TEST BANK l
Financial Accounting, 11th Edition
l l l
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
l l l l l l l l l
, TABLE OF CONTENTS
Y Y
CHAPTERl1:lFinanciallStatementslandlBusinesslDecisionslFocus
l Company:lLe-Nature’slInc.
CHAPTERl2:lInvestinglandlFinancinglDecisionslandlthelAccountinglSystemlFo
cuslCompany:lChipotlelMexicanlGrill
CHAPTERl3:lOperatinglDecisionslandlthelAccountinglSystemlFo
cuslCompany:lChipotlelMexicanlGrill
CHAPTERl4:lAdjustments,lFinanciallStatements,landlthelClosinglProcesslFocu
slCompany:lChipotlelMexicanlGrill
CHAPTERl5:lCommunicatinglandlAnalyzinglAccountinglInformationl
FocuslCompany:lApplelInc.
CHAPTERl6:lReportinglandlInterpretinglSaleslRevenue,lReceivables,landlCashlFoc
uslCompany:lSkecherslU.S.A.
CHAPTERl7:lReportinglandlInterpretinglCostloflGoodslSoldlandlInventorylFoc
uslCompany:lHarley-Davidson,lInc.
CHAPTERl8:lReportinglandlInterpretinglProperty,lPlant,landlEquipment;lIntangibles;landlNatlurall
Resources
FocuslCompany:lFedExlCorporation
CHAPTERl9:lReportinglandlInterpretinglLiabilitiesl
FocuslCompany:lStarbucks
CHAPTERl10:lReportinglandlInterpretinglBondlSecuritieslFocus
l Company:lAmazon
CHAPTERl11:lReportinglandlInterpretinglStockholders’lEquityl
FocuslCompany:lMicrosoft
CHAPTERl12:lStatementloflCashlFlows
FocuslCompany:lNationallBeveragelCorporationlCH
APTERl13:lAnalyzinglFinanciallStatementslFocuslC
ompany:lThelHomelDepot
, CHAPTERl1:lFinanciallStatementslandlBusinesslDecisionslF
ocuslCompany:lLe-Nature’slInc.
Answers are at the end of each Chapter
Y Y Y Y Y Y Y
Chapterl1
Studentlname:
1) Determinelthelmissinglamountslforleachlindependentlcaselbelow.lAssumelthelamountslslho
wnlarelatYthelendloflthelcompany'slfirstlyearlofloperation.
Company TotallRev TotallA TotallEx TotallLiabiliti NetlIncomel( Stockholdersl'lE
Name enue ssets penses el Loss) quity
s
Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $l75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $l100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $l79,000
l 55,000 75,000 19,000
, Questionl Details
AACSBl:lKnowledgelApplicationl
AICPAl:lBBlCriticallThinkinglAIl
CPAl:lFNlMeasurementlBloom'sl:
Apply
Difficultyl:l2lMediumlL
earningYObjectivel:l01-
01lRecognizelthelinformationlconveyedlinleachloflthelfourlbasiclfinanciallstalTopicl:lDistinguishldifferlen
tlfinanciallstatements
Typel:lStatic
Accessibilityl:lKeyboardlNavigationlAccessibilitl
yl:lScreenlReaderlCompatiblelGradablel:lmanul
al
2) Frank’slFlowerlCompany,lalsmalllretaillstorelthatlsellslflowers,lstartedlbusinesslonlJalnu
aryl1,l2022.lAtlthelendloflJanuaryl2022,lthelfollowinglinformationlwaslavailable:
Salesloflflowerslforlcash $l150,000
SalesloflflowerslforYcreditl(notlyetlcollected) 30,000
CostloflflowerslwhichlwerelsoldlandlpaidlforlduringlJanuary 90,000
ExpenseslduringlJanuarylincurred,landlpaidlfor,lduringlJanuarylunlesslotherwiselnoted:
Salaries $l10,000
Telephone 500
Officelsuppliesl(alllused) 300
Electricity 600
RentlonlthelstorelforlJanuary,l2022l(willYnotlbelpaidluntil 2,000
February,l2022)
Required:A.Usinglthelabovelinformation,lpreparelthelincomelstatementlforlFrank’slFlowerlComplan
ylforlthelmonthlendedlJanuaryl31,l2022.
B.Whatlislthelamountloflcashlflowslprovidedlbyloperatinglactivitiesltolbelpresentedlonlthelstatemelntlo
flcashlflows?
