2. The product of one and four thirty-seconds and twenty thirty-seconds is ________. 1 24/32 45/64 56/32 720 3. One and eight thirty-seconds divided by twelve thirty-seconds is ________. 480/1024 20/1024 3 1/3 3 40/32 4. A U.S. Treasury bond is trading at 98 and 6/32. Convert this price to its decimal form. 98.19 96.63 9/86 98.06 5. What is the percentage increase if the S&P 500 Index is currently trading at 1,100 and rises 55 points? 4.5% 5% 55% 5.5% General Ledger for XYZ Company The following is a portion of the general ledger for XYZ Company as of December 31, 20X1, and the statement of stockholders equity for XYZ Company for the year ended December 31, 20X1. Use this information to answer questions (1) through (5). XYZ Company Statement of Stockholders' Equity (partial) For the year ended December 31, 20X1 Common Stock Retained Earnings Balance at January 1, 20X1 $50,000 $63,000 Issuance of common stock 32,000 + Net income for the year ended 12/31/X1 14,000 - Dividends paid (4,900) Balance at December 31, 20X1 $_______ $_______ XYZ Company General Ledger (partial) As of December 31, 201X Amount Assets Cash $ 53,000 Accounts receivable 15,000 Supplies 8,800 Prepaid rent 36,000 Equipment (net) 115,600 Liabilities Accounts payable $11,300 Salaries payable 2,500 Interest payable 1,900 Utilities payable 6,900 Bonds payable 51,700 1. What is the total amount of current assets to be reported on XYZ Companys 12/31/X1 classified balance sheet? $68,000 $112,800 $228,400 $76,800 2. What is the total amount of long-term assets to be reported on XYZ Companys 12/31/X1 classified balance sheet? $151,600 $160,400 $0 $115,600 3. What is the total amount of current liabilities to be reported on XYZ Companys 12/31/X1 classified balance sheet? $22,600 $74,300 $20,700 $18,200 4. What is the ending balance in retained earnings to be reported on XYZ Companys 12/31/X1 classified balance sheet? $63,000 $77,000 $72,100 $154,100 5. What is the total amount of stockholders equity to be reported on XYZ Companys 12/31/X1 classified balance sheet? $154,100 $113,000 $72,100 $82,000 General Ledger for ABC Company The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (1) through (4). ABC Company General Ledger As of December 31, 20X1 Amount Assets Cash $29,400 Accounts receivable 8,100 Supplies 4,900 Prepaid rent 20,200 Equipment (net) 63,800 Liabilities Accounts payable $ 6,300 Salaries payable 4,000 Interest payable 1,100 Utilities payable 3,700 Bonds payable 38,400 Stockholders' equity Common stock $60,900 Retained earnings 0 Dividends 2,100 Revenues Sales revenue $54,200 Interest revenue 1,400 Expenses Cost of goods sold $15,100 Salaries expense 7,100 Rent expense 4,900 Supplies expense 1,300 Utilities expense 4,800 Depreciation expense 2,500 Interest expense 2,100 Income tax expense 3,700 1. What is the amount of gross profit to be reported on ABC Companys 12/31/X1 income statement? $40,500 $14,100 $39,100 $17,800 2. What is the amount of operating income (EBIT) to be reported on ABC Companys 12/31/X1 income statement? $36,100 $18,500 $14,800 $14,100 What is the amount of earnings before taxes (EBT) to be reported on ABC Companys 12/31/X1 income statement? $15,000 $17,800 $12,000 $18,500 4. What is the amount of net income to be reported on ABC Companys 12/31/X1 income statement? $17,800 $12,000 $14,100 $18,500 1. If the future value of a one-period investment is given by the formula, F = I + (I R), what is the formula for the amount of the investment, I? I = F/(1 + R) I = F (1 R) I = F x (1 R) I = F x (1 + R) 2. The opposite process rule says to solve for ________. a known variable by replicating the process used to form the original equation an unknown variable by reversing the process used to form the original equation an unknown variable by replicating the process used to form the original equation a known variable by reversing the process used to form the original equation 3. When solving for an unknown that involves more than one process, the multiple process rule requires that ________. addition, subtraction, multiplication, and division must happen simultaneously the variable is added to both sides of the equation so that it appears twice multiplication and division are always completed before addition and subtraction the variable is first isolated on one side of the equals sign 4. If the future value of a one-period investment is given by the formula, F = I + (I R), what is the formula for the rate of interest, R? R = F (I F) R = I + (I F) R = (F I) I R = (F I)/I 5. If the bank returns $50 on a $1,000 deposit after one year, what is the interest rate earned on this deposit? 0.95% 5% 50% 0.05%