Devry ACCT 301 Week 2 Homework Latest

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Devry ACCT 301 Week 2 Homework Latest

Week 2 Homework

1. 1.In two to three paragraphs, describe the Sarbanes-Oxley Act and why it is important to the accounting profession.(15 points)
2. 2.Name and briefly describe the five components of COSO’s internal control framework.(10 points)
3. 3.Describe the relationship between the Sarbanes-Oxley Act and COSO.(10 points)
4. 4.Tom Jackson is a CPA who really likes to go to Las Vegas, play poker, and bet on football games.Tom knows that the accounting profession disapproves of gambling, but because he spends a lot of time studying sports facts and how to win at poker, he feels that he is simply making educated decisions based on facts. He says that this is no different from using accounting information to buy stocks. Use the fraud triangle as a basis to comment on Tom’s gambling activities. (15 points)

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Problem 1

Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column.The first one is done for you.

(15 points total, 1 point each)

Income Balance Statement of

Item Statement Sheet Cash Flows

Accounts Payable X

Accounts Receivable

Advertising Expense

Common Stock

Dividends

Equipment

Financing Activities

Investing Activities

Land

Operating Activities

Rent Expense

Retained Earnings

Revenue

Salaries Payable

Utility Expense

Problem 2

Problem 2

Required: Show the effects on the financial statements using a horizontal statement model as outlined below. The first one is done for you.

(35 points total, 5 points each)

1 Sold $30,000 in merchandise for cash

2 Paid $5,000 for rent with cash

3 Paid $10,000 in salaries to employees with cash

4 Sold $25,000 in merchandise and customer paid on credit

5 Collected $10,000 cash for transaction #4

6 Purchased a building for $100,000 and took out a loan for the money

7 Paid the $1,200 telephone bill with cash

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Devry ACCT 301 Week 2 Homework Latest