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

TEST BANK
bn




Financial Accounting, 11th Edition
bn bn bn




by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
bn bn bn bn bn bn bn bn bn bn

, TABLE OF CONTENTS bn bn




CHAPTER 1: Financial Statements and Business Decisions
bn bn bn bn bn bn




Focus Company: Le-Nature’s Inc.
bn bn bn




CHAPTER 2: Investing and Financing Decisions and the Accounting System
bn bn bn bn bn bn bn bn bn




Focus Company: Chipotle Mexican Grill
bn bn bn bn




CHAPTER 3: Operating Decisions and the Accounting System
bn bn bn bn bn bn bn




Focus Company: Chipotle Mexican Grill
bn bn bn bn




CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
bn bn bn bn bn bn bn bn




Focus Company: Chipotle Mexican Grill
bn bn bn bn




CHAPTER 5: Communicating and Analyzing Accounting Information
bn bn bn bn bn bn




Focus Company: Apple Inc.
bn bn bn




CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
bn bn bn bn bn bn bn bn bn




Focus Company: Skechers U.S.A.
bn bn bn




CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
bn bn bn bn bn bn bn bn bn bn




Focus Company: Harley-Davidson, Inc.
bn bn bn




CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and
bn bn bn bn bn bn bn bn bn bn




Natural Resources
bn bn




Focus Company: FedEx Corporation
bn bn bn




CHAPTER 9: Reporting and Interpreting Liabilities
bn bn bn bn bn




Focus Company: Starbucks
bn bn




CHAPTER 10: Reporting and Interpreting Bond Securities
bn bn bn bn bn bn




Focus Company: Amazon
bn bn




CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
bn bn bn bn bn bn




Focus Company: Microsoft
bn bn




CHAPTER 12: Statement of Cash Flows
bn bn bn bn bn




Focus Company: National Beverage Corporation
bn bn bn bn




CHAPTER 13: Analyzing Financial Statements
bn bn bn bn




Focus Company: The Home Depot
bn bn bn bn

, CHAPTER 1: Financial Statements and Business Decisions
bn bn bn bn bn bn




Focus Company: Le-Nature’s Inc. bn bn bn




Answers are at the end of each Chapter
bn bn bn bn bn bn bn




Chapter 1 bn




Student name: bn




1) Determine the missing amounts for each independent case below. Assume the amounts
bn bn bn bn bn bn bn bn bn bn bn




shown are at the end of the company's first year of operation.
bn bn bn bn bn bn bn bn bn bn bn bn




Company Total Total Total Total NetIncome n
b Stockholders ' bn



Name
bn bn Revenue bn Assets bn Expenses Liabilitie
bn (Loss) bn Equity
bn



s
Randolph $ $ $ $
600,00
bn 450,00
bn bn 350,00 130,000
bn



0 0 0
Newman $ $ $ $ 75,000
bn



105,00
bn 80,000
bn 10,000
bn



0
Wiseman $ $ $(30,000 $ 100,000
bn



190,00
bn bn 70,000 )
0
Martin $ $ $ $
180,00
bn 215,00
bn bn 115,00 75,000
bn



0 0 0
VanTasse $ $ $ $ 79,000
bn



l 55,000 75,000 19,000

, Question Details bn



AACSB : Knowledge Application
bn bn bn



AICPA : BB Critical Thinking
bn bn bn bn bn



AICPA : FN Measurement
bn bn bn bn



Bloom's : Apply
bn bn bn



Difficulty : 2 Medium bn bn bn



Learning Objective : 01-01 Recognize the information conveyed in each of the four basic financial sta
bn bn bn bn bn bn bn bn bn bn bn bn bn bn bn



Topic : Distinguish different financial statements
bn bn bn bn bn bn



Type : Static
bn bn



Accessibility : Keyboard Navigation
bn bn bn



Accessibility : Screen Reader Compatible
bn bn bn bn bn



Gradable : manual
bn bn bn




2) Frank’s Flower Company, a small retail store that sells flowers, started business on
bn bn bn bn bn bn bn bn bn bn bn bn




January 1, 2022. At the end of January 2022, the following information was available:
bn bn bn bn bn bn bn bn bn bn bn bn bn bn




Sales of flowers for cash
bn bn bn bn $ 150,000
bn




Sales of flowers for credit (not yet collected)
bn bn bn bn bn bn bn 30,000
Cost of flowers which were sold and paid for during January
bn bn bn bn bn bn bn bn bn bn 90,000
Expenses during January incurred, and paid for, during January unless otherwise noted:
bn bn bn bn bn bn bn bn bn bn bn




Salaries $ 10,000
bn




Telephone 500
Office supplies (all used)
bn bn bn 300
Electricity 600
Rent on the store for January, 2022 (will not be paid until
bn bn bn bn bn bn bn bn bn bn bn 2,000
February, 2022) bn




Required:A.Using the above information, prepare the income statement for Frank’s Flower
bn bn bn bn bn bn bn bn bn bn




Company for the month ended January 31, 2022.
bn bn bn bn bn bn bn bn




B.What is the amount of cash flows provided by operating activities to be presented on the
bn bn bn bn bn bn bn bn bn bn bn bn bn bn bn




statement of cash flows?
bn bn bn bn