Solution Manual for Financial Accounting 11th Edition Robert Libby, Patricia Libby, Complete Chapters 1 - 13, Verified Newest Version

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 | |




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
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.
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Answers are at the end of each Chapter
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Chapter 1 |




Student name:
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1) Determine |the |missing |amounts |for |each |independent |case |below. |Assume |the
|amounts |shown |are |at |the |end |of |the |company's |first |year |of |operation.


Company Total Total Total Total |Liabilitie Net|Income Stockholders |'
|Name |Revenue |Assets |Expenses s |(Loss) |Equity




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
|AICPA |: |BB |Critical |Thinking

|AICPA |: |FN |Measurement

|Bloom's |: |Apply

Difficulty |: |2 |Medium
Learning |Objective |: |01-01 |Recognize |the |information |conveyed |in |each |of |the |four |basic |financial
|sta |Topic |: |Distinguish |different |financial |statements

Type |: |Static
Accessibility |: |Keyboard |Navigation
|Accessibility |: |Screen |Reader |Compatible

|Gradable |: |manual




2) Frank’s |Flower |Company, |a |small |retail |store |that |sells |flowers, |started |business
|on |January |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
|Company |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?