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3 years ago

Which of the following are required by the Sarbanes-Oxley Act?

Business

1 answer:

Taya2010 [7]3 years ago

5 0

Answer:

a. a report on internal control

Explanation:

the sarbanes-oxley act was passed in 2002. This law serves to help protect investors and the public from fraud while giving financial reports by corporations. It was sponsored by Senator Paul Sarbanes and Representative Michael Oxley. This legislation is to help improve the reliability of corporations financial reporting as well as to help improve the confidence of shareholders and investors.

This act requires a report on internal control.

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Hodgkiss mfg., inc., is currently operating at only 94 percent of fixed asset capacity. current sales are $740,000. how fast can

tangare [24]

Sales grow before any new fixed assets are needed is $156,480.

Fixed assets , additionally known as lengthy-lived assets or property, plant, and equipment, are a time period utilized in accounting for belongings and belongings that cannot without difficulty be converted into cash. fixed properties are one of a kind from modern assets, along with coins or bank accounts, due to the fact the latter is liquid belongings.

currently operating = 94 percent

current sales = $740,000

Full capacity sales = current sales/ Current capacity utilisation

= 500000/0.94

= $531,914.89

Percentage of fixed assets to full Capacity Sales = Fixed Assets / full Capacity Sales

= 400000/531914.89

= 0.752

Total Fixed assets Needed for New Sales = 74000*0.752

= 556480

Additional Fixed Assets needed = 556480 - 400000

= $156,480 answer.

Learn more about fixed assets here:-brainly.com/question/25746199

#SPJ4

7 0

2 years ago

The journal entry to record the use of utilities in a factory could include which two of the following: (You may select more tha

evablogger [386]

Answer:

The correct options are:

A. Debit to Factory Overhead

D. Credit to Factory Utilities Payable

Explanation:

The debit entry of the use of utilities in a factory would be recorded in factory overhead since cost of utilities is a not a direct factory cost.

However, the corresponding credit would be in the factory utilities payable as an obligation awaiting payment to be made to the supplier of the service being enjoyed by the factory in order to run on daily basis

6 0

3 years ago

Read 2 more answers

The amount by which the overhead applied to jobs during a period exceeds the overhead incurred during the period is known as: Mu

liubo4ka [24]

Answer:

E. Over applied overhead

Explanation:

Over applied overhead is defined as excess amount of overhead applied during a production period over the actual overhead incurred during that period. In other words, it means excess overhead applied to work over the amount of overhead actually incurred.

When this occurs, it is called favourable variance and it is added to the budgeted profit in the end of the accounting period in a financial statement.

5 0

3 years ago

Matt Simpson owns and operates Quality Craft Rentals, which offers canoe rentals and shuttle service on the Nantahala River. Cus

Vlad1618 [11]

The price that Quality Craft Rentals should charge per rental is $35.57.

Data and Calculations:

Fixed Costs Variable Costs Total Annual Costs

Canoe maintenance $ 3,100 $61,200 ($9 x 6,800) $64,300

Licenses and permits 3,800 0 3,800

Vehicle leases 6,200 0 6,200

Station lease 7,720 0 7,720

Advertising 6,800 $47,600 ($7 x 6,800) 54,400

Operating costs 21,800 $47,600 ($7 x 6,800) 69,400

Annual depreciation ($27,000/10) 2,700

Total annual costs $208,520

Before-tax return on assets 33,363

Total costs + returns $241,883

Total rentals per year 6,800

Price to charge per rental ($241,883/6,800) $35.57

Thus, the price per rental of $35.57 would ensure that Quality Craft Rentals makes an annual 16% before-tax return on assets using life-cycle costs.

Learn more: brainly.com/question/13959507

7 0

2 years ago

Last year there was no change in either the raw materials or the work in process beginning and ending inventories. However, fini

dsp73

Answer:

d. $625,000

Explanation:

cost of goods available for sale = cost of goods manufactured during the current period + finished goods inventory at the beginning of the period

cost of goods manufactured during the current period = $600,000
finished goods inventory at the beginning of the period = $25,000

cost of goods available for sale = $600,000 + $25,000 = $625,000

cost of goods sold = cost of goods available for sale - ending inventory = $625,000 - $40,000 = $585,000

7 0

3 years ago