Use the following information to answer this question.



Planning, Performance, Evaluation, and ControlVandall Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During April, the company budgeted for 7,300 units, but its actual level of activity was 7,340 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for April:Data used in budgeting:Fixed elementVariable element per monthper unitRevenue___-___$35.40Direct labor0$3.30Direct materials015.90Manufacturing overhead49,2001.20Selling andadministrative expenses26,6000.10Total expenses$75,800$20.50Actual resultsfor April:Revenue$254,146Direct labor$24,722Direct materials$116,496Manufacturing overhead$59,608Selling andadministrative expenses$26,494The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for April would be closest to$6,144 F. $6,740 U. $6,740 F. $6,144 U.Coles Company, Inc. makes and sells a single product, Product R. Three yards of Material K are needed to make one unit of Product R. Budgeted production of Product R for the next five months is as follows:August14,000unitsSeptember14,500unitsOctober15,500unitsNovember12,600unitsDecember11,900unitsThe company wants to maintain monthly ending inventories of Material K equal to 20% of the following month's production needs. On July 31, this requirement wasn't met because only 2,500 yards of Material K were on hand. The cost of Material K is $0.85 per yard. The company wants to prepare a Direct Materials Purchase Budget for the rest of the year.The total cost of Material K to be purchased in August isA. $42,300. B. $40,970. C. $48,200. D. $33,840.Which of the following will not result in an increase in return on investment (ROI), assuming other factors remain the same?An increase in salesAn increase in operating assetsAn increase in net operating incomeA reduction in expensesThe Charade Company is preparing its Manufacturing Overhead budget for the fourth quarter of the year. The budgeted variable factory overhead is $5.00 per direct-labor hour; the budgeted fixed factory overhead is $75,000 per month, of which $15,000 is factory depreciation. If the budgeted direct-labor time for December is 8,000 hours, then total budgeted factory overhead per direct-labor hour (rounded) isA. $16.25.B. $14.38.C. $12.50.D. $9.38.A company's average operating assets are $220,000, and its net operating income is $44,000. The company invested in a new project, increasing average assets to $250,000 and increasing its net operating income to $49,550. What is the project's residual income if the required rate of return is 20%?A. ($450)B. ($600) C. $600 D. $450Use the following information to answer this question.Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standardcosts for one bag of Fastgro as follows:StandardStandard CostQuantityper bagDirect material20 pounds$8.00Direct labor0.1 hours$1.10Variable overhead0.1 hours$0.40The company had no beginning inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard direct-labor hours. During January, the company recorded the following activity:Production of Fastgro: 4,000 bagsDirect materials purchased: 85,000 pounds at a cost of $32,300Direct-labor worked: 390 hours at a cost of $4,875Variable overhead incurred: $1,475Inventory of direct materials on January 31: 3,000 poundsThe labor efficiency variance for January isA. $110 F. B. $130 U. C. $350 U. D. $475 F.Use the following information to answer this question.Moorhouse Clinic uses client visits as its measure of activity. During December, the clinic budgeted for 3,700 client visits, but its actual level of activity was 3,690 client visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting:Fixed elementVariable element per monthper client-visitRevenue____-____$25.10Personnel expenses$27,100$7.10Medical supplies1,5004.50Occupancy expenses6,0001.00Administrative expenses3,0000.10Total expenses$37,600$12.70Actual resultsfor December:Revenue$96,299Personnel expenses$51,009Medical supplies$17,425Occupancy expenses$9,240Administrative expenses$3,239The revenue variance for December would be closest toA. $3,429 F. B. $3,680 U. C. $3,429 U. D. $3,680 F.The company plans to sell 22,000 units of Product WZ in June. The finished-goods inventories on June 1 and June 30 are budgeted to be 100 and 400 units, respectively. The direct labor hours are 11,000 and the direct labor rate is $10.50. Budgeted direct-labor costs for June would