking the boat,” and that other employees have routinely inflated expense reports in the past. Assume you, as Kristen, have decided the best approach, at least in the short run, is to put off responding to Joyce so that you can discuss the matter with Troy. Answer the following questions. Questions 1. What are the main arguments you feel Troy will make and reasons and rationalizations you need to address? 2. What is at stake for the key parties in this situation? 3. What levers can you use to influence how Troy reacts to your position in this matter? What is your most powerful and persuasive response to the reasons and rationalizations you need to address? To whom should the argument be made? When and in what context?

The following revenue and expense figures relate to the first year of the rodeo.

Receipts

Contributions from sponsors $22,000

Receipts from ticket sales $28,971

Share of concession profits $1,513

Sale of programs   $600

Total receipts $53,084

Expenses

Livestock contractor $26,000

Prize money $21,000

Contestant hospitality $3,341*

Sponsor signs for arena $1,900

Insurance $1,800

Ticket printing $1,050

Sanctioning fees $925

Entertainment $859

Judging fees $750

Port-a-potties $716

Rent $600

Hay for horses $538

Programs $500

Western hats to first 500 children $450

Hotel rooms for stock contractor $325

Utilities $300

Sand for arena $251

Miscellaneous fixed costs                  $105

Total expenses $61,410

Net loss $ (8,326)

*The club contracted with a local caterer to provide a tent and food for the contestants. The cost of the food was contingent on the number of contestants each evening. Information concerning the number of contestants and the costs incurred are as follows:

                                    Contestants                  Total Cost

Friday                                  68 $998

Saturday                              96                          $1,243

Sunday 83 $1,100

                                                                        $3,341

Break-even point in Dollars is fixed cost / contribution margin ratio

Since the variable is at 4% total revenue, the contribution margin ratio is 96% or .96

$51,000/ .96 = $53,125

Contributions from sponsors = $25,600

Amount from ticket sales for break-even = $27,525

Compute the break-even point in dollars of ticket sales assuming Adrian and Jonathan's assumptions are correct as given in the case. This requirement is to calculate break even in dollars. The amount you calculate will be from all sources of revenue including contributions from sponsors. The requirement is for ticket sales only. Contributions from sponsors is stated in the case as $25,600. As an example, let's say that using the break even formula you calculate break even in dollars as $60,000. This is not the answer for the requirement. You need the amount of ticket sales which would be the $60,000 less $25,600 or $34,400 in ticket sales. It is critical that you account for the contributions from the sponsors. The rest of the case deals with ticket sales revenue. If you don't calculate ticket sales correctly, all of the other case answers you get will be wrong.

Note: The case states that variable costs are 4% of total revenue. What must the contribution margin ratio be if variable costs are 4% of total revenue?

Section 2

Shelley has just learned you are calculating the break-even point in dollars of ticket sales. She is still convinced the Club can make a profit using the assumptions above (second bullet point above).

Calculate the dollars of ticket sales needed to earn a target profit of $6,000.

Calculate the dollars of ticket sales needed to earn a target profit of $12,000.

Are the facilities at the fairgrounds adequate to handle crowds needed to generate ticket revenues calculated above (third bullet point above) to earn a $6,000 profit? Show calculations to support your answers.

III. Multiple Choice

1. Joe Brown invests $10, 000 into his new business. How would the journal entry in this transaction be entered in the journal? (observe indention)

1. Cash                     10,000

       Brown, Capital       10,000

Invested cash in business

2. Cash                     10,000

Brown, Capital       10,000

Invested cash in business

3. Brown, Capital     10,000

        Cash                        10,000

Invested cash in business

4. Brown, Capital     10,000

Cash                        10,000

      Invested cash in business

2. Supplies                        500

      Accounts Payable                  500

What is the best explanation for this journal entry?

1. Purchased supplies with cash
2. Investment of supplies by owner
3. Purchased supplies on account
4. Paid accounts payable

3. Cash                             770

      Fees Earned                770

Received fees from customers.

Recording this transaction will?

1. Decrease cash and decrease revenues
2. Increase cash and increase revenues
3. Increase cash and decrease revenues
4. Increase revenues and decrease cash

4. Net income will result when

1. Revenues (credits) > expenses (debits)
2. Revenues (debits) > expenses (credits)
3. Expenses (credits) < revenues (debits)
4. Revenues (credits) = expenses (debits)

5. Which of the following will increase owner’s equity?

1. Expenses > revenues
2. The owner draws money for personal use
3. Revenues > expenses
4. Cash is received from customers on account

6. Cash                                        450

     Unearned Fees                     450

What is the best explanation for this journal entry?

