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