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Q30 The accounts receivable turnover at December 2018 was:

Q30 The accounts receivable turnover at December 2018 was:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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