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%