Financial Accounting (11th Edition) – Robert Libby, Patricia Libby & Frank Hodge – Complete Test Bank for Chapters 1–13

TEST BANK
Financial Accounting, 11th Edition
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13

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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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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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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 Natural 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
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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. ct ct ct




Answersareattheendof eachChapter ct ct ct ct ct ct ct




Chapter1 ct




Studentname: ct




1) Determinethe missingamountsforeachindependent casebelow.Assumetheamounts sh
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own are at the end of the company's first year of operation.
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Company Na Total Reve
ct ct Total As ct Total Expe Total Liabilitie NetIncome (Lo Stockholders ' Equi
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me nue sets nses s ss) ty

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

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AACSB:KnowledgeApplication AIC ct ct ct ct




PA : BB Critical Thinking AICPA : FN
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Measurement Bloom's : Apply ct ct ct




Difficulty: 2 Medium ct ct ct




Learning Objective: 01- ct ct ct




01 Recognizetheinformation conveyed in each ofthe four basicfinancial sta Topic : Distinguish different fin
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ancial statements ct




Type: Static ct ct




Accessibility : Keyboard Navigation Accessibility ct ct ct ct ct




:Screen ReaderCompatible Gradable : manual
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2) Frank’sFlower Company, asmallretailstorethat sells flowers, started businesson Janu ct ct ct ct ct ct ct ct ct ct ct ct ct




ary 1, 2022. At the end of January 2022, the following information was available:
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Salesofflowersfor cash ct ct ct ct $ 150,000
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Salesof flowersforcredit(notyet collected) ct ct ct ct ct ct ct 30,000
Costof flowerswhichwere soldandpaidfor during January
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Expensesduring Januaryincurred, and paid for,during Januaryunlessotherwise noted: ct ct ct ct ct ct ct ct ct ct ct




Salaries $ 10,000
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Telephone 500
Officesupplies(allused) ct ct ct 300
Electricity 600
Rentonthe storefor January,2022 (willnot bepaid until
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February,2022) ct




Required:A.Usingtheabove information, preparethe incomestatement forFrank’sFlower Compan ct ct ct ct ct ct ct ct ct ct ct




y for the month ended January 31, 2022.
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B.What isthe amount ofcash flowsprovided byoperating activitiesto be presentedonthe statement ct ct ct ct ct ct ct ct ct ct ct ct ct ct ct ct ct




of cash flows?
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