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22. The realization concept states that revenue is recorded when * it has been earned and realized or realizable. * all the associated costs have been paid in cash. * it has been received in cash. 23. Carlita's 2014 return on sales percentage is _______. 25% 16.67% 15% 10 24. The next seven questions are based on Panjim Trading Company's cash T-account for 2015. Based on Panjim's 2015 cash T-account, which one of the following statements must be true? During 2015, Panjim's total merchandise sales were $60,000. * During 2015, Panjim's total merchandise purchases were $44,000. * During 2015, Panjim issued $75,000 of debt. * Panjim did not record any tax expense for 2015. 25. Complete the following sentence: The Conservatism Concept directs an entity to consider recognizing a liability when it is __________________. * absolutely certain economic resources may be sacrificed in the future * remotely possible economic resources may be sacrificed in the future * reasonably possible economic resources may be sacrificed in the future * reasonably certain economic resources may be sacrificed in the future 26. 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, 2015: 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, 2015: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse. * September 5, 2015: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site. On August 5, 2015, which one of the following accounting entries, related to the $1,000 deposit paid to the supplier for the planters, should be recorded in Turnadot's financial accounting system? * Debit the current asset 'advances to suppliers' $1,000; credit cash $1,000 * Debit inventory $1,000; credit cash $1,000 * Debit cost of goods sold $4,000; credit cash $1,000; credit accounts payable $3,000 * Debit cost of goods sold $1,000; credit revenues $1,000 27. 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, 2015: 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, 2015: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse. * September 5, 2015: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.

On September 5, 2015, when the planters are delivered and the balance of $7,000 due from the customer is collected, which one of the following journal entries best reflects the full economic impact of the special order on Turnadot's financial condition? * Dr. Cash 7,000, Cr. Revenues 7,000 and * Dr. COGS 4,000, Cr. Inventory 4,000 * Dr. Cash 7,000, Cr. Revenues 7,000 and * Dr. Inventory 4,000, Cr. COGS 4,000 * Dr. Cash 7,000, Dr. Advances from customers (liability) 3,000, Cr. Revenues 10,000 and * Dr. COGS 4,000, Cr. Inventory 4,000 28. Panjim's 2015 cash flow from investing activities is a net outflow of $7,000. a net inflow of $3,000. a net inflow of $7,000. a net outflow of $3,000. 9. Carlita began 2014 with a taxes payable account balance of $3,000. On December 31, 2014, 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 Can not answer 30. The next six questions refer to Carlita Company's 2014 Income Statement. Carlita's 2014 gross margin percentage is _______. 50% 33% 30% 25% 31. On its June 30, 2015, balance sheet, Barrows Corporation has total assets of $100,000, current liabilities of $40,000, and owners' equity of $60,000. Which one of the following statements must be true on June 30, 2015? * It has current assets of $40,000 * It has no long-term liabilities * It has a cash balance of $40,000 raised through short-term debt * None of the above 32. Jackie's Crafts is a successful retailer of fabric by the yard and other sewing supplies. If Jackie were to shut down the store, the bolts of fabrics and the bins of lace and trim, inventory valued at $20,000, on average, at any point in time, would have to be sold for about 10% of that value. But, Jackie's accountant does not feel the need to reduce the value of the inventory on the books. This is a reflection of the _______ concept. * consistency * materiality * historical cost * going-concern 33. Lucky Lee, a video-game store in New York city, purchases a game machine directly from Taiwan for $30,000. In the U.S., the same machine will probably cost at least $36,000. Pick the most appropriate accounting action for Lucky Lee. * Record the machine at $36,000 * Record the machine at $30,000 * Record the machine for [($30,000+$36,000)/2] = $33,000 * Have the machine examined by an independent appraiser and record it at the appraised value 35. To be recorded as an asset, an item must meet four specific conditions. Three of them are: it must have been acquired at measurable cost, it must be obtained or controlled by the entity, and it must have been obtained or controlled in a past transaction. Which one of the following is the fourth condition? * The item must have a measurable resale value * It must be expected to have future economic benefits * It must have been fully paid for * The entity must have a legal document confirming ownership of the item 37. Neura Pharma, Inc. has purchased a drug patent with a remaining useful life of 13 years. How should this new asset be classified? * A current tangible asset * A non-current tangible asset * A non-current intangible asset * A current intangible asset 38. On January 1, 2015, Jon Sports has a bond payable of $200,000. During 2015, 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, 2015, 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 40. Which one of the following is an item of owners' equity? * Bank loan * Suppliers' monetary claims * Prepaid expenses * Earnings generated by the entity