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