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Allocating the Costs of the Legal Department Most large companies have an in-house legal staff that helps the company deal with current and pending legal matters. Often the legal staff 's efforts are assisted by outside counsel, especially when specialized technical issues are involved. The legal department is growing in importance for some firms, as the firms attempt to deal with new govern- ment regulations. For management accountants, the regulatory changes have been dramatic, as a result of the Sarbanes-Oxley Act of 2002 which increased the responsibilities of financial managers in publicly held firms. One portion of the act, for example, requires a company to maintain a code of ethics.
Required: Most companies allocate the cost of legal services to their SBUs on the basis of some measure of size, such as the total assets or total revenues of the SBU. What is the likely effect of this allocation approach on the desired motivation and behavior within the SBUs? What approach would you propose for allocating legal costs, and why?
Determine the expected net realizable value of the accounts receivable as of December 31 and Entries related to uncollectible accounts
Prepare journal entries to record each of the following transactions for Sanchez Company. Use the letter of the transaction in place of the date.
Using the direct method of presenting cash flows from operating activities, prepare a Statement of Cash Flows in accordance with AASB 107 for the year ended 30 June 2012, including a reconciliation of cash flows arising from operating activities a..
How many units of the new game VCI needs to sell in order to break-even and how much profit each unit of the new game sales will generate?
you are accountant working in a company with limited liability wll one of your partners a will withdraw from company.
What would you think of a companys ethics if it changed accounting methods every year - what accounting principle would changing methods every year violate
Traceable fixed expenses totaled $216,000 and were allocated as 70 percent to Eastern and 30 percent to Western. Common fixed expenses totaled $295,000.
A diesel-powered tractor with a cost of $185,000 and estimated residual value of $37,000 is expected to have a useful operating life of 40,000 hours. During February, the generator was operated 140 hours.
Analyze the above transactions. If ABC Inc. produced an income statement what would the gross profit be for this sale?
Prepare a retained earnings statement - prepare a report form of balance sheet, assuming that the current portion of the note payable is $7,000.
Discuss the similarities and differences between the tax consequences of the operating distribution and the tax consequences of the liquidation distribution.
Explain why the terminology appears to be contradictory and what does the term break-even point mean? Name the two ways it can be measured.
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