Test bank for financial accounting 11th edition robert libby patricia libby all chapters 1 - 13

TEST BANK
,



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

, TABLE,OF,CONTENTS
CHAPTER,1:,Financial,Statements,and,Business,Decisions
Focus,Company:,Le-Nature’s,Inc.
CHAPTER,2:,Investing,and,Financing,Decisions,and,the,Accounting,System
Focus,Company:,Chipotle,Mexican,Grill
CHAPTER,3:,Operating,Decisions,and,the,Accounting,System
Focus,Company:,Chipotle,Mexican,Grill
CHAPTER,4:,Adjustments,,Financial,Statements,,and,the,Closing,Process
Focus,Company:,Chipotle,Mexican,Grill
CHAPTER,5:,Communicating,and,Analyzing,Accounting,Information
Focus,Company:,Apple,Inc.
CHAPTER,6:,Reporting,and,Interpreting,Sales,Revenue,,Receivables,,and,Cash
Focus,Company:,Skechers,U.S.A.
CHAPTER,7:,Reporting,and,Interpreting,Cost,of,Goods,Sold,and,Inventory
Focus,Company:,Harley-Davidson,,Inc.
CHAPTER,8:,Reporting,and,Interpreting,Property,,Plant,,and,Equipment;,Intangibles;,and,Nat
ural,Resources
Focus,Company:,FedEx,Corporation
CHAPTER,9:,Reporting,and,Interpreting,Liabilities
Focus,Company:,Starbucks
CHAPTER,10:,Reporting,and,Interpreting,Bond,Securities
Focus,Company:,Amazon
CHAPTER,11:,Reporting,and,Interpreting,Stockholders’,Equity
Focus,Company:,Microsoft
CHAPTER,12:,Statement,of,Cash,Flows
Focus,Company:,National,Beverage,Corporation
CHAPTER,13:,Analyzing,Financial,Statements
Focus,Company:,The,Home,Depot

, CHAPTER,1:,Financial,Statements,and,Business,Decisions
Focus,Company:,Le-Nature’s,Inc.
Answers,are,at,the,end,of,each,Chapter
Chapter,1
Student,name:
1) Determine,the,missing,amounts,for,each,independent,case,below.,Assume,the,amounts,sho
wn,are,at,the,end,of,the,company's,first,year,of,operation.
Company, Total,Rev Total,A Total,Exp Total,Liabiliti Net,Income,( Stockholders,',Eq
Name enue ssets enses e Loss) uity
s
Randolph $, $, $, $,
600,00 450,00 350,00 130,000
0 0 0
Newman $, $, $, $,75,000
105,00 80,000 10,000
0
Wiseman $, $, $(30,000 $,100,000
190,00 70,000 )
0
Martin $, $, $, $,
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $,79,000
l 55,000 75,000 19,000

, Question,Details
AACSB,:,Knowledge,Application,A
ICPA,:,BB,Critical,Thinking,AICP
A,:,FN,Measurement,Bloom's,:,Ap
ply
Difficulty,:,2,Medium
Learning,Objective,:,01-
01,Recognize,the,information,conveyed,in,each,of,the,four,basic,financial,sta,Topic,:,Distinguish,different,f
inancial,statements
Type,:,Static
Accessibility,:,Keyboard,Navigation,Accessibilit
y,:,Screen,Reader,Compatible,Gradable,:,manual




2) Frank’s,Flower,Company,,a,small,retail,store,that,sells,flowers,,started,business,on,Janu
ary,1,,2022.,At,the,end,of,January,2022,,the,following,information,was,available:
Sales,of,flowers,for,cash $,150,000
Sales,of,flowers,for,credit,(not,yet,collected) 30,000
Cost,of,flowers,which,were,sold,and,paid,for,during,January 90,000
Expenses,during,January,incurred,,and,paid,for,,during,January,unless,otherwise,noted:
Salaries $,10,000
Telephone 500
Office,supplies,(all,used) 300
Electricity 600
Rent,on,the,store,for,January,,2022,(will,not,be,paid,until 2,000
February,,2022)
Required:A.Using,the,above,information,,prepare,the,income,statement,for,Frank’s,Flower,Compan
y,for,the,month,ended,January,31,,2022.
B.What,is,the,amount,of,cash,flows,provided,by,operating,activities,to,be,presented,on,the,statement,
of,cash,flows?