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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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Select cost information for seacrest enterprises is as follows: 1,000 units of output 5,000 units of output total cost/unit tota

nasty-shy [4]

Answer:

Not sure but I think is B. again not sure

Explanation:

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3 years ago

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A sporting goods manufacturer budgets production of 57,000 pairs of ski boots in the first quarter and 48,000 pairs in the secon

umka2103 [35]

Answer:

Cost of purchase for first quarter = $766,500

Explanation:

Total production of current quarter = 57,000 pairs

Raw material required for above = 57,000 X 2 kg per pair = 114,000 kg

Less: Opening inventory of raw material 28,500 kg = 114,000 - 28,500 = 85,500 kg required for quarter 1

Also provided that closing inventory shall be 25% of total raw material required for next quarter.

Raw material required in second quarter = 48,000 pairs X 2 kg each = 96,000 kg

25% of above = 96,000 X 25% = 24,000 kg

Total raw material to be purchased in current quarter that is first quarter = 85,500 kg + 24,000 kg = 109,500 kg

Rate not provided assumed to be same as of opening inventory that is $7 per kg, therefore cost of purchase for first quarter = 109,500 kg X $7 = $766,500

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4 years ago

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Ifre chapter 1, conceptual multiple

geniusboy [140]

Answer:

Explanation:

When the future revenue producing ability of the inventory is above its original cost the

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3 years ago

Calculate the present value of the following: a-1. Annual payment of $800 for 10 years at 5% interest. (Do not round intermediat

kipiarov [429]

Answer:

a-1 Present value = 6,177.39

a2- Present Value =6,227.79

a3- Choose the payment stream with the highest present value = a2

b1- Present Value=3,353.98

b2-Present Value=2,805.28

b3-Choose the payment stream with the highest present value = b1

Explanation:

a-1 describes an ordinary annuity whose present value is calculated as follows:

$Present value =PMT*\frac{[1-(1+i)^-^n]}{i}$

where PMT=$800; i= 5%, n= 10

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a3- If I were receiving these payments annually, I would prefer the payment stream with the highest present value ie a2 -Annual payment of $600 for 15 years at 5% interest.

b1- $Present value =800*\frac{[1-(1+0.20)^-^1^0]}{0.20}$ = 3,353.98

b2- $Present value =600*\frac{[1-(1+0.20)^-^1^5]}{0.20}$ =2,805.28

b3- f I were receiving these payments annually, I would prefer the payment stream with the highest present value ie b1- Annual payment of $800 for 10 years at 20% interest.

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