TEST BANK j
Financial Accounting, 11thEdition
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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 DecisionsF
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ocus Company: Le-Nature’s Inc.
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CHAPTER 2: Investing and Financing Decisions and the Accounting SystemFoc
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us Company: Chipotle Mexican Grill
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CHAPTER 3: Operating Decisions and the Accounting SystemFoc
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us Company: Chipotle Mexican Grill
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CHAPTER 4: Adjustments, Financial Statements, and the Closing ProcessFocus
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j Company: Chipotle Mexican Grill j j j
CHAPTER 5: Communicating and Analyzing Accounting InformationFo
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cus Company: Apple Inc.
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CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and CashFocus
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Company: Skechers U.S.A. j j
CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and InventoryFocu
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s Company: Harley-Davidson, Inc.
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CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natura
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l Resources
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Focus Company: FedEx Corporation
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CHAPTER 9: Reporting and Interpreting LiabilitiesF
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ocus Company: Starbucks
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CHAPTER 10: Reporting and Interpreting Bond SecuritiesFocus
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Company: Amazon j
CHAPTER 11: Reporting and Interpreting Stockholders’ EquityF
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ocus 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 Fo
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cus Company: The Home Depot
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, CHAPTER 1: Financial Statements and Business DecisionsF
j j j j j j j
ocus Company: Le-Nature’s Inc.
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Answers are at the end of each Chapter
Y Y Y Y Y Y Y
Chapter 1 j
Studentname:
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1) Determinejthejmissingjamountsjforjeachjindependentjcasejbelow.jAssumejthejamountsjsjhow
njarejatYthejendjofj thejcompany'sj firstjyearj ofjoperation.
Companyj TotaljRevj TotaljAj TotaljExj TotaljLiabilitij NetjIncomej(j Stockholdersj'jEj
Name enue ssets penses e Loss) quity
s
Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $j75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $j100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $j $j $j $j79,000
l 55,000 75,000 19,000
, QuestionjDetails
AACSBj:jKnowledgejApplicationjA
ICPAj:jBBjCriticaljThinkingjAIjCPA
j :j FNj Measurementj Bloom'sj :
Apply
Difficultyj:j 2j MediumjLea
rningYObjectivej :j 01-
01j Recognizej thej informationj conveyedj inj eachj ofj thej fourj basicj financialj staj Topicj :j Distinguishj differjentj fina
ncialj statements
Typej:j Static
Accessibilityj:jKeyboardjNavigationjAccessibilitjyj
:jScreenjReaderjCompatiblejGradablej :jmanujal
2) Frank’sjFlowerjCompany,jajsmalljretailjstorejthatjsellsjflowers,jstartedjbusinessjonjJajnuar
yj 1,j2022.j AtjthejendjofjJanuaryj2022,jthej followingj informationjwasjavailable:
Salesjofjflowersjforjcash $j150,000
SalesjofjflowersjforYcreditj (notj yetjcollected) 30,000
CostjofjflowersjwhichjwerejsoldjandjpaidjforjduringjJanuary 90,000
ExpensesjduringjJanuaryjincurred,jandjpaidjfor,jduringjJanuaryjunlessjotherwisejnoted:
Salaries $j10,000
Telephone 500
Officejsuppliesj(alljused) 300
Electricity 600
Rentjonjthej storejforjJanuary,j 2022j(willYnotjbej paidjuntiljFebruary,j20 2,000
22)
Required:A.Usingjthejabovejinformation,jpreparejthejincomejstatementjforjFrank’sjFlowerjCompjanyj f
orjthej monthjendedjJanuaryj 31,j2022.
B.Whatjisjthejamountjofjcashjflowsjprovidedjbyjoperatingjactivitiesjtojbejpresentedjonjthejstatemejntjofj ca
shjflows?
