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) $ (6,000) $ (15,000) $ (4,000) $ 1,000 $ (1,600) $ (2,000) $ 20,400 3,500 6,800 $ 1,200 $ 1,000 $ 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
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) $ (6,000) $ (15,000) $ (4,000) $ 1,000 $ (1,600) $ (2,000) $ 20,400 3,500 6,800 $ 1,200 $ 1,000 $ 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
- Return on Common Equity at December 2018 was:
- Equal or below 32%
- Between 33% and 66%
- Between 67% and 115%
- Equal or above 116%
- 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F04536e59-763c-440c-af8f-4a3fc9711a35%2F808cd8fa-d244-41f2-8193-b1ed3c85680e%2Fifwsle_processed.png&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F04536e59-763c-440c-af8f-4a3fc9711a35%2F808cd8fa-d244-41f2-8193-b1ed3c85680e%2Fjegjef_processed.png&w=3840&q=75)
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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