Proxy statement: Proxy statement is a statement required for seeking shareholders’ votes. Public company requires filling of proxy statements prior to the company’s annual general meeting. It must be reported to all the shareholders each year. To locate: The disclosure notes and audit reports of Company CC.

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Answer 1

Question

Chapter 3, Problem 3.10BYP

(2)

To determine

Proxy statement:

Proxy statement is a statement required for seeking shareholders’ votes. Public company requires filling of proxy statements prior to the company’s annual general meeting. It must be reported to all the shareholders each year.

To locate: The disclosure notes and audit reports of Company CC.

(3) (a)

To determine

To describe: The subsequent events disclosed by the company.

(3) (b)

To determine

To state: The company auditor’s name and the opinion disclosed by the auditor.

(4) (a)

To determine

To list: The principal position of Person M.

(4) (b)

To determine

To state: The salary paid to Person M during the year ended December 31, 2015.

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10:43 |0 • 0.16 4G KB/S 70 Document View 1. Credit memos are items that are already added by the bank but have not been added by the book as of the cut off date. 2. Debit memos are amounts that have been deducted by the bank but have not been deducted per book. 3. Examples of debit memo include accounts receivable collected by the bank in favor of the company and loan proceed directly credited by the bank to the account of the customer. 4. Monthly bank reconciliation is one of the internal control features in every company, which is created to show that there is no discrepancy between the cash balance per book records and the cash balance per bank records. 5. Reciprocal accounts should have the same balance after ail adjustments have been made. Determine whether the following reconciling items should be added to the book or bank account balance or deducted from the book or bank account by putting (/) check mark or (x) cross mark on the corresponding column. ADD DEDUCT DEDUCT ADD TO…

Answer question 7

Answer 2

Question

Chapter 3, Problem 3.10BYP

(2)

To determine

Proxy statement:

Proxy statement is a statement required for seeking shareholders’ votes. Public company requires filling of proxy statements prior to the company’s annual general meeting. It must be reported to all the shareholders each year.

To locate: The disclosure notes and audit reports of Company CC.

(3) (a)

To determine

To describe: The subsequent events disclosed by the company.

(3) (b)

To determine

To state: The company auditor’s name and the opinion disclosed by the auditor.

(4) (a)

To determine

To list: The principal position of Person M.

(4) (b)

To determine

To state: The salary paid to Person M during the year ended December 31, 2015.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.10BYP

(2)

To determine

Proxy statement:

Proxy statement is a statement required for seeking shareholders’ votes. Public company requires filling of proxy statements prior to the company’s annual general meeting. It must be reported to all the shareholders each year.

To locate: The disclosure notes and audit reports of Company CC.

(3) (a)

To determine

To describe: The subsequent events disclosed by the company.

(3) (b)

To determine

To state: The company auditor’s name and the opinion disclosed by the auditor.

(4) (a)

To determine

To list: The principal position of Person M.

(4) (b)

To determine

To state: The salary paid to Person M during the year ended December 31, 2015.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.10BYP

(2)

To determine

Proxy statement:

Proxy statement is a statement required for seeking shareholders’ votes. Public company requires filling of proxy statements prior to the company’s annual general meeting. It must be reported to all the shareholders each year.

To locate: The disclosure notes and audit reports of Company CC.

(3) (a)

To determine

To describe: The subsequent events disclosed by the company.

(3) (b)

To determine

To state: The company auditor’s name and the opinion disclosed by the auditor.

(4) (a)

To determine

To list: The principal position of Person M.

(4) (b)

To determine

To state: The salary paid to Person M during the year ended December 31, 2015.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.10BYP

(2)

To determine

Proxy statement:

Proxy statement is a statement required for seeking shareholders’ votes. Public company requires filling of proxy statements prior to the company’s annual general meeting. It must be reported to all the shareholders each year.

To locate: The disclosure notes and audit reports of Company CC.

(3) (a)

To determine

To describe: The subsequent events disclosed by the company.

(3) (b)

To determine

To state: The company auditor’s name and the opinion disclosed by the auditor.

(4) (a)

To determine

To list: The principal position of Person M.

(4) (b)

To determine

To state: The salary paid to Person M during the year ended December 31, 2015.

Answer 6

Chapter 3, Problem 3.10BYP

(2)

To determine

Proxy statement:

Proxy statement is a statement required for seeking shareholders’ votes. Public company requires filling of proxy statements prior to the company’s annual general meeting. It must be reported to all the shareholders each year.

To locate: The disclosure notes and audit reports of Company CC.

Answer 7

Chapter 3, Problem 3.10BYP

(2)

To determine

Proxy statement:

Proxy statement is a statement required for seeking shareholders’ votes. Public company requires filling of proxy statements prior to the company’s annual general meeting. It must be reported to all the shareholders each year.

To locate: The disclosure notes and audit reports of Company CC.

Answer 8

(3) (a)

To determine

To describe: The subsequent events disclosed by the company.

Answer 9

(3) (a)

To determine

To describe: The subsequent events disclosed by the company.

Answer 10

(3) (b)

To determine

To state: The company auditor’s name and the opinion disclosed by the auditor.

Answer 11

(3) (b)

To determine

To state: The company auditor’s name and the opinion disclosed by the auditor.

Answer 12

(4) (a)

To determine

To list: The principal position of Person M.

Answer 13

(4) (a)

To determine

To list: The principal position of Person M.

Answer 14

(4) (b)

To determine

To state: The salary paid to Person M during the year ended December 31, 2015.

Answer 15

(4) (b)

To determine

To state: The salary paid to Person M during the year ended December 31, 2015.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 3 - Prob. 3.1Q Ch. 3 - Prob. 3.2Q Ch. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4Q Ch. 3 - Prob. 3.5Q Ch. 3 - Prob. 3.6Q Ch. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8Q Ch. 3 - Prob. 3.9Q Ch. 3 - Define the terms paid-in-capital and retained...

Solution Summary: The author explains that the company's auditor was E and Y LLP, which rendered an unqualified opinion on its financial statements.

Concept explainers

To describe: The subsequent events disclosed by the company.

To state: The company auditor’s name and the opinion disclosed by the auditor.

To list: The principal position of Person M.

To state: The salary paid to Person M during the year ended December 31, 2015.

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Chapter 3 Solutions