Financial Accounting, 11th Edition
l l l
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
l l l l l l l l l
, TABLE OF CONTENTS
Y Y
CHAPTERl1:lFinanciallStatementslandlBusinesslDecisionslFocus
l Company:lLe-Nature’slInc.
CHAPTERl2:lInvestinglandlFinancinglDecisionslandlthelAccountinglSystemlFo
cuslCompany:lChipotlelMexicanlGrill
CHAPTERl3:lOperatinglDecisionslandlthelAccountinglSystemlFo
cuslCompany:lChipotlelMexicanlGrill
CHAPTERl4:lAdjustments,lFinanciallStatements,landlthelClosinglProcesslFocu
slCompany:lChipotlelMexicanlGrill
CHAPTERl5:lCommunicatinglandlAnalyzinglAccountinglInformationl
FocuslCompany:lApplelInc.
CHAPTERl6:lReportinglandlInterpretinglSaleslRevenue,lReceivables,landlCashlFoc
uslCompany:lSkecherslU.S.A.
CHAPTERl7:lReportinglandlInterpretinglCostloflGoodslSoldlandlInventorylFoc
uslCompany:lHarley-Davidson,lInc.
CHAPTERl8:lReportinglandlInterpretinglProperty,lPlant,landlEquipment;lIntangibles;landlNatlurall
Resources
FocuslCompany:lFedExlCorporation
CHAPTERl9:lReportinglandlInterpretinglLiabilitiesl
FocuslCompany:lStarbucks
CHAPTERl10:lReportinglandlInterpretinglBondlSecuritieslFocus
l Company:lAmazon
CHAPTERl11:lReportinglandlInterpretinglStockholders’lEquityl
FocuslCompany:lMicrosoft
CHAPTERl12:lStatementloflCashlFlows
FocuslCompany:lNationallBeveragelCorporationlCH
APTERl13:lAnalyzinglFinanciallStatementslFocuslC
ompany:lThelHomelDepot
, CHAPTERl1:lFinanciallStatementslandlBusinesslDecisionslF
ocuslCompany:lLe-Nature’slInc.
Answers are at the end of each Chapter
Y Y Y Y Y Y Y
Chapterl1
Studentlname:
1) Determinelthelmissinglamountslforleachlindependentlcaselbelow.lAssumelthelamountslslho
wnlarelatYthelendloflthelcompany'slfirstlyearlofloperation.
Company TotallRev TotallA TotallEx TotallLiabiliti NetlIncomel( Stockholdersl'lE
Name enue ssets penses el Loss) quity
s
Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $l75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $l100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $l79,000
l 55,000 75,000 19,000
, Questionl Details
AACSBl:lKnowledgelApplicationl
AICPAl:lBBlCriticallThinkinglAIl
CPAl:lFNlMeasurementlBloom'sl:
Apply
Difficultyl:l2lMediumlL
earningYObjectivel:l01-
01lRecognizelthelinformationlconveyedlinleachloflthelfourlbasiclfinanciallstalTopicl:lDistinguishldifferlen
tlfinanciallstatements
Typel:lStatic
Accessibilityl:lKeyboardlNavigationlAccessibilitl
yl:lScreenlReaderlCompatiblelGradablel:lmanul
al
2) Frank’slFlowerlCompany,lalsmalllretaillstorelthatlsellslflowers,lstartedlbusinesslonlJalnu
aryl1,l2022.lAtlthelendloflJanuaryl2022,lthelfollowinglinformationlwaslavailable:
Salesloflflowerslforlcash $l150,000
SalesloflflowerslforYcreditl(notlyetlcollected) 30,000
CostloflflowerslwhichlwerelsoldlandlpaidlforlduringlJanuary 90,000
ExpenseslduringlJanuarylincurred,landlpaidlfor,lduringlJanuarylunlesslotherwiselnoted:
Salaries $l10,000
Telephone 500
Officelsuppliesl(alllused) 300
Electricity 600
RentlonlthelstorelforlJanuary,l2022l(willYnotlbelpaidluntil 2,000
February,l2022)
Required:A.Usinglthelabovelinformation,lpreparelthelincomelstatementlforlFrank’slFlowerlComplan
ylforlthelmonthlendedlJanuaryl31,l2022.
B.Whatlislthelamountloflcashlflowslprovidedlbyloperatinglactivitiesltolbelpresentedlonlthelstatemelntlo
flcashlflows?
