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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Hi expert please give me answer general accounting question

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?

Kreeps Corporation produces a single product

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