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. 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?
• Cannot be estimated
3. 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?
• Cannot be estimated
4. Quentin’s current ratio on December 31, 2004 is:
1. Quentin’s total debt to equity ratio on December 31, 2004 is:
2. 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 concept
3. 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?
4. The next 6 questions refer to Carlita Company’s 2004 Income Statement.
Carlita’s 2004 gross margin percentage is:
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:
• Insufficient information; cannot be calculated
2. 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:
• Cannot be calculated
3. Carlita’s 2004 return on sales percentage is:
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:
• 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?
• Cannot be calculated
2. 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 $250,000
3. 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 2005
4. 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:
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