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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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Kleen Company acquired patent rights on January 10 of Year 1 for $857,700. The patent has a useful life equal to its legal life

Sidana [21]

Answer:

a. Amortization expense for Year 4=$572,062.5/5=$114,412.50

b. Adjusting entry to be recorded in respect of amortization as at December 31, Year 4:

Debit Credit

Amortization expense $114,412.50

Accumulated amortization $114,412.50

Explanation:

Cost of patent right at Year 1= $857,700

Less:Accumulated amortization for three years=($321,637.5)

($857,700/8)*3

Net book value of patent rights on January 7, year 4=$536,062.5

Add: Cost to defend lawsuit related to patent right = $36,000

Total cost at start of Year 4=$572,062.5

a. Amortization expense for Year 4=$572,062.5/5=$114,412.50

b. Adjusting entry to be recorded in respect of amortization as at December 31, Year 4:

Debit Credit

Amortization expense $114,412.50

Accumulated amortization $114,412.50

8 0

3 years ago

An employer will do a 50% match on your investment to a 401k retirement plan. If you decide to contribute a monthly amount of $2

PtichkaEL [24]

Answer:

There will be $92,635.42 in the account after 15 years.

Explanation:

Missing question <em>"The interest rate is fixed at 2.05%"</em>

As the employer does a 50% match on the employee’s investment, the monthly contribution to the retirement plan will be = 2 * $220 = $ 440.

The future value (F) of an annuity is given by F = (P/r)[(1+r)n-1]

P is the periodic payment

r is the rate per period

n is the number of periods.

P = 440, r = 2.05/1200 and n = 15*12 = 180.

F = (440*1200/2.05)[ (1+2.05/1200)180 -1]

F = (528000/2.05)*0.359664042

F = 92635.4215493

F = $92635.42

Thus, there will be $92,635.42 in the account after 15 years.

6 0

2 years ago

A client who has been training at high intensities in preparation for a triathlon reports joint pain, excess fatigue, and the in

Evgen [1.6K]

Answer:

The client is in the exhaustion stage of the general adaptation syndrome.

Explanation:

The 3 stages of the General Adaptation Syndrome are Alarm reaction, Resistance and Exhaustion.

The characteristic properties of each of the stage are different: For example

The person experiences, either higher rate of stress or adrenaline rush through the body in the 1st stage.
The person experiences frustration and anxiety in the second stage which is the Resistance stage.
While there is excessive fatigue in the 3rd stage which is exhaustion.

As the client is showing the symptoms of fatigue, thus this is the 3rd stage, i.e. exhaustion stage of GAS.

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3 years ago

Help with economics?

umka2103 [35]

Changes in commodity prices

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3 years ago

Abarrier along the open sides of stairways and platforms that prevent falling is

kotykmax [81]

Stair rails is a barrier along the open sides of stairways and platforms that prevent falling is

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3 years ago