1. Question: Select the appropriate provisions of the Sarbanes-Oxley Act (SOX) for each of the following descriptions. a. Executives must personally certify the company’s financial statements. b. Audit firm cannot provide a variety of other services to its client, such as investment advising. c. ...
1 question select the appropriate provisions of the sarbanes oxley act sox for each of the following descriptions a executives must per
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Week 4 Homework:
1. Select the appropriate provisions of the Sarbanes-Oxley Act (SOX) for each of the following
descriptions.
a. Executives must personally certify the company’s financial statements.
- Corporate Executive Accountability
b. Audit firm cannot provide a variety of other services to its client, such as investment
advising.
- Non-audit services
c. PCAOB establishes standards related to the preparation of audited financial reports.
- Oversight Board
d. Lead audit partners are required to change every five years.
- Auditor rotation
e. Management must document the effectiveness of procedures that could affect
financial reporting.
- Internal control
2. Below are several scenarios related to control activities of a company.
Required:
For each scenario, determine which control activity is violated. Control activities include
separation of duties, physical controls, proper authorization, employee management, reconciliations,
and performance reviews. If no control activity is violated, select "none."
3. Below are several amounts reported at the end of the year.
This study source was downloaded by 100000801755870 from CourseHero.com on 04-03-2022 16:25:25 GMT -05:00
, - Currency located at the company $850
- Short-term investments that mature within three months $1,750
- Balance in savings account $7,700
- Checks received from customers but not yet deposited $450
- Coins located at the company $120
- Balance in checking account $5,400
- Total cash $16,270
4. Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts
Receivable = $63,000; Allowance for Uncollectible Accounts = $1,500 (credit). Mercy estimates
uncollectible accounts based on an aging of accounts receivable as shown below.
Required:
a. Estimate the amount of uncollectible receivables.
- Not yet due $43,000 x 20% = $8,600
- 0-30 days past due $10,300 x 25% = $2,575
- 31-90 days past due $7,300 x 50% = $3,650
- More than 90 days past due $2,400 x 90% = $2,160
- Total $16,985
b. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is
required for a particular transaction/event, select "No Journal Entry Required" in the first
account field.)
Allowance for Uncollectible Accounts = $1,500 (Credit)
Total estimated amount of uncollectible receivables $16,985
Year-end Adjustment $15,485
Bad Debt Expense (Debit) $15,485
Allowance for Uncollectible Accounts (Credit) $15,485
c. Calculate net accounts receivable.
Accounts Receivable = $63,000
Less: Allowance for Uncollectible Accounts = $16,985
Net Accounts Receivable = $46,015
5. Below are amounts (in millions) from three companies' annual reports.
Required:
This study source was downloaded by 100000801755870 from CourseHero.com on 04-03-2022 16:25:25 GMT -05:00
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