Your Perfect Assignment is Just a Click Away

We Write Custom Academic Papers

100% Original, Plagiarism Free, Customized to your instructions!

glass
pen
clip
papers
heaphones

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

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

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
• $6,000

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?
• $3,000
• $4,000
• $7,000
• 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?
• $39,000
• $49,000
• $34,000
• Cannot be estimated

4. Quentin’s current ratio on December 31, 2004 is:
• 1.25
• 0.80
• 0.53
• 1.125

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%

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 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:
• $132,000
• $120,000
• $139,000
• Cannot be calculated

3. 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 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:
• $95,000
• $55,000
• $155,000
• $105,000

Order Solution Now

Our Service Charter

1. Professional & Expert Writers: Writers Hero only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Writers Hero are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Writers Hero is known for timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Writers hero, we have put in place a team of experts who answer to all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.