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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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