I need all parts....... The Sarbanes-Oxley Act (SOX) requires which of the following conditions or practices?The CEO and CFO must also perform an audit of the financial statements.All auditors must have a minimum of 20 years experience.Management must take responsibility for establishing and maintaining adequate internal controls.Auditors must be employees of the company they are auditing.Which of the following options is true for a classified balance sheet?Is the same as an unclassified balance sheetReports current and noncurrent retained earningsOrders assets based on liquidityClassifies common stock into current and long-termAssume a company has the following information:Note Payable: $200,000Interest Rate: 6%Issue Date: May 1, Year 1Year-end: December 31, Year 1Maturity: January 31, Year 2Which of the following options will the journal entry on the note's maturity date include?A debit to Interest Expense for $12,000A credit to Notes Payable for $200,000A credit to Cash for $209,000A credit to Cash for $212,000Fortune Tea Co. estimates warranty costs to be 5% of sales. The sales for the period was $450,000. What does the journalentry to record warranty expense for the period include?Credit to Estimated Warranty Payable $22,500Debit to Estimated Warranty Payable $22,500O Credit to Warranty Expense $22,500Debit to Cash for $22,500

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Answered: The Sarbanes-Oxley Act (SOX)

Business

Accounting

The Sarbanes-Oxley Act (SOX)

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter1: Comprehensive Cases

Section1.11: New Century Financial Corporation

Problem 3Q

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Question

I need all parts.......

The Sarbanes-Oxley Act (SOX) requires which of the following conditions or practices?
The CEO and CFO must also perform an audit of the financial statements.
All auditors must have a minimum of 20 years experience.
Management must take responsibility for establishing and maintaining adequate internal controls.
Auditors must be employees of the company they are auditing.
Which of the following options is true for a classified balance sheet?
Is the same as an unclassified balance sheet
Reports current and noncurrent retained earnings
Orders assets based on liquidity
Classifies common stock into current and long-term
Assume a company has the following information:
Note Payable: $200,000
Interest Rate: 6%
Issue Date: May 1, Year 1
Year-end: December 31, Year 1
Maturity: January 31, Year 2
Which of the following options will the journal entry on the note's maturity date include?
A debit to Interest Expense for $12,000
A credit to Notes Payable for $200,000
A credit to Cash for $209,000
A credit to Cash for $212,000
Fortune Tea Co. estimates warranty costs to be 5% of sales. The sales for the period was $450,000. What does the journal
entry to record warranty expense for the period include?
Credit to Estimated Warranty Payable $22,500
Debit to Estimated Warranty Payable $22,500
O Credit to Warranty Expense $22,500
Debit to Cash for $22,500

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