Q30 The accounts receivable turnover at December 2018 was:

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Q30 The accounts receivable turnover at December 2018 was:
A). Equal or below
B). Between
C). Between
D). Equal or above
E). Not enough data provided to calculate it
Q31
Q32
4.79
4.80
9.60
19.21
and
and
Total return on assets at December 2018 was:
A). Equal or below
11%
B). Between
12%
C). Between
25%
D). Equal or above
43%
E). Not enough data provided to calculate it
and
and
9.59
19.20
and
and
days
24%
42%
The average collection period of sales at December 2018 was:
A). Equal or below
5
days
B). Between
6
C). Between
12
D). Equal or above
24
E). Not enough data provided to calculate it
11
23
days
days
Page 10
Transcribed Image Text:Q30 The accounts receivable turnover at December 2018 was: A). Equal or below B). Between C). Between D). Equal or above E). Not enough data provided to calculate it Q31 Q32 4.79 4.80 9.60 19.21 and and Total return on assets at December 2018 was: A). Equal or below 11% B). Between 12% C). Between 25% D). Equal or above 43% E). Not enough data provided to calculate it and and 9.59 19.20 and and days 24% 42% The average collection period of sales at December 2018 was: A). Equal or below 5 days B). Between 6 C). Between 12 D). Equal or above 24 E). Not enough data provided to calculate it 11 23 days days Page 10
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
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