Dave Elliott, CPA, is an assistant to the controller of Lyric Consulting Co. In his spare time, Dave also prepares tax returns and performs general accounting services for clients. Frequently, Dave performs these services after his normal working hours, using Lyric Consulting Co.’s computers and laser printers. Occasionally, Dave’s clients will call him at the office during regular working hours.Discuss whether Dave is performing in a professional manner.
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Dave Elliott, CPA, is an assistant to the controller of Lyric Consulting Co. In his spare time, Dave also prepares tax returns and performs general accounting services for clients. Frequently, Dave performs these services after his normal working hours, using Lyric Consulting Co.’s computers and laser printers. Occasionally, Dave’s clients will call him at the office during regular working hours.
Discuss whether Dave is performing in a professional manner.
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- Dave Elliott, CPA, is an assistant to the controller of Lyric Consulting Co. In his spare time, Dave also prepares tax returns and performs general accounting services for clients. Frequently, Dave performs these services after his normal working hours, using Lyric Consulting Co.'s computers and laser printers. Occasionally, Dave's clients will call him at the office during regular working hours. 1. Discuss whether Dave is performing in a professional manner.Hayim Accardi is the accounting manager for a small, local firm that has full- and part-time staff. How do FLSA guidelines regarding working hours apply to Hayim's employees?Tim is the vice president of western operations for Maroon Oil Company and is stationed in San Francisco. He is required to live in an employer-owned home, which is three blocks from his company office. The company-provided home is equipped with high-speed internet access and several telephone lines. Tim receives telephone calls and e-mails that require immediate attention any time of day or night, as the company's business is spread all over the world. A full-time administrative assistant resides in the house to assist Tim with urgent business matters. Tim often uses the home for entertaining customers, suppliers, and employees. The fair market value of comparable housing is $9,000 per month. Tim is also provided with free parking at his company's office. The value of the parking is $370 per month. Question Content Area a. Complete the statements below regarding Tim's exclusion issue and what he must include in his gross income for 2023. Section 119 excludes from income the…
- Andy Frame and his supervisor are sent on an out-of-town assignment by their employer. At the supervisor’s suggestion, they stay at the Spartan Inn, across the street from the Luxury Inn. After three days of work, they settle their lodging bills and leave. On the return trip, the supervisor gives Andy what appears to be a copy of a receipt from the Luxury Inn for three nights of lodging. Actually, the supervisor indicates that he prepared the Luxury Inn receipt on his office computer and plans to complete his expense reimbursement request using the higher lodging costs from the Luxury Inn.Required: What are the ethical considerations that Andy faces when he prepares his expense reimbursement request and how often do you think this happens in the real world?Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of incometax returns. The firm offers two basic products: the preparation of income tax returns for wage andsalary earners, and the preparation of income tax returns for small businesses. Any clients requiringmore complex services are referred to Snow’s brother Roger, who is a partner in a large firm ofchartered accountants.The processing of wage and salary tax returns is quite straightforward, and the firm uses a softwarepackage to process data and print the return. A software package is also used to prepare returns forsmall businesses, although more information is required, particularly about business expenses.Snow has only recently joined Taxation Matters and he is concerned about the firm’s pricing policy,which sets flat fees of $60 per return for wage and salary clients and $300 for small businesses. Hedecides to use activity-based costing to estimate the costs of providing each of these…Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of incometax returns. The firm offers two basic products: the preparation of income tax returns for wage andsalary earners, and the preparation of income tax returns for small businesses. Any clients requiringmore complex services are referred to Snow’s brother Roger, who is a partner in a large firm ofchartered accountants.The processing of wage and salary tax returns is quite straightforward, and the firm uses a softwarepackage to process data and print the return. A software package is also used to prepare returns forsmall businesses, although more information is required, particularly about business expenses.Snow has only recently joined Taxation Matters and he is concerned about the firm’s pricing policy,which sets flat fees of $60 per return for wage and salary clients and $300 for small businesses. Hedecides to use activity-based costing to estimate the costs of providing each of these…
- Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of incometax returns. The firm offers two basic products: the preparation of income tax returns for wage andsalary earners, and the preparation of income tax returns for small businesses. Any clients requiringmore complex services are referred to Snow’s brother Roger, who is a partner in a large firm ofchartered accountants.The processing of wage and salary tax returns is quite straightforward, and the firm uses a softwarepackage to process data and print the return. A software package is also used to prepare returns forsmall businesses, although more information is required, particularly about business expenses.Snow has only recently joined Taxation Matters and he is concerned about the firm’s pricing policy,which sets flat fees of $60 per return for wage and salary clients and $300 for small businesses. Hedecides to use activity-based costing to estimate the costs of providing each of these…Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. This year, the auditors suggest that Tan consider outsourcing Duck Associates’s payroll accounting to a company specializing in payroll processing services. This would allow Tan and her staff to focus on their primary responsibility: accounting for the properties under management. At present, payroll requires 1.5 employee positions—payroll clerk Toby Stock and a bookkeeper who spends half her time entering payroll data in the system. Tan considers this suggestion, and she lists the following items relating to outsourcing payroll accounting: The current payroll software that was purchased for $4,000 three years ago would not be needed if payroll processing were outsourced. Duck Associates’s bookkeeper would spend half her time preparing the weekly payroll input form that is given to the…Buddy Dupree is the accounting manager for On-Time Geeks, a tech support company for individuals and small businesses. As part of his job, Buddy is responsible for preparing the company’s trial balance. His supervisor placed a “hard deadline” of Friday at 5 pm for the completion of the trial balance. Unfortunately, Buddy was unable to get the trial balanceto balance by the due date. The credit side of the trial balance exceeded the debit side by $3,000. To make the deadline, Buddy decided to add a $3,000 debit to the vehicles account balance. He selected the vehicles account because it will not be significantly affected by the additional $3,000.1. Is Buddy behaving ethically? Why or why not?2. Who is affected by Buddy’s decision?3. How should Buddy have handled this situation?
- Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. This year, the auditors suggest that Tan consider outsourcing Duck Associates’ payroll accounting to a company specializing in payroll processing services. This would allow Tan and her staff to focus on their primary responsibility: accounting for the properties under management. At present, payroll requires 1.5 employee positions: payroll clerk Toby Stock and a bookkeeper who spends half her time entering payroll data in the system. Tan considers this suggestion, and she lists the following items relating to outsourcing payroll accounting: a. The current payroll software that was purchased for $4,000 three years ago would not be needed if payroll processing were outsourced. b. Duck Associates’ bookkeeper would spend half her time preparing the weekly payroll input form that is…Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. This year, the auditors suggest that Tan consider outsourcing Duck Associates' payroll accounting to a company specializing in payroll processing services. This would allow Tan and her staff to focus on their primary responsibility: accounting for the properties under management. At present, payroll requires 1.5 employee positions—payroll clerk Toby Stock and a bookkeeper who spends half her time entering payroll data in the system. Tan considers this suggestion, and she lists the following items relating to outsourcing payroll accounting: The current payroll software that was purchased for $4,000 three years ago would not be needed if payroll processing were outsourced. Duck Associates' bookkeeper would spend half her time preparing the weekly payroll input form that is given to the…Buddy Dupree is the accounting manager for On-Time Geeks, a tech support company for individuals and small businesses. As part of his job, Buddy is responsible for preparing the company’s trial balance. His supervisor placed a “hard deadline” of Friday at 5p.m. for the completion of the trial balance. Unfortunately, Buddy was unable to get the trial balance to balance by the due date. The credit side of the trial balance exceeded the debit side by $3,000. To make the deadline, Buddy decided to add $3,000 debit to the vehicles account balance. He selected the vehicles account because it will not be significantly affected by the additional $3,000. Questions: Is Buddy behaving ethically? Why or why not? Who is affected by Buddy’s decision? How should Buddy have handled this situation?