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3 years ago

Circular 230 requires due diligence from a practitioner in all of the following circumstances except

Business

1 answer:

Alika [10]3 years ago

8 0

Answer:

(b) selecting and training new hires at the firm

Explanation:

Circular 230 requirement states that a practitioner must exercise due diligence in respect of those matters which relate to preparing, approving and filing tax returns or any other paper to Internal Revenue Services(IRS).

Due Diligence basically means to ensure that actions and information supplied are correct and not false.

So basically it extends to oral or written representations made to IRS or to a client in respect of matter which are administered by IRS.

Selecting and training new hires at the firm does not relate to IRS.

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Luwam is convinced that her product idea has great potential. She has decided to produce the product herself, but will use other

Pachacha [2.7K]

Luwam is convinced that her product idea has great potential. She has decided to produce the product herself, but will use other companies who specialize in storing and transporting products to help her move the product from where it is manufactured to the final consumer. These specialists Luwam uses will be part of her: "channel of distribution".

<h3>What is channel of distribution?</h3>

A product or service could travel down a distribution channel to reach the market. A corporation can sell to customers directly through a direct distribution channel, which is typically a website or physical store.

Some characteristics of channel of distribution are-

A distribution channel is a network of businesses or middlemen where the final consumer buys a product or service.
Wholesalers, retailers, distributors, and the Internet are examples of distribution channels.
The manufacturer sells directly to the customer through a direct distribution channel. Before the product reaches the customer, indirect routes use a number of middlemen.
The product, promotion, and price are other components of a company's marketing plan, which also includes a distribution channel, usually referred to as placement.

Therefore, the length of a distribution channel depends on how many middlemen are needed to distribute a good or service.

To know more about the distribution channel, here

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4 0

2 years ago

An asset which costs $97,600 and has accumulated depreciation of $82,000 is sold for $18,000. what amount of gain or loss will b

frutty [35]

Book value
Cost of an asset-accumulated dep
97,600−82,000=15,600

So
18,000−15,600=2,400
a gain of $2,400.

Hope it helps

8 0

3 years ago

Zoe Corporation has the following information for the month of March:

Gnesinka [82]

Answer:

(a) a schedule of cost of goods manufactured

Purchases $ 92,000

Materials inventory, March 1 $ 6,000

Materials inventory, March 31 ($ 8,000)

Material Consumed $ 90,000

Direct labor $ 25,000

Factory overhead $ 37,000

Work in process, March 1 $ 22,000

Work in process, March 31 ($ 23,500)

COGM $ 150,500

(b) an income statement for the month

Sales $ 257,000

COGS

COGM $ 150,500

FG opening $ 21,000

FG closing ($ 30,000)

Total ($ 141,500)

Gross profit $ 115,500

Sales and administrative expenses ($ 79,000)

Net profit $ 36,500

7 0

3 years ago

Indicate whether the scenarios would result in an increase, a decrease, or no change in the long-run aggregate supply (LRAS) cur

Anastaziya [24]

Answer:

1. The mandatory retirement age in Wonkaland is abolished.

INCREASE IN THE LONG RUN AGGREGATE SUPPLY CURVE: greater use of labor

2. Wonkaland's main export is candy. Candy from this country increases in popularity as consumers all over the world want to buy Wonkalandian candy.

NO CHANGE IN THE LONG RUN AGGREGATE SUPPLY CURVE

3. Since candy from Wonkaland has become an international sensation, factories in Wonkaland double the number of candy making machines.

INCREASE IN THE LONG RUN AGGREGATE SUPPLY CURVE: greater use of capital investments

4. The top candy companies in Wonkaland chose to relocate their means of production to other countries around the world.

DECREASE IN THE LONG RUN AGGREGATE SUPPLY CURVE: lower use of capital investments

Explanation:

The long run aggregate supply curve is only affected by changes in capital, labor and technology. If the use of these factors increases, the LRAS curve will increase, if their use decreases, then the LRAS curve decreases.

4 0

4 years ago

Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $1,400,000 of 4-year,

Naily [24]

Answer:

A1.Apr.1

Dr Cash $1,449,138

Cr Premium on Bonds Payable $49,138

Cr Bonds Payable $1,400,000

A2. Oct. 1

Dr Interest Expense $24,431

Dr Premium on Bonds Payable $24,569

Cr Cash $49,000

B. The BONDS was paying HIGHER INTEREST RATE of 7% to the MARKET INTEREST RATE of 6%.

Explanation:

A1. Preparation of the journal entry to record Issuance of bonds on April 1Apr.1

Dr Cash $1,449,138

Cr Premium on Bonds Payable $49,138

($1,449,138-$1,400,000)

Cr Bonds Payable $1,400,000

(To record Issuance of bonds)

A2. Preparation of the journal entry to record First interest payment on October 1 and amortization of bond premium for six months, using the straight-line method.

Oct. 1

Dr Interest Expense $24,431

($49,000-$24,569)

Dr Premium on Bonds Payable $24,569

[($1,449,138-$1,400,000)4*2]

Cr Cash $49,000

( $1,400,000 x 7% x 6/12)

(To record First interest payment and amortization of bond premium )

B. Based on the information given the reason

WHY the company was able to issue the bonds for $20,811,010 RATHER THAN for the FACE AMOUNT of $20,000,000 was because the BONDS was paying HIGHER INTEREST RATE of 7% to the MARKET INTEREST RATE of 6%.

3 0

3 years ago