TEST BANK FOR FINANCIAL ACCOUNTING 11TH
EDITION ROBERT LIBBY, PATRICIA LIBBY, FRANK
HODGE ISBN-10; 1265083924/ ISBN-13; 978-
1265083922
,Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge
q q q q q q q q q
Answers are at the end of each Chapter C
q q q q q q q q
hapter 1
q
Student name:
q
1) Determineqtheqmissingqamountsqforqeachqindependentqcaseqbelow.qAssumeqtheqamountsqs
hownqareqatqtheqendqofqtheqcompany'sqfirstqyearqofqoperation.
Company Totalq Totalq TotalqE TotalqLiab NetqIncomeq Stockholders
qName Revenue Assets xpenses ilitieqs (Loss) q'qEquity
$
Randolph $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $q75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $q100,000
190,0
q 70,00
q )
0 0
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $q79,000
l q55,00 q75,00 q19,00
0 0 0
,QuestionqDetails
AACSBq:qKnowledgeqApplicationq
AICPAq:qBBqCriticalqThinkingqAI
CPAq:qFNqMeasurementqBloom'sq
:qApply
Difficultyq:q2qMedium
LearningqObjectiveq:q01-
01qRecognizeqtheqinformationqconveyedqinqeachqofqtheqfourqbasicqfinancialqstaqTopicq:qDistinguishqdiffer
entqfinancialqstatements
Typeq:qStatic
Accessibilityq:qKeyboardqNavigationqAcc
essibilityq:qScreenqReaderqCompatibleqGr
adableq:qmanual
2) Frank’sqFlowerqCompany,qaqsmallqretailqstoreqthatqsellsqflowers,qstartedqbusinessqonqJ
anuaryq1,q2022.qAtqtheqendqofqJanuaryq2022,qtheqfollowingqinformationqwasqavailable:
Salesqofqflowersqforqcash $q150,000
Salesqofqflowersqforqcreditq(notqyetqcollected)
30,000
CostqofqflowersqwhichqwereqsoldqandqpaidqforqduringqJanuaryq 90,000qExpensesqdu
q
ringqJanuaryqincurred,qandqpaidqfor,qduringqJanuaryqunlessqotherwiseqnoted:
Salaries $q10,000
Telephone 500
Officeqsupplies (allqused) 300
Electricity 600
RentqonqtheqstoreqforqJanuary,q2022q(willqnotqbeqpaidquntilqFebru 2,000
ary,q2022)
Required:A.Usingqtheqaboveqinformation,qprepareqtheqincomeqstatementqforqFrank’sqFlowerqCo
mpanyqforqtheqmonthqendedqJanuaryq31,q2022.
B.Whatqisqtheqamountqofqcashqflowsqprovidedqbyqoperatingqactivitiesqtoqbeqpresentedqonqtheqstate
mentqofqcashqflows?
, QuestionqDetails
AACSBq:qKnowledgeqApplicationq
AICPAq:qBBqCriticalqThinkingqAI
CPAq:qFNqMeasurementqBloom'sq
:qApply
LearningqObjectiveq:q01-
01qRecognizeqtheqinformationqconveyedqinqeachqofqtheqfourqbasicqfinancialqstaqTopicq:qDistinguishqdiffer
entqfinancialqstatements
Typeq:qStatic
Accessibilityq:qKeyboardqNavigationqAcc
essibilityq:qScreenqReaderqCompatibleqDif
ficultyq:q3qHard
Gradableq:qmanual
3) Indicateqonqwhichqfinancialqstatementqyouqwouldqexpectqtoqfindqeachqofqtheqfollowing.qIfqa
nqitemqcanqbeqfoundqonqmoreqthanqoneqstatement,qlistqeachqstatement.
