TEST BANK
Financial Accounting, 11th Edition
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
, TABLE OF CONTENTS
dc dc
CHAPTERdc 1:dc Financialdc Statementsdc anddc Businessdc Decisions
Focusdc Company:dc Le-Nature’sdc Inc.
CHAPTERdc 2:dc Investingdc anddc Financingdc Decisionsdc anddc thedc Accountingdc System
Focusdc Company:dc Chipotledc Mexicandc Grill
CHAPTERdc 3:dc Operatingdc Decisionsdc anddc thedc Accountingdc System
Focusdc Company:dc Chipotledc Mexicandc Grill
CHAPTERdc 4:dc Adjustments,dc Financialdc Statements,dc anddc thedc Closingdc Process
Focusdc Company:dc Chipotledc Mexicandc Grill
CHAPTERdc 5:dc Communicatingdc anddc Analyzingdc Accountingdc Information
Focusdc Company:dc Appledc Inc.
CHAPTERdc 6:dc Reportingdc anddc Interpretingdc Salesdc Revenue,dc Receivables,dc anddc Cash
Focusdc Company:dc Skechersdc U.S.A.
CHAPTERdc 7:dc Reportingdc anddc Interpretingdc Costdc ofdc Goodsdc Solddc anddc Inventory
Focusdc Company:dc Harley-Davidson,dc Inc.
CHAPTERdc 8:dc Reportingdc anddc Interpretingdc Property,dc Plant,dc anddc Equipment;dc Intangibles;dc anddc
Naturaldc Resources
Focusdc Company:dc FedExdc Corporation
CHAPTERdc 9:dc Reportingdc anddc Interpretingdc Liabilities
Focusdc Company:dc Starbucks
CHAPTERdc 10:dc Reportingdc anddc Interpretingdc Bonddc Securities
Focusdc Company:dc Amazon
CHAPTERdc 11:dc Reportingdc anddc Interpretingdc Stockholders’dc Equity
Focusdc Company:dc Microsoft
CHAPTERdc 12:dc Statementdc ofdc Cashdc Flows
Focusdc Company:dc Nationaldc Beveragedc Corporation
CHAPTERdc 13:dc Analyzingdc Financialdc Statements
Focusdc Company:dc Thedc Homedc Depot
, CHAPTERdc 1:dc Financialdc Statementsdc anddc Businessdc Decisions
Focusdc Company:dc Le-Nature’sdc Inc.
Answersdc aredc atdc thedc enddc ofdc eachdc Chapter
Chapterdc 1
Studentdc name:
1) Determinedc thedc missingdc amountsdc fordc eachdc independentdc casedc below.dc Assumedc
thedc amountsdc showndc aredc atdc thedc enddc ofdc thedc company'sdc firstdc yeardc ofdc operation.
Companydc Totaldc Totaldc Totaldc Totaldc NetdcIncomedc Stockholdersdc 'dc
Name Revenue Assets Expenses Liabilitie (Loss) Equity
s
Randolph $ $ $ $
dc 600,00 dc 450,00 dc 350,00 dc 130,000
0 0 0
Newman $ $ $ $dc 75,000
dc 105,00 dc 80,000 dc 10,000
0
Wiseman $ $ $(30,000 $dc 100,000
dc 190,00 dc 70,000 )
0
Martin $ $ $ $
dc 180,00 dc 215,00 dc 115,00 dc 75,000
0 0 0
VanTasse $ $ $ $dc 79,000
l 55,000 75,000 19,000
, Questiondc Details
AACSBdc :dc Knowledgedc
Applicationdc AICPAdc :dc BBdc
Criticaldc Thinkingdc AICPAdc :dc
FNdc Measurementdc Bloom'sdc :dc
Apply
Difficultydc :dc 2dc Medium
Learningdc Objectivedc :dc 01-01dc Recognizedc thedc informationdc conveyeddc indc eachdc ofdc thedc fourdc
basicdc financialdc stadc Topicdc :dc Distinguishdc differentdc financialdc statements
Typedc :dc Static
Accessibilitydc :dc Keyboarddc Navigationdc
Accessibilitydc :dc Screendc Readerdc
Compatibledc Gradabledc :dc manual
2) Frank’sdc Flowerdc Company,dc adc smalldc retaildc storedc thatdc sellsdc flowers,dc starteddc
businessdc ondc Januarydc 1,dc 2022.dc Atdc thedc enddc ofdc Januarydc 2022,dc thedc followingdc
informationdc wasdc available:
Salesdc ofdc flowersdc fordc cash $dc 150,000
Salesdc ofdc flowersdc fordc creditdc (notdc yetdc collected) 30,000
Costdc ofdc flowersdc whichdc weredc solddc anddc paiddc fordc duringdc January 90,000
Expensesdc duringdc Januarydc incurred,dc anddc paiddc for,dc duringdc Januarydc unlessdc otherwisedc noted:
Salaries $dc 10,000
Telephone 500
Officedc suppliesdc (alldc used) 300
Electricity 600
Rentdc ondc thedc storedc fordc January,dc 2022dc (willdc notdc bedc paiddc until 2,000
February,dc 2022)
Required:A.Usingdc thedc abovedc information,dc preparedcthedc incomedc statementdc fordc Frank’sdc
Flowerdc Companydc fordc thedc monthdc endeddc Januarydc 31,dc 2022.
B.Whatdc isdc thedc amountdc ofdc cashdc flowsdc provideddc bydc operatingdc activitiesdc todc bedc
presenteddc ondc thedc statementdc ofdc cashdc flows?
