Test Bank – Financial Accounting 11th Edition – Robert Libby, Patricia Libby & Frank Hodge – Chapters 1–13

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

, TABLE OF CONTENTS Y Y




CHAPTER 1: Financial Statements and Business Decisions 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 Nat
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ural 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
Y Y Y Y Y Y



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 Y




Student name:
Y




1) DetermineYtheYmissingYamountsYforYeachYindependentYcaseYbelow.YAssumeYtheYamountsYs
hownYareYatYtheYendYofYtheYcompany'sYfirstYyearYofYoperation.
CompanyY TotalYRev TotalYA TotalYEx TotalYLiabiliti NetYIncomeY( StockholdersY'YE
Name enue ssets penses e Loss) quity
s
Randolph $ $ $ $
Y 600,00 Y 450,00 Y350,00 Y130,000

0 0 0
Newman $ $ $ $Y75,000
Y 105,00 Y80,000 Y10,000

0
Wiseman $ $ $(30,000 $Y100,000
Y 190,00 Y 70,000 )
0
Martin $ $ $ $
Y 180,00 Y 215,00 Y 115,00 Y 75,000
0 0 0
VanTasse $ $ $ $Y79,000
l 55,000 75,000 19,000

, QuestionYDetails
AACSBY:YKnowledgeYApplicationY
AICPAY:YBBYCriticalYThinkingYAI
CPAY:YFNYMeasurementYBloom'sY:
YApply

DifficultyY:Y2YMedium
LearningYObjectiveY:Y01-
01YRecognizeYtheYinformationYconveyedYinYeachYofYtheYfourYbasicYfinancialYstaYTopicY:YDistinguishYdiffer
entYfinancialYstatements
TypeY:YStatic
AccessibilityY:YKeyboardYNavigationYAccessibilit
yY:YScreenYReaderYCompatibleYGradableY:Ymanu
al




2) Frank’sYFlowerYCompany,YaYsmallYretailYstoreYthatYsellsYflowers,YstartedYbusinessYonYJa
nuaryY1,Y2022.YAtYtheYendYofYJanuaryY2022,YtheYfollowingYinformationYwasYavailable:
SalesYofYflowersYforYcash $Y150,000
SalesYofYflowersYforYcreditY(notYyetYcollected) 30,000
CostYofYflowersYwhichYwereYsoldYandYpaidYforYduringYJanuary 90,000
ExpensesYduringYJanuaryYincurred,YandYpaidYfor,YduringYJanuaryYunlessYotherwiseYnoted:
Salaries $Y10,000
Telephone 500
OfficeYsuppliesY(allYused) 300
Electricity 600
RentYonYtheYstoreYforYJanuary,Y2022Y(willYnotYbeYpaidYuntil 2,000
February,Y2022)
Required:A.UsingYtheYaboveYinformation,YprepareYtheYincomeYstatementYforYFrank’sYFlowerYComp
anyYforYtheYmonthYendedYJanuaryY31,Y2022.