Test Bank – Financial Accounting, 11th Edition – Robert Libby, Patricia Libby, & Frank Hodge – ISBN 9781264229734 (Complete Chapters 1–13 Covered)

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Financial Accounting
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11th Edition
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TEST BANK
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Robert Libby, Patricia Libby, Frank Hodge
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Comprehensive Test Bank for Instructors
and Students
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9781264229734
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© Robert Libby, Patricia Libby & Frank Hodge. All rights
reserved. Reproduction or distribution without permission is
prohibited.
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© MEDGEEK

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TABLE OF CONTENTS

Test Bank – Financial Accounting (11th Edition)
Authors: Robert Libby, Patricia Libby, and Frank Hodge
ISBN: 9781264229734
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PART I: THE FINANCIAL REPORTING PROCESS
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Chapter 1: Financial Statements and Business Decisions (Le-Nature’s Inc.)
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Chapter 2: Investing and Financing Decisions and the Accounting System (Chipotle)
Chapter 3: Operating Decisions and the Accounting System (Chipotle)
Chapter 4: Adjustments, Financial Statements, and the Closing Process (Chipotle)
Chapter 5: Communicating and Analyzing Accounting Information (Apple Inc.)
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PART II: OPERATING ASSETS AND REVENUE

Chapter 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash (Skechers)
Chapter 7: Reporting and Interpreting Cost of Goods Sold and Inventory (Harley-Davidson)
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Chapter 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natural
Resources (FedEx)

PART III: LIABILITIES AND EQUITY
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Chapter 9: Reporting and Interpreting Liabilities (Starbucks)
Chapter 10: Reporting and Interpreting Bond Securities (Amazon)
Chapter 11: Reporting and Interpreting Stockholders’ Equity (Microsoft)
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PART IV: ANALYSIS AND SPECIAL TOPICS

Chapter 12: Statement of Cash Flows (National Beverage Corporation)
Chapter 13: Analyzing Financial Statements (The Home Depot)
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CHAPTER 1: Financial Statements and Business Decisions
Y Y Y Y Y Y


Focus Company: Le-Nature’s Inc.
Y Y Y



Answers are at the end of each Chapter
Y Y Y Y Y Y Y




Chapter 1
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Y




Student name:
T
Y
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1) DetermineYtheYmissingYamountsYforYeachYindependentYcaseYbelow.YAssumeYtheYamountsYs
hownYareYatYtheYendYofYtheYcompany'sYfirstYyearYofYoperation.
CompanyY TotalYRev TotalYA TotalYEx TotalYLiabiliti NetYIncomeY( StockholdersY'YE
Name enue ssets penses e Loss) quity
s
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Randolph $ $ $ $
600,00
Y 450,00
Y Y350,00 Y130,000

0 0 0
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Newman $ $ $ $Y75,000
105,00
Y Y80,000 Y10,000

0
Wiseman $ $ $(30,000 $Y100,000
190,00 70,000 )
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Y Y

0
Martin $ $ $ $
180,00
Y 215,00
Y 115,00
Y 75,000
Y

0 0 0
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VanTasse $ $ $ $Y79,000
l 55,000 75,000 19,000
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QuestionYDetails
AACSBY:YKnowledgeYApplicationY
AICPAY:YBBYCriticalYThinkingYAI
CPAY:YFNYMeasurementYBloom'sY:
YApply
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DifficultyY:Y2YMedium
LearningYObjectiveY:Y01-
T
01YRecognizeYtheYinformationYconveyedYinYeachYofYtheYfourYbasicYfinancialYstaYTopicY:YDistinguishYdiffer
entYfinancialYstatements
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TypeY:YStatic
AccessibilityY:YKeyboardYNavigationYAccessibilit
yY:YScreenYReaderYCompatibleYGradableY:Ymanu
al
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2) Frank’sYFlowerYCompany,YaYsmallYretailYstoreYthatYsellsYflowers,YstartedYbusinessYonYJa
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nuaryY1,Y2022.YAtYtheYendYofYJanuaryY2022,YtheYfollowingYinformationYwasYavailable:
SalesYofYflowersYforYcash $Y150,000
SalesYofYflowersYforYcreditY(notYyetYcollected) 30,000
CostYofYflowersYwhichYwereYsoldYandYpaidYforYduringYJanuary 90,000
ExpensesYduringYJanuaryYincurred,YandYpaidYfor,YduringYJanuaryYunlessYotherwiseYnoted:
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Salaries $Y10,000
Telephone 500
OfficeYsuppliesY(allYused) 300
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Electricity 600
RentYonYtheYstoreYforYJanuary,Y2022Y(willYnotYbeYpaidYuntil 2,000
February,Y2022)
Required:A.UsingYtheYaboveYinformation,YprepareYtheYincomeYstatementYforYFrank’sYFlowerYComp
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anyYforYtheYmonthYendedYJanuaryY31,Y2022.
B.WhatYisYtheYamountYofYcashYflowsYprovidedYbyYoperatingYactivitiesYtoYbeYpresentedYonYtheYstateme
ntYofYcashYflows?
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