Recent content by kirby

  1. K

    USA conservation program IRC 170 (h)

    This tax structure is excellent! But I mean only excellent for attracting the attention of the IRS Office of Fraud Enforcement. Read these https://www.forbes.com/sites/jasonbfreeman/2020/10/13/settling-conservation-easement-penalties-the-irs-and-some-new-insights/?sh=207167535409...
  2. K

    To those who have experience in audit

    Unfamiliar with RMM abbreviation. Radical Mickey Mouse?:p But anyway testing is based on such things as risk and auditor's judgment.
  3. K

    USA Remote Jobs

    Monster has an option where you can limit your search to remote jobs only.
  4. K

    USA Inventory

    Firs off, if these are low dollar items then request approval from your manager to record the gain or loss in the accounting books and be done with this. But for large dollar items, (get your manager's approval before taking these steps) more investigation is needed. If expensive inventory is...
  5. K

    To those who have experience in audit

    The audit senior will determine the tests. The selection of the test is based on how much risk the PPE represents. For many companies, the PPE is not the largest amount on the balance sheet, so testing can be limited.
  6. K

    USA Best Practice for job costing travel time between service appointments

    As I read your reply I see that you get why this allocation business is not a hot idea. But you are getting pressure to do this anyway. Unless you do a specific allocation of each trip (which is very time consuming and therefore expensive) any other allocation approach is just going to be a hit...
  7. K

    USA Prepaid Equipment never got delivered by vendor

    Since the scoundrel vendor has ghosted you, the entry for the amount you paid which is now in a liability acct is: DR Loss on Theft of Equipment CR Liability Account And while we are on the subject: I suggest a better account to hold the pending receipt of equipment is in an Asset Account, as...
  8. K

    USA Best Practice for job costing travel time between service appointments

    Let’s explore this: if the crew travels 30 minutes to Client A then 2 minutes to Client B next door, how do you think the travel cost should be allocated? The point is - you can do this a ton of ways but does it ultimately make sense to do this accounting allocation to a client?
  9. K

    USA Prepaid Equipment never got delivered by vendor

    Really confused here. Last year, what accounts were debited and credited for this equipment?
  10. K

    USA Marketing Focus Groups - can it be Capitalized?

    Well, what definite identifiable asset was attained with those costs? And can you clearly demonstrate the future periods that will benefit from those costs? If you can't, then no way.
  11. K

    USA Vendor payments made from escrow account

    Record the escrow transactions in your books. On the escrow statement you will see debits when escrow paid vendors directly. Record those debits to remove your A/P payables. That is Dr A/P when recording the escrow transactions.
  12. K

    School Quiz

    The most appropriate option is for you to regain your ethical compass then study your materials to find the answer yourself.
  13. K

    USA What counts as Revenue?

    Count the $10 as revenue.
  14. K

    USA Removing a partner from an LLC

    Requires legal advice. This is an accounting forum. Try this question in a legal advice forum.
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