Test Bank for Financial Accounting, 11th Edition – Libby, Libby, & Hodge

TEST BANK
B




Financial Accounting, 11th Edition
B B B




by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
B B B B B B B B B B

, TABLE OF CONTENTS B B




CHAPTER 1: Financial Statements and Business Decisions
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Focus Company: Le-Nature’s Inc.
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CHAPTER 2: Investing and Financing Decisions and the Accounting System
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Focus Company: Chipotle Mexican Grill
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CHAPTER 3: Operating Decisions and the Accounting System
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Focus Company: Chipotle Mexican Grill
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CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
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Focus Company: Chipotle Mexican Grill
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CHAPTER 5: Communicating and Analyzing Accounting Information
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Focus Company: Apple Inc.
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CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
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Focus Company: Skechers U.S.A.
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CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
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Focus Company: Harley-Davidson, Inc.
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CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natural Resou
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rces
Focus Company: FedEx Corporation
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CHAPTER 9: Reporting and Interpreting Liabilities
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Focus Company: Starbucks
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CHAPTER 10: Reporting and Interpreting Bond Securities
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Focus Company: Amazon
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CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
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Focus Company: Microsoft
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CHAPTER 12: Statement of Cash Flows
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Focus Company: National Beverage Corporation
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CHAPTER 13: Analyzing Financial Statements
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Focus Company: The Home Depot
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, CHAPTER 1: Financial Statements and Business Decisions
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Focus Company: Le-Nature’s Inc.
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Answers are at the end of each Chapter
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Chapter 1 B




Student name:
B




1) DetermineBtheBmissingBamountsBforBeachBindependentBcaseBbelow.BAssumeBtheBamou
ntsBshownBareBatBtheBendBofBtheBcompany'sBfirstByearBofBoperation.
CompanyBN TotalBRev TotalBAs TotalBExp TotalBLiabilitie NetBIncomeB(L StockholdersB'BEq
ame enue sets enses s oss) uity

Randolph $ $ $ $
B600,00 450,00
B 350,00
B 130,000
B

0 0 0
Newman $ $ $ $B75,000
B105,00 80,000
B 10,000
B

0
Wiseman $ $ $(30,000 $B100,000
190,00
B 70,000
B )
0
Martin $ $ $ $
B180,00 215,00
B 115,00
B 75,000
B

0 0 0
VanTasse $ $ $ $B79,000
l 55,000 75,000 19,000

, QuestionBDetails
AACSBB:BKnowledgeBApplicationBA
ICPAB:BBBBCriticalBThinkingBAICPAB
:BFNBMeasurementBBloom'sB:BApp
ly
DifficultyB:B2BMedium
LearningBObjectiveB:B01-
01BRecognizeBtheBinformationBconveyedBinBeachBofBtheBfourBbasicBfinancialBstaBTopicB:BDistinguishBdiff
erentBfinancialBstatements
TypeB:BStatic
AccessibilityB:BKeyboardBNavigationBAccessibili
tyB:BScreenBReaderBCompatibleBGradableB:Bma
nual




2) Frank’sBFlowerBCompany,BaBsmallBretailBstoreBthatBsellsBflowers,BstartedBbusinessBo
nBJanuaryB1,B2022.BAtBtheBendBofBJanuaryB2022,BtheBfollowingBinformationBwasBavailable:
SalesBofBflowersBforBcash $B150,000
SalesBofBflowersBforBcreditB(notByetBcollected) 30,000
CostBofBflowersBwhichBwereBsoldBandBpaidBforBduringBJanuary 90,000
ExpensesBduringBJanuaryBincurred,BandBpaidBfor,BduringBJanuaryBunlessBotherwiseBnoted:
Salaries $B10,000
Telephone 500
OfficeBsuppliesB(allBused) 300
Electricity 600
RentBonBtheBstoreBforBJanuary,B2022B(willBnotBbeBpaidBuntil 2,000
February,B2022)
Required:A.UsingBtheBaboveBinformation,BprepareBtheBincomeBstatementBforBFrank’sBFlowerBCo
mpanyBforBtheBmonthBendedBJanuaryB31,B2022.
B.WhatBisBtheBamountBofBcashBflowsBprovidedBbyBoperatingBactivitiesBtoBbeBpresentedBonBtheBstat
ementBofBcashBflows?