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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 estimated Save your time – order a paper! Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlinesOrder Paper Now4. 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• $10,000ORDER A PLAGIARISM-FREE PAPER NOW• $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. Business & Finance homework help.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 “Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!””Do you need a similar assignment done for you from scratch? We have qualified writers to help you with a guaranteed plagiarism-free A+ quality paper.

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