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Q45 The quick ratio at December 2017 was: A). Equal or below 0.01 B). Between 0.01 C). Between 0.03 D). Equal or above 0.11 E). Not enough data provided to calculate it and and 0.02 0.10

Q45 The quick ratio at December 2017 was: A). Equal or below 0.01 B). Between 0.01 C). Between 0.03 D). Equal or above 0.11 E). Not enough data provided to calculate it and and 0.02 0.10

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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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
Q45 The quick ratio at December 2017 was: A). Equal or below 0.01 B). Between 0.01 C). Between 0.03 D). Equal or above 0.11 E). Not enough data provided to calculate it and and 0.02 0.10
Transcribed Image Text:Q45 The quick ratio at December 2017 was: A). Equal or below 0.01 B). Between 0.01 C). Between 0.03 D). Equal or above 0.11 E). Not enough data provided to calculate it and and 0.02 0.10
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