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 hj hj
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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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. hj hj hj
Answers are at the end of each Chapter
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Chapter 1 hj
Student name: hj
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 hj Stockholders ' hj
Name
hj hj Revenue hj Assets hj Expenses Liabilitie
hj (Loss) hj Equity
hj
s
Randolph $ $ $ $
600,00
hj 450,00
hj 350,00
hj 130,000
hj
0 0 0
Newman $ $ $ $ 75,000
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105,00
hj 80,000
hj 10,000
hj
0
Wiseman $ $ $(30,000 $ 100,000
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190,00
hj 70,000
hj )
0
Martin $ $ $ $
180,00
hj 215,00
hj 115,00
hj 75,000
hj
0 0 0
VanTasse $ $ $ $ 79,000
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l 55,000 75,000 19,000
, Question Details hj
AACSB : Knowledge Application
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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 hj hj hj
Learning Objective : 01-01 Recognize the information conveyed in each of the four basic financial sta
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Topic : Distinguish different financial statements
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Type : Static
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Accessibility : Keyboard Navigationhj hj hj
Accessibility : Screen Reader Compatible
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Gradable : manual
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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:
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Sales of flowers for cash
hj hj hj hj $ 150,000
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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) hj
Required:A.Using the above information, prepare the income statement for Frank’s Flower
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Company 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
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statement of cash flows?
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hj
Financial Accounting, 11th Edition
hj hj hj
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
hj hj hj hj hj hj hj hj hj hj
, TABLE OF CONTENTS hj hj
CHAPTER 1: Financial Statements and Business Decisions
hj hj hj hj hj hj
Focus Company: Le-Nature’s Inc.
hj hj hj
CHAPTER 2: Investing and Financing Decisions and the Accounting System
hj hj hj hj hj hj hj hj hj
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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Natural Resources
hj hj
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
hj hj hj hj hj hj
Focus Company: Le-Nature’s Inc. hj hj hj
Answers are at the end of each Chapter
hj hj hj hj hj hj hj
Chapter 1 hj
Student name: hj
1) Determine the missing amounts for each independent case below. Assume the amounts
hj hj hj hj hj hj hj hj hj hj hj
shown are at the end of the company's first year of operation.
hj hj hj hj hj hj hj hj hj hj hj hj
Company Total Total Total Total NetIncome hj Stockholders ' hj
Name
hj hj Revenue hj Assets hj Expenses Liabilitie
hj (Loss) hj Equity
hj
s
Randolph $ $ $ $
600,00
hj 450,00
hj 350,00
hj 130,000
hj
0 0 0
Newman $ $ $ $ 75,000
hj
105,00
hj 80,000
hj 10,000
hj
0
Wiseman $ $ $(30,000 $ 100,000
hj
190,00
hj 70,000
hj )
0
Martin $ $ $ $
180,00
hj 215,00
hj 115,00
hj 75,000
hj
0 0 0
VanTasse $ $ $ $ 79,000
hj
l 55,000 75,000 19,000
, Question Details hj
AACSB : Knowledge Application
hj hj hj
AICPA : BB Critical Thinking
hj hj hj hj hj
AICPA : FN Measurement
hj hj hj hj
Bloom's : Apply
hj hj hj
Difficulty : 2 Medium hj hj hj
Learning Objective : 01-01 Recognize the information conveyed in each of the four basic financial sta
hj hj hj hj hj hj hj hj hj hj hj hj hj hj hj
Topic : Distinguish different financial statements
hj hj hj hj hj hj
Type : Static
hj hj
Accessibility : Keyboard Navigationhj hj hj
Accessibility : Screen Reader Compatible
hj hj hj hj hj
Gradable : manual
hj hj hj
2) Frank’s Flower Company, a small retail store that sells flowers, started business on
hj hj hj hj hj hj hj hj hj hj hj hj
January 1, 2022. At the end of January 2022, the following information was available:
hj hj hj hj hj hj hj hj hj hj hj hj hj hj
Sales of flowers for cash
hj hj hj hj $ 150,000
hj
Sales of flowers for credit (not yet collected)
hj hj hj hj hj hj hj 30,000
Cost of flowers which were sold and paid for during January
hj hj hj hj hj hj hj hj hj hj 90,000
Expenses during January incurred, and paid for, during January unless otherwise noted:
hj hj hj hj hj hj hj hj hj hj hj
Salaries $ 10,000
hj
Telephone 500
Office supplies (all used)
hj hj hj 300
Electricity 600
Rent on the store for January, 2022 (will not be paid until
hj hj hj hj hj hj hj hj hj hj hj 2,000
February, 2022) hj
Required:A.Using the above information, prepare the income statement for Frank’s Flower
hj hj hj hj hj hj hj hj hj hj
Company 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
hj hj hj hj hj hj hj hj hj hj hj hj hj hj hj
statement of cash flows?
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