TEST BANK
x
Financial Accounting 11th Edition
x x x
By Libby and Hodge all chapters 1-
x x x x x x
13
,TABLE OF CONTENT
x x
CHAPTER x1: xFinancial xStatements xand xBusiness xDecisions
x Focus xCompany: xLe-Nature’s xInc.
CHAPTER x2: xInvesting xand xFinancing xDecisions xand xthe xAccounting
xSystem x Focus xCompany: xChipotle xMexican xGrill
CHAPTER x3: xOperating xDecisions xand xthe xAccounting
xSystem x Focus xCompany: xChipotle xMexican xGrill
CHAPTER x4: xAdjustments, xFinancial xStatements, xand xthe xClosing xProcess
x Focus xCompany: xChipotle xMexican xGrill
CHAPTER x5: xCommunicating xand xAnalyzing xAccounting xInformation
x Focus xCompany: xApple xInc.
CHAPTER x6: xReporting xand xInterpreting xSales xRevenue, xReceivables, xand xCash
x Focus xCompany: xSkechers xU.S.A.
CHAPTER x7: xReporting xand xInterpreting xCost xof xGoods xSold xand
xInventory x Focus xCompany: xHarley-Davidson, xInc.
CHAPTER x8: xReporting xand xInterpreting xProperty, xPlant, xand xEquipment; xIntangibles; xand
xNatural x Resources
Focus xCompany: xFedEx xCorporation
CHAPTER x9: xReporting xand xInterpreting
xLiabilities x Focus xCompany: xStarbucks
CHAPTER x10: xReporting xand xInterpreting xBond xSecurities
x Focus xCompany: xAmazon
CHAPTER x11: xReporting xand xInterpreting xStockholders’
xEquity x Focus xCompany: xMicrosoft
CHAPTER x12: xStatement xof xCash xFlows
Focus xCompany: xNational xBeverage xCorporation
x CHAPTER x13: xAnalyzing xFinancial xStatements
x Focus xCompany: xThe xHome xDepot
,Answers are at the end of each Chapter
x x x x x x x
Chapter 1 x
Student name:_
x x
1) Determine xthe xmissing xamounts xfor xeach xindependent xcase xbelow. xAssume
xthe x amounts x shown xare xat xthe xend xof xthe xcompany's xfirst xyear xof xoperation.
Compan Total Total Total Total Net xIncomeStockholders
xy
Nam Revenu Assets Expenses Liabilitie x s (Loss) ' xEquity
e e
Randolph $ $ $ $
x 600,0 x 450,0 x 350,0 130,000
0 0 0
0 0 0 $ $ $ x75,000
Newman $
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $ x100,000
190,00 x70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $ x79,000
l 55,000 75,000 19,000
, Question xDetails
AACSB x: xKnowledge xApplication
x AICPA x: xBB xCritical xThinking
x AICPA x: xFN xMeasurement
x Bloom's x: xApply
Difficulty x: x2 xMedium
Learning xObjective x: x01-01 xRecognize xthe xinformation xconveyed xin xeach xof xthe xfour xbasic
xfinancial x sta x Topic x: xDistinguish xdifferent xfinancial xstatements
Type x: xStatic
Accessibility x: xKeyboard xNavigation
x Accessibility x: xScreen xReader xCompatible
x Gradable x: xmanual
2) Frank’s xFlower xCompany, xa xsmall xretail xstore xthat xsells xflowers,
xstarted x business xon x January x1, x2022. xAt xthe xend xof xJanuary x2022, xthe
xfollowing x information xwas xavailable:
Sales xof xflowers xfor xcash $ x150,000
Sales xof xflowers xfor xcredit x(not xyet xcollected) 30,000
Cost xof xflowers xwhich xwere xsold xand xpaid xfor xduring xJanuary 90,000
Expenses xduring xJanuary xincurred, xand xpaid xfor, xduring xJanuary xunless xotherwise xnoted:
Salaries $ x10,000
Telephone 500
Office xsupplies x(all xused) 300
Electricity 600
Rent xon xthe xstore xfor xJanuary, x2022 x(will xnot xbe xpaid xuntil 2,000
x February, x 2022)
Required:A.Using xthe xabove xinformation, xprepare xthe xincome xstatement xfor xFrank’s
x Flower x Company xfor xthe xmonth xended xJanuary x31, x2022.
