Test bank for financial accounting 11th edition by robert libby patricia|ISBN 9780072473674| All chapters included 1-13.

TEST BANK v




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
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Focus Company: Le-Nature’s Inc.
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CHAPTER 2: Investing and Financing Decisions and the Accounting
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System 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
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Information 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 Nat
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ural Resources
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Focus Company: FedEx Corporation
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CHAPTER 9: Reporting and Interpreting
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Liabilities 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’
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Equity 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
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Decisions Focus Company: Le-Nature’s Inc.
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Answers are at the end of each Chapter
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Chapter 1 v




Student name:
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1) Determine vthe vmissing vamounts vfor veach vindependent vcase vbelow. vAssume vthe
vamounts vs vhown vare vatYthe vend vof vthe vcompany's vfirst vyear vof voperation.


Company Total vRev Total vA Total vEx Total vLiabiliti NetvIncome v( Stockholders v' vE
Name enue ssets penses e Loss) quity
vs


Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $ v75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $ v100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $ v79,000
l 55,000 75,000 19,000

, Question v Details
AACSB v: vKnowledge

vApplication vAICPA v: vBB

vCritical vThinking vAI vCPA v:

vFN vMeasurement vBloom's v:

Apply
Difficulty v: v2 vMedium
vLearningYObjective v:

v01-

01 vRecognize vthe vinformation vconveyed vin veach vof vthe vfour vbasic vfinancial vsta vTopic v: vDistinguish
vdiffer vent vfinancial vstatements

Type v: vStatic
Accessibility v: vKeyboard vNavigation

vAccessibilit vy v: vScreen vReader vCompatible

vGradable v: vmanu val




2) Frank’s vFlower vCompany, va vsmall vretail vstore vthat vsells vflowers, vstarted vbusiness
von vJa vnuary v1, v2022. vAt vthe vend vof vJanuary v2022, vthe vfollowing vinformation vwas

vavailable:


Sales vof vflowers vfor vcash $ v150,000
Sales vof vflowers vforYcredit v(not vyet vcollected) 30,000
Cost vof vflowers vwhich vwere vsold vand vpaid vfor vduring vJanuary 90,000
Expenses vduring vJanuary vincurred, vand vpaid vfor, vduring vJanuary vunless votherwise vnoted:
Salaries $ v10,000
Telephone 500
Office vsupplies v(all vused) 300
Electricity 600
Rent von vthe vstore vfor vJanuary, v2022 v(willYnot vbe vpaid vuntil 2,000
February, v2022)
Required:A.Using vthe vabove vinformation, vprepare vthe vincome vstatement vfor vFrank’s vFlower
vComp vany vfor vthe vmonth vended vJanuary v31, v2022.


B.What vis vthe vamount vof vcash vflows vprovided vby voperating vactivities vto vbe vpresented von vthe
vstateme vnt vof vcash vflows?