Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

Question

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Answer 1

Question

Chapter 7, Problem 1EYCT

(a)

To determine

Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

(b)

To determine

Mention the information given by Incorporation A on cash and cash equivalents as in consolidated financial statements.

(c)

To determine

Mention the activities responsible for the changes in cash as reported for the year 2014 as shown in consolidated statement of cash flows.

(d)

To determine

State the definition of cash equivalents as defined in the Notes to Consolidated Financial Statements.

(e)

To determine

Summarize the statements made in the section of Management’s Report on Internal Control Over Financial Reporting.

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A piece of equipment is purchased for $23,500 and has a salvage value of $3,200. The estimated life is 10 years and the method of depreciation is straight-line. Shipping costs total $750 and installation costs are $630. The book value at the end of year 10 is: a. $3,110 b. $3,200 c. $2,000 d. $1,110 Answer: b. $3,200

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Answer 2

Question

Chapter 7, Problem 1EYCT

(a)

To determine

Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

(b)

To determine

Mention the information given by Incorporation A on cash and cash equivalents as in consolidated financial statements.

(c)

To determine

Mention the activities responsible for the changes in cash as reported for the year 2014 as shown in consolidated statement of cash flows.

(d)

To determine

State the definition of cash equivalents as defined in the Notes to Consolidated Financial Statements.

(e)

To determine

Summarize the statements made in the section of Management’s Report on Internal Control Over Financial Reporting.

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Answer 3

Question

Chapter 7, Problem 1EYCT

(a)

To determine

Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

(b)

To determine

Mention the information given by Incorporation A on cash and cash equivalents as in consolidated financial statements.

(c)

To determine

Mention the activities responsible for the changes in cash as reported for the year 2014 as shown in consolidated statement of cash flows.

(d)

To determine

State the definition of cash equivalents as defined in the Notes to Consolidated Financial Statements.

(e)

To determine

Summarize the statements made in the section of Management’s Report on Internal Control Over Financial Reporting.

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Answer 4

Question

Chapter 7, Problem 1EYCT

(a)

To determine

Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

(b)

To determine

Mention the information given by Incorporation A on cash and cash equivalents as in consolidated financial statements.

(c)

To determine

Mention the activities responsible for the changes in cash as reported for the year 2014 as shown in consolidated statement of cash flows.

(d)

To determine

State the definition of cash equivalents as defined in the Notes to Consolidated Financial Statements.

(e)

To determine

Summarize the statements made in the section of Management’s Report on Internal Control Over Financial Reporting.

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Answer 5

Chapter 7, Problem 1EYCT

(a)

To determine

Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

(b)

To determine

Mention the information given by Incorporation A on cash and cash equivalents as in consolidated financial statements.

(c)

To determine

Mention the activities responsible for the changes in cash as reported for the year 2014 as shown in consolidated statement of cash flows.

(d)

To determine

State the definition of cash equivalents as defined in the Notes to Consolidated Financial Statements.

(e)

To determine

Summarize the statements made in the section of Management’s Report on Internal Control Over Financial Reporting.

Answer 6

Chapter 7, Problem 1EYCT

(a)

To determine

Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

Answer 7

Chapter 7, Problem 1EYCT

(a)

To determine

Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

Answer 8

(b)

To determine

Mention the information given by Incorporation A on cash and cash equivalents as in consolidated financial statements.

Answer 9

(b)

To determine

Mention the information given by Incorporation A on cash and cash equivalents as in consolidated financial statements.

Answer 10

(c)

To determine

Mention the activities responsible for the changes in cash as reported for the year 2014 as shown in consolidated statement of cash flows.

Answer 11

(c)

To determine

Mention the activities responsible for the changes in cash as reported for the year 2014 as shown in consolidated statement of cash flows.

Answer 12

(d)

To determine

State the definition of cash equivalents as defined in the Notes to Consolidated Financial Statements.

Answer 13

(d)

To determine

State the definition of cash equivalents as defined in the Notes to Consolidated Financial Statements.

Answer 14

(e)

To determine

Summarize the statements made in the section of Management’s Report on Internal Control Over Financial Reporting.

Answer 15

(e)

To determine

Summarize the statements made in the section of Management’s Report on Internal Control Over Financial Reporting.

Answer 16

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Answer 17

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Answer 18

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Answer 19

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

Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

Mention the comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”.

Mention the information given by Incorporation A on cash and cash equivalents as in consolidated financial statements.

Mention the activities responsible for the changes in cash as reported for the year 2014 as shown in consolidated statement of cash flows.

State the definition of cash equivalents as defined in the Notes to Consolidated Financial Statements.

Summarize the statements made in the section of Management’s Report on Internal Control Over Financial Reporting.

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Chapter 7 Solutions