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Harlamova29_29 [7]
3 years ago
14

Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses durin

g the year:
Rent $41,500
Bribes 62,250
Travel expenses 4,150
Utilities 24,900
Wages 356,750
Payroll taxes 20,750
Property insurance 2,075
Illegal kickbacks 37,350

Required:
What are Vella's total deductible expenses for tax purposes?
Business
1 answer:
amid [387]3 years ago
7 0

Answer and Explanation:

The total deductible expense is for tax purpose is shown below:

The income that is earned from gambling and winning lotteries via legal or illegal the same is to taxable

Also the nonrecorded and illegal expenses would be ignored

The following expenses should be considered as deductible

(1) Rent paid of $41,500

(2) Travel expenses  $4,150

(3) Utilities of $24,900

(4) Wages $356,750

(5) Payroll Taxes $20,750

(6) Property insurance $2075

Bribes and illegal kickbacks are not taxable

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1 year ago
Assuming Year 2 net credit sales totaled $122,000, what was the company's average days to collect receivables
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44.88 days

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Note: The full question is attached

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