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- Which items are required by the SEC to be included in the Form 10-K? Question 14 options: Customer accounts, legal proceedings, financial statements. Executive compensation, properties, list of all shareholders by name. Financial statements and supplementary data, properties, risk factors. Legal proceedings, three-year summary of financial data, risk factors7. According to the 1934 Securities Act, select ALL who must certify the quarterly and annual financial statements for a company. a. The chief executive officer of the company b. An external auditor hired by the company c. The chief financial officer of the company С. d. A representative of the Securities and Exchange Commission (SEC) 8. Select ALL of the following that are required in a proxy statement. a. How the proxy materials will be sent b. How much is expected to be spent on the solicitation c. Who the shareholders for the proxy are Od. Who is soliciting the proxy33. Which obligations are classified as current liabilities even if they are due to be settled after more than twelve months from the end of the reporting period? I. Trade payables and accruals for employee and other operating costs that are part of the entity’s working capital II. A portion of long-term interest-bearing liabilities III. Bank overdrafts arising from settlements of purchases of inventory IV. Dividends payable a. I, III, and IV b. I, II, III, and IV c. III only d. I and III
- Answer of the following question related to these characteristics and constraints. National Bancorp, a publicly traded company, files quarterly and annual financial statements with the SEC. Which characteristic is relevant to the timing of these periodic filings?National Bancorp, a publicly traded company, files quarterly and annual financial statements with the SEC.Which characteristic is relevant to the timing of these periodic filings?Annual reports ________. A. are required to be prepared by every corporation B. discuss the company's competitors and the risks related to the company's business C. are also called a Form 10−Q D. only include the company's financial statements
- 5. You are assigned to perform a review of minutes of meeting for the year end audit ending December 31, 2021. Which of the following agendas would least likely affect the total liabilities of the entity? Group of answer choices a. The payment of real property taxes for the year 2021 at the beginning of 2021. b. Property dividends declared on December 27, 2021. c. The approval of the board of directors of the issuance of a 5-year term bond last September 2021. d. The settlement of a pending litigation with another entity on January 5, 2022. 6. As the audit associate, you were asked by the senior associate to check the completeness of confirmation letters. Upon your review, there is a supplier that has not yet given their reply. What alternative audit procedure would most likely be performed by the audit associate, assuming the audit is at its wrap-up stage? Group of answer choices a. Perform analytical procedures b. Send another confirmation letter c. Vouch subsequent…You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…
- You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…In the audit of A Corporation’s financial statements at December 31, 2025, the chief accountant of the staid corporation provided the following information: Notes payable: Arising from purchase of goods 304,000 Arising from 5 year-bank loans, on which marketable securities valued at P600,000 have been pledged as security, P400,000 due on June 30, 2026; P100,000 due on Dec. 31, 2026 500,000 Arising from advances by officers, due June 30, 2026 50,000 Reserve for general contingencies 400,000 Employees’ income tax withheld 20,000 Advances received from customers on purchase orders 64,000 Containers’ deposit 50,000 Accounts payable arising from purchase of goods, net of debit balances of P40,000 170,000 Cash dividends payable 80,000 Stock dividend payable 100,000 Dividends in arrears on preferred stock, not yet declared 200,000 Convertible bonds, due January…