TEST BANK FOR FINANCIAL ACCOUNTING 11TH EDITION ROBERT LIBBY, PATRICIA LIBBY, FRANK HODGE ISBN-10;1265083924/ ISBN-13;978- 1265083922

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TEST BANK FOR FINANCIAL ACCOUNTING 11TH EDITION ROBERT LIBBY, PATRICIA LIBBY, FRANK HODGE ISBN-10;1265083924/ ISBN-13;978- 1265083922

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TEST BANK FOR FINANCIAL ACCOUNTING 11TH EDITION ROBERT LIBBY, PATRICIA LIBBY, FRANK HODGE ISBN-10;1265083924/ ISBN-13;978- Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge Answers are at the end of each Chapter Chapter 1 Student name: 1) Determine the missing amounts for each independent case below. Assume the amounts shown are at the end of the company's first year of operation. Company Name Randolph Total Revenue $ Total Assets $ Total Expenses $ Total Liabilitie s $ Net Income (Loss) Stockholders ' Equity 600,00 450,00 350,00 130,000 0 0 0 Newman $ $ $ $ 75,000 105,00 80,000 10,000 0 Wiseman $ 190,00 $ 70,000 $(30,000 ) $ 100,000 0 Martin $ $ $ $ 180,00 215,00 115,00 75,000 0 0 0 VanTasse l $ 55,000 $ 75,000 $ 19,000 $ 79,000 Question Details AACSB : Knowledge Application AICPA : BB Critical Thinking AICPA : FN Measurement Bloom's : Apply Difficulty : 2 Medium Learning Objective : 01-01 Recognize the information conveyed in each of the four basic financial sta Topic : Distinguish different financial statements Type : Static Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Gradable : manual 2) Frank’s Flower Company, a small retail store that sells flowers, started business on January 1, 2022. At the end of January 2022, the following information was available: Sales of flowers for cash $ 150,000 Sales of flowers for credit (not yet collected) 30,000 Cost of flowers which were sold and paid for during January 90,000 Expenses during January incurred, and paid for, during January unless otherwise noted: Salaries $ 10,000 Telephone 500 Office supplies (all used) 300 Electricity 600 Rent on the store for January, 2022 (will not be paid until February, 2022) 2,000 Required:A.Using the above information, prepare the income statement for Frank’s Flower Company for the month ended January 31, 2022. B.What is the amount of cash flows provided by operating activities to be presented on the statement of cash flows?

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TEST BANK FOR FINANCIAL ACCOUNTING 11TH
EDITION ROBERT LIBBY, PATRICIA LIBBY, FRANK
HODGE ISBN-10; 1265083924/ ISBN-13; 978-
1265083922

,Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge
q q q q q q q q q

Answers are at the end of each Chapter C
q q q q q q q q

hapter 1
q

Student name:
q

1) Determineqtheqmissingqamountsqforqeachqindependentqcaseqbelow.qAssumeqtheqamountsqs
hownqareqatqtheqendqofqtheqcompany'sqfirstqyearqofqoperation.
Company Totalq Totalq TotalqE TotalqLiab NetqIncomeq Stockholders
qName Revenue Assets xpenses ilitieqs (Loss) q'qEquity

$
Randolph $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $q75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $q100,000
190,0
q 70,00
q )
0 0
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $q79,000
l q55,00 q75,00 q19,00

0 0 0

,QuestionqDetails
AACSBq:qKnowledgeqApplicationq
AICPAq:qBBqCriticalqThinkingqAI
CPAq:qFNqMeasurementqBloom'sq
:qApply
Difficultyq:q2qMedium
LearningqObjectiveq:q01-
01qRecognizeqtheqinformationqconveyedqinqeachqofqtheqfourqbasicqfinancialqstaqTopicq:qDistinguishqdiffer
entqfinancialqstatements
Typeq:qStatic
Accessibilityq:qKeyboardqNavigationqAcc
essibilityq:qScreenqReaderqCompatibleqGr
adableq:qmanual

2) Frank’sqFlowerqCompany,qaqsmallqretailqstoreqthatqsellsqflowers,qstartedqbusinessqonqJ
anuaryq1,q2022.qAtqtheqendqofqJanuaryq2022,qtheqfollowingqinformationqwasqavailable:
Salesqofqflowersqforqcash $q150,000
Salesqofqflowersqforqcreditq(notqyetqcollected)
30,000
CostqofqflowersqwhichqwereqsoldqandqpaidqforqduringqJanuaryq 90,000qExpensesqdu
q

ringqJanuaryqincurred,qandqpaidqfor,qduringqJanuaryqunlessqotherwiseqnoted:
Salaries $q10,000
Telephone 500
Officeqsupplies (allqused) 300
Electricity 600
RentqonqtheqstoreqforqJanuary,q2022q(willqnotqbeqpaidquntilqFebru 2,000
ary,q2022)
Required:A.Usingqtheqaboveqinformation,qprepareqtheqincomeqstatementqforqFrank’sqFlowerqCo
mpanyqforqtheqmonthqendedqJanuaryq31,q2022.
B.Whatqisqtheqamountqofqcashqflowsqprovidedqbyqoperatingqactivitiesqtoqbeqpresentedqonqtheqstate
mentqofqcashqflows?

, QuestionqDetails
AACSBq:qKnowledgeqApplicationq
AICPAq:qBBqCriticalqThinkingqAI
CPAq:qFNqMeasurementqBloom'sq
:qApply
LearningqObjectiveq:q01-
01qRecognizeqtheqinformationqconveyedqinqeachqofqtheqfourqbasicqfinancialqstaqTopicq:qDistinguishqdiffer
entqfinancialqstatements
Typeq:qStatic
Accessibilityq:qKeyboardqNavigationqAcc
essibilityq:qScreenqReaderqCompatibleqDif
ficultyq:q3qHard
Gradableq:qmanual

3) Indicateqonqwhichqfinancialqstatementqyouqwouldqexpectqtoqfindqeachqofqtheqfollowing.qIfqa
nqitemqcanqbeqfoundqonqmoreqthanqoneqstatement,qlistqeachqstatement.

Example:qCash BalanceqSheetqandqStatementqofqCashqFlows
Notesqpayable q q q q q blank

Salariesq expenseq q blankqC
ostqofqgoodsqsoldq q q blankqSale
sqrevenue q q q q q blank

Inventory
q qblankq Incomeq
taxq expenseq q blank
Dividendsqq declared blank
Retainedqearnings blank
Accountsqpayable blank
Equipment blank

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Uploaded on: November 5, 2024
Number of pages: 2206
Written in: 2024/2025
Type: Exam (elaborations)
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