What is the deductible amount of expenses

Assignment Help Accounting Basics
Reference no: EM13135318

Werner is the president and CEO of ACME, Inc. and this year he took a prospective client to dinner. During the dinner the President and the client discussed a proposed contract for over $6 million and personal matters. After dinner the CEO took the client to a football game and no business was discussed. The CEO paid $1220 for an expensive dinner and spent $600 for the game. What is the deductible amount of these expenses?

Reference no: EM13135318

Questions Cloud

W rhodes and associates : You are a graduate accountant working for W Rhodes and Associates a public accounting firm situated at 556677 George Street, Victoria.
Heat is transferred to the steam until the temperature : A piston-cylinder device has a volume of 0.1 cubic meters and contains 0.5kg of steam at 0.4 MPa. Heat is transferred to the steam until the temperature is 300 degrees Celsius
Determine the latent heat of vaporization of the water vapor : How would you calculate the sensible heat, the latent heat, and determine the latent heat of vaporization of the water vapor in this air stream as the air is cooled from 170 F to 48 F?
Ordinary and necessary business expense : The education expense was for a 2 week nighttime course in business management. Smith believes the expenditure should qualify as an ordinary and necessary business expense. What net income should Smith report from his business? Smith is on the cas..
What is the deductible amount of expenses : The CEO paid $1220 for an expensive dinner and spent $600 for the game. What is the deductible amount of these expenses?
Define cooling/dehumidification of an air stream : Cooling/Dehumidification of an air stream, A 1000 m3/minute air stream at atmospheric pressure is at a temperature of 82.2oC and a humidity of 60%. We want to cool the air + water vapor to 8.9oC to condense the water vapor.
Refrigerant leaves the evaporator as saturated vapor : Refrigerant 134a leaves the evaporator as saturated vapor at 1.4bar and is heated at constant pressure to 20 degrees C before entering the compressor.
Deduction as business expenses : What amount of these expenses may Gabby deduct as business expenses? Gabby is on the cash method calendar year.
What concentration of sulfuric acid remains : .850 L of 0.410 M H2SO4 is mixed with .800L of .240 M KOH. what concentration of sulfuric acid remains after neutralization

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd