13. In April 2016, Ginny was assigned to a job in the next county for the day. She drove 75 miles each way to the job, paid S4 in tolls, $7 for parking and $9 for lunch. What is her allowable business expense deduction? a. $101 b. $92 c. $85 d. $81

13. In April 2016, Ginny was assigned to a job in the next county for the day. She drove 75 miles each way to the job, paid S4 in tolls, $7 for parking and $9 for lunch. What is her allowable business expense deduction? a. $101 b. $92 c. $85 d. $81

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

13. In April 2016, Ginny was assigned to a job in the next county for the day. She drove 75 miles each way to the job, paid S4 in tolls, $7 for parking and $9
for lunch. What is her allowable business expense deduction? a. $101 b. $92 c. $85 d. $81

Expert Solution

Step 1 introduction

Expense- The expenses are referred as the cost which are incurred for operating of the business. The expense includes payment to supplies, employee wages, factory leases etc. There are four types of expenses exists like variable expense, fixed expenses, intermittent expense and discretionary expenses.

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