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Hammond and Jarrett provide tax consulting for estates and trusts. Their job-costing system has a single direct-cost category (professional labour) and a single indirect-cost pool (research support). The indirect-cost pool contains all the costs except direct personnel costs. All budgeted indirect costs are allocated to individual jobs using actual professional labour-hours.
Required:
a. Discuss the reasons a consulting firm might use a normal costing system rather than an actual costing system.
b. What might be some reasons for the firm to change from a one-pool to a multiple-pool allocation concept?
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2011 financial statements are issued on March 15, 2012.
How do rulings issed by the IRS benefit both the IRS and taxpayers?
Which of the following is not treated as a change in accounting principle? A) A change from LIFO to FIFO for inventory valuation B) A change to a different method of depreciation for plant assets
By reducing labor and other operating costs, the machine would provide annual cost savings of $59,000. The company requires a minimum pretax return of 12% on all investment projects. The net present value of the proposed project is closest to:
Richard exchanges a building with a FMV of $75,000, a basis of $35,000, and subject to a liability of $25,000 for land with a FMV of $50,000 owned by Bill. What is the amount of Richard's realized gain?
What is the difference between internal documentation and external documentation? Examples? Which type is considered more reliable?
The chart below describes the § 1231 assets sold by the Tan Company (a sole proprietorship) this year. Compute the gain or loss from each asset disposition and determine the net § 1231 gain treated as long-term capital gain for the year. Assume th..
The Carlton Corporation has $4 million in earnings after taxes and 1 million shares outstanding. The stock trades at a P/E ratio of 20. THE firm has $3 million in excess cash.
What amount of capitalized interest should Brick report as part of its building account at December 31, 2011?
A business receives a cash payment for services rendered. Which of the following occurs?
Distinguish between the two categories of adjusting entries, and identify the types of adjustments applicable to each category.
What is Desmond's adjusted tax basis for his partnership interest immediately after the partnership is formed? What is the partnership's adjusted basis for the property contributed by Desmond?
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