Investing activities: Investing activities include purchasing and selling of long-term assets, making and collecting loans acquiring and disposing of investments and productive long-lived assets. (a) To determine: To determine the net cash method and net cash for the year 2012, 2013, and 2014 and the item that is not responsible for decrease in cash of G&P company.

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Answer 1

Question

Chapter 23, Problem 1UJ

To determine

Investing activities: Investing activities include purchasing and selling of long-term assets, making and collecting loans acquiring and disposing of investments and productive long-lived assets.

(a) To determine: To determine the net cash method and net cash for the year 2012, 2013, and 2014 and the item that is not responsible for decrease in cash of G&P company.

To determine

(b) To determine: To determine the important item in the cash flows used for investing activities and financing section in 2014.

To determine

(c) To determine: To determine the reporting of “deferred income taxes” in the statement of cash flows for G&P and also determine the reason for such reporting.

To determine

d) To determine: To determine the reporting of depreciation on statement of cash flows and also to find why depreciation is added back to net income in the statement of cash flows.

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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Assume another customer has returned a pair of duck boots (original cost $109) to L.L. Bean. What journal entry would L.L. Bean make to process the return and refund the original purchase price to the customer?

Answer 2

Question

Chapter 23, Problem 1UJ

To determine

Investing activities: Investing activities include purchasing and selling of long-term assets, making and collecting loans acquiring and disposing of investments and productive long-lived assets.

(a) To determine: To determine the net cash method and net cash for the year 2012, 2013, and 2014 and the item that is not responsible for decrease in cash of G&P company.

To determine

(b) To determine: To determine the important item in the cash flows used for investing activities and financing section in 2014.

To determine

(c) To determine: To determine the reporting of “deferred income taxes” in the statement of cash flows for G&P and also determine the reason for such reporting.

To determine

d) To determine: To determine the reporting of depreciation on statement of cash flows and also to find why depreciation is added back to net income in the statement of cash flows.

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Answer 3

Question

Chapter 23, Problem 1UJ

To determine

Investing activities: Investing activities include purchasing and selling of long-term assets, making and collecting loans acquiring and disposing of investments and productive long-lived assets.

(a) To determine: To determine the net cash method and net cash for the year 2012, 2013, and 2014 and the item that is not responsible for decrease in cash of G&P company.

To determine

(b) To determine: To determine the important item in the cash flows used for investing activities and financing section in 2014.

To determine

(c) To determine: To determine the reporting of “deferred income taxes” in the statement of cash flows for G&P and also determine the reason for such reporting.

To determine

d) To determine: To determine the reporting of depreciation on statement of cash flows and also to find why depreciation is added back to net income in the statement of cash flows.

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Answer 4

Question

Chapter 23, Problem 1UJ

To determine

Investing activities: Investing activities include purchasing and selling of long-term assets, making and collecting loans acquiring and disposing of investments and productive long-lived assets.

(a) To determine: To determine the net cash method and net cash for the year 2012, 2013, and 2014 and the item that is not responsible for decrease in cash of G&P company.

To determine

(b) To determine: To determine the important item in the cash flows used for investing activities and financing section in 2014.

To determine

(c) To determine: To determine the reporting of “deferred income taxes” in the statement of cash flows for G&P and also determine the reason for such reporting.

To determine

d) To determine: To determine the reporting of depreciation on statement of cash flows and also to find why depreciation is added back to net income in the statement of cash flows.

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Answer 5

Chapter 23, Problem 1UJ

To determine

Investing activities: Investing activities include purchasing and selling of long-term assets, making and collecting loans acquiring and disposing of investments and productive long-lived assets.

(a) To determine: To determine the net cash method and net cash for the year 2012, 2013, and 2014 and the item that is not responsible for decrease in cash of G&P company.

To determine

(b) To determine: To determine the important item in the cash flows used for investing activities and financing section in 2014.

To determine

(c) To determine: To determine the reporting of “deferred income taxes” in the statement of cash flows for G&P and also determine the reason for such reporting.

To determine

d) To determine: To determine the reporting of depreciation on statement of cash flows and also to find why depreciation is added back to net income in the statement of cash flows.

Answer 6

Chapter 23, Problem 1UJ

To determine

Investing activities: Investing activities include purchasing and selling of long-term assets, making and collecting loans acquiring and disposing of investments and productive long-lived assets.

(a) To determine: To determine the net cash method and net cash for the year 2012, 2013, and 2014 and the item that is not responsible for decrease in cash of G&P company.

Answer 7

Chapter 23, Problem 1UJ

To determine

Investing activities: Investing activities include purchasing and selling of long-term assets, making and collecting loans acquiring and disposing of investments and productive long-lived assets.

(a) To determine: To determine the net cash method and net cash for the year 2012, 2013, and 2014 and the item that is not responsible for decrease in cash of G&P company.

Answer 8

To determine

(b) To determine: To determine the important item in the cash flows used for investing activities and financing section in 2014.

Answer 9

To determine

(b) To determine: To determine the important item in the cash flows used for investing activities and financing section in 2014.

Answer 10

To determine

(c) To determine: To determine the reporting of “deferred income taxes” in the statement of cash flows for G&P and also determine the reason for such reporting.

Answer 11

To determine

(c) To determine: To determine the reporting of “deferred income taxes” in the statement of cash flows for G&P and also determine the reason for such reporting.

Answer 12

To determine

d) To determine: To determine the reporting of depreciation on statement of cash flows and also to find why depreciation is added back to net income in the statement of cash flows.

Answer 13

To determine

d) To determine: To determine the reporting of depreciation on statement of cash flows and also to find why depreciation is added back to net income in the statement of cash flows.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 23 - Prob. 1Q Ch. 23 - Prob. 2Q Ch. 23 - Prob. 3Q Ch. 23 - Prob. 4Q Ch. 23 - Prob. 5Q Ch. 23 - Prob. 6Q Ch. 23 - Prob. 7Q Ch. 23 - Prob. 8Q Ch. 23 - Prob. 9Q Ch. 23 - Prob. 10Q

(b) To determine: To determine the important item in the cash flows used for investing activities and financing section in 2014.

(c) To determine: To determine the reporting of “deferred income taxes” in the statement of cash flows for G&P and also determine the reason for such reporting.

d) To determine: To determine the reporting of depreciation on statement of cash flows and also to find why depreciation is added back to net income in the statement of cash flows.

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Chapter 23 Solutions