1. Turnadot & Sons is a small wholesaler of decorative cast iron obje

1. Turnadot & Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:• August 5, 2005: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future convenient time and location. The customer, with whom Turnadot has had a long-term, trouble-free relationship, pays $3,000 as a deposit and agrees to pay the rest on delivery. Turnadot immediately orders $4,000 worth of planters from its supplier and pays a $1,000 deposit for them.• August 27, 2005: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.• September 5, 2005: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.What is the dollar gross margin earned by Turnadot on the special order for 200 planters?• $2,000• $7,000• $9,000• $6,0002. The next 6 questions refer to Quentin Company’s December 31, 2004 Balance Sheet.Quentin began 2004 with the following non-current asset balances: Plant and equipment (net) $59,000; Patent (net) $28,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Quentin record during 2004?• $3,000• $4,000• $7,000• Cannot be estimated3. Quentin’s 2004 net income was $5,000. No dividends were declared or paid during 2004. What was Quentin’s retained earnings balance on December 31, 2003?• $39,000• $49,000• $34,000• Cannot be estimated4. Quentin’s current ratio on December 31, 2004 is:• 1.25• 0.80• 0.53• 1.1251. Quentin’s total debt to equity ratio on December 31, 2004 is:• 2.12• 1.52• 1.19• 0.532. Quentin Company’s year-end 2004 total assets equals its year-end 2004 total liabilities and owners’ equity. This is most likely the result of the company following the:• Historical Cost concept• Dual-aspect concept• Materiality concept• Money measurement concept3. Quentin’s December 31, 2003 inventory T-account debit balance was also $56,000. During 2004, its inventory purchases amounted to $25,000, and there were no inventory-related write-downs or losses. What was Quentin’s 2004 cost of goods sold expense?• $5,000• $67,000• $20,000• $45,0004. The next 6 questions refer to Carlita Company’s 2004 Income Statement.Carlita’s 2004 gross margin percentage is:• 50%• 33%• 30%• 25%1. During 2004, Carlita’s competitor Farside had double the sales of Carlita, but it also earned a gross margin of $30,000. Farside’s 2004 gross margin percentage was:• 25%• 50%• 12.5%• Insufficient information; cannot be calculated2. Carlita began 2004 with a retained earnings account balance of $132,000. During 2004, it declared and paid dividends of $5,000. Its December 31, 2004 retained earnings account balance is:• $132,000• $120,000• $139,000• Cannot be calculated3. Carlita’s 2004 return on sales percentage is:• 25%• 16.67%• 15%• 10%4. Carlita began 2004 with an interest payable account balance of $13,000. During 2004, it paid $5,000 in interest to its lenders. On December 31, 2004, its interest payable account balance is:• $15,000• $10,000• $13,000• Cannot be calculated 1. Carlita began 2004 with a taxes payable account balance of $3,000. On December 31, 2004, its taxes payable account balance is $7,000. How much did Carlita pay to the tax authorities during the year?• $2,000• $6,000• $4,000• Cannot be calculated2. On January 1, 2005, Jon Sports has a bond payable of $200,000. During 2005, it pays off $20,000 of the outstanding bond principal and issues a new $70,000 bond. There are no other transactions related to the bond payable account.What is Jon Sports’ December 31, 2005 bond payable balance?• A debit balance of $250,000• A credit balance of $150,000• A debit balance of $150,000• A credit balance of $250,0003. The next 7 questions are based on Panjim Trading Company’s cash T-account for 2005.Based on Panjim’s 2005 cash T-account, which one of the following statements must be true?• During 2005, Panjim’s total merchandise sales were $60,000• During 2005, Panjim’s total merchandise purchases were $44,000• During 2005, Panjim issued $75,000 of debt• Panjim did not record any tax expense for 20054. Panjim began 2005 with salaries payable balance of $75,000. It had 2005 salary expense of $80,000. Its 2005 ending salaries payable balance must be:• $95,000• $55,000• $155,000• $105,000

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