Financial Accounting, 11thEdition
j j j
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
j j j j j j j j j
, TABLE OF CONTENTS Y Y
CHAPTER 1: Financial Statements and Business DecisionsF
j j j j j j j
ocus Company: Le-Nature’s Inc.
j j j
CHAPTER 2: Investing and Financing Decisions and the Accounting SystemFoc
j j j j j j j j j j
us Company: Chipotle Mexican Grill
j j j j
CHAPTER 3: Operating Decisions and the Accounting SystemFoc
j j j j j j j j
us Company: Chipotle Mexican Grill
j j j j
CHAPTER 4: Adjustments, Financial Statements, and the Closing ProcessFocus
j j j j j j j j j
j Company: Chipotle Mexican Grill j j j
CHAPTER 5: Communicating and Analyzing Accounting InformationFo
j j j j j j j
cus Company: Apple Inc.
j j j
CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and CashFocus
j j j j j j j j j j j
Company: Skechers U.S.A. j j
CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and InventoryFocu
j j j j j j j j j j j
s Company: Harley-Davidson, Inc.
j j j
CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natura
j j j j j j j j j j j j
l Resources
j
Focus Company: FedEx Corporation
j j j
CHAPTER 9: Reporting and Interpreting LiabilitiesF
j j j j j j
ocus Company: Starbucks
j j
CHAPTER 10: Reporting and Interpreting Bond SecuritiesFocus
j j j j j j j j
Company: Amazon j
CHAPTER 11: Reporting and Interpreting Stockholders’ EquityF
j j j j j j j
ocus Company: Microsoft
j j
CHAPTER 12: Statement of Cash Flows
j j j j j
Focus Company: National Beverage Corporation
j j j j j
CHAPTER 13: Analyzing Financial Statements Fo
j j j j j
cus Company: The Home Depot
j j j j
, CHAPTER 1: Financial Statements and Business DecisionsF
j j j j j j j
ocus Company: Le-Nature’s Inc.
j j j
Answers are at the end of each Chapter
Y Y Y Y Y Y Y
Chapter 1 j
Studentname:
j j
1) Determinejthejmissingjamountsjforjeachjindependentjcasejbelow.jAssumejthejamountsjsjhow
njarejatYthejendjofj thejcompany'sj firstjyearj ofjoperation.
Companyj TotaljRevj TotaljAj TotaljExj TotaljLiabilitij NetjIncomej(j Stockholdersj'jEj
Name enue ssets penses e Loss) quity
s
Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $j75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $j100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $j $j $j $j79,000
l 55,000 75,000 19,000
, QuestionjDetails
AACSBj:jKnowledgejApplicationjA
ICPAj:jBBjCriticaljThinkingjAIjCPA
j :j FNj Measurementj Bloom'sj :
Apply
Difficultyj:j 2j MediumjLea
rningYObjectivej :j 01-
01j Recognizej thej informationj conveyedj inj eachj ofj thej fourj basicj financialj staj Topicj :j Distinguishj differjentj fina
ncialj statements
Typej:j Static
Accessibilityj:jKeyboardjNavigationjAccessibilitjyj
:jScreenjReaderjCompatiblejGradablej :jmanujal
2) Frank’sjFlowerjCompany,jajsmalljretailjstorejthatjsellsjflowers,jstartedjbusinessjonjJajnuar
yj 1,j2022.j AtjthejendjofjJanuaryj2022,jthej followingj informationjwasjavailable:
Salesjofjflowersjforjcash $j150,000
SalesjofjflowersjforYcreditj (notj yetjcollected) 30,000
CostjofjflowersjwhichjwerejsoldjandjpaidjforjduringjJanuary 90,000
ExpensesjduringjJanuaryjincurred,jandjpaidjfor,jduringjJanuaryjunlessjotherwisejnoted:
Salaries $j10,000
Telephone 500
Officejsuppliesj(alljused) 300
Electricity 600
Rentjonjthej storejforjJanuary,j 2022j(willYnotjbej paidjuntiljFebruary,j20 2,000
22)
Required:A.Usingjthejabovejinformation,jpreparejthejincomejstatementjforjFrank’sjFlowerjCompjanyj f
orjthej monthjendedjJanuaryj 31,j2022.
B.Whatjisjthejamountjofjcashjflowsjprovidedjbyjoperatingjactivitiesjtojbejpresentedjonjthejstatemejntjofj ca
shjflows?
