Answered: Expense Gas Insurance Oil Registration… | bartleby

SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 38P

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Question

What is the correct answer please

Expense
Gas
Insurance
Oil
Registration
Depreciation
Yearly cost
or rate
A. $1.11 per mile
C. $4.91 per mile
$550.00
$400.00
$90.00
$100.00
20%
Fernational Academy of Science. All Rights Reserved.
O
What is the cost per
mile over the course of
a year for a $24,000 car
that depreciates 20%,
with costs shown in the
table, and that has
been driven for 10,000
miles?
B. $0.25 per mile
D.
$0.59 per mile

Expert Solution

Step 1

Cost per mile over the year = Total Cost / Total miles driven

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