Exercise 9-12 (Algorithmic) (LO. 2) Lara uses the standard mileage method for determining auto expenses. During 2023, she used her car as follows: 23,200 miles for business, 4,640 miles for personal use, 6,960 miles for a move to a new job, 2,320 miles for charitable purposes, and 1,160 miles for medical visits. Presuming that all the mileage expenses are allowable (i.e., not subject to percentage limitations), what is Lara's deduction for: If required, round your answers to the nearest dollar. a. Business? $15,198 b. Charitable? 325 c. Medical? 255

Exercise 9-12 (Algorithmic) (LO. 2) Lara uses the standard mileage method for determining auto expenses. During 2023, she used her car as follows: 23,200 miles for business, 4,640 miles for personal use, 6,960 miles for a move to a new job, 2,320 miles for charitable purposes, and 1,160 miles for medical visits. Presuming that all the mileage expenses are allowable (i.e., not subject to percentage limitations), what is Lara's deduction for: If required, round your answers to the nearest dollar. a. Business? $15,198 b. Charitable? 325 c. Medical? 255

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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