1. Received cash for services performed
2. Received cash from services to be performed in the future
3. Paid cash in advance for services to be done
4. Paid cash for services to be performed

7. Equipment                                  14000

          Cash                                           4000

           Note Payable                           10000

What is the best explanation for this journal entry?

1. Purchased equipment, paid cash of $4000, with the remainder to be paid in payments
2. Purchased equipment, paid cash of $4000, with the remainder to be received in payments
3. Purchased equipment and paid cash for the entire amount
4. Purchased equipment on credit

8. The process of rewriting the information from the journal to the ledger is called

1. Sliding
2. Transposing
3. Journalizing
4. Posting

9. The verification that the total dollar amount of the debits equals the total dollar amount credits in the ledger is called a?

1. Ledger
2. Trial balance
3. Account
4. Balance sheet

10. Of the following financial reports, which one is the one that will determine if the accounting equation is in balance?

1. Journal entry
2. Income statement
3. Trial balance
4. Account reconciliation

11. If the two totals of a trial balance are not equal, it could be due to

1. Failure to record a transaction
2. Recording the same erroneous amount for both the debit and credit parts of a transaction
3. An error in determining the account balances, such as a balance being incorrectly computed
4. Recording the same transaction more than once

12. The accounts in the ledger of Mickeys Park Co. are listed in alphabetical order. All accounts have normal balances.

Accounts Payable 500
Accounts Receivable 800
Investment 1000
Cash 1600
Withdrawals 200
Fees Earned 2,000
Insurance expense 100
Land 2000
Wages expense 400
Owner’s equity 1800

Preparing a trial balance, the total of the debits are

1. $5, 300
2. $10,600
3. $4, 100
4. $10, 400
5. $4, 700

Part A:

Rainbow City had the following transactions during the year.

Required: Prepare the necessary journal entries in the appropriate governmental fund general journal and the government-wide governmental activities general journal for each of the following Rainbow City transactions.

1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $4,800,000 and was recorded on the donor’s books at a historical cost of $3,800,000.
2. The Public Works Department sold machinery with a historical cost of $35,100 and accumulated depreciation of $28,700 for $5,000. The machinery had originally been purchased with special revenue funds.
3. A car was leased for the mayor’s use. The first payment was $800, and the present value of the remaining lease payments was $24,000. (Note: the initial cash payment was made by the General Fund.)
4. During the current year, a Capital Projects Fund completed a new public safety building that was started in the prior year. The total cost of the project was $9,720,000. Financing for the project came from a $9,000,000 bond issue that was sold in the prior year and from a $720,000 federal capital grant received in the current year. Current expenditures for the project totaled $1,176,000. The full cost is attributed to the building because it was constructed on city-owned property.
5. The city records a half year of straight-line depreciation on capital assets placed in service during the year. The building in Item 4 has an estimated 30-year life with no salvage value.
6. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government has been impaired. The calculated impairment loss due to technology obsolescence was $1,210,000.

Part B:

In the current year, the building occupied by Surf Beach City’s Culture and Recreation Department suffered severe structural damage as a result of a hurricane. It had been 48 years since a hurricane had hit the Rainbow City area, although hurricanes in Rainbow City’s geographic area are not uncommon. The building had been purchased 10 years earlier at a cost of $2,000,000 and had accumulated depreciation of $500,000 as of the date of the hurricane. Based on a restoration cost analysis, city engineers estimate the impairment loss at $230,000; however, the city expects during the next fiscal year to receive insurance recoveries of $120,000 for the damage.

Requirements:

1. Should the estimated impairment loss be reported as an extraordinary item? Explain.
2. Record the estimated impairment loss in the journal for governmental activities at the government-wide level.
3. How should the insurance recovery be reported in the following fiscal year? (You do not need to provide journal entries.)
   • Submit your responses to Part A in Excel format. The answers to Part B can be included on the spreadsheet or be submitted in a Word document.
   • Show calculations for all questions.
   • Support writing portion of the assignment, with credible sources.
   • Use terms, evidence, and concepts from class readings, including professional business language.
   • Review the week’s CT Assignment grading rubric for more information on expectations and how you will be graded.

