O reduced Catabolism of fuel molecules. Krebs cycle and Electron transport. Stage 2 involves the oxidation of the split product and substrate level phosphorylation. Driving force for glycolysis is the availability of NAD in oxidized state.
Organic molecule is the final electron acceptor.
Thus the lactate and ethanol are produced. The number of Acetyl-CoA is half the carbopn length of the fatty acid. See figure 6.6 on page 117. See figure 6.8 on page 119. Note alternate oxidative and reductive states of the carrier proteins.