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TEST BANK
Financial Accounting 11th Edition
by Robert Libby, Patricia Libby, Frank Hodge,
All Chapters 1-13
, TABLE OF CONTENTS g g
CHAPTER 1: Financial Statements and Business Decisions
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Focus Company: Le-Nature’s Inc.
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CHAPTER 2: Investing and Financing Decisions and the Accounting System
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Focus Company: Chipotle Mexican Grill
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CHAPTER 3: Operating Decisions and the Accounting System
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Focus Company: Chipotle Mexican Grill
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CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
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Focus Company: Chipotle Mexican Grill
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CHAPTER 5: Communicating and Analyzing Accounting Information
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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.
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CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
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Focus Company: Harley-Davidson, Inc.
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CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natural
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Resources
Focus Company: FedEx Corporation
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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
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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.
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Answers are at the end of each Chapter
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Chapter 1 g
Student name:
g
1) Determinegthegmissinggamountsgforgeachgindependentgcasegbelow.gAssumegthegamountsgs
howngaregatgthegendgofgthegcompany'sgfirstgyeargofgoperation.
CompanygN TotalgRev TotalgA TotalgExp TotalgLiabiliti NetgIncomeg(L Stockholdersg'gEq
ame enue ssets enses e oss) uity
s
Randolph $g $g $g $g
600,00 450,00 350,00 130,000
0 0 0
Newman $g $g $g $g75,000
105,00 80,000 10,000
0
Wiseman $g $g $(30,000 $g100,000
190,00 70,000 )
0
Martin $g $g $g $g
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $g79,000
l 55,000 75,000 19,000
, QuestiongDetails
AACSBg:gKnowledgegApplication
gAICPAg:gBBgCriticalgThinkinggA
ICPAg:gFNgMeasurementgBloom's
g:gApply
Difficultyg:g2gMedium
LearninggObjectiveg:g01-
01gRecognizegtheginformation gconveyedgingeachgofgthegfourgbasicgfinancialgstagTopicg:gDistinguish gdiffer
entgfinancialgstatements
Typeg:gStatic
Accessibilityg:gKeyboardgNavigationgAccessibi
lityg:gScreengReadergCompatiblegGradableg:gma
nual
2) Frank’sgFlowergCompany,gagsmallgretailgstoregthatgsellsgflowers,gstartedgbusinessgongJ
anuaryg1,g2022.gAtgthegendgofgJanuaryg2022,gthegfollowingginformationgwasgavailable:
Salesgofgflowersgforgcash $g150,000
Salesgofgflowersgforgcreditg(notgyetgcollected) 30,000
CostgofgflowersgwhichgweregsoldgandgpaidgforgduringgJanuary 90,000
ExpensesgduringgJanuarygincurred,gandgpaidgfor,gduringgJanuarygunlessgotherwisegnoted:
Salaries $g10,000
Telephone 500
Officegsuppliesg(allgused) 300
Electricity 600
RentgongthegstoregforgJanuary,g2022g(willgnotgbegpaidguntil 2,000
February,g2022)
Required:A.Usinggthegaboveginformation,gpreparegthegincomegstatementgforgFrank’sgFlowergCom
panygforgthegmonthgendedgJanuaryg31,g2022.
B.Whatgisgthegamountgofgcashgflowsgprovidedgbygoperatinggactivitiesgtogbegpresentedgongthegstateme
ntgofgcashgflows?
