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The operating Income at December 2018 was: Equal or below 9,000 Between 9,000 and 18,001 Between 18,000 and 23,000 Equal or above 23,000 Not enough data provided to calculate it

The operating Income at December 2018 was: Equal or below 9,000 Between 9,000 and 18,001 Between 18,000 and 23,000 Equal or above 23,000 Not enough data provided to calculate it

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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  1. The operating Income at December 2018 was:
    1. Equal or below 9,000
    2. Between 9,000 and 18,001
    3. Between 18,000 and 23,000
    4. Equal or above 23,000
    5. Not enough data provided to calculate it
Additional Information: 1 2 3 Equipment that cost $10,000 was sold for a certain amount in cash New equipment was purchased during the year for $4,000 Dividends declared in 2018 totaled $4,500
Transcribed Image Text:Additional Information: 1 2 3 Equipment that cost $10,000 was sold for a certain amount in cash New equipment was purchased during the year for $4,000 Dividends declared in 2018 totaled $4,500
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 $ $ $ 2018 $ $ $ $ $ $ $ $ 7,000 5,000 10,000 $ 2,400 $ 34,000 $ (12,000) $ 46,400 $ 100,000 $ (52,000) $ $ $ $ $ $ $ 3,500 6,800 1,200 1,000 7,000 9,000 17,900 46,400 (6,000) (15,000) (4,000) 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
Transcribed Image Text: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 $ $ $ 2018 $ $ $ $ $ $ $ $ 7,000 5,000 10,000 $ 2,400 $ 34,000 $ (12,000) $ 46,400 $ 100,000 $ (52,000) $ $ $ $ $ $ $ 3,500 6,800 1,200 1,000 7,000 9,000 17,900 46,400 (6,000) (15,000) (4,000) 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
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