Test Bank for Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge All Chapters

TEST BANK
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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 jl jl




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
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jl 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. jl jl jl




Answers are at the end of each Chapter
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Chapter 1 jl




Student name: jl




1) Determine the missing amounts for each independent case below. Assume the amounts
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shown are at the end of the company's first year of operation.
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Company Total Total Total Total NetIncome jl Stockholders ' jl



Name
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jl Assets
jl Expenses
jl Liabilitie
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s
Randolph $ $ $ $
600,00
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0 0 0
Newman $ $ $ $ 75,000
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105,00
jl 80,000
jl 10,000
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0
Wiseman $ $ $(30,000 $ 100,000
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190,00
jl 70,000
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0
Martin $ $ $ $
180,00
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jl 115,00
jl 75,000
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0 0 0
VanTasse $ $ $ $ 79,000
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l 55,000 75,000 19,000

, Question Details jl



AACSB : Knowledge Application jl jl jl



AICPA : BB Critical Thinking
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AICPA : FN Measurement
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Bloom's : Apply
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Difficulty : 2 Medium jl jl jl



Learning Objective : 01-01 Recognize the information conveyed in each of the four basic financial sta Topic :
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Distinguish different financial statements
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Type : Staticjl jl



Accessibility : Keyboard Navigation Accessibility jl jl jl jl



: Screen Reader Compatible Gradable : manual
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2) Frank’s Flower Company, a small retail store that sells flowers, started business on jl jl jl jl jl jl jl jl jl jl jl jl



January 1, 2022. At the end of January 2022, the following information was available:
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Sales of flowers for cash
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Sales of flowers for credit (not yet collected)
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Cost of flowers which were sold and paid for during January
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Expenses during January incurred, and paid for, during January unless otherwise noted:
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Salaries $ 10,000
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Telephone 500
Office supplies (all used)
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Electricity 600
Rent on the store for January, 2022 (will not be paid until
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February, 2022) jl




Required:A.Using the above information, preparethe income statement for Frank’s Flower Company jl jl jl jl jl jl jl jl jl jl jl




for the month ended January 31, 2022.
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B.What is the amount of cash flows provided by operating activities to be presented on the statement of
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cash flows?
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