B.What xis xthe xamount xof xcash xflows xprovided xby xoperating xactivities xto xbe
x presented xon xthe x statement xof xcash xflows?
x
Financial Accounting 11th Edition
x x x
By Libby and Hodge all chapters 1-
x x x x x x
13
,TABLE OF CONTENT
x x
CHAPTER x1: xFinancial xStatements xand xBusiness xDecisions
x Focus xCompany: xLe-Nature’s xInc.
CHAPTER x2: xInvesting xand xFinancing xDecisions xand xthe xAccounting
xSystem x Focus xCompany: xChipotle xMexican xGrill
CHAPTER x3: xOperating xDecisions xand xthe xAccounting
xSystem x Focus xCompany: xChipotle xMexican xGrill
CHAPTER x4: xAdjustments, xFinancial xStatements, xand xthe xClosing xProcess
x Focus xCompany: xChipotle xMexican xGrill
CHAPTER x5: xCommunicating xand xAnalyzing xAccounting xInformation
x Focus xCompany: xApple xInc.
CHAPTER x6: xReporting xand xInterpreting xSales xRevenue, xReceivables, xand xCash
x Focus xCompany: xSkechers xU.S.A.
CHAPTER x7: xReporting xand xInterpreting xCost xof xGoods xSold xand
xInventory x Focus xCompany: xHarley-Davidson, xInc.
CHAPTER x8: xReporting xand xInterpreting xProperty, xPlant, xand xEquipment; xIntangibles; xand
xNatural x Resources
Focus xCompany: xFedEx xCorporation
CHAPTER x9: xReporting xand xInterpreting
xLiabilities x Focus xCompany: xStarbucks
CHAPTER x10: xReporting xand xInterpreting xBond xSecurities
x Focus xCompany: xAmazon
CHAPTER x11: xReporting xand xInterpreting xStockholders’
xEquity x Focus xCompany: xMicrosoft
CHAPTER x12: xStatement xof xCash xFlows
Focus xCompany: xNational xBeverage xCorporation
x CHAPTER x13: xAnalyzing xFinancial xStatements
x Focus xCompany: xThe xHome xDepot
,Answers are at the end of each Chapter
x x x x x x x
Chapter 1 x
Student name:_
x x
1) Determine xthe xmissing xamounts xfor xeach xindependent xcase xbelow. xAssume
xthe x amounts x shown xare xat xthe xend xof xthe xcompany's xfirst xyear xof xoperation.
Compan Total Total Total Total Net xIncomeStockholders
xy
Nam Revenu Assets Expenses Liabilitie x s (Loss) ' xEquity
e e
Randolph $ $ $ $
x 600,0 x 450,0 x 350,0 130,000
0 0 0
0 0 0 $ $ $ x75,000
Newman $
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $ x100,000
190,00 x70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $ x79,000
l 55,000 75,000 19,000
, Question xDetails
AACSB x: xKnowledge xApplication
x AICPA x: xBB xCritical xThinking
x AICPA x: xFN xMeasurement
x Bloom's x: xApply
Difficulty x: x2 xMedium
Learning xObjective x: x01-01 xRecognize xthe xinformation xconveyed xin xeach xof xthe xfour xbasic
xfinancial x sta x Topic x: xDistinguish xdifferent xfinancial xstatements
Type x: xStatic
Accessibility x: xKeyboard xNavigation
x Accessibility x: xScreen xReader xCompatible
x Gradable x: xmanual
2) Frank’s xFlower xCompany, xa xsmall xretail xstore xthat xsells xflowers,
xstarted x business xon x January x1, x2022. xAt xthe xend xof xJanuary x2022, xthe
xfollowing x information xwas xavailable:
Sales xof xflowers xfor xcash $ x150,000
Sales xof xflowers xfor xcredit x(not xyet xcollected) 30,000
Cost xof xflowers xwhich xwere xsold xand xpaid xfor xduring xJanuary 90,000
Expenses xduring xJanuary xincurred, xand xpaid xfor, xduring xJanuary xunless xotherwise xnoted:
Salaries $ x10,000
Telephone 500
Office xsupplies x(all xused) 300
Electricity 600
Rent xon xthe xstore xfor xJanuary, x2022 x(will xnot xbe xpaid xuntil 2,000
x February, x 2022)
Required:A.Using xthe xabove xinformation, xprepare xthe xincome xstatement xfor xFrank’s
x Flower x Company xfor xthe xmonth xended xJanuary x31, x2022.
B.What xis xthe xamount xof xcash xflows xprovided xby xoperating xactivities xto xbe
x presented xon xthe x statement xof xcash xflows?
