All categories

3 years ago

The Sarbanes Oxley Act (SOX) internal control standards apply only to companies listed on U.S. exchanges. True or false?

Business

1 answer:

Vera_Pavlovna [14]3 years ago

4 0

Answer:

True

Explanation:

The Sarbanes Oxley Act (SOX) is a federal law in the United States that applies to listed or public companies i.e. companies whose shares are traded freely on the stock exchange. The law, which was established in 2002 following several corporate scandals, put in place comprehensive financial and auditing regulations for listed companies.

You might be interested in

Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At the meeting of the board of directors on Dec

PtichkaEL [24]

Answer:

Explanation:

The adjusting entry is shown below:

Cash Dividend A/c Dr $500,000

To Dividend payable $500,000

(Being dividend is declared)

The dividend amount is computed below:

= Number of shares held × cash dividend per share

= 100,000 shares × $5

= $500,000

As dividend is declared so we debited the cash dividend account and credited the dividend payable as it is a current liability

7 0

3 years ago

Read 2 more answers

In a contract, what is consideration? A. Exchanging things of value B. Breaching the contract C. A business tort D. The minimum

Art [367]

Exchanging things of value is what consideration is in a contract.

7 0

3 years ago

At the beginning of the year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and plac

valina [46]

Answer: See attachment

Explanation:

a. What is Poplock’s year 1 depreciation expense for each asset?

See attachment. Note that the depreciation for the assets were calculated as the original basis × the rate. e.g for Computer equipment, the Depreciation was, the original basis of $5000 × the rate of 20% which equals $1,000.

b. What is Poplock’s year 2 depreciation expense for each asset?

Check attachment.

Depreciation for computer = $1600

Depreciation for day grooming furniture = $1714

Depreciation for popup truck = $3200

Depreciation for commercial building = $6923

6 0

3 years ago

Who is responsible for providing the equipment employees need to stay safe on the job?

Digiron [165]

Answer:

The goverment

Explanation:

5 0

3 years ago

Roselawn Company reported net sales of $90,000 and net income of $18,000 for the previous year ended December 31. The company re

gregori [183]

Answer:

The company’s profit margin for the current year ended December 31 (rounded to the nearest decimal point) is 20%

Explanation:

Use the following formula to calculate the Profit Margin

Profit Margin = $\frac{Net Income}{Net Sales} X 100$

Where

Net Income = $20,000

Net Sales = $100,000

Placing values in the formula

Profit Margin = $\frac{20000}{100000} X 100$

Profit Margin = 0.2 x 100

Profit Margin = 20%

5 0

3 years ago