beA. $234,150. B. $462,000. C. $455,700. D. $117,075.Super Drive is a computer hard-drive manufacturer. The company's balance sheet for the fiscal year ended on November 30 appears below:Super Drive, Inc.Statement of Financial Position For the year ended November 30Assets:Cash$52,000Accounts receivable150,000Inventory315,000Property, plant, and equipment1,000,000Total Assets$1,517,000Liabilities and stockholders' equity:Accounts payable$175,000Common stock900,000Retained earnings442,000Total liabilities andstockholders' equity$1,517,000Additional information regarding Super Drive's operations appears below:Sales are budgeted at $520,000 for December and $500,000 for January.Collections are expected to be 60% in the month of sale and 40% in the month following sale. There are no bad debts.80% of the disk-drive components are purchased in the month prior to the month of the sale, and 20% are purchased in the month of the sale. Purchased components comprise 40% of the cost of goods sold.Payment for components purchased is made in the month following the purchase.Assume that the cost of goods sold is 80% of sales.The budgeted cash collections for the upcoming December should beA. $462,000. B. $520,000. C. $208,000. D. $402,000.Division X of Charter Corporation makes and sells a single product which is used by manufacturers of fork lift trucks. Presently it sells 12,000 units per year to outside customers at $24 per unit. The annual capacity is 20,000 units and the variable cost to make each unit is $16. Division Y of Charter Corporation would like to buy 10,000 units a year from Division X to use in its products. There would be no cost savings from transferring the units within the company rather than selling them on the outside market. What should be the lowest acceptable transfer price from the perspective of Division X?A. $16.00 B. $21.40 C. $17.60 D. $24.00The budget or schedule that provides necessary input data for the direct-labor budget is thecash budget.raw materials purchases budget.schedule of cash collections.production budget.Use the following information to answer this question.Moorhouse Clinic uses client visits as its measure of activity. During December, the clinic budgeted for 3,700 client visits, but its actual level of activity was 3,690 client visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting:Fixed elementVariable element per monthper client-visitRevenue____-____$25.10Personnel expenses$27,100$7.10Medical supplies1,5004.50Occupancy expenses6,0001.00Administrative expenses3,0000.10Total expenses$37,600$12.70Actual resultsfor December:Revenue$96,299Personnel expenses$51,009Medical supplies$17,425Occupancy expenses$9,240Administrative expenses$3,239The spending variance for medical supplies in December would be closest toA. $680 F. B. $725 F. C. $725 U.D. $680 U.Last year, the House of Orange had sales of $826,650, net operating income of $81,000, and operating assets of $84,000 at the beginning of the year and $90,000 at the end of the year. What was the company's turnover rounded to the nearest tenth?A. 9.8B. 9.5C. 9.2D. 10.2Use the following information to answer this question.Moorhouse Clinic uses client visits as its measure of activity. During December, the clinic budgeted for 3,700 client visits, but its actual level of activity was 3,690 client visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting:Fixed elementVariable element per monthper client-visitRevenue____-____$25.10Personnel expenses$27,100$7.10Medical supplies1,5004.50Occupancy expenses6,0001.00Administrative expenses3,0000.10Total expenses$37,600$12.70Actual resultsfor December:Revenue$96,299Personnel expenses$51,009Medical supplies$17,425Occupancy expenses$9,240Administrative expenses$3,239The medical supplies in the flexible budget for December would be closest toA. $17,472. B. $17,378. C. $18,150. D. $18,105.Use the following information to answer this question.Werber Clinic uses client visits as its measure of activity. During January, the clinic budgeted for 2,700 client visits, but its actual level of activity was 2,730 client visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January:Data used in budgeting:Fixed elementVariable element per monthper client-visitRevenue___-___$33.60Personnel expenses$22,100$8.70 Medical supplies1,100 6.60Occupancy expenses5,6001.60Administrative expenses3,7000.40Total expenses$32,500$17.30Actual resultsfor