TEST BANK
x
Financial Accounting, 11th Edition
x x x
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
x x x x x x x x x x
, TABLE OF CONTENTS x x
CHAPTER 1: Financial Statements and Business Decisions
x x x x x x
Focus Company: Le-Nature’s Inc.
x x x
CHAPTER 2: Investing and Financing Decisions and the Accounting System
x x x x x x x x x
Focus Company: Chipotle Mexican Grill
x x x x
CHAPTER 3: Operating Decisions and the Accounting System
x x x x x x x
Focus Company: Chipotle Mexican Grill
x x x x
CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
x x x x x x x x
Focus Company: Chipotle Mexican Grill
x x x x
CHAPTER 5: Communicating and Analyzing Accounting Information
x x x x x x
Focus Company: Apple Inc.
x x x
CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
x x x x x x x x x
Focus Company: Skechers U.S.A.
x x x
CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
x x x x x x x x x x
Focus Company: Harley-Davidson, Inc.
x x x
CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natural
x x x x x x x x x x x
x Resources
Focus Company: FedEx Corporation
x x x
CHAPTER 9: Reporting and Interpreting Liabilities
x x x x x
Focus Company: Starbucks
x x
CHAPTER 10: Reporting and Interpreting Bond Securities
x x x x x x
Focus Company: Amazon
x x
CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
x x x x x x
Focus Company: Microsoft
x x
CHAPTER 12: Statement of Cash Flows
x x x x x
Focus Company: National Beverage Corporation
x x x x
CHAPTER 13: Analyzing Financial Statements
x x x x
Focus Company: The Home Depot
x x x x
, CHAPTER 1: Financial Statements and Business Decisions
x x x x x x
Focus Company: Le-Nature’s Inc.
x x x
Answers are at the end of each Chapter
x x x x x x x
Chapter 1 x
Student name:
x
1) Determine xthe xmissing xamounts xfor xeach xindependent xcase xbelow. xAssume xthe
xamounts xshown xare xat xthe xend xof xthe xcompany's xfirst xyear xof xoperation.
Company Total Total Total Total xLiabilitie NetxIncome Stockholders x'
xName xRevenue xAssets xExpenses s x(Loss) xEquity
Randolph $ $ $ $
600,00
x 450,00
x 350,00
x 130,000
x
0 0 0
Newman $ $ $ $ x75,000
105,00
x 80,000
x 10,000
x
0
Wiseman $ $ $(30,000 $ x100,000
190,00
x 70,000
x )
0
Martin $ $ $ $
180,00
x 215,00
x 115,00
x 75,000
x
0 0 0
VanTasse $ $ $ $ x79,000
l 55,000 75,000 19,000
, Question xDetails
AACSB x: xKnowledge xApplication
xAICPA x: xBB xCritical xThinking
xAICPA x: xFN xMeasurement
xBloom's x: xApply
Difficulty x: x2 xMedium
Learning xObjective x: x01-01 xRecognize xthe xinformation xconveyed xin xeach xof xthe xfour xbasic
xfinancial xsta xTopic x: xDistinguish xdifferent xfinancial xstatements
Type x: xStatic
Accessibility x: xKeyboard xNavigation
xAccessibility x: xScreen xReader xCompatible
xGradable x: xmanual
2) Frank’s xFlower xCompany, xa xsmall xretail xstore xthat xsells xflowers, xstarted
xbusiness xon xJanuary x1, x2022. xAt xthe xend xof xJanuary x2022, xthe xfollowing xinformation
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
February, x2022)
Required:A.Using xthe xabove xinformation, xprepare xthe xincome xstatement xfor xFrank’s xFlower
xCompany xfor xthe xmonth xended xJanuary x31, x2022.
B.What xis xthe xamount xof xcash xflows xprovided xby xoperating xactivities xto xbe xpresented xon xthe
xstatement xof xcash xflows?
