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anastassius [24]
2 years ago
6

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

g the year: Rent $43,500 Bribes 65,250 Travel expenses 4,350 Utilities 26,100 Wages 274,250 Payroll taxes 21,750 Property insurance 2,175 Illegal kickbacks 39,150 What are Vella's total deductible expenses for tax purposes
Business
1 answer:
Katarina [22]2 years ago
7 0

Answer:

$372,125

Explanation:

Calculation to determine Vella's total deductible expenses for tax purposes

Rent $43,500

AddTravel expenses 4,350

Add Utilities 26,100

Add Wages 274,250

Add Payroll taxes 21,750

Add Property insurance 2,175

Total deductible expenses $372,125

Therefore total deductible expenses for tax purposes will be $372,125

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To win back customers after they have discontinued service, when should the initial communication be made? g
nataly862011 [7]

The following methods can be used to successfully win back customers after they have discontinued service.

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4 0
1 year ago
On January 1, 2019, Amazon issues $100,000 in bonds having a stated rate of 10%. The bonds mature in 2 years (Dec. 31, 2020) and
Nutka1998 [239]

Answer:

cash                   96,535 debit

discount on BP    3,465 debit

          Bonds Payable          100,000 credit

Explanation:

We need to determinate the price at which the bonds were issued:

Which is the present value of the coupon payment and maturity

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\  

Coupon payment: 100,000 x 10% / 2 = 5,000

time 4  (2 years x 2 payment per year)

rate 0.06  (12% annual / 2 = 6% semiannual)

5000 \times \frac{1-(1+0.06)^{-4} }{0.06} = PV\\  

PV $17,325.5281  

 

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity (face value)   $100,000.00  

time   4.00  

rate  0.06

\frac{100000}{(1 + 0.06)^{4} } = PV  

PV   79,209.37  

 

PV c $17,325.5281  

PV m  $79,209.3663  

Total $96,534.8944  

As the bonds are issued below face value there is a discount:

100,000 - 96,535 = 3,465

the entry will recognize the cash procceds and the creation of a liaiblity

we will also use an auxiliar account for the discount on the bonds

7 0
3 years ago
Which of the following is an example of a conglomerate merger?
densk [106]

Answer:

Answer d

Explanation:

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3 years ago
If your income is $40,000 and your income tax liability is $5,000, your marginal tax rate is a. 8 percent. b. 12.5 percent. c. 2
Dmitry_Shevchenko [17]

If your income is $40,000 and your income tax liability is $5,000, your marginal tax rate is: b. 12.5 percent.

Using this formula

Marginal tax rat=Tax payable/Taxable income×100

Where:

Tax payable=$5,000

Taxable income=$40,000

Let plug in the formula

Marginal tax rate=$5,000/$40,000×100

Marginal tax rate=12.5%

Inconclusion if your income is $40,000 and your income tax liability is $5,000, your marginal tax rate is: b. 12.5 percent.

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