Financial Accounting, 11th Edition
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
, TABLE OF CONTENTS
dc dc
CHAPTERdc 1:dc Financialdc Statementsdc anddc Businessdc Decisions
Focusdc Company:dc Le-Nature’sdc Inc.
CHAPTERdc 2:dc Investingdc anddc Financingdc Decisionsdc anddc thedc Accountingdc System
Focusdc Company:dc Chipotledc Mexicandc Grill
CHAPTERdc 3:dc Operatingdc Decisionsdc anddc thedc Accountingdc System
Focusdc Company:dc Chipotledc Mexicandc Grill
CHAPTERdc 4:dc Adjustments,dc Financialdc Statements,dc anddc thedc Closingdc Process
Focusdc Company:dc Chipotledc Mexicandc Grill
CHAPTERdc 5:dc Communicatingdc anddc Analyzingdc Accountingdc Information
Focusdc Company:dc Appledc Inc.
CHAPTERdc 6:dc Reportingdc anddc Interpretingdc Salesdc Revenue,dc Receivables,dc anddc Cash
Focusdc Company:dc Skechersdc U.S.A.
CHAPTERdc 7:dc Reportingdc anddc Interpretingdc Costdc ofdc Goodsdc Solddc anddc Inventory
Focusdc Company:dc Harley-Davidson,dc Inc.
CHAPTERdc 8:dc Reportingdc anddc Interpretingdc Property,dc Plant,dc anddc Equipment;dc Intangibles;dc anddc
Naturaldc Resources
Focusdc Company:dc FedExdc Corporation
CHAPTERdc 9:dc Reportingdc anddc Interpretingdc Liabilities
Focusdc Company:dc Starbucks
CHAPTERdc 10:dc Reportingdc anddc Interpretingdc Bonddc Securities
Focusdc Company:dc Amazon
CHAPTERdc 11:dc Reportingdc anddc Interpretingdc Stockholders’dc Equity
Focusdc Company:dc Microsoft
CHAPTERdc 12:dc Statementdc ofdc Cashdc Flows
Focusdc Company:dc Nationaldc Beveragedc Corporation
CHAPTERdc 13:dc Analyzingdc Financialdc Statements
Focusdc Company:dc Thedc Homedc Depot
, CHAPTERdc 1:dc Financialdc Statementsdc anddc Businessdc Decisions
Focusdc Company:dc Le-Nature’sdc Inc.
Answersdc aredc atdc thedc enddc ofdc eachdc Chapter
Chapterdc 1
Studentdc name:
1) Determinedc thedc missingdc amountsdc fordc eachdc independentdc casedc below.dc Assumedc
thedc amountsdc showndc aredc atdc thedc enddc ofdc thedc company'sdc firstdc yeardc ofdc operation.
Companydc Totaldc Totaldc Totaldc Totaldc NetdcIncomedc Stockholdersdc 'dc
Name Revenue Assets Expenses Liabilitie (Loss) Equity
s
Randolph $ $ $ $
dc 600,00 dc 450,00 dc 350,00 dc 130,000
0 0 0
Newman $ $ $ $dc 75,000
dc 105,00 dc 80,000 dc 10,000
0
Wiseman $ $ $(30,000 $dc 100,000
dc 190,00 dc 70,000 )
0
Martin $ $ $ $
dc 180,00 dc 215,00 dc 115,00 dc 75,000
0 0 0
VanTasse $ $ $ $dc 79,000
l 55,000 75,000 19,000
, Questiondc Details
AACSBdc :dc Knowledgedc
Applicationdc AICPAdc :dc BBdc
Criticaldc Thinkingdc AICPAdc :dc
FNdc Measurementdc Bloom'sdc :dc
Apply
Difficultydc :dc 2dc Medium
Learningdc Objectivedc :dc 01-01dc Recognizedc thedc informationdc conveyeddc indc eachdc ofdc thedc fourdc
basicdc financialdc stadc Topicdc :dc Distinguishdc differentdc financialdc statements
Typedc :dc Static
Accessibilitydc :dc Keyboarddc Navigationdc
Accessibilitydc :dc Screendc Readerdc
Compatibledc Gradabledc :dc manual
2) Frank’sdc Flowerdc Company,dc adc smalldc retaildc storedc thatdc sellsdc flowers,dc starteddc
businessdc ondc Januarydc 1,dc 2022.dc Atdc thedc enddc ofdc Januarydc 2022,dc thedc followingdc
informationdc wasdc available:
Salesdc ofdc flowersdc fordc cash $dc 150,000
Salesdc ofdc flowersdc fordc creditdc (notdc yetdc collected) 30,000
Costdc ofdc flowersdc whichdc weredc solddc anddc paiddc fordc duringdc January 90,000
Expensesdc duringdc Januarydc incurred,dc anddc paiddc for,dc duringdc Januarydc unlessdc otherwisedc noted:
Salaries $dc 10,000
Telephone 500
Officedc suppliesdc (alldc used) 300
Electricity 600
Rentdc ondc thedc storedc fordc January,dc 2022dc (willdc notdc bedc paiddc until 2,000
February,dc 2022)
Required:A.Usingdc thedc abovedc information,dc preparedcthedc incomedc statementdc fordc Frank’sdc
Flowerdc Companydc fordc thedc monthdc endeddc Januarydc 31,dc 2022.
B.Whatdc isdc thedc amountdc ofdc cashdc flowsdc provideddc bydc operatingdc activitiesdc todc bedc
presenteddc ondc thedc statementdc ofdc cashdc flows?
