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

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale. required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse. b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this. c. explain the difference between sale of receivables with recourse as oppose to without recourse.