Test Bank | ISE Financial Accounting 11th Edition | Libby, Libby & Hodge | Chapters 1–13 | Verified Exam Questions | A+ Grades

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

, TABLE OF CONTENTS Y Y




CHAPTER 1: Financial Statements and Business Decisions
Y Y Y Y Y Y



Focus Company: Le-Nature’s Inc.
Y Y Y



CHAPTER 2: Investing and Financing Decisions and the Accounting System
Y Y Y Y Y Y Y Y Y



Focus Company: Chipotle Mexican Grill
Y Y Y Y



CHAPTER 3: Operating Decisions and the Accounting System
Y Y Y Y Y Y Y



Focus Company: Chipotle Mexican Grill
Y Y Y Y



CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
Y Y Y Y Y Y Y Y



Focus Company: Chipotle Mexican Grill
Y Y Y Y



CHAPTER 5: Communicating and Analyzing Accounting Information
Y Y Y Y Y Y



Focus Company: Apple Inc.
Y Y Y



CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
Y Y Y Y Y Y Y Y Y



Focus Company: Skechers U.S.A.
Y Y Y



CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
Y Y Y Y Y Y Y Y Y Y



Focus Company: Harley-Davidson, Inc.
Y Y Y



CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Nat
Y Y Y Y Y Y Y Y Y Y Y



ural Resources
Y



Focus Company: FedEx Corporation
Y Y Y



CHAPTER 9: Reporting and Interpreting Liabilities
Y Y Y Y Y



Focus Company: Starbucks
Y Y



CHAPTER 10: Reporting and Interpreting Bond Securities
Y Y Y Y Y Y



Focus Company: Amazon
Y Y



CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
Y Y Y Y Y Y



Focus Company: Microsoft
Y Y



CHAPTER 12: Statement of Cash Flows
Y Y Y Y Y



Focus Company: National Beverage Corporation
Y Y Y Y



CHAPTER 13: Analyzing Financial Statements
Y Y Y Y



Focus Company: The Home Depot
Y Y Y Y

, CHAPTER 1: Financial Statements and Business Decisions
Y Y Y Y Y Y


Focus Company: Le-Nature’s Inc.
Y Y Y



Answers are at the end of each Chapter
Y Y Y Y Y Y Y




Chapter 1 Y




Student name:
Y




1) DetermineYtheYmissingYamountsYforYeachYindependentYcaseYbelow.YAssumeYtheYamountsYs
hownYareYatYtheYendYofYtheYcompany'sYfirstYyearYofYoperation.
CompanyY TotalYRev TotalYA TotalYEx TotalYLiabiliti NetYIncomeY( StockholdersY'YE
Name enue ssets penses e Loss) quity
s
Randolph $ $ $ $
600,00
Y 450,00
Y Y350,00 Y130,000

0 0 0
Newman $ $ $ $Y75,000
105,00
Y Y80,000 Y10,000

0
Wiseman $ $ $(30,000 $Y100,000
190,00
Y 70,000
Y )
0
Martin $ $ $ $
180,00
Y 215,00
Y 115,00
Y 75,000
Y

0 0 0
VanTasse $ $ $ $Y79,000
l 55,000 75,000 19,000

, QuestionYDetails
AACSBY:YKnowledgeYApplicationY
AICPAY:YBBYCriticalYThinkingYAI
CPAY:YFNYMeasurementYBloom'sY:
YApply

DifficultyY:Y2YMedium
LearningYObjectiveY:Y01-
01YRecognizeYtheYinformationYconveyedYinYeachYofYtheYfourYbasicYfinancialYstaYTopicY:YDistinguishYdiffer
entYfinancialYstatements
TypeY:YStatic
AccessibilityY:YKeyboardYNavigationYAccessibilit
yY:YScreenYReaderYCompatibleYGradableY:Ymanu
al




2) Frank’sYFlowerYCompany,YaYsmallYretailYstoreYthatYsellsYflowers,YstartedYbusinessYonYJa
nuaryY1,Y2022.YAtYtheYendYofYJanuaryY2022,YtheYfollowingYinformationYwasYavailable:
SalesYofYflowersYforYcash $Y150,000
SalesYofYflowersYforYcreditY(notYyetYcollected) 30,000
CostYofYflowersYwhichYwereYsoldYandYpaidYforYduringYJanuary 90,000
ExpensesYduringYJanuaryYincurred,YandYpaidYfor,YduringYJanuaryYunlessYotherwiseYnoted:
Salaries $Y10,000
Telephone 500
OfficeYsuppliesY(allYused) 300
Electricity 600
RentYonYtheYstoreYforYJanuary,Y2022Y(willYnotYbeYpaidYuntil 2,000
February,Y2022)
Required:A.UsingYtheYaboveYinformation,YprepareYtheYincomeYstatementYforYFrank’sYFlowerYComp
anyYforYtheYmonthYendedYJanuaryY31,Y2022.
B.WhatYisYtheYamountYofYcashYflowsYprovidedYbyYoperatingYactivitiesYtoYbeYpresentedYonYtheYstateme
ntYofYcashYflows?