Multiple Choice profile

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%

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