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 t t
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. t t t
Answers are atthe end of each Chapter
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Chapter1 t
Studentname: t
1) Determine the missing amounts for each independent case below. Assume the amounts shown
t t t t t t t t t t t t
are at the end of the company's first year of operation.
t t t t t t t t t t t
Company Total Total Total Total Liabilitie NetIncome
t t Stockholders ' t
Name
t Revenue
t Assets
t Expenses
t s (Loss) t tEquity
Randolph $ $ $ $
t 600,00 450,00
t 350,00
t 130,000
t
0 0 0
Newman $ $ $ $ 75,000
t
t 105,00 80,000
t 10,000
t
0
Wiseman $ $ $(30,000 $ 100,000
t
190,00
t 70,000
t )
0
Martin $ $ $ $
t 180,00 215,00
t 115,00
t 75,000
t
0 0 0
VanTasse $ $ $ $ 79,000
t
l 55,000 75,000 19,000
, Question Details t
AACSB:KnowledgeApplication t t t
AICPA : BB Critical Thinking
t t t t t
AICPA : FN Measurement Bloom's :
t t t t t t
Apply
t
Difficulty: 2 Medium t t t
Learning Objective : 01-01 Recognize theinformation conveyed in each of the four basic financial sta Topic :
t t t t t t t t t t t t t t t t t
Distinguish different financial statements
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Type : Static
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Accessibility : Keyboard Navigation Accessibility: t t t t t
Screen Reader Compatible Gradable : manual
t t t t t t
2) Frank’s Flower Company, a smallretail store that sells flowers, started business on January t t t t t t t t t t t t t
1, 2022. At the end of January 2022, the following information was available:
t t t t t t t t t t t t t
Sales of flowers for cash
t t t t $ 150,000
t
Salesof flowers for credit (not yet collected)
t t t t t t t 30,000
Cost of flowers which were sold and paid for during January
t t t t t t t t t t 90,000
Expensesduring January incurred, and paid for, during Januaryunless otherwise noted:
t t t t t t t t t t t
Salaries $ 10,000t
Telephone 500
Office supplies (all used) t t t 300
Electricity 600
Rent on the store for January, 2022 (will not be paid until
t t t t t t t t t t t 2,000
February, 2022) t
Required:A.Using the above information, preparethe income statement for Frank’sFlower Company t t t t t t t t t t t
for the month ended January 31, 2022.
t t t t t t t
B.What is the amount ofcash flows provided byoperating activities to be presented onthe statement of
t t t t t t t t t t t t t t t t t
cash flows?
t t
t
Financial Accounting, 11th Edition
t t t
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
t t t t t t t t t t
, TABLE OF CONTENTS t t
CHAPTER 1: Financial Statements and Business Decisions
t t t t t t
Focus Company: Le-Nature’s Inc.
t t t
CHAPTER 2: Investing and Financing Decisions and the Accounting System
t t t t t t t t t
Focus Company: Chipotle Mexican Grill
t t t t
CHAPTER 3: Operating Decisions and the Accounting System
t t t t t t t
Focus Company: Chipotle Mexican Grill
t t t t
CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
t t t t t t t t
Focus Company: Chipotle Mexican Grill
t t t t
CHAPTER 5: Communicating and Analyzing Accounting Information
t t t t t t
Focus Company: Apple Inc.
t t t
CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
t t t t t t t t t
Focus Company: Skechers U.S.A.
t t t
CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
t t t t t t t t t t
Focus Company: Harley-Davidson, Inc.
t t t
CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and
t t t t t t t t t t
Natural Resources
t t
Focus Company: FedEx Corporation
t t t
CHAPTER 9: Reporting and Interpreting Liabilities
t t t t t
Focus Company: Starbucks
t t
CHAPTER 10: Reporting and Interpreting Bond Securities
t t t t t t
Focus Company: Amazon
t t
CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
t t t t t t
Focus Company: Microsoft
t t
CHAPTER 12: Statement of Cash Flows
t t t t t
Focus Company: National Beverage Corporation
t t t t
CHAPTER 13: Analyzing Financial Statements
t t t t
Focus Company: The Home Depot
t t t t
, CHAPTER 1: Financial Statements and Business Decisions
t t t t t t
Focus Company: Le-Nature’s Inc. t t t
Answers are atthe end of each Chapter
t t t t t t t
Chapter1 t
Studentname: t
1) Determine the missing amounts for each independent case below. Assume the amounts shown
t t t t t t t t t t t t
are at the end of the company's first year of operation.
t t t t t t t t t t t
Company Total Total Total Total Liabilitie NetIncome
t t Stockholders ' t
Name
t Revenue
t Assets
t Expenses
t s (Loss) t tEquity
Randolph $ $ $ $
t 600,00 450,00
t 350,00
t 130,000
t
0 0 0
Newman $ $ $ $ 75,000
t
t 105,00 80,000
t 10,000
t
0
Wiseman $ $ $(30,000 $ 100,000
t
190,00
t 70,000
t )
0
Martin $ $ $ $
t 180,00 215,00
t 115,00
t 75,000
t
0 0 0
VanTasse $ $ $ $ 79,000
t
l 55,000 75,000 19,000
, Question Details t
AACSB:KnowledgeApplication t t t
AICPA : BB Critical Thinking
t t t t t
AICPA : FN Measurement Bloom's :
t t t t t t
Apply
t
Difficulty: 2 Medium t t t
Learning Objective : 01-01 Recognize theinformation conveyed in each of the four basic financial sta Topic :
t t t t t t t t t t t t t t t t t
Distinguish different financial statements
t t t t
Type : Static
t t
Accessibility : Keyboard Navigation Accessibility: t t t t t
Screen Reader Compatible Gradable : manual
t t t t t t
2) Frank’s Flower Company, a smallretail store that sells flowers, started business on January t t t t t t t t t t t t t
1, 2022. At the end of January 2022, the following information was available:
t t t t t t t t t t t t t
Sales of flowers for cash
t t t t $ 150,000
t
Salesof flowers for credit (not yet collected)
t t t t t t t 30,000
Cost of flowers which were sold and paid for during January
t t t t t t t t t t 90,000
Expensesduring January incurred, and paid for, during Januaryunless otherwise noted:
t t t t t t t t t t t
Salaries $ 10,000t
Telephone 500
Office supplies (all used) t t t 300
Electricity 600
Rent on the store for January, 2022 (will not be paid until
t t t t t t t t t t t 2,000
February, 2022) t
Required:A.Using the above information, preparethe income statement for Frank’sFlower Company t t t t t t t t t t t
for the month ended January 31, 2022.
t t t t t t t
B.What is the amount ofcash flows provided byoperating activities to be presented onthe statement of
t t t t t t t t t t t t t t t t t
cash flows?
t t