January:Revenue$93,408Personnel expenses$46,251Medical supplies$19,348Occupancy expenses$9,508Administrative expenses$4,772The activity variance for personnel expenses in January would be closest toA. $261 U. B. $661 U. C. $261 F. D. $661 F.The cash budget must be prepared before you can complete thebudgeted balance sheet.schedule of cash disbursements.production budget.raw materials purchases budget.Use the following information to answer this question.Moorhouse Clinic uses client visits as its measure of activity. During December, the clinic budgeted for 3,700 client visits, but its actual level of activity was 3,690 client visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting:Fixed elementVariable element per monthper client-visitRevenue____-____$25.10Personnel expenses$27,100$7.10Medical supplies1,5004.50Occupancy expenses6,0001.00Administrative expenses3,0000.10Total expenses$37,600$12.70Actual resultsfor December:Revenue$96,299Personnel expenses$51,009Medical supplies$17,425Occupancy expenses$9,240Administrative expenses$3,239The personnel expenses in the planning budget for December would be closest toA. $51,147. B. $53,299. C. $51,009. D. $53,370.Use the following information to answer this question.Werber Clinic uses client visits as its measure of activity. During January, the clinic budgeted for 2,700 client visits, but its actual level of activity was 2,730 client visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January:Data used in budgeting:Fixed elementVariable element per monthper client-visitRevenue___-___$33.60Personnel expenses$22,100$8.70 Medical supplies1,100 6.60Occupancy expenses5,6001.60Administrative expenses3,7000.40Total expenses$32,500$17.30Actual resultsfor January:Revenue$93,408Personnel expenses$46,251Medical supplies$19,348Occupancy expenses$9,508Administrative expenses$4,772The activity variance for net operating income in January would be closest toA. $2,019 F. B. $489 F. C. $2,019 U. D. $489 U.Use the following information to answer this question.Moorhouse Clinic uses client visits as its measure of activity. During December, the clinic budgeted for 3,700 client visits, but its actual level of activity was 3,690 client visits. The clinic has provided thefollowing data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting:Fixed elementVariable element per monthper client-visitRevenue____-____$25.10Personnel expenses$27,100$7.10Medical supplies1,5004.50Occupancy expenses6,0001.00Administrative expenses3,0000.10Total expenses$37,600$12.70Actual resultsfor December:Revenue$96,299Personnel expenses$51,009Medical supplies$17,425Occupancy expenses$9,240Administrative expenses$3,239The activity variance for personnel expenses in December would be closest toA. $71 U.B. $2,361 F. C. $2,361 U. D. $71 F.Use the following information to answer this question.Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows:StandardStandard CostQuantityper bagDirect material20 pounds$8.00Direct labor0.1 hours$1.10Variable overhead0.1 hours$0.40The company had no beginning inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard direct-labor hours. During January, the company recorded the following activity:Production of Fastgro: 4,000 bagsDirect materials purchased: 85,000 pounds at a cost of $32,300Direct-labor worked: 390 hours at a cost of $4,875Variable overhead incurred: $1,475Inventory of direct materials on January 31: 3,000 poundsThe labor rate variance for January isA. $585 F.B. $475 U.C. $585 U.D. $475 F.The Clemson Company reported the following results last year for the manufacture and sale of one of its products known as a Tam.Sales (6,500 Tams at $130 each)$845,000Variable cost of sales390,000Variable distribution costs65,000Fixed advertising expense275,000Salary of product line manager25,000Fixed manufacturing overhead145,000Net operating loss$(55,000)Clemson Company is trying to determine whether to discontinue the manufacture and sale of Tams. The operating results reported above for last year are expected to continue in the foreseeable future if the product isn't dropped. The fixed manufacturing overhead represents the costs of production facilities and equipment that the Tam product shares with other products produced by Clemson. If the Tam product were dropped, there would be no change in the fixed manufacturing costs of the company.Assume that discontinuing the manufacture and sale of Tams will have no effect on the sale of other product lines. If the company discontinues the Tam product line, the change in annual operating income (or loss) should be a$70,000 increase.