Testbank
Financial Accounting
Robert Libby 11 Edition
,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
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 At the end of
each chapter
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
, QuestionYDetails
AACSBY:YKnowledgeYApplicationY
AICPAY:YBBYCriticalYThinkingYAI
CPAY:YFNYMeasurementYBloom'sY:
YApply
DifficultyY:Y2YMedium
LearningYObjectiveY:Y01-
01YRecognizeYtheYinformationYconveyedYinYeachYofYtheYfourYbasicYfinancialYstaYTopicY:YDistinguishYdiffer
entYfinancialYstatements
TypeY:YStatic
AccessibilityY:YKeyboardYNavigationYAccessibilit
yY:YScreenYReaderYCompatibleYGradableY:Ymanu
al
2) Frank’sYFlowerYCompany,YaYsmallYretailYstoreYthatYsellsYflowers,YstartedYbusinessYonYJa
nuaryY1,Y2022.YAtYtheYendYofYJanuaryY2022,YtheYfollowingYinformationYwasYavailable:
SalesYofYflowersYforYcash $Y150,000
SalesYofYflowersYforYcreditY(notYyetYcollected) 30,000
CostYofYflowersYwhichYwereYsoldYandYpaidYforYduringYJanuary 90,000
ExpensesYduringYJanuaryYincurred,YandYpaidYfor,YduringYJanuaryYunlessYotherwiseYnoted:
Salaries $Y10,000
Telephone 500
OfficeYsuppliesY(allYused) 300
Electricity 600
RentYonYtheYstoreYforYJanuary,Y2022Y(willYnotYbeYpaidYuntil 2,000
February,Y2022)
Required:A.UsingYtheYaboveYinformation,YprepareYtheYincomeYstatementYforYFrank’sYFlowerYComp
anyYforYtheYmonthYendedYJanuaryY31,Y2022.
B.WhatYisYtheYamountYofYcashYflowsYprovidedYbyYoperatingYactivitiesYtoYbeYpresentedYonYtheYstateme
ntYofYcashYflows?
Financial Accounting
Robert Libby 11 Edition
,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
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 At the end of
each chapter
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
, QuestionYDetails
AACSBY:YKnowledgeYApplicationY
AICPAY:YBBYCriticalYThinkingYAI
CPAY:YFNYMeasurementYBloom'sY:
YApply
DifficultyY:Y2YMedium
LearningYObjectiveY:Y01-
01YRecognizeYtheYinformationYconveyedYinYeachYofYtheYfourYbasicYfinancialYstaYTopicY:YDistinguishYdiffer
entYfinancialYstatements
TypeY:YStatic
AccessibilityY:YKeyboardYNavigationYAccessibilit
yY:YScreenYReaderYCompatibleYGradableY:Ymanu
al
2) Frank’sYFlowerYCompany,YaYsmallYretailYstoreYthatYsellsYflowers,YstartedYbusinessYonYJa
nuaryY1,Y2022.YAtYtheYendYofYJanuaryY2022,YtheYfollowingYinformationYwasYavailable:
SalesYofYflowersYforYcash $Y150,000
SalesYofYflowersYforYcreditY(notYyetYcollected) 30,000
CostYofYflowersYwhichYwereYsoldYandYpaidYforYduringYJanuary 90,000
ExpensesYduringYJanuaryYincurred,YandYpaidYfor,YduringYJanuaryYunlessYotherwiseYnoted:
Salaries $Y10,000
Telephone 500
OfficeYsuppliesY(allYused) 300
Electricity 600
RentYonYtheYstoreYforYJanuary,Y2022Y(willYnotYbeYpaidYuntil 2,000
February,Y2022)
Required:A.UsingYtheYaboveYinformation,YprepareYtheYincomeYstatementYforYFrank’sYFlowerYComp
anyYforYtheYmonthYendedYJanuaryY31,Y2022.
B.WhatYisYtheYamountYofYcashYflowsYprovidedYbyYoperatingYactivitiesYtoYbeYpresentedYonYtheYstateme
ntYofYcashYflows?
