Solution Manual for Financial Accounting 11th Edition Robert Libby, Patricia Libby, Complete Chapters 1 - 13, Verified Newest Version

TEST BANK
m




Financial Accounting, 11th Edition
m m m




by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
m m m m m m m m m m

, TABLE OF CONTENTS m m




CHAPTER 1: Financial Statements and Business Decisions
m m m m m m



Focus Company: Le-Nature’s Inc.
m m m



CHAPTER 2: Investing and Financing Decisions and the Accounting System
m m m m m m m m m



Focus Company: Chipotle Mexican Grill
m m m m



CHAPTER 3: Operating Decisions and the Accounting System
m m m m m m m



Focus Company: Chipotle Mexican Grill
m m m m



CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
m m m m m m m m



Focus Company: Chipotle Mexican Grill
m m m m



CHAPTER 5: Communicating and Analyzing Accounting Information
m m m m m m



Focus Company: Apple Inc.
m m m



CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
m m m m m m m m m



Focus Company: Skechers U.S.A.
m m m



CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
m m m m m m m m m m



Focus Company: Harley-Davidson, Inc.
m m m



CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and
m m m m m m m m m m m



Natural Resources
m



Focus Company: FedEx Corporation
m m m



CHAPTER 9: Reporting and Interpreting Liabilities
m m m m m



Focus Company: Starbucks
m m



CHAPTER 10: Reporting and Interpreting Bond Securities
m m m m m m



Focus Company: Amazon
m m



CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
m m m m m m



Focus Company: Microsoft
m m



CHAPTER 12: Statement of Cash Flows
m m m m m



Focus Company: National Beverage Corporation
m m m m



CHAPTER 13: Analyzing Financial Statements
m m m m



Focus Company: The Home Depot
m m m m

, CHAPTER 1: Financial Statements and Business Decisions
m m m m m m


Focus Company: Le-Nature’s Inc. m m m



Answers are at the end of each Chapter
m m m m m m m




Chapter 1 m




Student name:
m




1) Determinemthemmissingmamountsmformeachmindependentmcasembelow.mAssumemthemamountsm
shownmarematmthemendmofmthemcompany'smfirstmyearmofmoperation.
Companym TotalmRev TotalmA TotalmEx TotalmLiabiliti NetmIncomem( Stockholdersm'mE
Name enue ssets penses e Loss) quity
s
Randolph $ $ $ $
600,00
m 450,00
m m350,00 m130,000

0 0 0
Newman $ $ $ $m75,000
105,00
m m80,000 m10,000

0
Wiseman $ $ $(30,000 $m100,000
190,00
m 70,000
m )
0
Martin $ $ $ $
180,00
m 215,00
m 115,00
m 75,000
m

0 0 0
VanTasse $ $ $ $m79,000
l 55,000 75,000 19,000

, QuestionmDetails
AACSBm:mKnowledgemApplicationm
AICPAm:mBBmCriticalmThinkingmAI
CPAm:mFNmMeasurementmBloom's
m:mApply

Difficultym:m2mMedium
LearningmObjectivem:m01-
01mRecognizemtheminformationmconveyedminmeachmofmthemfourmbasicmfinancialmstamTopicm:mDistinguishmdiff
erentmfinancialmstatements
Typem:mStatic
Accessibilitym:mKeyboardmNavigationmAccessibili
tym:mScreenmReadermCompatiblemGradablem:mman
ual




2) Frank’smFlowermCompany,mamsmallmretailmstoremthatmsellsmflowers,mstartedmbusinessmonm
Januarym1,m2022.mAtmthemendmofmJanuarym2022,mthemfollowingminformationmwasmavailable:
Salesmofmflowersmformcash $m150,000
Salesmofmflowersmformcreditm(notmyetmcollected) 30,000
CostmofmflowersmwhichmweremsoldmandmpaidmformduringmJanuary 90,000
ExpensesmduringmJanuarymincurred,mandmpaidmfor,mduringmJanuarymunlessmotherwisemnoted:
Salaries $m10,000
Telephone 500
Officemsuppliesm(allmused) 300
Electricity 600
RentmonmthemstoremformJanuary,m2022m(willmnotmbempaidmuntil 2,000
February,m2022)
Required:A.Usingmthemaboveminformation,mpreparemthemincomemstatementmformFrank’smFlowermCom
panymformthemmonthmendedmJanuarym31,m2022.
B.Whatmismthemamountmofmcashmflowsmprovidedmbymoperatingmactivitiesmtombempresentedmonmthemstate
mentmofmcashmflows?