TEST BANK Financial Accounting, 11th Edition by Robert Lib by, Patricia Frank Hodge

TEST BANK w




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 Y Y




CHAPTER 1: Financial Statements and Business Decisions Foc
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us 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 Fo
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cus Company: Chipotle Mexican Grill
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CHAPTER 5: Communicating and Analyzing Accounting Informatio
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n 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 Nat
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ural Resources
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Focus Company: FedEx Corporation
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CHAPTER 9: Reporting and Interpreting Liabilitie
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s Focus Company: Starbucks
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CHAPTER 10: Reporting and Interpreting Bond Securities Foc
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us Company: Amazon
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CHAPTER 11: Reporting and Interpreting Stockholders’ Equit
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y Focus Company: Microsoft
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CHAPTER 12: Statement of Cash Flows
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Focus Company: National Beverage Corporation C
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HAPTER 13: Analyzing Financial Statements Focu
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s 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.
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Answers are at the end of each Chapter
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Chapter 1 w




Student name:
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1) Determinewthewmissingwamountswforweachwindependentwcasewbelow.wAssumewthewamounts
wswhownwarewatYthewendwofwthewcompany'swfirst wyearwofwoperation.


Company TotalwRev TotalwA TotalwEx TotalwLiabiliti NetwIncomew( Stockholdersw'wE
Name enue ssets penses e Loss) quity
w

s
Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $w75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $w100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $w79,000
l 55,000 75,000 19,000

, Questionw Details
AACSBw:wKnowledgewApplicatio
nwAICPAw:wBBwCriticalwThinking
wAI wCPAw:wFNwMeasurement wBlo

om'sw:
Apply
Difficultyw:w2wMediumw
LearningYObjectivew:w01-
01wRecognizewthewinformationwconveyedwinweachwofwthewfourwbasicwfinancialwstawTopicw:wDistinguishwd
ifferwentwfinancialwstatements
Typew:wStatic
Accessibilityw:wKeyboardwNavigationwAccessibili
twyw:wScreenwReaderwCompatiblewGradablew:wm
anuwal




2) Frank’swFlowerwCompany,wawsmallwretailwstorewthatwsellswflowers,wstartedwbusinesswonw
Jawnuaryw1,w2022.wAtwthewendwofwJanuaryw2022,wthewfollowingwinformationwwaswavailable:
Saleswofwflowerswforwcash $w150,000
SaleswofwflowerswforYcreditw(notwyetwcollected) 30,000
CostwofwflowerswwhichwwerewsoldwandwpaidwforwduringwJanuary 90,000
ExpenseswduringwJanuarywincurred,wandwpaidwfor,wduringwJanuarywunlesswotherwisewnoted:
Salaries $w10,000
Telephone 500
Officewsuppliesw(allwused) 300
Electricity 600
RentwonwthewstorewforwJanuary,w2022w(willYnotwbewpaidwuntil 2,000
February,w2022)
Required:A.Usingwthewabovewinformation,wpreparewthewincomewstatementwforwFrank’swFlowerwCom
pwanywforwthewmonthwendedwJanuaryw31,w2022.
B.Whatwiswthewamountwofwcashwflowswprovidedwbywoperatingwactivitieswtowbewpresentedwonwthewstate
mewntwofwcashwflows?