Test bank for financial accounting 11th edition robert libby patricia

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

, TABLE OF CONTENTS
Y Y




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 Nat
ural 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
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Chapter 1
Student name:
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 AI
CPA : FN Measurement Bloom's :
Apply
Difficulty : 2 Medium
LearningYObjective : 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 : manu
al




2) Frank’s Flower Company, a small retail store that sells flowers, started business on Ja
nuary 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
any 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?