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

TEST BANK
Financial Accounting, 11th Edition
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13

, TABLE OF CONTENTS
o o




CHAPTERo1:oFinancialoStatementsoandoBusinessoDecisions
FocusoCompany:oLe-Nature’soInc.
CHAPTERo2:oInvestingoandoFinancingoDecisionsoandotheoAccountingoSystem
FocusoCompany:oChipotleoMexicanoGrill
CHAPTERo3:oOperatingoDecisionsoandotheoAccountingoSystem
FocusoCompany:oChipotleoMexicanoGrill
CHAPTERo4:oAdjustments,oFinancialoStatements,oandotheoClosingoProcess
FocusoCompany:oChipotleoMexicanoGrill
CHAPTERo5:oCommunicatingoandoAnalyzingoAccountingoInformation
FocusoCompany:oAppleoInc.
CHAPTERo6:oReportingoandoInterpretingoSalesoRevenue,oReceivables,oandoCash
FocusoCompany:oSkechersoU.S.A.
CHAPTERo7:oReportingoandoInterpretingoCostoofoGoodsoSoldoandoInventory
FocusoCompany:oHarley-Davidson,oInc.
CHAPTERo8:oReportingoandoInterpretingoProperty,oPlant,oandoEquipment;oIntangibles;oandoNa
turaloResources
FocusoCompany:oFedExoCorporation
CHAPTERo9:oReportingoandoInterpretingoLiabilities
FocusoCompany:oStarbucks
CHAPTERo10:oReportingoandoInterpretingoBondoSecurities
FocusoCompany:oAmazon
CHAPTERo11:oReportingoandoInterpretingoStockholders’oEquity
FocusoCompany:oMicrosoft
CHAPTERo12:oStatementoofoCashoFlows
FocusoCompany:oNationaloBeverageoCorporation
CHAPTERo13:oAnalyzingoFinancialoStatements
FocusoCompany:oTheoHomeoDepot

, CHAPTERo1:oFinancialoStatementsoandoBusinessoDecisions
FocusoCompany:oLe-Nature’soInc.
AnswersoareoatotheoendoofoeachoChapter
Chaptero1
Studentoname:
1) Determineotheomissingoamountsoforoeachoindependentocaseobelow.oAssumeotheoamountsos
hownoareoatotheoendoofotheocompany'sofirstoyearoofooperation.
Companyo TotaloRev TotaloA TotaloEx TotaloLiabiliti NetoIncomeo( Stockholderso'oE
Name enue ssets penses e Loss) quity
s
Randolph $o $o $o $o
600,00 450,00 350,00 130,000
0 0 0
Newman $o $o $o $o75,000
105,00 80,000 10,000
0
Wiseman $o $o $(30,000 $o100,000
190,00 70,000 )
0
Martin $o $o $o $o
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $o79,000
l 55,000 75,000 19,000

, QuestionoDetails
AACSBo:oKnowledgeoApplicationo
AICPAo:oBBoCriticaloThinkingoAI
CPAo:oFNoMeasurementoBloom'so:
oApply

Difficultyo:o2oMedium
LearningoObjectiveo:o01-
01oRecognizeotheoinformationoconveyedoinoeachoofotheofourobasicofinancialostaoTopico:oDistinguishodiffere
ntofinancialostatements
Typeo:oStatic
Accessibilityo:oKeyboardoNavigationoAccessibilit
yo:oScreenoReaderoCompatibleoGradableo:omanua
l




2) Frank’soFloweroCompany,oaosmalloretailostoreothatosellsoflowers,ostartedobusinessoonoJa
nuaryo1,o2022.oAtotheoendoofoJanuaryo2022,otheofollowingoinformationowasoavailable:
Salesoofoflowersoforocash $o150,000
Salesoofoflowersoforocredito(notoyetocollected) 30,000
CostoofoflowersowhichowereosoldoandopaidoforoduringoJanuary 90,000
ExpensesoduringoJanuaryoincurred,oandopaidofor,oduringoJanuaryounlessootherwiseonoted:
Salaries $o10,000
Telephone 500
Officeosupplieso(alloused) 300
Electricity 600
RentoonotheostoreoforoJanuary,o2022o(willonotobeopaidountil 2,000
February,o2022)
Required:A.Usingotheoaboveoinformation,oprepareotheoincomeostatementoforoFrank’soFloweroCompa
nyoforotheomonthoendedoJanuaryo31,o2022.
B.Whatoisotheoamountoofocashoflowsoprovidedobyooperatingoactivitiesotoobeopresentedoonotheostateme
ntoofocashoflows?