The Following Information Pertains to Barnum Company: Balance Sheet $31,20 \mathrm{X} 2$

question 57

Multiple Choice

The following information pertains to Barnum Company: Balance Sheet
At December $31,20 \mathrm{X} 2$
$\begin{array}{lrlr}\text { Current assets } & \$ 18,700 & \text { Current liabilities } & \$ 7,600 \\\text { Long-term assets } & 29,700 & \text { Long-term liabilities } & 13,250\\&&\text { Stockholders' equity }&27,550\\\text { Total assets }&\$ 48,400& \text { Total assets }&\$ 48,400 \end{array}$

Barnum Company
Income Statement
For the Year Ended December $31,20 \mathrm{X} 2$
$\begin{array}{lr}\text { Sales } & \$ 106,950 \\\text { Less: Cost of goods sold } & \underline{61,800) } \\\text { Gross profit } & \$ 45,150 \\\text { Less: Operating expenses } & \underline{31,700} \\\text { Operating income } & \$ 13,450 \\\text { Less other expenses: interest } & \underline{1,300) } \\\text { Income before taxes } & \$ 12,150 \\\text { Less: Income tax expense } & \underline{4,850) } \\\text { Net income } & \$ 7,300\end{array}$ There were 1,000 shares of common stock outstanding with a market value of $75 as of December 31, 20X2.Dividends declared and paid was $5 per share.The gross profit rate for 20X2 is _____.

• A)42.2%
• B)12.6%
• C)6.8%
• D)16.2%

Recognize the significance of the Human Genome Project and its impact on understanding genetics and evolutionary biology.

Explain the principles and applications of ex vivo and in vivo gene therapy.

Describe the process and purpose of creating transgenic organisms and the differences between transgenic bacteria, plants, and animals.

Analyze and understand the methods used for DNA profiling and fingerprinting in forensic science and medical diagnostics.

---

Definitions:

Supporting Services Expenses

Expenses incurred for services that assist in the operation of a business, such as human resources, accounting, and IT support.

Not-For-Profit Entity

An organization that operates for purposes other than making a profit, often focused on charitable, educational, cultural, or social objectives.

Donated Funds

Financial or asset contributions given to organizations or individuals without the expectation of direct return or benefit.

Statement of Functional Expenses

A detailed financial report showing how a nonprofit organization's expenses are allocated across its various functions, such as programs, administrative, and fundraising.