TEST BANK f
Financial Accounting, 11th Edition
f f f
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
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, TABLE OF CONTENTS Y Y
CHAPTER 1: Financial Statements and Business
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DecisionsFocus 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
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LiabilitiesFocus 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’
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EquityFocus Company: Microsoft
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CHAPTER 12: Statement of Cash Flows
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Focus Company: National Beverage
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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. f f f f
Answers are at the end of each Chapter
Y Y Y Y Y Y Y
Chapter 1 f
Student name:
f f
1) Determine the missing amounts for each independent case below. Assume the amounts s
f f f f f f f f f f f f
hown are atYthe end of the company's first year of operation.
f f f f f f f f f f f
Company Total Rev f Total A f Total Ex Total Liabiliti NetIncome ( Stockholders ' E
f f f f f f
Name enue ssets penses e Loss) quity
s f
Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $ 75,000 f
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $ 100,000
f
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $ 79,000
f
l 55,000 75,000 19,000
, Question f Details
AACSB f: fKnowledge fApplication
fAICPA f: fBB fCritical fThinking fAI
fCPA f: fFN fMeasurement fBloom's f:
Apply
Difficulty f: f2 fMedium
fLearningYObjective f :
f 01-
01 fRecognize fthe finformation fconveyed fin feach foffthe ffour fbasic ffinancial fsta fTopic f: fDistinguish fdiffer
fent f financial f statements
Type f: fStatic
Accessibility f: fKeyboard fNavigation fAccessibilit
fy f: fScreen fReader fCompatible f Gradable f: fmanu
fal
2) Frank’s Flower Company, a small retail store that sells flowers, started business on Ja
f f f f f f f f f f f f f
nuary 1, 2022. At the end of January 2022, the following information was available:
f f f f f f f f f f f f f f
Sales of flowers for cash
f f f f $ 150,000
f
Sales of flowers forYcredit (not yet collected)
f f f f f f 30,000
Cost of flowers which were sold and paid for during January
f f f f f f f f f f 90,000
Expenses during January incurred, and paid for, during January unless otherwise noted:
f f f f f f f f f f f
Salaries $ 10,000
f
Telephone 500
Office supplies (all used)
f f f 300
Electricity 600
Rent on the store for January, 2022 (willYnot be paid until
f f f f f f f f f f 2,000
February, 2022) f
Required:A.Using the above information, prepare the income statement for Frank’s Flower Comp f f f f f f f f f f f
any for the month ended January 31, 2022.
f f f f f f f f
B.What is the amount of cash flows provided by operating activities to be presented on the stateme
f f f f f f f f f f f f f f f f
nt of cash flows?
f f f f
Financial Accounting, 11th Edition
f f f
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
f f f f f f f f f
, TABLE OF CONTENTS Y Y
CHAPTER 1: Financial Statements and Business
f f f f f
DecisionsFocus Company: Le-Nature’s Inc.
f f f f f
CHAPTER 2: Investing and Financing Decisions and the Accounting System
f f f f f f f f f
Focus Company: Chipotle Mexican Grill
f f f f f
CHAPTER 3: Operating Decisions and the Accounting System
f f f f f f f
Focus Company: Chipotle Mexican Grill
f f f f f
CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
f f f f f f f f
Focus Company: Chipotle Mexican Grill
f f f f f
CHAPTER 5: Communicating and Analyzing Accounting Information
f f f f f f
Focus Company: Apple Inc.
f f f f
CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
f f f f f f f f f
Focus Company: Skechers U.S.A.
f f f f
CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
f f f f f f f f f f
Focus Company: Harley-Davidson, Inc.
f f f f
CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Nat
f f f f f f f f f f f
ural Resources
f f
Focus Company: FedEx Corporation
f f f
CHAPTER 9: Reporting and Interpreting
f f f f
LiabilitiesFocus Company: Starbucks
f f f f
CHAPTER 10: Reporting and Interpreting Bond Securities
f f f f f f
Focus Company: Amazon
f f f
CHAPTER 11: Reporting and Interpreting Stockholders’
f f f f f
EquityFocus Company: Microsoft
f f f f
CHAPTER 12: Statement of Cash Flows
f f f f f
Focus Company: National Beverage
f f f
Corporation
f f
CHAPTER 13: Analyzing Financial Statements
f f f f
Focus Company: The Home Depot
f f f f f
, CHAPTER 1: Financial Statements and Business Decisions
f f f f f f
Focus Company: Le-Nature’s Inc. f f f f
Answers are at the end of each Chapter
Y Y Y Y Y Y Y
Chapter 1 f
Student name:
f f
1) Determine the missing amounts for each independent case below. Assume the amounts s
f f f f f f f f f f f f
hown are atYthe end of the company's first year of operation.
f f f f f f f f f f f
Company Total Rev f Total A f Total Ex Total Liabiliti NetIncome ( Stockholders ' E
f f f f f f
Name enue ssets penses e Loss) quity
s f
Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $ 75,000 f
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $ 100,000
f
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $ 79,000
f
l 55,000 75,000 19,000
, Question f Details
AACSB f: fKnowledge fApplication
fAICPA f: fBB fCritical fThinking fAI
fCPA f: fFN fMeasurement fBloom's f:
Apply
Difficulty f: f2 fMedium
fLearningYObjective f :
f 01-
01 fRecognize fthe finformation fconveyed fin feach foffthe ffour fbasic ffinancial fsta fTopic f: fDistinguish fdiffer
fent f financial f statements
Type f: fStatic
Accessibility f: fKeyboard fNavigation fAccessibilit
fy f: fScreen fReader fCompatible f Gradable f: fmanu
fal
2) Frank’s Flower Company, a small retail store that sells flowers, started business on Ja
f f f f f f f f f f f f f
nuary 1, 2022. At the end of January 2022, the following information was available:
f f f f f f f f f f f f f f
Sales of flowers for cash
f f f f $ 150,000
f
Sales of flowers forYcredit (not yet collected)
f f f f f f 30,000
Cost of flowers which were sold and paid for during January
f f f f f f f f f f 90,000
Expenses during January incurred, and paid for, during January unless otherwise noted:
f f f f f f f f f f f
Salaries $ 10,000
f
Telephone 500
Office supplies (all used)
f f f 300
Electricity 600
Rent on the store for January, 2022 (willYnot be paid until
f f f f f f f f f f 2,000
February, 2022) f
Required:A.Using the above information, prepare the income statement for Frank’s Flower Comp f f f f f f f f f f f
any for the month ended January 31, 2022.
f f f f f f f f
B.What is the amount of cash flows provided by operating activities to be presented on the stateme
f f f f f f f f f f f f f f f f
nt of cash flows?
f f f f