It is February 1, 2020 and you have been contacted by the owners of a proposed new restaurant in Columbus. This restaurant will be located on a piece of land near the Bradley Park area. The restaurant will emphasize fresh Mediterranean cuisine. The restaurant is the idea of two individuals that formerly worked for the Red Lobster’s Restaurant chain. The grand opening will be on April 2, 2020. The restaurant owners are aware of your expertise in small business and have asked you to develop an advertising plan for them.   They have agreed to pay you

$ 3,500 for this project, plus your reasonable business expenses.

            Using a budget accompanied by a narrative description, develop an advertising plan in outline form to present to the owners of the business. The owners are limited to only $ 8,000 for promotion and advertising until the company starts operations. From that point, the business will have to generate additional money for advertising from new sales. Please ensure that they know how their money will be used and why you believe your plan will attract customers.

The following information is to be used to determine your expenses:

Daily Newspapers: $600 for a quarter page ad on Sunday (20% of residents read the Ledger~Enquirer).

Television: Local affiliates will sell 30 second spots during the news for $ 10,000 per advertisement. Local cable companies will sell 30 second spots for $ 200.00 on ESPN.

Radio: A Rate Card for radio advertisements is not available for your analysis. For planning purposes, you can use the following rates:

Morning drive time (M - F; 6:00 - 10:00 am): $ 60 per day or five days for $ 180.00.

Evening drive time (M - F; 4:00 - 7:00 pm): $ 50 per day or five days for $ 130.00.

All other times: $ 20.00 per individual spot.

Magazines: N/A - no regional magazines are feasible as they cost $ 4,500 per monthly advertisement.

Billboards: Local billboards can be secured for a monthly package deal of $1,800 for three sites on I-185 north of Columbus or a package deal for $800 for two locations on Veterans Parkway. You must buy the package deal. You cannot buy individual billboards.

Direct Mail: A letter with two enclosed pieces of paper will cost you $ 0.75 per person to mail bulk rate.

Flyers: Flyers can be printed by the local print shop for $ 0.045 per sheet.

Student Newspaper: The student newspaper sells ad space at $150.00 for a quarter page ad. It has only 3,000 readers.

Other more creative, “boot-strapping” promotional techniques can be considered in your plan, but you must explain them.

The following information relates to Dane City during its fiscal year ended December 31, 20X2:

1. On October 31, 20X2, to finance the construction of a city hall annex, Dane issued 8 percent, 9-year general obligation bonds at their face value of $617,000. Construction expenditures during the period equaled $365,300.
2. Dane reported $110,300 from hotel room taxes restricted for tourist promotion in a special revenue fund. The fund paid $82,000 for general promotions and $23,000 for a motor vehicle.
3. Dane transferred 20X2 general fund revenues of $105,500 to a debt service fund and used them to repay $97,000 of 9 percent, 14-year term bonds and to pay $8,500 of interest. The bonds were used to acquire a citizens’ center.
4. At December 31, 20X2, as a consequence of past services, city firefighters had accumulated entitlements for compensated absences of $83,000. General fund resources available at December 31, 20X2, are expected to be used to settle $18,000 of this amount, and $65,000 is expected to be paid out of future general fund resources.
5. At December 31, 20X2, Dane was responsible for $84,000 of outstanding general fund encumbrances, including the $8,900 for supplies in the following table.
6. Dane uses the purchases method to account for supplies. The following information relates to supplies:

Required:
For items 1 through 10, determine the amounts based solely on the preceding information.

1. What is the amount of 20X2 general fund transfers out?

general fund transfers out

2. How much should be reported in 20X2 as general fund liabilities from entitlements for compensated absences?

general fund liabilities

3. What is the 20X2 assigned amount of the general fund balance?

general fund balance

4. What is the 20X2 capital projects fund balance?

capital projects fund balance

5. What is the 20X2 fund balance on the special revenue fund for tourist promotion?

special revenue fund

6. What is the amount of 20X2 debt service fund expenditures?

debt service fund expenditures

7. What amount should be included in the governmentwide financial statements for the cost of long-term assets acquired in 20X2?

cost of long-term assets

8. What amount stemming from the 20X2 transactions and events decreased the long-term debt liabilities reported in the governmentwide financial statements?

amount of decrease

9. Using the purchases method, what is the amount of 20X2 supplies expenditures?

supplies expenditures

10. What was the total amount of 20X2 supplies encumbrances?

supplies encumbrances