$90,000 decrease.$65,000 decrease.$55,000 decrease.Use the following information to answer this question. Financial statements for Larkins Company appear below: Larkins CompanyStatement of Financial Position December 31, Year 2 and Year 1 (dollars in thousands)Current assets:Year 2Year 1Cash and marketable securities Accounts receivable, net$180 210$180 180InventoryPrepaid expenses Total current assets Noncurrent assets: Plant & equipment, net130505701,540120505301,480Total assets$2,110$2,010Current liabilities: Accounts payable Accrued liabilitiesNotes payable, short term Total current liabilities Noncurrent liabilities: Bonds payableTotal liabilities Stockholders' equity:Preferred stock, $20 par, 10% Common stock, $10 parAdditional paid-in capital--common stock Retained earningsTotal stockholders' equityTotal liabilities & stockholders' equity$10060902504807301201802408401,380$2,110$130601203105008101201802406601,200$2,010Larkins Company Income StatementFor the Year Ended December 31, Year 2 (dollars in thousands)Sales (all on account) Cost of goods sold Gross marginSelling and administrative expense Net operating incomeInterest expenseNet income before taxes Income taxes (30%) Net income$2,760 1,93083033050050450135$315Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.Larkins Company's book value per share at the end of Year 2 was closest to:A. $23.33.B. $76.67.C. $70.00.D. $10.00.An increase in the market price of a company's common stock will immediately affect itsdebt-to-equity ratio.dividend yield ratio.dividend payout ratio.earnings per share of common stock.Use the following information to answer this question.The most recent balance sheet and income statement of Teramoto Corporation appear below:Assets:Comparative Balance SheetEnding BalanceBeginning BalanceCash and cash equivalents Accounts receivable InventoryPlant and equipmentLess accumulated depreciation Total assetsLiabilities and stockholders' equity Accounts payableWages payable Taxes payable Bonds payable Deferred taxes Common stock Retained earningsTotal liabilities and stockholders' equity$43 5373582301$450$57 2115212055261$450$35 5969490286$367$48 1813202150197$367Income StatementSalesCost of good sold Gross marginSelling and administrative expense Net operating incomeIncome taxes Net income$893 58730618911735$82The net cash provided by (used by) investing activities for the year wasA. ($92). B. $77. C. ($77). D. $92.Use the following information to answer this question.The most recent balance sheet and income statement of Teramoto Corporation appear below:Assets:Comparative Balance SheetEnding BalanceBeginning BalanceCash and cash equivalents Accounts receivable$43 53$35 59InventoryPlant and equipmentLess accumulated depreciation Total assetsLiabilities and stockholders' equity Accounts payableWages payable Taxes payable Bonds payable Deferred taxes Common stock Retained earningsTotal liabilities and stockholders' equity73582301$450$57 2115212055261$45069490286$367$48 1813202150197$367Income StatementSalesCost of good sold Gross marginSelling and administrative expense Net operating incomeIncome taxes Net income$893 58730618911735$82The net cash provided by (used by) operations for the year wasA. $117. B. $112. C. $52. D. $30.Products A, B, and C are produced from a single raw material input. The raw material costs $90,000, from which 5,000 units of A, 10,000 units of B, and 15,000 units of C can be produced each period. Product A can be sold at the split-off point for $2 per unit, or it can be processed further at a cost of$12,500 and then sold for $5 per unit. Product A should beprocessed further, since this will increase profits by $2,500 each period.processed further, since this will increase profits by $12,500 each period.sold at the split-off point, since further processing would result in a loss of $0.50 per unit.sold at the split-off point, since further processing will result in a loss of $2,500 each period.Which of the following would be considered a "use" of cash for the purpose of constructing a statement of cash flows?Selling the company's own common stock to investorsPurchasing equipmentAmortizing a patentIssuing long-term debtVIM Company purchased $100,000 in inventory from