Financial Accounting 11th Edition Robert Libby, Pa
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TEST BANK FOR Financial Accounting 11th Edition Robert
Libby, Patricia Libby, Frank Hodge 2024 A+
1) Determine the missing amounts for each independent case below. Assume the amounts
shown are at the end of the company's first year of operation.
Company Total Total Total Total Net Income Stockholders'
Name Revenue Assets Expenses Liabilitie (Loss) Equity
s
Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $ 75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $ 100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $ 79,000
l 55,000 75,000 19,000
Question Details
AACSB : Knowledge Application AICPA : BB Critical Thinking AICPA : FN Measurement
Bloom's : Apply
Difficulty : 2 Medium
Learning Objective : 01-01 Recognize the information conveyed in each of the four basic
financial sta Topic : Distinguish different financial statements
Type : Static
Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Gradable :
manual
A+ Page 1
,Created By: A Solution
2) Frank’s Flower Company, a small retail store that sells flowers, started business on
January 1, 2022. At the end of January 2022, the following information was available:
Sales of flowers for cash $ 150,000
Sales of flowers for credit (not yet collected) 30,000
Cost of flowers which were sold and paid for during January 90,000
Expenses during January incurred, and paid for, during January unless otherwise noted:
Salaries $ 10,000
Telephone 500
Office supplies (all used) 300
Electricity 600
Rent on the store for January, 2022 (will not be paid until 2,000
February, 2022)
Required:A.Using the above information, prepare the income statement for Frank’s Flower
Company for the month ended January 31, 2022.
B.What is the amount of cash flows provided by operating activities to be presented on the
statement of cash flows?
Question Details
AACSB : Knowledge Application AICPA : BB Critical Thinking AICPA : FN Measurement
Bloom's : Apply
Learning Objective : 01-01 Recognize the information conveyed in each of the four basic
financial sta Topic : Distinguish different financial statements
Type : Static
Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Difficulty : 3
Hard
Gradable : manual
3) Indicate on which financial statement you would expect to find each of the following. If
an item can be found on more than one statement, list each statement.
A+ Page 2
,Created By: A Solution
Example: Cash Balance Sheet and Statement of Cash Flows
Notes payable blank
Salaries expense blank
Cost of goods sold blank
Sales revenue blank
Inventory blank
Income tax expense blank
Dividends declared blank
Retained earnings blank
Accounts payable blank
Equipment blank
Question Details
AICPA : BB Critical Thinking AICPA : FN Measurement
Learning Objective : 01-01 Recognize the information conveyed in each of the four basic
financial sta Topic : Distinguish different financial statements
Type : Static
AACSB : Reflective Thinking Difficulty : 1 Easy
Bloom's : Remember
Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Gradable :
manual
4) For each of the following items that appear on the balance sheet, identify each as an asset
(A), liability (L), or element of stockholders' equity (SE). For any item that would not appear on
the balance sheet, write the letter, N.
Retained earnings blank
A+ Page 3
, Created By: A Solution
Accounts payable blank
Selling expense blank
Common stock blank
Accounts receivable blank
Income tax expense blank
Dividends blank
Property and equipment blank
Question Details
AICPA : BB Critical Thinking AICPA : FN Measurement
Learning Objective : 01-01 Recognize the information conveyed in each of the four basic
financial sta Type : Static
AACSB : Reflective Thinking Difficulty : 1 Easy
Bloom's : Remember
Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Topic : Financial
statements-Balance sheet Gradable : manual
5) Rose Corporation began operations on January 2, 2022. During 2022, Rose made cash
and credit sales totaling $500,000 and collected $420,000 in cash from its customers. Rose
purchased inventory costing $250,000, paid $15,000 for dividends and the cost of goods sold
was $210,000. Also, the corporation incurred the following expenses during 2022:
Salary expense $ 80,000
Interest expense 5,000
Insurance expense 4,000
Supplies expense 6,000
Income tax expense 34,000
Required:1.Prepare an income statement showing revenues, expenses, income before income
taxes, income tax expense, and net income for the year ended December 31, 2022.
A+ Page 4
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