Solution Manual for Financial Accounting 11th Edition Robert Libby, Patricia Libby, Complete Chapters 1 - 13, Verified Newest Version

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TEST BANK l# l#




Financial Accounting l# 11th l#




l# Edition by Robert Libby, Patricia Libby,
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l# Frank Hodge, All Chapters 1-13
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, TABLE OF CONTENTS g g l#




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 System
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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 Information
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l# Focus Company: Apple Inc.
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CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
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l# 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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l# Focus Company: Harley-Davidson, Inc.
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CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natur
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l# Resources l# l# l#



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
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Focus 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
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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 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 l#




Student name:
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1) l# Determinegthegmissinggamountsgforgeachgindependentgcasegbelow.gAssumegthegamountsgs
l#howngaregatgthegendgofgthegcompany'sgfirstgyeargofgoperation. l#


CompanygN TotalgRev TotalgA TotalgExp l#TotalgLiabiliti l#NetgIncomeg(L l#Stockholdersg'gEq
l#ame l# l# enue l# ssets l# enses l# e l# oss) l# uity l#
s l#
l# l#
Randolph l# $g $g $g $g
l#600,00 l# l#450,00 l# l#350,00 l# l#130,000 l#


0 l# 0 l# 0 l#
l# l#
Newman l# $g $g $g $g75,000 l#
l#105,00 l# l#80,000 l# l#10,000 l#


0 l#
l# l#
Wiseman l# $g $g $(30,000 l# $g100,000 l#
l#190,00 l# l#70,000 l# ) l#
0 l#
l# l#
Martin l# $g $g $g $g
l#180,00 l# l#215,00 l# l#115,00 l# l#75,000 l#


0 l# 0 l# 0 l#
l# l#
VanTasse l# $ $ $ $g79,000 l#
l l# l#55,000 l# 75,000 l# l# 19,000 l#
l#

, QuestiongDetails l#
AACSBg:gKnowledgegApplication
l#gAICPAg:gBBgCriticalgThinkinggA

l#ICPAg:gFNgMeasurementgBloom's

g:gApply l#

Difficultyg:g2gMedium l#
LearninggObjectiveg:g01-
01gRecognizegtheginformationgconveyedgingeachgofgthegfourgbasicgfinancialgstagTopicg:gDistinguishgdiffer
l#entgfinancialgstatements l#

Typeg:gStatic l#
Accessibilityg:gKeyboardgNavigationgAccessibi
l#lityg:gScreengReadergCompatiblegGradableg:gma

l#nual l#
l#
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2) l# Frank’sgFlowergCompany,gagsmallgretailgstoregthatgsellsgflowers,gstartedgbusinessgongJ
l#anuaryg1,g2022.gAtgthegendgofgJanuaryg2022,gthegfollowingginformationgwasgavailable: l#


Salesgofgflowersgforgcash l# $g150,000 l#Salesgofgflowersgforgcreditg(notgyetgcollected) l#30,000 l#
CostgofgflowersgwhichgweregsoldgandgpaidgforgduringgJanuary l# 90,00
ExpensesgduringgJanuarygincurred,gandgpaidgfor,gduringgJanuarygunlessgotherwisegnoted: l#
Salaries l# $g10,00
Telephone l#
Officegsuppliesg(allgused) l#
Electricity l#
RentgongthegstoregforgJanuary,g2022g(willgnotgbegpaidguntil l# 2,00
February,g2022) l#
Required:A.Usinggthegaboveginformation,gpreparegthegincomegstatementgforgFrank’sgFlowergCo
l#panygforgthegmonthgendedgJanuaryg31,g2022. l#


B.Whatgisgthegamountgofgcashgflowsgprovidedgbygoperatinggactivitiesgtogbegpresentedgongthegstatem
l#ntgofgcashgflows? l#