Test Bank with Complete Answer Guide – Financial Accounting (11th Edition) By Robert Libby, Patricia Libby & Frank Hodge | All Chapters Covered | Rated A+ | Latest Edition

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TEST BANK FOR
Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge

Answers are at the end of each Chapter

Chapter 1

Student name:__________
N
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
U
Name Revenue Assets Expenses Liabilitie (Loss) ' Equity
s




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Randolph $ $ $ $
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600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $ 75,000
SE
105,00 80,000 10,000
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e
Wiseman $ $ $(30,000 $ 100,000




d
190,00 70,000 )
0




o
Martin $ $ $ $
D

c
180,00 215,00 115,00 75,000
0 0 0




s
VanTasse $ $ $ $ 79,000
O
l 55,000 75,000 19,000
C
S


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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
N
Accessibility : Screen Reader Compatible
Gradable : manual
U



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2) Frank’s Flower Company, a small retail store that sells flowers, started business on
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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
SE
Cost of flowers which were sold and paid for during January 90,000
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Expenses during January incurred, and paid for, during January unless otherwise noted:




e
Salaries $ 10,000




d
Telephone 500
Office supplies (all used) 300




o
Electricity 600
D

c
Rent on the store for January, 2022 (will not be paid until 2,000
February, 2022)




s
O
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?
C
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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
N
Difficulty : 3 Hard
Gradable : manual
U



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3) Indicate on which financial statement you would expect to find each of the following. If
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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
SE
Salaries expense ___________blank
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e
Cost of goods sold ___________blank
Sales revenue ___________blank




d
Inventory ___________blank




o
Income tax expense ___________blank
D
Dividends declared ___________blank




c
Retained earnings ___________blank




s
Accounts payable ___________blank
O
Equipment ___________blank
C
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