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

TABLE OF CONTENTS CHAPTER 1: Financial Statements and Business Decisions Focus Company: Le-Nature’s Inc. CHAPTER 2: Investing and Financing Decisions and the Accounting System Focus Company: Chipotle Mexican Grill CHAPTER 3: Operating Decisions and the Accounting System Focus Company: Chipotle Mexican Grill CHAPTER 4: Adjustments, Financial Statements, and the Closing Process Focus Company: Chipotle Mexican Grill CHAPTER 5: Communicating and Analyzing Accounting Information Focus Company: Apple Inc. CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash Focus Company: Skechers U.S.A. CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory Focus Company: Harley-Davidson, Inc. CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natural Resources Focus Company: FedEx Corporation CHAPTER 9: Reporting and Interpreting Liabilities Focus Company: Starbucks CHAPTER 10: Reporting and Interpreting Bond Securities Focus Company: Amazon CHAPTER 11: Reporting and Interpreting Stockholders’ Equity Focus Company: Microsoft CHAPTER 12: Statement of Cash Flows Focus Company: National Beverage Corporation CHAPTER 13: Analyzing Financial Statements Focus Company: The Home Depot CHAPTER 1: Financial Statements and Business Decisions Focus Company: Le-Nature’s Inc. 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 NetIncome (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 Compatible Gradable : manual 2) Frank’s Flower Company, a small retailstore 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 January 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 financialstatement 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 of 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 : manual 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 Accountsreceivable blank Income tax expense blank Dividends blank Property and equipment blank Question Details AICPA : BB Critical Thinking AICPA : FN Measurement Learning Objective : 01-01 Recognize the information conveyed in each of the four basic financial sta Type : Static AACSB : Reflective Thinking Difficulty : 1 Easy Bloom's : Remember Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Topic : Financialstatements-Balance sheet Gradable : manual