Test Bank for Financial Accounting
11th Edition
Authors: Robert Libby, Patricia Libby & Frank Hodge
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TEST BANK
,FINANCIAL ACCOUNTING 11th EDITION
Chapter 1
(Answers are at the end of each Chapter)
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
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Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
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Newman $ $ $ $ 75,000
105,00 80,000 10,000
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Wiseman $ $ $(30,000 $ 100,000
190,00 70,000 )
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Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
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VanTasse $ $ $ $ 79,000
l 55,000 75,000 19,000
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,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
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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
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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
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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)
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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
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statement of cash flows?
, Question Details
AACSB : Knowledge Application
AICPA : BB Critical Thinking
AICPA : FN Measurement
Bloom's : Apply
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
Difficulty : 3 Hard
Gradable : manual
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3) Indicate on which financial statement you would expect to find each of the following. If
an item can be found on more than one statement, list each statement.
Example: Cash Balance Sheet and Statement of Cash Flows
Notes payable blank
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Salaries expense blank
Cost of goods sold blank
Sales revenue blank
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Inventory blank
Income tax expense blank
Dividends declared blank
Retained earnings blank
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Accounts payable blank
Equipment blank
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