Q10 Q11 Q12 By how much the change in Accounts Payable has generated or (used) cash? A) B) C) D) E) C) D) E) $ $ (1,500) 1,500 10,000 13,000 By how much the change in Accounts Receivables has generated or (used) cash? A) B) D) E) $ $ none of the above $ $ $ $ none of the above (4,000) (1,500) 6,800 4,000 By how much the change in Wages and Salaries Payable has generated or (used) cash? A) B) $ $ $ $ none of the above Page 6 1,300 (1,300) (300) 3,900

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Questions 1-45 are based on the following information for Tournesol Inc. (Cash flow
statement and Financial Statement Analysis questions)
The income statement for the year ended December 15, 2018, for Tournesol Inc.
contains the following information:
Tournesol Inc.
Income Statement
Year Ended December 15, 2018
Sale
Cost of goods sold
Rent Expense
Wages and Salaries Expense
Amortization Expense
Results of Sale of equipment
Interest Expense
Income Tax Expense
Profit
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Tournesol Inc. comparative balance sheet at December 15, 2018
Equipment
Accumulated Depreciation - equipment
Total Assets
Account Payable
Wages and Salaries Payable
Income taxes payable
Dividends Payable
Long-term Notes Payable
Common shares
Retained Earnings
Total Liabilities & Shareholders' Equity
$
7,000
$ 5,000
$
$
10,000
2,400
34,000
$
$ (12,000)
$ 46,400
$
$
$
2018
$
$
$
$
$
3,500
6,800
1,200
1,000
$ 100,000
$ (52,000)
$ (6,000)
$ (15,000)
$ (4,000)
1,000
(1,600)
(2,000)
20,400
7,000
9,000
17,900
46,400
$
$
$
$
$
$
2017
1,000
9,000
$ 13,000
$ 5,000
$ 40,000
$ (18,000)
$ 50,000
$ 5,000
$
5,500
$
3,000
$
2,500
$
$
$
$
22,000
10,000
2,000
50,000
Transcribed Image Text:Questions 1-45 are based on the following information for Tournesol Inc. (Cash flow statement and Financial Statement Analysis questions) The income statement for the year ended December 15, 2018, for Tournesol Inc. contains the following information: Tournesol Inc. Income Statement Year Ended December 15, 2018 Sale Cost of goods sold Rent Expense Wages and Salaries Expense Amortization Expense Results of Sale of equipment Interest Expense Income Tax Expense Profit Cash Accounts Receivable Inventory Prepaid Expenses Tournesol Inc. comparative balance sheet at December 15, 2018 Equipment Accumulated Depreciation - equipment Total Assets Account Payable Wages and Salaries Payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity $ 7,000 $ 5,000 $ $ 10,000 2,400 34,000 $ $ (12,000) $ 46,400 $ $ $ 2018 $ $ $ $ $ 3,500 6,800 1,200 1,000 $ 100,000 $ (52,000) $ (6,000) $ (15,000) $ (4,000) 1,000 (1,600) (2,000) 20,400 7,000 9,000 17,900 46,400 $ $ $ $ $ $ 2017 1,000 9,000 $ 13,000 $ 5,000 $ 40,000 $ (18,000) $ 50,000 $ 5,000 $ 5,500 $ 3,000 $ 2,500 $ $ $ $ 22,000 10,000 2,000 50,000
Q10
Q11
Q12
By how much the change in Accounts Payable has generated or (used) cash?
A)
B)
C)
D)
E)
C)
D)
E)
$
$
(1,500)
1,500
10,000
13,000
By how much the change in Accounts Receivables has generated or (used) cash?
A)
B)
D)
E)
$
$
none of the above
$
$
$
$
none of the above
(4,000)
(1,500)
6,800
4,000
By how much the change in Wages and Salaries Payable has generated or (used) cash?
A)
B)
$
$
$
$
none of the above
Page 6
1,300
(1,300)
(300)
3,900
Transcribed Image Text:Q10 Q11 Q12 By how much the change in Accounts Payable has generated or (used) cash? A) B) C) D) E) C) D) E) $ $ (1,500) 1,500 10,000 13,000 By how much the change in Accounts Receivables has generated or (used) cash? A) B) D) E) $ $ none of the above $ $ $ $ none of the above (4,000) (1,500) 6,800 4,000 By how much the change in Wages and Salaries Payable has generated or (used) cash? A) B) $ $ $ $ none of the above Page 6 1,300 (1,300) (300) 3,900
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