Example:qCash BalanceqSheetqandqStatementqofqCashqFlows
Notesqpayable q q q q q blank
Salariesq expenseq q blankqC
ostqofqgoodsqsoldq q q blankqSale
sqrevenue q q q q q blank
Inventory
q qblankq Incomeq
taxq expenseq q blank
Dividendsqq declared blank
Retainedqearnings blank
Accountsqpayable blank
Equipment blank
EDITION ROBERT LIBBY, PATRICIA LIBBY, FRANK
HODGE ISBN-10; 1265083924/ ISBN-13; 978-
1265083922
,Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge
q q q q q q q q q
Answers are at the end of each Chapter C
q q q q q q q q
hapter 1
q
Student name:
q
1) Determineqtheqmissingqamountsqforqeachqindependentqcaseqbelow.qAssumeqtheqamountsqs
hownqareqatqtheqendqofqtheqcompany'sqfirstqyearqofqoperation.
Company Totalq Totalq TotalqE TotalqLiab NetqIncomeq Stockholders
qName Revenue Assets xpenses ilitieqs (Loss) q'qEquity
$
Randolph $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $q75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $q100,000
190,0
q 70,00
q )
0 0
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $q79,000
l q55,00 q75,00 q19,00
0 0 0
,QuestionqDetails
AACSBq:qKnowledgeqApplicationq
AICPAq:qBBqCriticalqThinkingqAI
CPAq:qFNqMeasurementqBloom'sq
:qApply
Difficultyq:q2qMedium
LearningqObjectiveq:q01-
01qRecognizeqtheqinformationqconveyedqinqeachqofqtheqfourqbasicqfinancialqstaqTopicq:qDistinguishqdiffer
entqfinancialqstatements
Typeq:qStatic
Accessibilityq:qKeyboardqNavigationqAcc
essibilityq:qScreenqReaderqCompatibleqGr
adableq:qmanual
2) Frank’sqFlowerqCompany,qaqsmallqretailqstoreqthatqsellsqflowers,qstartedqbusinessqonqJ
anuaryq1,q2022.qAtqtheqendqofqJanuaryq2022,qtheqfollowingqinformationqwasqavailable:
Salesqofqflowersqforqcash $q150,000
Salesqofqflowersqforqcreditq(notqyetqcollected)
30,000
CostqofqflowersqwhichqwereqsoldqandqpaidqforqduringqJanuaryq 90,000qExpensesqdu
q
ringqJanuaryqincurred,qandqpaidqfor,qduringqJanuaryqunlessqotherwiseqnoted:
Salaries $q10,000
Telephone 500
Officeqsupplies (allqused) 300
Electricity 600
RentqonqtheqstoreqforqJanuary,q2022q(willqnotqbeqpaidquntilqFebru 2,000
ary,q2022)
Required:A.Usingqtheqaboveqinformation,qprepareqtheqincomeqstatementqforqFrank’sqFlowerqCo
mpanyqforqtheqmonthqendedqJanuaryq31,q2022.
B.Whatqisqtheqamountqofqcashqflowsqprovidedqbyqoperatingqactivitiesqtoqbeqpresentedqonqtheqstate
mentqofqcashqflows?
, QuestionqDetails
AACSBq:qKnowledgeqApplicationq
AICPAq:qBBqCriticalqThinkingqAI
CPAq:qFNqMeasurementqBloom'sq
:qApply
LearningqObjectiveq:q01-
01qRecognizeqtheqinformationqconveyedqinqeachqofqtheqfourqbasicqfinancialqstaqTopicq:qDistinguishqdiffer
entqfinancialqstatements
Typeq:qStatic
Accessibilityq:qKeyboardqNavigationqAcc
essibilityq:qScreenqReaderqCompatibleqDif
ficultyq:q3qHard
Gradableq:qmanual
3) Indicateqonqwhichqfinancialqstatementqyouqwouldqexpectqtoqfindqeachqofqtheqfollowing.qIfqa
nqitemqcanqbeqfoundqonqmoreqthanqoneqstatement,qlistqeachqstatement.
Example:qCash BalanceqSheetqandqStatementqofqCashqFlows
Notesqpayable q q q q q blank
Salariesq expenseq q blankqC
ostqofqgoodsqsoldq q q blankqSale
sqrevenue q q q q q blank
Inventory
q qblankq Incomeq
taxq expenseq q blank
Dividendsqq declared blank
Retainedqearnings blank
Accountsqpayable blank
Equipment blank
