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4. As compared to Boston Seientific, Medtronic has a weaker profit margin and a better asset M1-32. Understanding Internal Controls and Their Importance SOX legislation requires companies to report on the effectiveness of their internal controls. The SEC administers SOX, and defines internal controls as follows. LO7 Why would Congress believe internal controls are such an important area to monitor and report on? A process designed by, or under the supervision of, the registrant's principal executive and principal financial officers.... to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. E1-33. Composition of Accounts on the Balance Sheet Answer the following questions about Target. a. Briefly describe the types of assets Target is likely to include in its inventory. b. What kinds of assets would Target likely include in its property and equipment? c. Target's balance sheet reports about two-thirds of its total assets as long term. Given Target's business model, why do we see it report a relatively high proportion of long-term assets? E1-34. Applying the Accounting Equation and Assessing Financial Statement Linkages The following information is available for Advanced Micro Devices (AMD) and Intel for the current year. - AMD's assets increased by $1,004 million and its liabilities increased by $334 million. - Intel's assets increased by $4,714 million and its liabilities decreased by $830 million. a. Complete the following table