TEST BANK FOR FINANCIAL ACCOUNTING 11TH EDITION ROBERT LIBBY PATRICIA LIBBY FRANK HODGE – COMPLETE CHAPTERS 1-15

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 Resour
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ces
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=amoun
ts=shown=are=at=the=end=of=the=company's=first=year=of=operation.
Company=N Total=Rev Total=As Total=Exp Total=Liabilitie Net=Income=(Lo Stockholders='=Eq
ame enue sets enses s ss) uity

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=AI
CPA=:=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=diffe
rent=financial=statements
Type=:=Static
Accessibility=:=Keyboard=Navigation=Accessibili
ty=:=Screen=Reader=Compatible=Gradable=:=man
ual




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