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

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;
a 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 Total Total Total Total Net Income Stockholders '
Name Revenue Assets Expenses Liabilitie (Loss) Equity
s
Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $ 75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $ 100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $ 79,000
l 55,000 75,000 19,000

, Question fDetails
AACSB f: fKnowledge fApplication
fAICPA f: fBB fCritical fThinking
fAICPA f: fFN fMeasurement
fBloom's f: fApply
Difficulty f: f2 fMedium
Learning fObjective f: f01-01 fRecognize fthe finformation fconveyed fin feach fof fthe ffour fbasic ffinancial
fsta fTopic f: fDistinguish fdifferent ffinancial fstatements
Type f: fStatic
Accessibility f: fKeyboard fNavigation
fAccessibility f: fScreen fReader fCompatible
fGradable f: fmanual




2) Frank’s fFlower fCompany, fa fsmall fretail fstore fthat fsells fflowers, fstarted fbusiness fon
fJanuary f1, f2022. fAt fthe fend fof fJanuary f2022, fthe ffollowing finformation fwas favailable:
Sales fof fflowers ffor fcash $ f150,000
Sales fof fflowers ffor fcredit f(not fyet fcollected) 30,000
Cost fof fflowers fwhich fwere fsold fand fpaid ffor fduring fJanuary 90,000
Expenses fduring fJanuary fincurred, fand fpaid ffor, fduring fJanuary funless fotherwise fnoted:
Salaries $ f10,000
Telephone 500
Office fsupplies f(all fused) 300
Electricity 600
Rent fon fthe fstore ffor fJanuary, f2022 f(will fnot fbe fpaid funtil 2,000
February, f2022)
Required:A.Using fthe fabove finformation, fprepare fthe fincome fstatement ffor fFrank’s fFlower
fCompany ffor fthe fmonth fended fJanuary f31, f2022.
B.What fis fthe famount fof fcash fflows fprovided fby foperating factivities fto fbe fpresented fon fthe
fstatement fof fcash fflows?