1. Quentin’s total debt to equity ratio on December 31, 2004 is:
2.12
1.52
1.19
0.53
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?
$5,000
$67,000
$20,000
$45,000
4. The next 6 questions refer to Carlita Company’s 2004 Income Statement.
Carlita’s 2004 gross margin percentage is:
50%
33%
30%
25%