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Problem 1: The Sarbanes-Oxley Act of 2002 (SOX) was enacted in response to a number of accounting scandals in major corporations that resulted in the loss of billions of investor dollars. Choose one accounting scandal that precipitated this legislation and discuss whether or not internal controls (or lack thereof) contributed to the scandal.
Prepare a post-closing trial balance at July 31. Prepare the income statement and a retained earnings statement for July and a classified balance sheet at July 31.
Prepare the December 31 entry, if any, assuming it is probable (although not likely) that Bridgeport will be liable for $580,000 as a result of this suit.
Trax Ltd. has six emplogees, each of whom earns $3,000 per month. Income taxes are 20% of gross pay and the company deducts EI and CPP.
Prepare a 10-column work sheet using the trial balance and adjusting data provided. Include at the Bottom of the work sheet a brief explanation keyed
Goochland retains title to the goods, and will record sales only if informed of such by Perkins Consolidated, who will keep 15% of the sales price under the consignment arrangement.
Assuming Bells uses the asset adjustment method for revaluation, make all required journal entries on Revaluation surplus or deficit for 2021
Received invoice for paralegal services from Legal Aid Inc. for July (to be paid on August 10), $1,635. Prepare a statement of cash flows for July
Set up t account with petty cash entries. Oct. 5 Collected $2,600, the amount due from A. Pitale's invoice no. 12674, customer on account
What is the amount of the monthly deposit, to fund the annual withdrawals? To prepare for retirement, an investor plans to make a deposit at end of each month
In 2015, the president of High Tech Corporation expects that the company will generate a severe loss this year due to the failing economy. He has told the members of the board of directors and other key shareholders that the corporation will buy thei..
You are to open the books of F. Polk, a trader, via the journal to record the assets and liabilities, and are then to record the dialy transactions for the month of May. A trial balance is to be extracted as on 31 May 2017.
Chris’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Chris adopted dollar-value LIFO and decided to use a single inventory pool. Calculate price index. Compute ending inventory, cos..
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