Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books. To prepare: A reconstruction entry.

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Answer 1

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Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

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Question text A company sells a product with an associated warranty. (The customer must separately purchase the warranty at the time the related product is purchased). After the sale of a particular warranty, the company records the following journal entry: Cash 500 Warranty Liability 500 What error now exists in the company’s financial statements? Select one: a. Liabilities are understated. b. Liabilities are overstated. C. Net income is understated. d. No error exists, as the entry has been properly recorded.

Indicate whether each of the following statements is true or false. Bribery in the world of business typically happens when an organization or representative of an organization gives financial benefits to an official to gain favor or manipulate a business decision. The Foreign Corrupt Practices Act was implemented in the aftermath of disclosures that businesses were violating the IMA Code of Ethics. Managers are required to follow specific rules issued by the IMA for internal financial reporting. Ethics is more than obeying laws. The Sarbanes-Oxley Act addressed public company accounting reform.

Answer 2

Question

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

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Answer 3

Question

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

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Answer 4

Question

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

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Answer 5

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

Answer 6

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

Answer 7

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

Answer 8

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

Answer 9

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 12 - Prob. 1QS Ch. 12 - Prob. 2QS Ch. 12 - Prob. 3QS Ch. 12 - Prob. 4QS Ch. 12 - Prob. 5QS Ch. 12 - Prob. 6QS Ch. 12 - Prob. 7QS Ch. 12 - Prob. 8QS Ch. 12 - Prob. 9QS Ch. 12 - Prob. 10QS

Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books. To prepare: A reconstruction entry.

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books. To prepare: A reconstruction entry.

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations. The effect on cash flow statement.

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Chapter 12 Solutions

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.