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Sergio039 [100]
4 years ago
11

Rex, a cash basis calendar year taxpayer, runs a bingo operation which is illegal under state law. During 2016, a bill designate

d H.R. 9 is introduced into the state legislature which, if enacted, would legitimize bingo games. In 2016, Rex had the following expenses:
Operating expenses in conducting bingo games $127,000

Payoff money to state and local police 34,000

Newspaper ads supporting H.R. 91 3,000

Political contributions to legislators who support H.R. 9 18,000

Of these expenditures, Rex may deduct: Please select the correct answer and why (include a brief description).

a.$127,000.
b.$214,000.
c.$227,000.
d.$282,000.
e.None of the above.
Business
1 answer:
vaieri [72.5K]4 years ago
5 0

Answer:

A. $127,000

Explanation:

Rex is only allowed to deduct operating expenses related to game and in the act rest of the expense like Payoff money to state and local police, Newspaper ads supporting H.R. 9, Political contributions to legislators who support H.R. 9 are not allowable

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List two reasons why someone looking at a career in the Energy cluster might want to focus on new technology, such as energy-eff
borishaifa [10]

Answer:

Explanation: two reasons for why someone looking at a career in the Energy cluster might want to focus on new technology, such as energy-efficient products or sustainable energy; Energy efficient technologies are now found in most energy conversion chains.Mar 9, 2020

7 0
3 years ago
Classify each of the investments in assets as either permanent or​ temporary:
Katarina [22]

Answer:

1. A is temporary

2. B is permanent

3. C is temporary

Explanation:

1. A is temporary because these Valentine's day card are sold seasonally. That is at a particular time of the year. It's inventory is not for a permanent basis or for a long period of time.

2. Acquiring a new forklift is a permanent inventory because the equipment will stay in the company for a long period of time, for as long as it continues to serve the purpose for which it was acquired. This makes it a life asset.

3. The Increase in account receivable do due to expansion in customer base is for a short term due to goods sold on credit therefore they are temporary.

5 0
4 years ago
During 2018 Belair Company was encountering financial difficulties and seemed likely to default on a $600,000, 10%, four-year no
sdas [7]

Answer:

gain from the debt restructuring = $160,000

Explanation:

given data

principal = $600,000

rate = 10%

settlement = $500,000

to find out

gain from the debt restructuring in  income statement

solution

we get here owed a total that is

owed a total = Principal + Unpaid interest    ...............1

put here value

owed a total = $600,000 + $60,000

owed a total = $660,000

and

gain from the debt restructuring is here as

gain from the debt restructuring = owed a total - settled   .......2

gain from the debt restructuring = $660,000 - $500,000

gain from the debt restructuring = $160,000

5 0
3 years ago
The Celler-Kefauver Antimerger Act of 1950:________.
UkoKoshka [18]

Answer:

b. banned anticompetitive mergers that occurred as a result of one company acquiring the physical assets of another company.

Explanation:

  • The Sailor-Kefauver Act was a United States federal law passed in 1950 that amended and strengthened the Clayton Antitrust Act of 1914, which amended the Sherman Antitrust Act of 1890.
  • The Sailor-Kefauver Act was passed to eliminate a loophole to link firms to the acquisition and acquisition of assets that are not direct competitors.
  • The Clayton Act prohibited stock purchase mergers, the competition was reduced, and smarter traders were able to find ways to buy competitive property around the Clayton Act. Under the Sailor-Kefauver Act, asset acquisition competition decreases, and that practice is banned.
5 0
4 years ago
The annual demand for a product is 14,400 units. The weekly demand is 277 units with a standard deviation of 80 units. The cost
shusha [124]

Answer:

2589.56 units

Explanation:

Given that

Annual Demand = 14400 units

Weekly Demand = 277 units

Standard Deviation = 80 units

Ordering cost = $ 28

Lead Time = 8 weeks

Carrying cost = $ 0.10 / unit

Based on the above information  

a) For a 95 percent service level, the value of z by referring to the Normal Table in Appendix A) is 1.65

The reorder point is computed as follows:

= Weekly Demand × Lead Time + Z × Standard Deviation × √ Lead Time

=277 × 8 + 1.65 × 80 × √8

= 2216+ 373.56

= 2589.56 units

6 0
3 years ago
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