Anita, a cash basis taxpayer, sued her former employer for wage discrimination. her attorney agreed to pursue the case on a contingent fee basis—the attorney would receive one-third of any settlement or court award. the parties reached a settlement, and the attorney for anita’s former employer wrote a check payable to anita for $320,000 and a check payable to her attorney for $160,000. anita reasons that she and the attorney were partners in the lawsuit who shared profits two-thirds and one-third, respectively. therefore, she includes $320,000 in her gross income. is anita’s analysis correct? explain.

Prairie, inc. produces one single product. it has an annual capacity of 10,000 units, but currently uses only 80% of it. each unit is sold for $50 and requires direct material worth $30 and direct labor worth $5. manufacturing overhead cost is $10 per unit of which 70% is variable. should a special order to sell 1,000 units at $44 be accepted? yes no

How are credit unions similar to banks

In june, one of the processinthe assembly department started the month with 25,000 units in its beginning work in process inventory. an additional 310,000 units were transferred in from the prior department during the month to begin processing in the assembly department. there were 30,000 units completed and transferred to the next processing department during the month. how many units the assembly department started the month with 25,000 units in its beginning work in process inventory. an additional 310,000 units were transferred in from the prior department during the month to begin processing in the assembly department. there were 30,000 units completed and transferred to the next processing department during the month. how many units were in its ending work in process inventory