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Bonus questions (Save for last): B1) Coolidge Co. enters into an agreement with their competitor, the only other service provider in the area, to charge customers no less than $200/month.  This is an example of: Price gouging Predatory pricing Price discrimination Price fixing     B2) Hostile Hare craft brewers sell their exclusive, small batch, Quadruple IPA beer marketed to “discerning customers” at $15 per can.  Hostile Hare is probably a: Price maker Price taker Commodity seller Price fixer     B3) If the required rate of return on an investment is above the internal rate of return, then we also know that the net present value of the investment is: Positive Negative Zero Can’t tell from the information provided.   B4) The relationship between simple payback period and discounted payback period is: Simple payback period is the same as discounted payback period Discounted payback period is greater than simple payback period Simple payback period is greater than discounted payback period There is no discernible relationship between simple payback period and discounted payback period

Question #10 (12% total)  Bonnie’s Bistro is considering purchasing a Grindmaster Espresso machine to expand their product offerings.  A Grindmaster costs $25,000, with an estimated 4 year life with a $1,000 salvage value.  Bonnie’s will need to spend another $2,000 in working capital upfront on the machine, which will be returned to them at the end of the 4th year.  Bonnie requires a 12% rate of return and pays a 25% tax rate.  The Grindmaster is expected to increase contribution margin by $6,500 annually over its life.  Please determine the average accounting rate of return.   Please determine the net present value of this project & assess whether this project should be funded.   What, if anything, can we infer about the IRR (internal rate of return) of this project?

Questions 3 – 5  (20% total) On January 1st, 2003, Pumpkin Co decides to change from LIFO to FIFO to account for its inventory for financial reporting (GAAP) presentation purposes.  To be IRS compliant, they also switch to FIFO for tax purposes at this time.  The company began operations on 1/1/2001.  The company purchases four inventory items per year (in March, April, May, & June), and sells two units of inventory each December.  Pumpkin sells their inventory for $220,000 per item.  Price paid by Pumpkin for inventory purchases (1 item per purchase): 2002 2001 March Purchase $180,000 $200,000 April Purchase $175,000 $195,000 May Purchase $170,000 $190,000 June Purchase $165,000 $185,000 Assume Pumpkin pays 25% in taxes on their income during 2001 and 2002.  Due to tax law changes, Pumpkin anticipates paying 35% on their income in years after 2002.  Q3: What journal entry (if any) would be required on 1/1/2003 when Pumpkin changes from LIFO to FIFO?          Q4: What journal entry (if any) would be required on 12/31/2003 related to taxes if they sold 2 items as in prior years and both 2003’s tax rates and future tax rates were expected to be 35%?       Q5: INSTEAD OF the original fact pattern for 2003 (described above): During 2003 Pumpkin sells 3 inventory items in 2003 and makes no purchases of new inventory.  Due to congressional inaction, a major tax law expires and the tax rate changes unexpectedly to 50% during 2003.  What will the journal entry be at the end of 2003 pertaining to taxes and any deferred tax asset or liability?  (Pumpkin believes the tax rate will be 50% in the future as well)

As discussed in this week’s Promeds, which of the following is NOT a biological cause of disease?

III: Short Answer: This part of the exam consists of seven (7) short answer questions. Students will choose five (5) to respond to in complete sentences, answering the question completely. For full credit, you must discuss examples not discussed in the slide id section of this exam. Each response is worth six (6) points for a total of 30 points. Abstraction became central to art in the twentieth century. Discuss how and why artists sought abstract forms in favor of mimetic, figural forms in their art. What was the appeal of abstraction and did this appeal and understanding of abstraction differ between the various proponents of abstraction?

III: Short Answer: This part of the exam consists of seven (7) short answer questions. Students will choose five (5) to respond to in complete sentences, answering the question completely. For full credit, you must discuss examples not discussed in the slide id section of this exam. Each response is worth six (6) points for a total of 30 points. What is existentialism and who is known for developing this philosophy? What world events influenced existentialism? How is existentialism expressed in either artwork or the theater?

This portion of the exam assesses your ability to relate the course material to art works covered in each chapter. You will be shown seven (7) slides for this part of the exam. Your top five (5) responses will be graded.  Each response should include the following: the artist’s name if applicable (last name only is fine), the title of the work, the period or style of the work, and three (3) important, relevant facts about the work of art. (Up to 7 points each/35 available points)

III: Short Answer: This part of the exam consists of seven (7) short answer questions. Students will choose five (5) to respond to in complete sentences, answering the question completely. For full credit, you must discuss examples not discussed in the slide id section of this exam. Each response is worth six (6) points for a total of 30 points. What was the Harlem Renaissance? What propelled the Harlem Renaissance and what did thinkers and writers associated with it promote? What kinds of imagery are preferred by authors and artists associated with this movement? Describe at least one work that supports your answer.

III: Short Answer: This part of the exam consists of seven (7) short answer questions. Students will choose five (5) to respond to in complete sentences, answering the question completely. For full credit, you must discuss examples not discussed in the slide id section of this exam. Each response is worth six (6) points for a total of 30 points. How does Sigmund Freud relate to Surrealism? Describe a work of surrealist art that incorporates some aspect of Freud’s ideas.

*CHOOSE ONE, IDENTIFYING TOP OR BOTTOM IMAGE This portion of the exam assesses your ability to relate the course material to art works covered in each chapter. You will be shown seven (7) slides for this part of the exam. Your top five (5) responses will be graded.  Each response should include the following: the artist’s name if applicable (last name only is fine), the title of the work, the period or style of the work, and three (3) important, relevant facts about the work of art. (Up to 7 points each/35 available points) Top Option: Bottom Option: