TEST BANK
Financial Accounting, 11th Edition
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
, TABLE OF CONTENTS
jp jp
CHAPTERjp1:jpFinancialjpStatementsjpandjpBusinessjpDecisions
FocusjpCompany:jpLe-Nature’sjpInc.
CHAPTERjp2:jpInvestingjpandjpFinancingjpDecisionsjpandjpthejpAccountingjpSystem
FocusjpCompany:jpChipotlejpMexicanjpGrill
CHAPTERjp3:jpOperatingjpDecisionsjpandjpthejpAccountingjpSystem
FocusjpCompany:jpChipotlejpMexicanjpGrill
CHAPTERjp4:jpAdjustments,jpFinancialjpStatements,jpandjpthejpClosingjpProcess
FocusjpCompany:jpChipotlejpMexicanjpGrill
CHAPTERjp5:jpCommunicatingjpandjpAnalyzingjpAccountingjpInformation
FocusjpCompany:jpApplejpInc.
CHAPTERjp6:jpReportingjpandjpInterpretingjpSalesjpRevenue,jpReceivables,jpandjpCash
FocusjpCompany:jpSkechersjpU.S.A.
CHAPTERjp7:jpReportingjpandjpInterpretingjpCostjpofjpGoodsjpSoldjpandjpInventory
FocusjpCompany:jpHarley-Davidson,jpInc.
CHAPTERjp8:jpReportingjpandjpInterpretingjpProperty,jpPlant,jpandjpEquipment;jpIntangibles;jpandjpNaturaljp
Resources
FocusjpCompany:jpFedExjpCorporation
CHAPTERjp9:jpReportingjpandjpInterpretingjpLiabilities
FocusjpCompany:jpStarbucks
CHAPTERjp10:jpReportingjpandjpInterpretingjpBondjpSecurities
FocusjpCompany:jpAmazon
CHAPTERjp11:jpReportingjpandjpInterpretingjpStockholders’jpEquity
FocusjpCompany:jpMicrosoft
CHAPTERjp12:jpStatementjpofjpCashjpFlows
FocusjpCompany:jpNationaljpBeveragejpCorporation
CHAPTERjp13:jpAnalyzingjpFinancialjpStatements
FocusjpCompany:jpThejpHomejpDepot
, CHAPTERjp1:jpFinancialjpStatementsjpandjpBusinessjpDecisions
FocusjpCompany:jpLe-Nature’sjpInc.
AnswersjparejpatjpthejpendjpofjpeachjpChapter
Chapterjp1
Studentjpname:
1) Determinejpthejpmissingjpamountsjpforjpeachjpindependentjpcasejpbelow.jpAssumejpthejpa
mountsjpshownjparejpatjpthejpendjpofjpthejpcompany'sjpfirstjpyearjpofjpoperation.
CompanyjpN TotaljpRev TotaljpA TotaljpExp TotaljpLiabilitie NetjpIncomejp(L Stockholdersjp'jpE
ame enue ssets enses s oss) quity
Randolph $j $j $j $j
p600,00 p450,00 p350,00 p130,000
0 0 0
Newman $j $j $j $jp75,000
p105,00 p80,000 p10,000
0
Wiseman $j $j $(30,000 $jp100,000
p190,00 p70,000 )
0
Martin $j $j $j $j
p180,00 p215,00 p115,00 p75,000
0 0 0
VanTasse $ $ $ $jp79,000
l 55,000 75,000 19,000
, QuestionjpDetails
AACSBjp:jpKnowledgejpApplicationj
pAICPAjp:jpBBjpCriticaljpThinkingjpA
ICPAjp:jpFNjpMeasurementjpBloo
m'sjp:jpApply
Difficultyjp:jp2jpMedium
LearningjpObjectivejp:jp01-
01jpRecognizejpthejpinformationjpconveyedjpinjpeachjpofjpthejpfourjpbasicjpfinancialjpstajpTopicjp:jpDisting
uishjpdifferentjpfinancialjpstatements
Typejp:jpStatic
Accessibilityjp:jpKeyboardjpNavigationjpAccessi
bilityjp:jpScreenjpReaderjpCompatiblejpGradablej
p:jpmanual
2) Frank’sjpFlowerjpCompany,jpajpsmalljpretailjpstorejpthatjpsellsjpflowers,jpstartedjpbusin
essjponjpJanuaryjp1,jp2022.jpAtjpthejpendjpofjpJanuaryjp2022,jpthejpfollowingjpinformationjpwa
sjpavailable:
Salesjpofjpflowersjpforjpcash $jp150,000
Salesjpofjpflowersjpforjpcreditjp(notjpyetjpcollected) 30,000
CostjpofjpflowersjpwhichjpwerejpsoldjpandjppaidjpforjpduringjpJanuary 90,000
ExpensesjpduringjpJanuaryjpincurred,jpandjppaidjpfor,jpduringjpJanuaryjpunlessjpotherwisejpnoted:
Salaries $jp10,000
Telephone 500
Officejpsuppliesjp(alljpused) 300
Electricity 600
RentjponjpthejpstorejpforjpJanuary,jp2022jp(willjpnotjpbejppaidjpuntil 2,000
February,jp2022)
Required:A.Usingjpthejpabovejpinformation,jppreparejpthejpincomejpstatementjpforjpFrank’sjpFlowe
rjpCompanyjpforjpthejpmonthjpendedjpJanuaryjp31,jp2022.
B.Whatjpisjpthejpamountjpofjpcashjpflowsjpprovidedjpbyjpoperatingjpactivitiesjptojpbejppresentedjponjp
thejpstatementjpofjpcashjpflows?
Financial Accounting, 11th Edition
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13
, TABLE OF CONTENTS
jp jp
CHAPTERjp1:jpFinancialjpStatementsjpandjpBusinessjpDecisions
FocusjpCompany:jpLe-Nature’sjpInc.
CHAPTERjp2:jpInvestingjpandjpFinancingjpDecisionsjpandjpthejpAccountingjpSystem
FocusjpCompany:jpChipotlejpMexicanjpGrill
CHAPTERjp3:jpOperatingjpDecisionsjpandjpthejpAccountingjpSystem
FocusjpCompany:jpChipotlejpMexicanjpGrill
CHAPTERjp4:jpAdjustments,jpFinancialjpStatements,jpandjpthejpClosingjpProcess
FocusjpCompany:jpChipotlejpMexicanjpGrill
CHAPTERjp5:jpCommunicatingjpandjpAnalyzingjpAccountingjpInformation
FocusjpCompany:jpApplejpInc.
CHAPTERjp6:jpReportingjpandjpInterpretingjpSalesjpRevenue,jpReceivables,jpandjpCash
FocusjpCompany:jpSkechersjpU.S.A.
CHAPTERjp7:jpReportingjpandjpInterpretingjpCostjpofjpGoodsjpSoldjpandjpInventory
FocusjpCompany:jpHarley-Davidson,jpInc.
CHAPTERjp8:jpReportingjpandjpInterpretingjpProperty,jpPlant,jpandjpEquipment;jpIntangibles;jpandjpNaturaljp
Resources
FocusjpCompany:jpFedExjpCorporation
CHAPTERjp9:jpReportingjpandjpInterpretingjpLiabilities
FocusjpCompany:jpStarbucks
CHAPTERjp10:jpReportingjpandjpInterpretingjpBondjpSecurities
FocusjpCompany:jpAmazon
CHAPTERjp11:jpReportingjpandjpInterpretingjpStockholders’jpEquity
FocusjpCompany:jpMicrosoft
CHAPTERjp12:jpStatementjpofjpCashjpFlows
FocusjpCompany:jpNationaljpBeveragejpCorporation
CHAPTERjp13:jpAnalyzingjpFinancialjpStatements
FocusjpCompany:jpThejpHomejpDepot
, CHAPTERjp1:jpFinancialjpStatementsjpandjpBusinessjpDecisions
FocusjpCompany:jpLe-Nature’sjpInc.
AnswersjparejpatjpthejpendjpofjpeachjpChapter
Chapterjp1
Studentjpname:
1) Determinejpthejpmissingjpamountsjpforjpeachjpindependentjpcasejpbelow.jpAssumejpthejpa
mountsjpshownjparejpatjpthejpendjpofjpthejpcompany'sjpfirstjpyearjpofjpoperation.
CompanyjpN TotaljpRev TotaljpA TotaljpExp TotaljpLiabilitie NetjpIncomejp(L Stockholdersjp'jpE
ame enue ssets enses s oss) quity
Randolph $j $j $j $j
p600,00 p450,00 p350,00 p130,000
0 0 0
Newman $j $j $j $jp75,000
p105,00 p80,000 p10,000
0
Wiseman $j $j $(30,000 $jp100,000
p190,00 p70,000 )
0
Martin $j $j $j $j
p180,00 p215,00 p115,00 p75,000
0 0 0
VanTasse $ $ $ $jp79,000
l 55,000 75,000 19,000
, QuestionjpDetails
AACSBjp:jpKnowledgejpApplicationj
pAICPAjp:jpBBjpCriticaljpThinkingjpA
ICPAjp:jpFNjpMeasurementjpBloo
m'sjp:jpApply
Difficultyjp:jp2jpMedium
LearningjpObjectivejp:jp01-
01jpRecognizejpthejpinformationjpconveyedjpinjpeachjpofjpthejpfourjpbasicjpfinancialjpstajpTopicjp:jpDisting
uishjpdifferentjpfinancialjpstatements
Typejp:jpStatic
Accessibilityjp:jpKeyboardjpNavigationjpAccessi
bilityjp:jpScreenjpReaderjpCompatiblejpGradablej
p:jpmanual
2) Frank’sjpFlowerjpCompany,jpajpsmalljpretailjpstorejpthatjpsellsjpflowers,jpstartedjpbusin
essjponjpJanuaryjp1,jp2022.jpAtjpthejpendjpofjpJanuaryjp2022,jpthejpfollowingjpinformationjpwa
sjpavailable:
Salesjpofjpflowersjpforjpcash $jp150,000
Salesjpofjpflowersjpforjpcreditjp(notjpyetjpcollected) 30,000
CostjpofjpflowersjpwhichjpwerejpsoldjpandjppaidjpforjpduringjpJanuary 90,000
ExpensesjpduringjpJanuaryjpincurred,jpandjppaidjpfor,jpduringjpJanuaryjpunlessjpotherwisejpnoted:
Salaries $jp10,000
Telephone 500
Officejpsuppliesjp(alljpused) 300
Electricity 600
RentjponjpthejpstorejpforjpJanuary,jp2022jp(willjpnotjpbejppaidjpuntil 2,000
February,jp2022)
Required:A.Usingjpthejpabovejpinformation,jppreparejpthejpincomejpstatementjpforjpFrank’sjpFlowe
rjpCompanyjpforjpthejpmonthjpendedjpJanuaryjp31,jp2022.
B.Whatjpisjpthejpamountjpofjpcashjpflowsjpprovidedjpbyjpoperatingjpactivitiesjptojpbejppresentedjponjp
thejpstatementjpofjpcashjpflows?
