TEST BANK
Financial Accounting, 11th Edition
by Robert Libby, Patricia Libby, Frank Hodge,
All Chapters 1-13 fully covered
, TABLE OF CONTENTS v v
CHAPTER 1: Financial Statements and Business Decisions
v v v v v v
Focus Company: Le-Nature’s Inc.
v v v
CHAPTER 2: Investing and Financing Decisions and the Accounting System
v v v v v v v v v
Focus Company: Chipotle Mexican Grill
v v v v
CHAPTER 3: Operating Decisions and the Accounting System
v v v v v v v
Focus Company: Chipotle Mexican Grill
v v v v
CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
v v v v v v v v
Focus Company: Chipotle Mexican Grill
v v v v
CHAPTER 5: Communicating and Analyzing Accounting Information
v v v v v v
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.
v v v
CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
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Focus Company: Harley-Davidson, Inc.
v v v
CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natural Resour
v v v v v v v v v v v v
ces
Focus Company: FedEx Corporation
v v v
CHAPTER 9: Reporting and Interpreting Liabilities
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Focus Company: Starbucks
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CHAPTER 10: Reporting and Interpreting Bond Securities
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Focus Company: Amazon
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CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
v v v v v v
Focus 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
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Focus 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.
v v v
Answers are at the end of each Chapter
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Chapter 1 v
Student name:
v
1) Determinevthevmissingvamountsvforveachvindependentvcasevbelow.vAssumevthevamount
svshownvarevatvthevendvofvthevcompany'svfirstvyearvofvoperation.
CompanyvN TotalvRev TotalvAs TotalvExp TotalvLiabilitie NetvIncomev(Lo Stockholdersv'vEq
ame enue sets enses s ss) uity
Randolph $v $v $v $v
600,00 450,00 350,00 130,000
0 0 0
Newman $v $v $v $v75,000
105,00 80,000 10,000
0
Wiseman $v $v $(30,000 $v100,000
190,00 70,000 )
0
Martin $v $v $v $v
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $v79,000
l 55,000 75,000 19,000
, QuestionvDetails
AACSBv:vKnowledgevApplicationvAI
CPAv:vBBvCriticalvThinkingvAICPAv:v
FNvMeasurementvBloom'sv:vApply
Difficultyv:v2vMedium
LearningvObjectivev:v01-
01vRecognizevthevinformationvconveyedvinveachvofvthevfourvbasicvfinancialvstavTopicv:vDistinguishvdiffer
entvfinancialvstatements
Typev:vStatic
Accessibilityv:vKeyboardvNavigationvAccessibilit
yv:vScreenvReadervCompatiblevGradablev:vmanu
al
2) Frank’svFlowervCompany,vavsmallvretailvstorevthatvsellsvflowers,vstartedvbusinessvonv
Januaryv1,v2022.vAtvthevendvofvJanuaryv2022,vthevfollowingvinformationvwasvavailable:
Salesvofvflowersvforvcash $v150,000
Salesvofvflowersvforvcreditv(notvyetvcollected) 30,000
CostvofvflowersvwhichvwerevsoldvandvpaidvforvduringvJanuary 90,000
ExpensesvduringvJanuaryvincurred,vandvpaidvfor,vduringvJanuaryvunlessvotherwisevnoted:
Salaries $v10,000
Telephone 500
Officevsuppliesv(allvused) 300
Electricity 600
RentvonvthevstorevforvJanuary,v2022v(willvnotvbevpaidvuntil 2,000
February,v2022)
Required:A.Usingvthevabovevinformation,vpreparevthevincomevstatementvforvFrank’svFlowervCom
panyvforvthevmonthvendedvJanuaryv31,v2022.
B.Whatvisvthevamountvofvcashvflowsvprovidedvbyvoperatingvactivitiesvtovbevpresentedvonvthevstate
mentvofvcashvflows?
