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 Equipment Accumulated Depreciation - equipment Total Assets Tournesol Inc. comparative balance sheet at December 15, 2018 Account Payable Wages and Salaries Payable Income taxes payable Dividends Payable Long-term Notes Payable Common shares Retained Earnings Total Liabilities & Shareholders' Equity 2018 $ $ 7,000 5,000 $ 10,000 $ 2,400 $ 34,000 $ (12,000) $ 46,400 $ 100,000 $ (52,000) $ (6,000) $ (15,000) $ (4,000) $ 3,500 $ 6,800 $ 1,200 $ 1,000 $ 7,000 $ 9,000 $ 17,900 $ 46,400 $ $ $ $ $ $ 1,000 (1,600) (2,000) 20,400 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 $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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can you explain to me how to solve these

Q26
What is the total Cash (payments) collections of shares issued/bought back?
A)
$
(7,000)
B)
$
5,000
C)
$
(1,000)
$
1,000
none of the above
D)
E)
Transcribed Image Text:Q26 What is the total Cash (payments) collections of shares issued/bought back? A) $ (7,000) B) $ 5,000 C) $ (1,000) $ 1,000 none of the above D) E)
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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