Cheepie Freund is a dear friend of yours, and of course she knows you are a tax accountant working for a large loc
Q: Data for Divisions A, B, C, D, and E are as follows: a. Determine the missing items. Round…
A: Return on investment = Net income / Average investment Profit margin = Net income / Sales Investment…
Q: ending inventory in the current year is expected to be only 13,000 units. Each unit requires 0.5…
A: It is also known as management accounting or cost accounting. Managerial Accounting refers to…
Q: Exercise 12-42 (Algo) Single versus Dual Rates (LO 12-5, 6) Dill Shipyards operates a dry dock on…
A: The cost can be fixed and variable. The fixed costs remain the same irrespective of the level of…
Q: Jameson corporation recorded a lease at $300,000 on December 31,2019. Jameson's incremental…
A: The lease of an asset refers to the agreement between two parties i.e. lessor and lessee for the…
Q: A and B are merged. A is the acquiring firm, B is the acquired firm. The recorded value of B’s…
A: Goodwill means reputation being earned by business over the period of time. It happens when purchase…
Q: The Heating Division of Kobe International produces a heating element that it sells to its customers…
A: Minimum transfer price is the amount of transferring goods to another department it recovers the…
Q: Use the following data to prepare a statement of cash flows for the year ended December 31 using the…
A: Cash Flow Statement - Cash Flow Statement is a Financial Statement that includes inflow and outflow…
Q: (a) The liabilities of Culver Company are $86,000, Common stock account is $156,000; dividends are…
A: The connection between a company's assets, liabilities, and equity is represented by the accounting…
Q: Beacon Corporation issued a 6 percent stock dividend on 33,000 shares of its $7 par common stock. At…
A: Accounting equation :— This equation shows how assets, liabilities and owner's equity are related to…
Q: Miller Corporation has $2,300,000 of bonds outstanding. The unamortized premium is $58,000. If the…
A: BOND Bond is a Financial Securities which is Generally Issued by the Corporation's, Government…
Q: Compute free cash flow for 2022.
A: A follow-up question which is regarding for the correct solution of free cash flow for the year…
Q: Exercise 12-39 (Algo) Alternative Allocation Bases-Ethical Considerations (LO 12-5) Kentfield…
A: The practise of determining and allocating costs to tasks, individuals, projects, or any other cost…
Q: On July 1 2019 Carla Vista Co purchased new equipment for $85,000. its estimated useful life was 5…
A: DEPRECIATION EXPENSE Depreciation means gradual. decrease in the value of an asset due to normal…
Q: Required information [The following information applies to the questions displayed below.] Sun…
A: Balance Sheet is a financial statement of a company . which is used to show the assets which the…
Q: Anderson Steel Company began 2021 with 500,000 shares of common stock outstanding. On March 31,…
A: Earnings per share refer to the proportion of profit to be earned by each shareholder of the…
Q: On 31 March 2023 , Polokwane Traders received a statement from Messina Traders, a creditor. The…
A: A reconciliation statement reconciles the balances of two different sources of information. A bank…
Q: currently doing working papers for accounting class, have I got the accounts and values correct?…
A: Gross earnings include total amount earned by employees. After deducting various deductions and…
Q: Calculate Company Y's total asset turnover based on the following information for the current year:…
A: Asset turnover is the measure that helps the entity in determining the efficiency of company in…
Q: Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions…
A: As we have, already grouped Jan.1 balance, Charge sales, Collection from customers, Writeoff,…
Q: Exercise 12-41 (Algo) Alternative Allocation Bases (LO 12-5) Dill Shipyards operates a dry dock on…
A: Total costs is the combination of variable costs and fixed costs. Variable costs are costs that…
Q: Chaz Corporation has taxable income in 2022 of $315,600 for purposes of computing the §179 expense…
A: Introduction: Depreciation allows a portion of a fixed asset's cost to the income generated by the…
Q: Benton County Includes an independent school district and two individually chartered towns within…
A: "Since you have posted a question with multiple sub-parts, we will solve the subparts asked by you.…
Q: Garcia Company owns equipment that cost $76,800, with accumulated depreciation of $40,800. Record…
A: Journal entries are used to record accounting transactions in chronological order under double entry…
Q: At the beginning of the current year, Poplock began a calendar-year dog boarding business called…
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…
Q: (a) (b) Prepare a sales journal and a single-column purchases journal. Record the transactions for…
A: Revenue is the income generated by the entity during the period through sales of goods or provision…
Q: Exercise 12-36 (Algo) Single versus Dual Rates (LO 12-6) Mackenzie Mining has two operating…
A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…
Q: Accounting is the language businesses and other organizations use to record, measure and interpret…
A: Financial statements give significant information about a company's financial performance and…
Q: Under Lamar Company's job costing system, manufacturing overhead is applied to Work-in-Process…
A: Calculating a corporation's entire manufacturing expenses throughout a particular period of time…
Q: Corral Limited, a publicly traded company, reported profit of $249,750 on its October 31 year-end…
A: Earnings per share means amount of earnings available for each equity shareholder in business.…
Q: The Lakeside Company uses a weighted-average process costing system. The following data are…
A: Cost per equivalent unit of labor and overhead=Labor and overhead costsEquivalent units of…
Q: Giardin Outdoors is a recreational goods retailer with two divisions: Online and Stores. The two…
A: Cost allocation means the amount of cost allocated by the entity to appropriate activities using the…