its suppliers on credit terms. The company's acid- test ratio would most likely bebe impossible to determine without more information.increase.be unchanged.decrease.Use the following information to answer this question.Financial statements for Larkins Company appear below:Larkins CompanyStatement of Financial Position December 31, Year 2 and Year 1 (dollars in thousands)Year 2Year 1Current assets:Cash and marketable securities$180$180Accounts receivable, net210180Inventory130120Prepaid expenses5050Total current assets570530Noncurrent assets:Plant & equipment, net1,5401,480Total assets$2,110$2,010Current liabilities:Accounts payable$100$130Accrued liabilities6060Notes payable, short term90120Total current liabilities250310Noncurrent liabilities:Bonds payable480500Total liabilities730810Stockholders' equity:Preferred stock, $20 par, 10%120120Common stock, $10 par180180Additional paid-in capital--common stock240240Retained earnings840660Total stockholders' equity1,3801,200Total liabilities & stockholders' equity$2,110$2,010Larkins Company Income StatementFor the Year Ended December 31, Year 2 (dollars in thousands)Sales (all on account) Cost of goods sold Gross marginSelling and administrative expense Net operating incomeInterest expense$2,760 1,93083033050050Net income before taxes450Income taxes (30%)135Net income$315Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.Larkins Company's return on total assets for Year 2 was closest to:A. 15.3%.B. 17.0%.C. 16.0%.D. 13.6%.Use the following information to answer this question.Financial statements for Larkins Company appear below: Larkins CompanyStatement of Financial Position December 31, Year 2 and Year 1 (dollars in thousands)Year 2Year 1Current assets:Cash and marketable securities$180$180Accounts receivable, net210180Inventory130120Prepaid expenses5050Total current assets570530Noncurrent assets:Plant & equipment, net1,5401,480Total assets$2,110$2,010Current liabilities:Accounts payable$100$130Accrued liabilities6060Notes payable, short term90120Total current liabilities250310Noncurrent liabilities:Bonds payable480500Total liabilities730810Stockholders' equity:Preferred stock, $20 par, 10%120120Common stock, $10 par180180Additional paid-in capital--common stock240240Retained earnings840660Total stockholders' equity1,3801,200Total liabilities & stockholders' equity$2,110$2,010Larkins Company Income StatementFor the Year Ended December 31, Year 2(dollars in thousands)Sales (all on account) Cost of goods sold Gross marginSelling and administrative expense Net operating incomeInterest expenseNet income before taxes Income taxes (30%) Net income$2,760 1,93083033050050450135$315Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.Larkins Company's return on common stockholders' equity for Year 2 was closest to:A. 26.9%.B. 25.9%.C. 24.4%.D. 23.5%.Degner Inc. has some material that originally cost $19,500. The material has a scrap value of $13,300 as is, but if reworked at a cost of $2,100, it could be sold for $14,000. What would be the incremental effect on the company's overall profit of reworking and selling the material rather than selling it as is as scrap?A. $11,900 B. -$7,600 C. -$20,900 D. -$1,400A company's current ratio and acid-test ratios are both greater than 1. If obsolete inventory is written off, this woulddecrease the current ratio.increase net working capital.decrease the acid-test ratio.increase the acid-test ratio.A weakness of the internal rate of return method for screening investment projects is that itimplicitly assumes that the company is able to reinvest cash flows from the project at the internal rate of return.doesn't consider the time value of money.doesn't take into account all of the cash flows from a project.implicitly assumes that the company is able to reinvest cash flows from the project at the company's discount rate.Cridwell Company's selling and administrative expenses for last year totaled $210,000. During the year, the company's prepaid expense account balance increased by $18,000, and accrued liabilities increased by$12,000. Depreciation charges for the year were $24,000. Based on this information, selling andadministrative expenses adjusted to a cash basis under the direct method on the statement of cash flows would beA. $228,000. B. $180,000. C. $192,000. D. $240,000.Fonics Corporation is considering the following three competing investment