test bank for financial accounting 11thedition robert libby patricia

TEST BANK g




Financial Accounting, 11th Edition
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by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
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, TABLE OF CONTENTS Y Y




CHAPTER 1: Financial Statements and Business Decisions Focu
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s Company: Le-Nature’s Inc.
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CHAPTER 2: Investing and Financing Decisions and the Accounting System Fo
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cus Company: Chipotle Mexican Grill
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CHAPTER 3: Operating Decisions and the Accounting System Fo
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cus Company: Chipotle Mexican Grill
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CHAPTER 4: Adjustments, Financial Statements, and the Closing Process Foc
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us 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 Foc
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us Company: Skechers U.S.A.
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CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory Fo
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cus Company: Harley-Davidson, Inc.
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CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Nat ura
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l Resources
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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 Focu
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s 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 C
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HAPTER 13: Analyzing Financial Statements Focus
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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 g




Student name:
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1) Determinegthegmissinggamountsgforgeachgindependentgcasegbelow.gAssumegthegamountsgsg
howngaregatYthegendgofgthegcompany'sgfirstgyeargofgoperation.
Company TotalgRev TotalgA TotalgEx TotalgLiabiliti NetgIncomeg( Stockholdersg'gE
Name enue ssets penses e Loss) quity
gs


Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $g75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $g100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $g79,000
l 55,000 75,000 19,000

, Questiong Details
AACSBg:gKnowledgegApplication
gAICPAg:gBBgCriticalgThinkinggA

IgCPAg:gFNgMeasurementgBloom's
g:

Apply
Difficultyg:g2gMediumgL
earningYObjectiveg:g01-
01gRecognizegtheginformationgconveyedgingeachgofgthegfourgbasicgfinancialgstagTopicg:gDistinguishgdifferg
entgfinancialgstatements
Typeg:gStatic
Accessibilityg:gKeyboardgNavigationgAccessibilit
gyg:gScreengReadergCompatiblegGradableg:gman

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2) Frank’sgFlowergCompany,gagsmallgretailgstoregthatgsellsgflowers,gstartedgbusinessgongJagn
uaryg1,g2022.gAtgthegendgofgJanuaryg2022,gthegfollowingginformationgwasgavailable:
Salesgofgflowersgforgcash $g150,000
SalesgofgflowersgforYcreditg(notgyetgcollected) 30,000
CostgofgflowersgwhichgweregsoldgandgpaidgforgduringgJanuary 90,000
ExpensesgduringgJanuarygincurred,gandgpaidgfor,gduringgJanuarygunlessgotherwisegnoted:
Salaries $g10,000
Telephone 500
Officegsuppliesg(allgused) 300
Electricity 600
RentgongthegstoregforgJanuary,g2022g(willYnotgbegpaidguntil 2,000
February,g2022)
Required:A.Usinggthegaboveginformation,gpreparegthegincomegstatementgforgFrank’sgFlowergCompga
nygforgthegmonthgendedgJanuaryg31,g2022.
B.Whatgisgthegamountgofgcashgflowsgprovidedgbygoperatinggactivitiesgtogbegpresentedgongthegstatemegnt
gofgcashgflows?