38) On December 31, 2010, a company purchased a $100,000 building by signing a $100,000, 20-year mortgage note. The annual interest rate is 6%, with payments of $8,718 made on December 31 each year.

Required:

1. Complete the last line of the table below. ROUND YOUR ANSWERS TO THE NEAREST DOLLAR.

Mortgage balance

Annual payment

Interest portion of payment

Amount of mortgage reduction

Beginning

balance

$100,000

1st

$8,718

$6,000

$2,718

After 1st payment

$97,282

2nd

$8,718

$5,837

$2,881

After 2nd payment

$

3rd

$

$

$

2. Use the information from the previous table to complete the statements below.

Circle the name of a financial statement where needed using the following code:

IS = Income Statement for the Year Ended December 31, 2011

BS = Balance Sheet at December 31, 2011

SOCF = Statement of Cash Flows for the Year Ended December 31, 2011

AFTER THE FIRST PAYMENT IS MADE ON DECEMBER 31, 2011:

a. Mortgage payable of $______________________ will appear on the

(circle one)  IS BS SOCF

b. Interest expense of $______________________ will appear on the

(circle one)  IS BS SOCF

c. Cash paid for interest of $______________________ will appear on the

(circle one)  IS BS SOCF   as

part of  (circle one) operating investing financing activities.

d. Cash paid on loan principal of $______________________ will appear on the

(circle one)  IS BS SOCF   as

part of   (circle one) operatinginvesting financing activities.

e. With each payment that is made, the amount of each payment that is used for interest

expense  (circle one)    increases      decreases      stays the same

f. With each payment that is made, the amount still owed on the loan, mortgage payable,

(circle one)    increases      decreases      stays the same

g. With each payment that is made, the amount of the payment that goes toward the balance

owed on the mortgage loan (circle one)    increases      decreases      stays the same

39) Mini Storage Company needed some long-term financing and arranged for a $100,000,

10-year mortgage loan on January 1, 2010. The annual interest rate is 9%, with a payment of $15,582 made December 31 each year.

Required:

1. Complete the amortization schedule for the first TWO YEARS of the note.

Mortgage balance

Annual payment

Interest portion of mortgage

Amount of mortgage reduction

Beginning balance

$100,000

1st

$

$

$

After 1st payment

$

2nd

$

$

$

2. Complete the table below for the first TWO YEARS of the note. Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

Amount

At or for the Year

ended 12/31/10

Amount

At or for the YEAR

ended 12/31/11

IS

BS

SOCF

Interest expense

$

$

Notes payable

$

$

Cash paid on loan principal

$

$

Cash paid for loan interest

$

$

40) Ace Electronics, Inc. needed some long-term financing and arranged for a 20-year, $200,000, 8% mortgage loan on January 1, 2011. Equal annual payments of $20,370 will be made on December 31 each year.

Required:

a. Record the first loan payment made on December 31, 2011 in the accounting equation below. Fill in both the correct dollar amount and the letter of the account title from the list of accounts below.

A. Cash C. Interest payable E. Interest income

B. Interest expense D. Notes payable

Shareholders' equity

Assets

Liabilities

CC

Retained earnings

b. Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

Amount

At or for the Year

ended 12/31/11

Amount

At or for the YEAR

ended 12/31/12

IS

BS

SOCF

Notes payable

$

$

Interest expense

$

$

38) On December 31, 2010, a company purchased a $100,000 building by signing a $100,000, 20-year mortgage note. The annual interest rate is 6%, with payments of $8,718 made on December 31 each year.

Required:

1. Complete the last line of the table below. ROUND YOUR ANSWERS TO THE NEAREST DOLLAR.

Mortgage balance

Annual payment

Interest portion of payment

Amount of mortgage reduction

Beginning

balance

$100,000

1st

$8,718

$6,000

$2,718

After 1st payment

$97,282

2nd

$8,718

$5,837

$2,881

After 2nd payment

$

3rd

$

$

$

2. Use the information from the previous table to complete the statements below.

Circle the name of a financial statement where needed using the following code:

IS = Income Statement for the Year Ended December 31, 2011

BS = Balance Sheet at December 31, 2011

SOCF = Statement of Cash Flows for the Year Ended December 31, 2011

AFTER THE FIRST PAYMENT IS MADE ON DECEMBER 31, 2011:

a. Mortgage payable of $______________________ will appear on the

(circle one)  IS BS SOCF

b. Interest expense of $______________________ will appear on the

(circle one)  IS BS SOCF

c. Cash paid for interest of $______________________ will appear on the

(circle one)  IS BS SOCF   as

part of  (circle one) operating investing financing activities.

d. Cash paid on loan principal of $______________________ will appear on the

(circle one)  IS BS SOCF   as

part of   (circle one) operatinginvesting financing activities.

e. With each payment that is made, the amount of each payment that is used for interest

expense  (circle one)    increases      decreases      stays the same

f. With each payment that is made, the amount still owed on the loan, mortgage payable,

(circle one)    increases      decreases      stays the same

g. With each payment that is made, the amount of the payment that goes toward the balance

owed on the mortgage loan (circle one)    increases      decreases      stays the same

39) Mini Storage Company needed some long-term financing and arranged for a $100,000,

10-year mortgage loan on January 1, 2010. The annual interest rate is 9%, with a payment of $15,582 made December 31 each year.

