Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge

TEST BANK FOR Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge Answers are at the end of each Chapter Chapter 1 Student name:__________ 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 Name Total Revenue Total Assets Total Expenses Total Liabilitie
s Net Income (Loss) Stockholders
' Equity Randolph $ 600,00
0 $ 450,00
0 $ 350,00
0 $ 130,000 Newman $ 105,00
0 $ 80,000 $ 10,000 $ 75,000 Wiseman $ 190,00
0 $ 70,000 $(30,000
) $ 100,000 Martin $ 180,00
0 $ 215,00
0 $ 115,00
0 $ 75,000 VanTasse
l $ 55,000 $ 75,000 $ 19,000 $ 79,000 . 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 C ompatible 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 February, 2022) 2,000 Required: A.Using the above information, prepare the income statement for Frank ’s Flower Company for the month ended Jan uary 31, 2022. B.What is the amount of cash flows provided by operating activities to be presented on the statement of cash flows? Question Details AACSB : Knowledge Application AICPA : BB Critical Thinking AICPA : FN Measurement Bloom's : Apply 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 Difficulty : 3 Hard Gradable : manual 3) Indicate on which financial statement you would expect to find each of the following. If an item can be found on more than one statement, list each statement.
Example: Cash Balance Sheet and Statement of Cash Flows Notes payable ___________blank Salaries expense ___________blank Cost of goods sold ___________blank Sales revenue ___________blank Inventory ___________blank Income tax expense ___________blank Dividends declared ___________blank Retained earnings ___________blank Accounts payable ___________blank Equipment ___________blank Question Details AICPA : BB Critical Thinking AICPA : FN Measurement Learning Objective : 01 -01 Recognize the information conveyed in each o f the four basic financial sta Topic : Distinguish different financial statements Type : Static AACSB : Reflective Thinking Difficulty : 1 Easy Bloom's : Remember Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Gradable : manua l 4) For each of the following items that appear on the balance sheet, identify each as an asset (A), liability (L), or element of stockholders' equity (SE). For any item that would not appear on the balance sheet, write the letter, N.
Retained earnings ___________blank Accounts payable ___________blank Selling expense ___________blank Common stock ___________blank Accounts receivable ___________blank Income tax expense ___________blank Dividends ___________blank Property and equipment ___________blank