Test bank for financial accounting 11th edition robert libby patricia

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 b b




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
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Natural 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. b b b




Answers are at the end of each Chapter
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Chapter 1 b




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




Name
b Revenue
b Assets
b b Expenses Liabilitie
b (Loss)
b bEquity
s
Randolph $ $ $ $
600,00
b 450,00
b 350,00
b 130,000
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0 0 0
Newman $ $ $ $ 75,000
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105,00
b 80,000
b b 10,000
0
Wiseman $ $ $(30,000 $ 100,000
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190,00
b 70,000
b )
0
Martin $ $ $ $
180,00
b 215,00
b 115,00
b 75,000
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0 0 0
VanTasse $ $ $ $ 79,000
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l 55,000 75,000 19,000

, Question Details b




AACSB : Knowledge Application b b b




AICPA : BB Critical Thinking
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AICPA : FN Measurement Bloom's
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: Apply
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Difficulty : 2 Medium b b b




Learning Objective : 01-01 Recognize the information conveyed in each of the four basic financial sta Topic :
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Distinguish different financial statements
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Type : Static b b




Accessibility : Keyboard Navigation Accessibility : b b b b b




Screen Reader Compatible Gradable : manual
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2) Frank’s Flower Company, a small retail store that sells flowers, started business on January b b b b b b b b b b b b b




1, 2022. At the end of January 2022, the following information was available:
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Sales of flowers for cash b b b b $ 150,000
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Sales of flowers for credit (not yet collected)
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Cost of flowers which were sold and paid for during January
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Expenses during January incurred, and paid for, during January unless otherwise noted:
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Salaries $ 10,000
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Telephone 500
Office supplies (all used) b b b 300
Electricity 600
Rent on the store for January, 2022 (will not be paid until
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February, 2022) b




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




for the month ended January 31, 2022.
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B.What is the amount of cash flows provided by operating activities to be presented on the statement of
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cash flows?
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