Test Bank for Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge

TESTBANK
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Financial Accounting, 11th Edition
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byRobert Libby, Patricia Libby, Frank Hodge, All Chapters1-13
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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 Natural
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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. e e e




Answersareattheendof eachChapter
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Chapter1 e




Studentname: e




1) Determinethe missingamountsforeachindependent casebelow.Assumetheamounts shown
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are at the end of the company's first year of operation.
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Company Total Total Total Total Liabilitie NetIncome
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Name
e Revenue
e Assets
e Expenses
e s (Loss) e eEquity

Randolph $ $ $ $
600,00
e 450,00
e 350,00
e 130,000
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0 0 0
Newman $ $ $ $ 75,000
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105,00
e 80,000
e 10,000
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0
Wiseman $ $ $(30,000 $ 100,000
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190,00
e 70,000
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0
Martin $ $ $ $
180,00
e 215,00
e 115,00
e 75,000
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0 0 0
VanTasse $ $ $ $ 79,000
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l 55,000 75,000 19,000

, QuestionDetails e




AACSB:KnowledgeApplication e e e




AICPA : BB Critical Thinking
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AICPA : FN Measurement Bloom's :
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Apply
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Difficulty: 2 Medium e e e




Learning Objective: 01-01 Recognizetheinformation conveyed in each ofthefour basicfinancial sta Topic :
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Distinguish different financial statements
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Type: Static
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Accessibility : Keyboard Navigation Accessibility: e e e e e




ScreenReaderCompatible Gradable : manual
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2) Frank’sFlower Company, asmallretailstorethatsells flowers, started businesson January 1, e e e e e e e e e e e e e e




2022. At the end of January 2022, the following information was available:
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Salesofflowersfor cash e e e e $ 150,000
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Salesofflowersforcredit(notyetcollected)
e e e e e e e 30,000
Costofflowerswhichwere soldandpaidforduring January
e e e e e e e e e e 90,000
Expensesduring Januaryincurred, and paid for, during Januaryunlessotherwise noted:
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Salaries $ 10,000e




Telephone 500
Officesupplies(allused) e e e 300
Electricity 600
Rentonthe storefor January,2022 (willnot bepaid until
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February,2022) e




Required:A.Usingtheabove information, preparethe incomestatement forFrank’sFlower Company for e e e e e e e e e e e e




the month ended January 31, 2022.
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B.What isthe amount ofcash flowsprovided byoperating activitiesto be presentedonthe statement of cash
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flows?
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