Q: El Toro Corporation declared a common stock distribution to all shareholders of record on June 30,…
A: The stock dividend refers to the distribution of common shares to the shareholders. The dividend can…
Q: On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions…
A: Stock valuation is a practice in accounting that businesses use to determine the value of unsold…
Q: This year, individual X and individual Y formed XY Partnership. X contributed $50,000 cash, and Y…
A: Partnership interest refers to an individual's or entity's ownership share in a partnership. A…
Q: llowing has been extracted from the financial records of ATF Limited: Annual budgeted…
A: Under absorption costing, the cost of a product includes both its variable and fixed costs, and…
Q: ges and fringe benefits ent's salary and fringe benefits e salaries and fringe benefits Time Charges…
A: To calculate the profit margin per hour on labor, the total revenue earned from labour will be…
Q: preal-American Corporation purchased several marketable securities during 2018. At December 31,…
A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…
Q: Required information [The following information applies to the questions displayed below] Mint…
A: Beginning balance of the retained earnings is adjusted with the net income or loss from the…
Q: Original Built, LLC has budgeted the following for 2023: Purchases $420,000 Beginning Accounts…
A: A company often buys goods and materials on credit. The amount owed for this is called accounts…
Q: At the beginning of the year, Anna began a calendar-year business and placed in service the…
A: Depreciation is an accounting technique which is used to reducing the book value of fixed assets…
Q: Sharkey's Fun Centre contains a number of electronic games, as well as a miniature golf course and…
A: Income statement :— It is one of the financial statement that shows profitability, total revenue and…
Q: In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total…
A: Underpayment penalty refers to the penalty imposed by the Internal Revenue Service (IRS) on…
Q: Carla Vista Electric Inc. has the following amounts included in its general ledger at December 31,…
A: Intangible assets are assets with no physical appearance which have value to the organization.…
Q: Banc Corporation Trust is considering either a bank-wide overhead rate or department overhead rates…
A: The overhead rate is calculated as estimated indirect costs divided by the base activity. The…
Q: LaMont works for a company in downtown Chicago. The company encourages employees to use public…
A: Gross income is the total of your earnings before any tax and other deductions. You can get…
Q: Ford Corporation paid $10,200,000 for a 47% interest in Allen Corporation on January 1, 20X1 when…
A: When a company acquires more than 20% but less than 50% in the voting stock of another company, the…
Q: Cranergy Products is a cranberry cooperative that operates two divisions, a harvesting division and…
A: The cost that one division of a firm charges another division for goods and services rendered is…
Q: Ellis Company's labor information for September is as follows: Direct labor hourly rate paid Total…
A: The variance is the difference between the standard and actual production costs. The labor variance…
Q: Natural Foods Inc. is planning to invest in new manufacturing equipment to make a new garden tool.…
A: Net Cash flow represent the amount which is available after all application of money required as per…
Q: QUESTION 1 At the beginning of the current year, Poplock began a calendar-year dog boarding business…
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…
Cheepie Freund is a dear friend of yours, and of course she knows you are a tax accountant working for a large local accounting firm. April 15 ^ (th) is soon approaching, and you and Cheepie just happen to be sharing some friendly gossip when she asks you to consider preparing her tax return. You are more than happy to help out your friend and schedule an appointment to do her return in a couple of days. You meet later in the week, and you complete her return while at home. She has a somewhat complicated tax return, and you decide to charge her $250 for the work. She is very happy with both the return and your work and pays you in cash. Find three ethical dilemmas and explain your reasoning.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- A new client has just contacted you to prepare their business tax return for the current year. He just opened his small landscaping business during the current fiscal year. The client owns equipment, travels from one place to another, has 3 employees and 20 landscaping clients. The owner does not keep records and has no accounting experience. He discusses how he would handle this situation taking into account any ethical and professional considerations.You are a CPA and do tax returns for individuals. A woman enters your office and asks you to complete her tax return. During your meeting, she mentions that she is expecting about $5000 in refund, and needs that to pay off a debt, that will result in a $1000 fine if she does not pay in the next month. You complete her tax return, but the refund is much lower than she expected, only $1000. She is very mad, and consults with another CPA. The other CPA determines that you made a significant mistake, but the period to file returns has passed. It will cost $500 to file an amendment. What damages is the woman likely entitled to? Group of answer choices A. None, because accountants can't be perfect B. $500, because that is all that is needed to make it right C. $500, and potentially $1000, because of the consequential damages of not being able to pay off her loan on time D. $4000, because that is the difference between the proper refund and your mistake.Suppose you have a business where you house-sit for people while they are away on vacation. Some of your customers pay you immediately after you finish a job. Some customers ask you to send them a bill. It is now 30th June and you have collected $900 from cash-paying customers. Your remaining customers owe you $1,300. How much service revenue would you have under accrual accounting?
