TEST BANK
|
Financial Accounting, 11th Edition
| | |
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
| | | | | | | | | |
, TABLE OF CONTENTS | |
CHAPTER 1: Financial Statements and Business Decisions
| | | | | |
Focus Company: Le-Nature’s Inc.
| | |
CHAPTER 2: Investing and Financing Decisions and the Accounting System
| | | | | | | | |
Focus Company: Chipotle Mexican Grill
| | | |
CHAPTER 3: Operating Decisions and the Accounting System
| | | | | | |
Focus Company: Chipotle Mexican Grill
| | | |
CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
| | | | | | | |
Focus Company: Chipotle Mexican Grill
| | | |
CHAPTER 5: Communicating and Analyzing Accounting Information
| | | | | |
Focus Company: Apple Inc.
| | |
CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
| | | | | | | | |
Focus Company: Skechers U.S.A.
| | |
CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
| | | | | | | | | |
Focus Company: Harley-Davidson, Inc.
| | |
CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and
| | | | | | | | | |
Natural Resources
| |
Focus Company: FedEx Corporation
| | |
CHAPTER 9: Reporting and Interpreting Liabilities
| | | | |
Focus Company: Starbucks
| |
CHAPTER 10: Reporting and Interpreting Bond Securities
| | | | | |
Focus Company: Amazon
| |
CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
| | | | | |
Focus Company: Microsoft
| |
CHAPTER 12: Statement of Cash Flows
| | | | |
Focus Company: National Beverage Corporation
| | | |
CHAPTER 13: Analyzing Financial Statements
| | | |
Focus Company: The Home Depot
| | | |
, CHAPTER 1: Financial Statements and Business Decisions
| | | | | |
Focus Company: Le-Nature’s Inc.
| | |
Answers are at the end of each Chapter
| | | | | | |
Chapter 1 |
Student name:
|
1) Determine |the |missing |amounts |for |each |independent |case |below. |Assume |the |amounts
|shown |are |at |the |end |of |the |company's |first |year |of |operation.
Company Total Total Total Total Net|Income Stockholders |'
|Name |Revenue |Assets |Expenses |Liabilitie |(Loss) |Equity
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
|AICPA |: |FN |Measurement
|Bloom's |: |Apply
Difficulty |: |2 |Medium
Learning |Objective |: |01-01 |Recognize |the |information |conveyed |in |each |of |the |four |basic |financial |sta
|Topic |: |Distinguish |different |financial |statements
Type |: |Static
Accessibility |: |Keyboard |Navigation
|Accessibility |: |Screen |Reader |Compatible
|Gradable |: |manual
2) Frank’s |Flower |Company, |a |small |retail |store |that |sells |flowers, |started |business |on
|January |1, |2022. |At |the |end |of |January |2022, |the |following |information |was |available:
Sales |of |flowers |for |cash $ |150,000
Sales |of |flowers |for |credit |(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 |(will |not |be |paid |until 2,000
February, |2022)
Required:A.Using |the |above |information, |prepare |the |income |statement |for |Frank’s |Flower
|Company |for |the |month |ended |January |31, |2022.
B.What |is |the |amount |of |cash |flows |provided |by |operating |activities |to |be |presented |on |the
|statement |of |cash |flows?
|
Financial Accounting, 11th Edition
| | |
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
| | | | | | | | | |
, TABLE OF CONTENTS | |
CHAPTER 1: Financial Statements and Business Decisions
| | | | | |
Focus Company: Le-Nature’s Inc.
| | |
CHAPTER 2: Investing and Financing Decisions and the Accounting System
| | | | | | | | |
Focus Company: Chipotle Mexican Grill
| | | |
CHAPTER 3: Operating Decisions and the Accounting System
| | | | | | |
Focus Company: Chipotle Mexican Grill
| | | |
CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
| | | | | | | |
Focus Company: Chipotle Mexican Grill
| | | |
CHAPTER 5: Communicating and Analyzing Accounting Information
| | | | | |
Focus Company: Apple Inc.
| | |
CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
| | | | | | | | |
Focus Company: Skechers U.S.A.
| | |
CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
| | | | | | | | | |
Focus Company: Harley-Davidson, Inc.
| | |
CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and
| | | | | | | | | |
Natural Resources
| |
Focus Company: FedEx Corporation
| | |
CHAPTER 9: Reporting and Interpreting Liabilities
| | | | |
Focus Company: Starbucks
| |
CHAPTER 10: Reporting and Interpreting Bond Securities
| | | | | |
Focus Company: Amazon
| |
CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
| | | | | |
Focus Company: Microsoft
| |
CHAPTER 12: Statement of Cash Flows
| | | | |
Focus Company: National Beverage Corporation
| | | |
CHAPTER 13: Analyzing Financial Statements
| | | |
Focus Company: The Home Depot
| | | |
, CHAPTER 1: Financial Statements and Business Decisions
| | | | | |
Focus Company: Le-Nature’s Inc.
| | |
Answers are at the end of each Chapter
| | | | | | |
Chapter 1 |
Student name:
|
1) Determine |the |missing |amounts |for |each |independent |case |below. |Assume |the |amounts
|shown |are |at |the |end |of |the |company's |first |year |of |operation.
Company Total Total Total Total Net|Income Stockholders |'
|Name |Revenue |Assets |Expenses |Liabilitie |(Loss) |Equity
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
|AICPA |: |FN |Measurement
|Bloom's |: |Apply
Difficulty |: |2 |Medium
Learning |Objective |: |01-01 |Recognize |the |information |conveyed |in |each |of |the |four |basic |financial |sta
|Topic |: |Distinguish |different |financial |statements
Type |: |Static
Accessibility |: |Keyboard |Navigation
|Accessibility |: |Screen |Reader |Compatible
|Gradable |: |manual
2) Frank’s |Flower |Company, |a |small |retail |store |that |sells |flowers, |started |business |on
|January |1, |2022. |At |the |end |of |January |2022, |the |following |information |was |available:
Sales |of |flowers |for |cash $ |150,000
Sales |of |flowers |for |credit |(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 |(will |not |be |paid |until 2,000
February, |2022)
Required:A.Using |the |above |information, |prepare |the |income |statement |for |Frank’s |Flower
|Company |for |the |month |ended |January |31, |2022.
B.What |is |the |amount |of |cash |flows |provided |by |operating |activities |to |be |presented |on |the
|statement |of |cash |flows?
