Solution Manual for Financial Accounting 11th Edition Robert Libby, Patricia Libby, Complete Chapters 1 - 13, Verified Newest Version

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




CHAPTER 1: Financial Statements and Business Decisions
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Focus 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 Natural Resources
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Focus Company: FedEx Corporation
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CHAPTER 9: Reporting and Interpreting Liabilities
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Focus 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’ Equity
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Focus Company: Microsoft
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CHAPTER 12: Statement of Cash Flows
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Focus Company: National Beverage 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. j j j




Answers are atthe end of each Chapter
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Chapter1 j




Studentname: j




1) Determinethe missingamounts for eachindependent casebelow. Assumetheamounts
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shown are at the end of the company's first year of operation.
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Company Total Total Total Total Liabilitie NetIncome
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Name
j Revenue
j Assets
j Expenses
j s (Loss) j Equity
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Randolph $ $ $ $
600,00
j 450,00
j 350,00
j 130,000
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0 0 0
Newman $ $ $ $ 75,000
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105,00
j 80,000
j 10,000
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0
Wiseman $ $ $(30,000 $ 100,000
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190,00
j 70,000
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0
Martin $ $ $ $
180,00
j 215,00
j 115,00
j 75,000
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0 0 0
VanTasse $ $ $ $ 79,000
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l 55,000 75,000 19,000

, Question Details j




AACSB:KnowledgeApplication j j j




AICPA : BB Critical Thinking AICPA :
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FN Measurement Bloom's : Apply
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Difficulty: 2 Medium j j j




Learning Objective : 01-01 Recognize theinformation conveyed in each of the four basic financial sta Topic :
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Distinguish different financial statements
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Type : Static j j




Accessibility : Keyboard Navigation Accessibility j j j j




:Screen ReaderCompatible Gradable : manual
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2) Frank’s Flower Company, a smallretailstorethat sells flowers, started business on j j j j j j j j j j j j




January 1, 2022. At the end of January 2022, the following information was available:
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Sales of flowers for cash j j j j $ 150,000
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Salesof flowers for credit (not yet collected)
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Costof flowers which were sold and paid for during January
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Expensesduring Januaryincurred, and paid for, during Januaryunless otherwise noted: j j j j j j j j j j j




Salaries $ 10,000
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Telephone 500
Officesupplies (all used) j j j 300
Electricity 600
Renton the store for January, 2022 (will not be paid until
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February,2022) j




Required:A.Using theabove information, preparethe incomestatement for Frank’sFlower j j j j j j j j j j




Company for the month ended January 31, 2022.
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B.What is the amount ofcash flows provided byoperating activities to be presented onthe statement
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of cash flows?
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