Financial reporting : This is the formal disclosure made by the public companies, about the company’s financial performance in the form of annual report, and are prepared in conformity with the generally accepted accounting principles (GAAP). To mention : The comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”

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Answer 1

Question

Chapter 7, Problem 7.1EYCT

(a)

To determine

Financial reporting: This is the formal disclosure made by the public companies, about the company’s financial performance in the form of annual report, and are prepared in conformity with the generally accepted accounting principles (GAAP).

To mention: The comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”

(b)

To determine

To mention: The information given by Incorporation A on cash and cash equivalents as in consolidated financial statements

(c)

To determine

To 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

To state: The definition of cash equivalents as defined in the Notes to Consolidated Financial Statements

(e)

To determine

To summarize: The statements made in the section of Management’s Report on Internal Control Over Financial Reporting

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Anderson Footwear Ltd. produces high-performance hiking boots. Each pair requires $34.80 in variable raw material costs and $24.60 in variable labor expenses. The boots sell for $168 per pair. Last year, the company produced 95,000 pairs. Fixed costs for the year were $1,460,000. Required: a. What were total production costs? b. What is the marginal cost per pair? c. What is the average cost per pair? d. If the company is considering a one-time special order for an additional 6,000 pairs, what is the minimum acceptable total revenue from the order?

Answer 2

Question

Chapter 7, Problem 7.1EYCT

(a)

To determine

Financial reporting: This is the formal disclosure made by the public companies, about the company’s financial performance in the form of annual report, and are prepared in conformity with the generally accepted accounting principles (GAAP).

To mention: The comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”

(b)

To determine

To mention: The information given by Incorporation A on cash and cash equivalents as in consolidated financial statements

(c)

To determine

To 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

To state: The definition of cash equivalents as defined in the Notes to Consolidated Financial Statements

(e)

To determine

To 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 7.1EYCT

(a)

To determine

Financial reporting: This is the formal disclosure made by the public companies, about the company’s financial performance in the form of annual report, and are prepared in conformity with the generally accepted accounting principles (GAAP).

To mention: The comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”

(b)

To determine

To mention: The information given by Incorporation A on cash and cash equivalents as in consolidated financial statements

(c)

To determine

To 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

To state: The definition of cash equivalents as defined in the Notes to Consolidated Financial Statements

(e)

To determine

To 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 7.1EYCT

(a)

To determine

Financial reporting: This is the formal disclosure made by the public companies, about the company’s financial performance in the form of annual report, and are prepared in conformity with the generally accepted accounting principles (GAAP).

To mention: The comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”

(b)

To determine

To mention: The information given by Incorporation A on cash and cash equivalents as in consolidated financial statements

(c)

To determine

To 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

To state: The definition of cash equivalents as defined in the Notes to Consolidated Financial Statements

(e)

To determine

To 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 7.1EYCT

(a)

To determine

Financial reporting: This is the formal disclosure made by the public companies, about the company’s financial performance in the form of annual report, and are prepared in conformity with the generally accepted accounting principles (GAAP).

To mention: The comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”

(b)

To determine

To mention: The information given by Incorporation A on cash and cash equivalents as in consolidated financial statements

(c)

To determine

To 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

To state: The definition of cash equivalents as defined in the Notes to Consolidated Financial Statements

(e)

To determine

To summarize: The statements made in the section of Management’s Report on Internal Control Over Financial Reporting

Answer 6

Chapter 7, Problem 7.1EYCT

(a)

To determine

Financial reporting: This is the formal disclosure made by the public companies, about the company’s financial performance in the form of annual report, and are prepared in conformity with the generally accepted accounting principles (GAAP).

To mention: The comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”

Answer 7

Chapter 7, Problem 7.1EYCT

(a)

To determine

Financial reporting: This is the formal disclosure made by the public companies, about the company’s financial performance in the form of annual report, and are prepared in conformity with the generally accepted accounting principles (GAAP).

To mention: The comments made regarding cash, by Incorporation A, in the “Report of Independent Registered Public Accounting Firm”

Answer 8

(b)

To determine

To mention: The information given by Incorporation A on cash and cash equivalents as in consolidated financial statements

Answer 9

(b)

To determine

To mention: The information given by Incorporation A on cash and cash equivalents as in consolidated financial statements

Answer 10

(c)

To determine

To 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

To 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

To state: The definition of cash equivalents as defined in the Notes to Consolidated Financial Statements

Answer 13

(d)

To determine

To state: The definition of cash equivalents as defined in the Notes to Consolidated Financial Statements

Answer 14

(e)

To determine

To summarize: The statements made in the section of Management’s Report on Internal Control Over Financial Reporting

Answer 15

(e)

To determine

To 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 - A local hank reported that it lost 150,000 as the...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

Solution Summary: The author summarizes the statements made in the section of Management’s Report on Internal Control Over Financial Reporting.

Concept explainers

To mention: The information given by Incorporation A on cash and cash equivalents as in consolidated financial statements

To mention: The activities responsible for the changes in cash as reported for the year 2014 as shown in consolidated statement of cash flows

To state: The definition of cash equivalents as defined in the Notes to Consolidated Financial Statements

To summarize: The statements made in the section of Management’s Report on Internal Control Over Financial Reporting

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Chapter 7 Solutions