{"id":2112,"date":"2020-10-29T13:55:02","date_gmt":"2020-10-29T13:55:02","guid":{"rendered":"http:\/\/onlineclassesguru.com\/?p=2112"},"modified":"2020-10-29T13:55:02","modified_gmt":"2020-10-29T13:55:02","slug":"accounting","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2020\/10\/29\/accounting\/","title":{"rendered":"accounting"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p>1. Turnadot &amp; Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:<br \/>\n\u2022 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.<br \/>\n\u2022 August 27, 2005: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.<br \/>\n\u2022 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.<br \/>\nWhat is the dollar gross margin earned by Turnadot on the special order for 200 planters?<br \/>\n\u2022 $2,000<br \/>\n\u2022 $7,000<br \/>\n\u2022 $9,000<br \/>\n\u2022 $6,000<\/p>\n<p>2. The next 6 questions refer to Quentin Company&#8217;s December 31, 2004 Balance Sheet.<br \/>\nQuentin 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?<br \/>\n\u2022 $3,000<br \/>\n\u2022 $4,000<br \/>\n\u2022 $7,000<br \/>\n\u2022 Cannot be estimated<\/p>\n<p>3. Quentin&#8217;s 2004 net income was $5,000. No dividends were declared or paid during 2004. What was Quentin&#8217;s retained earnings balance on December 31, 2003?<br \/>\n\u2022 $39,000<br \/>\n\u2022 $49,000<br \/>\n\u2022 $34,000<br \/>\n\u2022 Cannot be estimated<\/p>\n<p>4. Quentin&#8217;s current ratio on December 31, 2004 is:<br \/>\n\u2022 1.25<br \/>\n\u2022 0.80<br \/>\n\u2022 0.53<br \/>\n\u2022 1.125<\/p>\n<p>1. Quentin&#8217;s total debt to equity ratio on December 31, 2004 is:<br \/>\n\u2022 2.12<br \/>\n\u2022 1.52<br \/>\n\u2022 1.19<br \/>\n\u2022 0.53<\/p>\n<p>2. Quentin Company&#8217;s year-end 2004 total assets equals its year-end 2004 total liabilities and owners&#8217; equity. This is most likely the result of the company following the:<br \/>\n\u2022 Historical Cost concept<br \/>\n\u2022 Dual-aspect concept<br \/>\n\u2022 Materiality concept<br \/>\n\u2022 Money measurement concept<\/p>\n<p>3. Quentin&#8217;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&#8217;s 2004 cost of goods sold expense?<br \/>\n\u2022 $5,000<br \/>\n\u2022 $67,000<br \/>\n\u2022 $20,000<br \/>\n\u2022 $45,000<\/p>\n<p>4. The next 6 questions refer to Carlita Company&#8217;s 2004 Income Statement.<br \/>\nCarlita&#8217;s 2004 gross margin percentage is:<br \/>\n\u2022 50%<br \/>\n\u2022 33%<br \/>\n\u2022 30%<br \/>\n\u2022 25%<\/p>\n<p>1. During 2004, Carlita&#8217;s competitor Farside had double the sales of Carlita, but it also earned a gross margin of $30,000. Farside&#8217;s 2004 gross margin percentage was:<br \/>\n\u2022 25%<br \/>\n\u2022 50%<br \/>\n\u2022 12.5%<br \/>\n\u2022 Insufficient information; cannot be calculated<\/p>\n<p>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:<br \/>\n\u2022 $132,000<br \/>\n\u2022 $120,000<br \/>\n\u2022 $139,000<br \/>\n\u2022 Cannot be calculated<\/p>\n<p>3. Carlita&#8217;s 2004 return on sales percentage is:<br \/>\n\u2022 25%<br \/>\n\u2022 16.67%<br \/>\n\u2022 15%<br \/>\n\u2022 10%<\/p>\n<p>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:<br \/>\n\u2022 $15,000<br \/>\n\u2022 $10,000<br \/>\n\u2022 $13,000<br \/>\n\u2022 Cannot be calculated<\/p>\n<p>&nbsp;<\/p>\n<p>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?<br \/>\n\u2022 $2,000<br \/>\n\u2022 $6,000<br \/>\n\u2022 $4,000<br \/>\n\u2022 Cannot be calculated<\/p>\n<p>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.<br \/>\nWhat is Jon Sports&#8217; December 31, 2005 bond payable balance?<br \/>\n\u2022 A debit balance of $250,000<br \/>\n\u2022 A credit balance of $150,000<br \/>\n\u2022 A debit balance of $150,000<br \/>\n\u2022 A credit balance of $250,000<\/p>\n<p>3. The next 7 questions are based on Panjim Trading Company&#8217;s cash T-account for 2005.<br \/>\nBased on Panjim&#8217;s 2005 cash T-account, which one of the following statements must be true?<br \/>\n\u2022 During 2005, Panjim&#8217;s total merchandise sales were $60,000<br \/>\n\u2022 During 2005, Panjim&#8217;s total merchandise purchases were $44,000<br \/>\n\u2022 During 2005, Panjim issued $75,000 of debt<br \/>\n\u2022 Panjim did not record any tax expense for 2005<\/p>\n<p>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:<br \/>\n\u2022 $95,000<br \/>\n\u2022 $55,000<br \/>\n\u2022 $155,000<br \/>\n\u2022 $105,000<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>1. Turnadot &amp; Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below: \u2022 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&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2112","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>accounting - onlineclassesguru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/onlineclassesguru.com\/index.php\/2020\/10\/29\/accounting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"accounting - onlineclassesguru\" \/>\n<meta property=\"og:description\" content=\"1. 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