proposals:AyeBeeCeeInitial investment required$62,000$74,000$95,000Net present value$10,000$8,000$12,000Internal rate of return15%17%18%Using the project profitability index, how would the above investments be ranked (highest to lowest)?Bee, Cee, AyeAye, Bee, CeeCee, Bee, AyeAye, Cee, BeeUse the following information to answer this question.The most recent balance sheet and income statement of Teramoto Corporation appear below:Assets:Comparative Balance SheetEnding BalanceBeginning BalanceCash and cash equivalents Accounts receivable InventoryPlant and equipmentLess accumulated depreciation Total assetsLiabilities and stockholders' equity Accounts payableWages payable Taxes payable Bonds payable Deferred taxes Common stock Retained earningsTotal liabilities and stockholders' equity$43 5373582301$450$57 2115212055261$450$35 5969490286$367$48 1813202150197$367Income StatementSales$893Cost of good sold587Gross margin306Selling and administrative expenseNet operating income Income taxesNet income18911735$82Cash dividends were $18.The net cash provided by (used by) financing activities for the year wasA. ($12).B. $5. C. ($18). D. $1.(Ignore income taxes in this problem.) The following data pertain to an investment:Cost of the investment$18,955Life of the project5 yearsAnnual cost savings$5,000Estimated salvage value$1,000Discount rate10%The net present value of the proposed investment isA. $621. B. $3,355. C. $0.D. $(3,430).Use the following information to answer this question. Financial statements for Larkins Company appear below: Larkins CompanyStatement of Financial Position December 31, Year 2 and Year 1 (dollars in thousands)Current assets:Year 2Year 1Cash and marketable securities Accounts receivable, net InventoryPrepaid expenses Total current assets Noncurrent assets: Plant & equipment, net$180 210130505701,540$180 180120505301,480Total assets$2,110$2,010Current liabilities:Accounts payable$100$130Accrued liabilitiesNotes payable, short term Total current liabilities Noncurrent liabilities: Bonds payableTotal liabilities Stockholders' equity:Preferred stock, $20 par, 10% Common stock, $10 parAdditional paid-in capital--common stock Retained earningsTotal stockholders' equityTotal liabilities & stockholders' equity60902504807301201802408401,380$2,110601203105008101201802406601,200$2,010Larkins Company Income StatementFor the Year Ended December 31, Year 2 (dollars in thousands)Sales (all on account) Cost of goods sold Gross marginSelling and administrative expense Net operating incomeInterest expenseNet income before taxes Income taxes (30%) Net income$2,760 1,93083033050050450135$315Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.Larkins Company's price-earnings ratio on December 31, Year 2 was closest to:A. 20.79B. 6.00C. 8.91D. 8.57Use the following information to answer this question. Financial statements for Larkins Company appear below: Larkins CompanyStatement of Financial Position December 31, Year 2 and Year 1 (dollars in thousands)Current assets:Year 2Year 1Cash and marketable securities Accounts receivable, net$180 210$180 180InventoryPrepaid expenses Total current assets Noncurrent assets: Plant & equipment, net130505701,540120505301,480Total assets$2,110$2,010Current liabilities: Accounts payable Accrued liabilitiesNotes payable, short term Total current liabilities Noncurrent liabilities: Bonds payableTotal liabilities Stockholders' equity:Preferred stock, $20 par, 10% Common stock, $10 parAdditional paid-in capital--common stock Retained earningsTotal stockholders' equityTotal liabilities & stockholders' equity$10060902504807301201802408401,380$2,110$130601203105008101201802406601,200$2,010Larkins Company Income StatementFor the Year Ended December 31, Year 2 (dollars in thousands)Sales (all on account) Cost of goods sold Gross marginSelling and administrative expense Net operating incomeInterest expenseNet income before taxes Income taxes (30%) Net income$2,760 1,93083033050050450135$315Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.Larkins Company's dividend payout ratio for Year 2 was closest to:A. 40.6%B. 14.8%C. 42.9%D. 24.6%The net present value method assumes that the project's cash flows are reinvested at thediscount rate used in the net present value calculation.simple rate of return.payback rate of return.internal rate of return.End of exam ................
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