46. PR.03-17 Problem 3-17 Business Gifts (LO 3.9) Sam owns an insurance agency and makes the following business gifts during the year. Calculate Sam's deduction for business gifts. If an amount is zero, enter "0". Amount Amount Allowed Donee $35, plus $4 shipping $ 1. Ms. Sears (a client) 2. Mr. Williams (a tennis partner, 55 not a business prospect or client) 3. Mr. Sample (a client) and 22 Mrs. Sample (nonclient wife of Mr. Sample) 20 4. Various customers (calendars 300 costing $3 each with the company name on them) 5. Mr. Shiver (an employee gift, 175 a watch, for 25 years of continuous service) Total business gift deduction %24 %24 %24 %24 %24

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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46. PR.03-17
Problem 3-17
Business Gifts (LO 3.9)
Sam owns an insurance agency and makes the following business gifts during the year.
Calculate Sam's deduction for business gifts.
If an amount is zero, enter "0".
Amount
Amount
Allowed
Donee
$35, plus $4 shipping $
1. Ms. Sears (a client)
2. Mr. Williams (a tennis partner,
55
not a business prospect or client)
3. Mr. Sample (a client) and
22
Mrs. Sample (nonclient wife of Mr. Sample)
20
4. Various customers (calendars
300
costing $3 each with the company name on them)
5. Mr. Shiver (an employee gift,
175
a watch, for 25 years of continuous service)
Total business gift deduction
%24
%24
%24
%24
%24
Transcribed Image Text:46. PR.03-17 Problem 3-17 Business Gifts (LO 3.9) Sam owns an insurance agency and makes the following business gifts during the year. Calculate Sam's deduction for business gifts. If an amount is zero, enter "0". Amount Amount Allowed Donee $35, plus $4 shipping $ 1. Ms. Sears (a client) 2. Mr. Williams (a tennis partner, 55 not a business prospect or client) 3. Mr. Sample (a client) and 22 Mrs. Sample (nonclient wife of Mr. Sample) 20 4. Various customers (calendars 300 costing $3 each with the company name on them) 5. Mr. Shiver (an employee gift, 175 a watch, for 25 years of continuous service) Total business gift deduction %24 %24 %24 %24 %24
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