During 2021, José, a self-employed technology consultant, made gifts in the following amounts:To Haley (José's personal assistant) at Christmas$36To Darryl (a key client)—$3 was for gift wrapping53To Darryl's wife (a homemaker) on her birthday20To Veronica (José's office manager) at Christmas30In addition, on professional assistants' day, José takes Haley to lunch at a local restaurant at a cost of $82. Presuming that José has adequate substantiation, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent.Answer it is not 94

Gifts made to customers are deductible up to $25 per each

Answered: During 2021, José, a self-employed…

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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During 2021, José, a self-employed technology consultant, made gifts in the following amounts:

To Haley (José's personal assistant) at Christmas	$36
To Darryl (a key client)—$3 was for gift wrapping	53
To Darryl's wife (a homemaker) on her birthday	20
To Veronica (José's office manager) at Christmas	30

In addition, on professional assistants' day, José takes Haley to lunch at a local restaurant at a cost of $82. Presuming that José has adequate substantiation, how much can he deduct?

Do not round intermediate computations. If required, round your final answer to the nearest cent.

Answer it is not 94

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