CengageNOWv2 | Online teaching and learning resource from Cengage Learning 8/28/2019 CengageNOWv2 | Online teaching and learning resource from Cengage Learning Dues to a country club $4,500 (The country club was used for business 25 days of the total 75 days that it was used.) Business meals at the country club ca not associated with golf or tennis 1,200 Dues to a tennis club 1,000 B (The club was used 75 percent for directly related business.) Tennis fees (personal use) tey 260 Business meals at various restaurants 1,844 a. Indicate whether the following are "Deductible" (partially or fully) or "Not deductible". Dues to a country club Business meals at the country club Dues to a tennis club . Tennis fees (personal use) . Business meals at various restaurants b. How much is Marty's deduction for entertainment expenses for 2018? $

CengageNOWv2 | Online teaching and learning resource from Cengage Learning 8/28/2019 CengageNOWv2 | Online teaching and learning resource from Cengage Learning Dues to a country club $4,500 (The country club was used for business 25 days of the total 75 days that it was used.) Business meals at the country club ca not associated with golf or tennis 1,200 Dues to a tennis club 1,000 B (The club was used 75 percent for directly related business.) Tennis fees (personal use) tey 260 Business meals at various restaurants 1,844 a. Indicate whether the following are "Deductible" (partially or fully) or "Not deductible". Dues to a country club Business meals at the country club Dues to a tennis club . Tennis fees (personal use) . Business meals at various restaurants b. How much is Marty's deduction for entertainment expenses for 2018? $

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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FP#1 SEPTEMBER 2019: In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms, and began the process of getting her business up and running. The following events occurred during the month of September 2019: Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. Kate purchased supplies such as paper and ink for $350 at the local stationery store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she…
Required Information Problem 9-47 (LO 9-2) The following information applies to the questions displayed below. Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa for meals, and $150 for cab fare. (Leave no answers blank. Enter zero If applicable.) Problem 9-47 Part-d d. Suppose that Melissa's permanent residence and business was located in San Francisco. She attended the conference in San Francisco and paid $250 for the registration fee. She drove 100 miles over the course of three days and paid $90 for parking at the conference hotel. In addition, she spent $150 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel and she bought dinner on her way home each night from the conference. What amount of these costs can Melissa deduct as business expenses? (Use standard mileage rate.) (Do not round Intermedlate calculations. Round your final answer to the…
3. Zach had surgery, which was his third claim of the year. He had a bill of $5000. Considering the prior visits, what is Zach's portion of this bill, and what is the responsibility of the insurance carrier? 4. How much is Zach responsible for so far this year considering his first three visits?
Preparing income and expense statement Use Worksheet 2.2 Ariana and Nicholas Peterson are about to construct their income and expense statement for the year ending December 31, 2020. Nicholas is finishing up college and currently has no income. They have put together the following income and expense information for 2020: Ariana's salary $43,000 Reimbursement for travel expenses 1,700 Interest on: Savings account 110 Bonds of Delta Corporation 70 Groceries 4,150 Rent 9,300 Utilities 960 Gas and auto expenses 650 Nicholas' tuition, books, and supplies 3,300 Books, magazines, and periodicals 280 Clothing and other miscellaneous expenses 2,900 Cost of photographic equipment purchased with charge card 2,200 Amount paid to date on photographic equipment 1,600 Ariana's travel expenses 1,950 Purchase of a used car (cost) 9,750 Outstanding loan balance on car 7,300 Purchase of bonds in Delta Corporation 4,900 Using the information provided,…
How can we correct the attached Income statement & Balance sheet to ensure that the expense of £1200 is captured as Drawings and not as Travel expense as this amount was used by Anne for hotel and flight booking for her holiday and is not a business expense?
Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 Revenue 11,600,000 Expenses Salaries & Wages 7,600,000 Employer NIS Contribution 1,400,000 Rent and Rate 2,400,000 Interest 500,000 Maintenance 120,000 Depreciation 550,000 Loss on Disposal of Vehicle 80,000 Telephone 235,000 Electricity 255,000 General Expenses 700,000 Donations 85,000 Provision for Bad Debts 80,000 Fines and Penalties…