test bank for financial accounting 11th edition_robert_libby_patricia.

TEST BANK #




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 F
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ocus Company: Chipotle Mexican Grill
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CHAPTER 3: Operating Decisions and the Accounting System F
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ocus 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 Fo
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cus Company: Skechers U.S.A.
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CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory F
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ocus Company: Harley-Davidson, Inc.
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CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Nat ur
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al 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 # # #

, 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 #




Student name:
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1) Determine#the#missing#amounts#for#each#independent#case#below.#Assume#the#amounts#s#
hown#are#atYthe#end#of#the#company's#first#year#of#operation.
Company Total#Rev Total#A Total#Ex Total#Liabiliti Net#Income#( Stockholders#'#E
Name enue ssets penses e Loss) quity
#s


Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $#75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $#100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $#79,000
l 55,000 75,000 19,000

, Question# Details
AACSB#:#Knowledge#Application
#AICPA#:#BB#Critical#Thinking#A

I#CPA#:#FN#Measurement#Bloom's
#:

Apply
Difficulty#:#2#Medium#L
earningYObjective#:#01-
01#Recognize#the#information#conveyed#in#each#of#the#four#basic#financial#sta#Topic#:#Distinguish#differ#
ent#financial#statements
Type#:#Static
Accessibility#:#Keyboard#Navigation#Accessibilit
#y#:#Screen#Reader#Compatible#Gradable#:#man

u#al




2) Frank’s#Flower#Company,#a#small#retail#store#that#sells#flowers,#started#business#on#Ja#n
uary#1,#2022.#At#the#end#of#January#2022,#the#following#information#was#available:
Sales#of#flowers#for#cash $#150,000
Sales#of#flowers#forYcredit#(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#(willYnot#be#paid#until 2,000
February,#2022)
Required:A.Using#the#above#information,#prepare#the#income#statement#for#Frank’s#Flower#Comp#a
ny#for#the#month#ended#January#31,#2022.
B.What#is#the#amount#of#cash#flows#provided#by#operating#activities#to#be#presented#on#the#stateme#nt
#of#cash#flows?