Deducting the attorney fees

Over the last two years, Ed had spent nearly $600,000 in attorney fees. Ed had even offered his brother-in-law 50% of the winnings. How and where would you deduct the attorney fees?

  Rate of return for division using the return on investment

Compute the rate of return for each division using the return on investment (ROI) formula stated in terms of margin and turnover.

  Payroll entries-oates company

Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following..

  Investment using the equity method

What amount of unrelaized gross profit must Panner defer in reporting this investment using the equity method?

  Prepare a system flowchart in good form for lakers loot

  What are the effects on net income from these transactions

On April 1, Quality Corporation, a U.S. company, expects to sell merchandise to a French customer in three months, denominating the transaction in euros.

  What should your company record as a gain from the sale

assume your company just sold a mainframe computer. The computer originally cost $300,000 and had accumulated depreciation of $100,000 on the date of the sale. Instead of the buyer paying cash, she gave you a $400,000 noninterest-bearing note due ..

  Differential income for processing rough-cut lumber

What is the amount of (a) the differential revenue, (b) differential cost, and (c) differential income for processing rough-cut lumber into finished cut?

  Projects having normal cash flows

Ahyee Corp. is considering two equally risky, mutually exclusive projects, both of which projects have normal cash flows. Project A has an IRR of IRR of 11%, while Project B's IRR is 14%.

  Year end accounts receivable

An auditor noted that client sales increased 10 percent for the year. At the same time, Cost of Goods Sold as a percentage of sales had decreased from 45 percent to 40 percent and year-end accounts receivable.

  What are the combined total department costs

Jackson Corporation has two service departments whose direct department costs are $75,000 and $10,000, respectively, and two producing departments whose direct department costs are $60,000 and $250,000, respectively.

  Finding coyote corporation taxable income

Coyote owns 5% of Roadrunner Corporation’s stock. How much is Coyote Corporation’s taxable income (loss) for the year?