avid R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a elf-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. • David earned consulting fees of $145,000 in 2022. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the medical plan provided by Ella's employer but have chosen not to participate in its § 401(k) retirement plan. • David's employment-related expenses for 2022 are summarized below. Airfare Lodging Meals from restaurants (during travel status) $8,800 4,320 2,400 3,600 800 900 Office supplies (includes postage, overnight delivery, and copying) 1,500 Entertainment Ground transportation (e.g., limos, rental cars, and taxis) Business gifts
avid R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a elf-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. • David earned consulting fees of $145,000 in 2022. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the medical plan provided by Ella's employer but have chosen not to participate in its § 401(k) retirement plan. • David's employment-related expenses for 2022 are summarized below. Airfare Lodging Meals from restaurants (during travel status) $8,800 4,320 2,400 3,600 800 900 Office supplies (includes postage, overnight delivery, and copying) 1,500 Entertainment Ground transportation (e.g., limos, rental cars, and taxis) Business gifts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:avid R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a
elf-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics.
• David earned consulting fees of $145,000 in 2022. He maintains his own office and pays for all business expenses. The Coles are
adequately covered by the medical plan provided by Ella's employer but have chosen not to participate in its § 401(k) retirement
plan.
• David's employment-related expenses for 2022 are summarized below.
Airfare
Lodging
Meals from restaurants (during travel status)
$8,800
4,320
2,400
3,600
800
900
Office supplies (includes postage, overnight delivery, and copying)
1,500
Entertainment
Ground transportation (e.g., limos, rental cars, and taxis)
Business gifts
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