All categories

3 years ago

Number the following activities from 1 to 3 in the order corresponding to the typical flow of cost in a CPA firm.

Business

1 answer:

LUCKY_DIMON [66]3 years ago

6 0

Answer:

1. Record the time worked on a client project by professional staff.

The first thing is do is to record the time the client was worked on by a professional staff because CPAs should be charging by the hour.

2. Record the completion of a client project.

The record the completion of a client project so that the project can be considered finished. The total hours worked will be totalized here.

3. Record the application of office overhead.

After the completion of the project the overhead costs are now apportioned and recorded.

You might be interested in

Aspen's Distributors has a levered cost of equity of 13.84 percent and an unlevered cost of capital of 12.5 percent. The company

Reptile [31]

Answer:

8.60%

Explanation:

We use the MM proposition II with taxes

$r_e = r_a + \frac{D}{E} (r_a-r_d)(1-t)$

ra 0.125

D 5000

E 9600 (14,600 assets = 5,000 liab + equity)

rd ??

taxes 0.34

re 0.1384

We set p the formula and solve:

$0.1384 = 0.125 + \frac{5,000}{9,600} (.125-r_d)(1-.34)$

$0.1384 - 0.125 = 0.34375 (.125-r_d)$

$0.0134 = 0.34375\times 0.125 - 0.34375\times r_d$

$r_d = (0.34375\times 0.125 - 0.0134)\div 0.34375$

rd = 0.860181818 = 8.60%

6 0

3 years ago

Oreva, a multinational corporation, pays $100,000 per year to an information technology firm to archive and secure all of its da

Arlecino [84]

Answer:

A) storage cost

Explanation:

Storage cost -

It is the amount spend on the maintenance of the storage or holding of the inventory .

From the question ,

The multinational company , Oreva , pays $100,00 per year to the It firm , i.e. , the information technology firm , so as to maintain and secure all of its data and storage .

hence , from the question ,

The correct term according to the information of the question is A) storage cost .

4 0

3 years ago

1. A parent provides consulting services to its wholly-owned subsidiary during the year. The parent charged the subsidiary $600,

Fed [463]

Answer:

Explanation:

When consolidating parent and a wholly-owned subsidiary we aim to eliminate entries related to the inter company services. Since the subsidiary had recorded a debit to service expense when it was rendered, the adjusting entry would be a credit to the service expense amount by the same figure charged i.e. $600,000 in this case

6 0

3 years ago

Seller, a Chicago business, sent a shipment of tractor parts to Buyer, a Detroit business, under a contract that read: "F.O.B.Ch

Vera_Pavlovna [14]

Answer:

D. Seller has the risk of loss because the tender was non-conforming, but only to the extent that Buyer's insurance does not cover the loss

Explanation:

6 0

3 years ago

Jeremy has been out of school for two years, has a good job, and recently got a raise. He is excited about investing and always

Tems11 [23]

Answer:

Jeremy has to continue to save.

Explanation:

Jeremy should keep saving his money.
In case a situation arises, he needs to keep saving his resources and he needs the money for something else than he has got into trouble.

Jeremy will adhere to his spending strategy to pay off his loan within 15 months.
by follow these process he will continue his saving as well as repay the loan also .

4 0

3 years ago