TEST BANK Financial Accounting, 11th Edition by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13 with Correct Answers

TEST BANK
b




Financial Accounting, 11th Edition
b b b




by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
b b b b b b b b b b

, TABLE OF CONTENTS b b




CHAPTER 1: Financial Statements and Business Decisions
b b b b b b




Focus Company: Le-Nature’s Inc.
b b b




CHAPTER 2: Investing and Financing Decisions and the Accounting System
b b b b b b b b b




Focus Company: Chipotle Mexican Grill
b b b b




CHAPTER 3: Operating Decisions and the Accounting System
b b b b b b b




Focus Company: Chipotle Mexican Grill
b b b b




CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
b b b b b b b b




Focus Company: Chipotle Mexican Grill
b b b b




CHAPTER 5: Communicating and Analyzing Accounting Information
b b b b b b




Focus Company: Apple Inc.
b b b




CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
b b b b b b b b b




Focus Company: Skechers U.S.A.
b b b




CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
b b b b b b b b b b




Focus Company: Harley-Davidson, Inc.
b b b




CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and
b b b b b b b b b b




b Natural Resources
b




Focus Company: FedEx Corporation
b b b




CHAPTER 9: Reporting and Interpreting Liabilities
b b b b b




Focus Company: Starbucks
b b




CHAPTER 10: Reporting and Interpreting Bond Securities
b b b b b b




Focus Company: Amazon
b b




CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
b b b b b b




Focus Company: Microsoft
b b




CHAPTER 12: Statement of Cash Flows
b b b b b




Focus Company: National Beverage Corporation
b b b b




CHAPTER 13: Analyzing Financial Statements
b b b b




Focus Company: The Home Depot
b b b b

, CHAPTER 1: Financial Statements and Business Decisions
b b b b b b


Focus Company: Le-Nature’s Inc. b b b




Answers are at the end of each Chapter
b b b b b b b




Chapter 1 b




Student name:b




1) Determine the missing amounts for each independent case below. Assume the amounts
b b b b b b b b b b b


shown are at the end of the company's first year of operation.
b b b b b b b b b b b b


Company Total Total Total Total NetIncome b Stockholders ' b


Name
b Revenue
b Assets
b b Expenses Liabilitie
b (Loss)b Equity
b


s
Randolph $ $ $ $
600,00
b 450,00
b 350,00
b 130,000
b


0 0 0
Newman $ $ $ $ 75,000
b


105,00
b 80,000
b 10,000
b


0
Wiseman $ $ $(30,000 $ 100,000
b


190,00
b 70,000
b )
0
Martin $ $ $ $
180,00
b 215,00
b 115,00
b 75,000
b


0 0 0
VanTasse $ $ $ $ 79,000
b


l 55,000 75,000 19,000

, Question Details b


AACSB : Knowledge Application
b b b


AICPA : BB Critical Thinking
b b b b b


AICPA : FN Measurement
b b b b


Bloom's : Apply
b b b


Difficulty : 2 Mediumb b b


Learning Objective : 01-01 Recognize the information conveyed in each of the four basic financial sta
b b b b b b b b b b b b b b b


Topic : Distinguish different financial statements
b b b b b b


Type : Static
b b


Accessibility : Keyboard Navigationb b b


Accessibility : Screen Reader Compatible
b b b b b


Gradable : manual
b b b




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


January 1, 2022. At the end of January 2022, the following information was available:
b b b b b b b b b b b b b b


Sales of flowers for cash
b b b b $ 150,000
b


Sales of flowers for credit (not yet collected)
b b b b b b b 30,000
Cost of flowers which were sold and paid for during January
b b b b b b b b b b 90,000
Expenses during January incurred, and paid for, during January unless otherwise noted:
b b b b b b b b b b b


Salaries $ 10,000
b


Telephone 500
Office supplies (all used)
b b b 300
Electricity 600
Rent on the store for January, 2022 (will not be paid until
b b b b b b b b b b b 2,000
February, 2022) b



Required:A.Using the above information, prepare the income statement for Frank’s Flower
b b b b b b b b b b


Company for the month ended January 31, 2022.
b b b b b b b b


B.What is the amount of cash flows provided by operating activities to be presented on the
b b b b b b b b b b b b b b b


statement of cash flows?
b b b b