- A retired 67-year-old, low-income client makes an appointment with you, a tax professional, to have a tax return prepared. Once you review their documents, you realize this is a simple return. The firm charges a minimum of $500 per tax return prepared, which is a significant amount of money for the taxpayer. Create one initial post and respond to at least two of your classmates. For your initial post, address the following: What might you do to help a retired 67-year-old, low-income client with a simple return? What options are available to low-income taxpayers? Why would a retired 67-year-old, low-income client be eligible for one of these options— VITA or TCE—over another? What specific income and tax papers would this client need for eligibility in either program?You habe a business where you babysit for people in your local area.Some of your customers pay you mimmediately after you finish a job.Some customers ask you to send them a bill.It is now the 30th June and you have collected $3,600 from cash-paying customers.Your remaining customers owe you $5,200. How much service revenue would you have under accrual accounting?William is the owner of the “Douglas Pub”. Before the tax meeting taking place on the 27 of February, he emailed his tax advisor adding the accounts for the Pub, a copy of the Building Society statement (documents a) and b) see below) and he presented the following notes: 1. 2. 3. 4. 5. 6. I have drawn £50 cash every week from the business as wages (shown in “wages”), this also includes National Insurance Contributions of £125. I estimate that only 40% of my car use is for business purposes. The costs of running the car are shown as motoring costs. The heat and light also covers the flat above the pub where I live, I estimate the personal percentage of the total “heat & light” is 30%. About half of telephone calls are personal calls. I sold my car in July 2022 for £2,800 as part exchange for a new car (not a very good investment given it cost £10,000 when I bought it in January 2018)! I part-exchanged for a new Ford Focus which cost £18,000 and apparently has CO2 emissions of…
- Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor societys annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 pm. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is tour hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round, trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem would be for one 24-hour period for either flying or driving.) As a manager, Bridget is responsible for recruiting within a budget and wants to determine which is more economical. Use the information provided to answer these questions. A. What is the total amount of expenses Bridget would include on her expense report if she drives? B. What is the total amount of expenses she would include on her expense report if she flies? C. What is the relevant cost of driving? D. What is the relevant cost of flying? E. What is the differential cost of flying over driving? F. What other factors should Bridget consider in her decision between driving and flying?You are working for a large firm that has asked you to attend a career fair at a university that is 185 miles from your office. You need to be there at 9:00 a.m. on a Monday morning. You can drive your personal car and be reimbursed $0.55 per mile, but you would need to leave home at 5:30 a.m. to get to the event and set up on time. Company policy allows you to spend the night if you must leave town before 6:00 a.m. The hotel across the street from campus charges $85 per night. Instead of driving, you could catch a 7:00 a.m. flight with a round-trip fare of $260. Flying would require you to rent a car for $29 per day, and you would have an airport parking fee of $20 for the day. The company pays a per diem of $40 for incidentals if you spend at least 6 hours out of town. (The per diem would be for one 24-hour period for either flying or driving.) As a manager, you are responsible for recruiting within a budget and want to determine which is more economical. Use the information provided to answer these questions. A. What is the total amount of expenses you would include on your expense report if you drive? B. What is the total amount of expenses you would include on your expense report if you fly? C. What is the relevant cost of driving? D. What is the relevant cost of flying? E. What is the differential cost of flying over driving? F. What other factors should you consider in your decision between driving and flying?
