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Greg owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year:
Rent - $28,000
Bribes - $80,000
Travel - $16,000
Utilities - $24,000
Wages - $280,000
Payroll Taxes - $18,000
Property Insurance - $4,000
Illegal Kickbacks - $28,000
Problem 1: Indicate what are Greg's total deductible expenses for tax purposes. Explain how you came up with this amount and why some amounts aren't included.
Find the net present value (NPV) for the following series of future cash flows, assuming the company's cost of capital is 6.29 percent.
What is total current assets?SSF acquired a forklift and storage fixtures. They paid $20,000 in cash and agreed to pay another $28,000 in three years.
What discount rate would you use in analysing the option alternative? Why?
Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number.
Computation of Bank reconciliation Statements - Prepare a schedule showing how much the cashier embezzled.
For 2012, McFadden Inc. reported its most significant increase in net income in years. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement:
The Floating Corporation announced that for the period ending December 31, 2012, it earned income after taxes of $5,330,275 on revenues of $33,144,680. The company's costs (excluding depreciation and amortization) amounted to 61% of revenues, and Flo..
Design substantive procedures for detecting inventory irregularities. Design substantive procedures for detecting irregularities in fixed assets.
Fictitious Vendors, Theft, and Embezzlement. The following cases are designed like the ones in the chapter. Your assignment is to write the audit approach portion of the cases organized around these sections: Objective. Express the objective in terms..
Several months ago, Welker Chemical Company experienced a hazardous materials spill at one of its plants. As a result, the Environmental Protection Agency (EPA) fined the company $630,000. The company is contesting the fine. In addition, an employee ..
Determine What general entries can be recorded for all transaction? Bought a truck costing $50,000, making a down payment of $7,000.
Markdown amounted to 100,000. Under the approximate lower of average cost or NRV retail method, what is the inventory on December 31, 2015?
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