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3. Bob is self-employed and he uses his automobile for business. He drove his car 10,000 miles in 2021, of which 6,000 miles were for business travel. The actual cost of gasoline, repairs, maintenance and depreciation totaled $3,950. a. What is the auto deduction based on the actual costs? b. What is the auto deduction using the standard mileage rate?

3. Bob is self-employed and he uses his automobile for business. He drove his car 10,000 miles in 2021, of which 6,000 miles were for business travel. The actual cost of gasoline, repairs, maintenance and depreciation totaled $3,950. a. What is the auto deduction based on the actual costs? b. What is the auto deduction using the standard mileage rate?

FINANCIAL ACCOUNTING
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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3. Bob is self-employed and he uses his automobile for business. He drove his car 10,000 miles in 2021, of which 6,000 miles were for business travel. The actual cost of gasoline, repairs, maintenance and depreciation totaled $3,950. a. What is the auto deduction based on the actual costs? b. What is the auto deduction using the standard mileage rate?
Transcribed Image Text:3. Bob is self-employed and he uses his automobile for business. He drove his car 10,000 miles in 2021, of which 6,000 miles were for business travel. The actual cost of gasoline, repairs, maintenance and depreciation totaled $3,950. a. What is the auto deduction based on the actual costs? b. What is the auto deduction using the standard mileage rate?
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