Quentin’s 2004 net income was $5,000.
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?
• Cannot be estimated
4. Quentin’s current ratio on December 31, 2004 is:
1. Quentin’s total debt to equity ratio on December 31, 2004 is:
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?
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