Required:

1. Complete the amortization schedule for the first TWO YEARS of the note.

Mortgage balance

Annual payment

Interest portion of mortgage

Amount of mortgage reduction

Beginning balance

$100,000

1st

$

$

$

After 1st payment

$

2nd

$

$

$

2. Complete the table below for the first TWO YEARS of the note. Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

Amount

At or for the Year

ended 12/31/10

Amount

At or for the YEAR

ended 12/31/11

IS

BS

SOCF

Interest expense

$

$

Notes payable

$

$

Cash paid on loan principal

$

$

Cash paid for loan interest

$

$

40) Ace Electronics, Inc. needed some long-term financing and arranged for a 20-year, $200,000, 8% mortgage loan on January 1, 2011. Equal annual payments of $20,370 will be made on December 31 each year.

Required:

a. Record the first loan payment made on December 31, 2011 in the accounting equation below. Fill in both the correct dollar amount and the letter of the account title from the list of accounts below.

A. Cash C. Interest payable E. Interest income

B. Interest expense D. Notes payable

Shareholders' equity

Assets

Liabilities

CC

Retained earnings

b. Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

Amount

At or for the Year

ended 12/31/11

Amount

At or for the YEAR

ended 12/31/12

IS

BS

SOCF

Notes payable

$

$

Interest expense

$

$

111. Jerry has been seeing a therapist who prescribes lithium for him. Jerry is most likely suffering from 
A. bipolar disorder.
B. major depression.
C. anxiety disorder.
D. paranoid schizophrenia.

112. Which of the following is commonly used to treat the symptoms of bipolar disorder? 
A. Prozac
B. Anxiolytics
C. Antipsychotics
D. Lithium

113. You discover a bottle of Valium pills in your friend's bathroom cabinet. You correctly suspect your friend is being treated for 
A. anxiety.
B. schizophrenia.
C. depression.
D. bipolar disorder.

114. Which of the following individuals would benefit most from taking an anxiolytic? 
A. Jerry, who suffers from disorganized schizophrenia
B. Steve, who suffers from obsessive-compulsive disorder
C. Deion, who suffers from narcissistic personality disorder
D. Ricky, who suffers from dissociative fugue

115. Marlon was involved in a terrible car accident and now suffers from posttraumatic stress disorder. Marlon's psychiatrist will most likely prescribe a(n)  _____ to reduce his anxiety. 
A. tricyclic antidepressant
B. antipsychotic
C. neuroleptic drug
D. anxiolytic

116. Fay suffers from bipolar disorder. When discussing treatment with her doctor, Fay learns that in most cases of bipolar disorder, 
A. drugs are more effective than psychotherapy.
B. combined treatment is recommended.
C. psychotherapy is more effective than drugs.
D. combining drugs and psychotherapy offers no advantage.

117. One study has shown that the combination of psychotherapy and an anti-anxiety drug is less effective than the psychotherapeutic technique of gradual exposure by itself in the treatment of 
A. obsessive-compulsive disorder.
B. agoraphobia.
C. attention deficit hyperactivity disorder.
D. stammering.

118. Dr. Middleton is reevaluating his use of drugs and psychotherapy when working with clients suffering from anxiety or depression. If Dr. Middleton wants to take a conservative strategy, he should begin with _____ and then add or switch to _____ only if necessary. 
A. behavior modification; anxiolytic drugs.
B. anxiolytic drugs; behavior modification
C. drug treatment; interpersonal psychotherapy
D. interpersonal psychotherapy; drug treatment

119. A serotonin antagonist would do which of the following: 
A. Slow down the reuptake of serotonin from the synapses
B. Block the receptor sites normally used by serotonin
C. Cause serotonin neurons to fire
D. Speed up the reuptake of serotonin from the synapses

120. Yvette has been diagnosed with schizophrenia. To treat her symptoms, she may take a drug that _____ the activity of the neurotransmitter _____ in her brain. 
A. increases; dopamine
B. increases; norepinephrine
C. decreases; norepinephrine
D. decreases; dopamine

121. During a study session, your friend looks up from his notes to give you a confused look. “I wrote the word ‘reuptake’ in my notes but don’t remember what it means.” You nod calmly, explaining to your friend that reuptakerefers to a process in which 
A. neurotransmitters are released into the synapse.
B. an enzyme at the synapse breaks down neurotransmitters.
C. neurotransmitters are transported back into the neurons from which they were released.
D. neurotransmitters continue to stimulate receptors indefinitely.

122. “In order to combat alcoholism we should educate people and help them find jobs and safe homes. Waiting until people turn to alcohol and then giving them therapy to help them quit is a backward approach, to say the least.” The person quoted here is most likely a _____ psychologist. 
A. behavioral
B. community
C. humanistic
D. psychodynamic

123. During a recent school improvement day, a guest speaker addressed the faculty and told them how to detect eating disorders in their students. The guest speaker was most likely a _____ psychologist. 
A. social
B. personality
C. community
D. developmental

124. Hugo is in charge of developing a community psychology program for the county. He is most likely to get involved in 
A. upgrading the public suicide prevention telephone hotline.
B. providing career counseling for adolescents.
C. teaching introductory psychology at the local community college.
D. conducting a scientific study of schizophrenics at local hospitals.

125. Dr. Walker works for the Head Start program, helping preschoolers whose impoverished backgrounds place them at risk for school failure and delinquency. He hopes that by working with the children when they are young, he will be able to help prevent such negative outcomes. Dr. Walker's view is consistent with that of _____ psychology. 
A. Gestalt
B. community
C. cognitive-behavioral
D. humanistic

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