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If an amount is zero, enter "0". If required, round all interim calculations to nearest dollar. a. Determine Kim's business expenses, presuming no reimbursement. Airfare 2,050 Lodging 1,665 Meals 450 X Transportation 140 V Total 7,175 X %24 %24

If an amount is zero, enter "0". If required, round all interim calculations to nearest dollar. a. Determine Kim's business expenses, presuming no reimbursement. Airfare 2,050 Lodging 1,665 Meals 450 X Transportation 140 V Total 7,175 X %24 %24

FINANCIAL ACCOUNTING
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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b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses would be $ X and the expenses would be classified as a deduction for AGI V
Transcribed Image Text:b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses would be $ X and the expenses would be classified as a deduction for AGI V
Problem 9-26 (Algorithmic) (LO. 1, 3, 5) Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $2,050 Lodging (8 nights) 2,665 Meals (8 days) 2,460 Airport transportation 140 Assume lodging/meals are the same amount for the business and personal portion of the trip ($333 per day for lodging and $308 per day for meals). If an amount is zero, enter "0". If required, round all interim calculations to nearest dollar. a. Determine Kim's business expenses, presuming no reimbursement. Airfare 2,050 Lodging 1,665 Meals 450 X Transportation 140 Total 7,175 X
Transcribed Image Text:Problem 9-26 (Algorithmic) (LO. 1, 3, 5) Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $2,050 Lodging (8 nights) 2,665 Meals (8 days) 2,460 Airport transportation 140 Assume lodging/meals are the same amount for the business and personal portion of the trip ($333 per day for lodging and $308 per day for meals). If an amount is zero, enter "0". If required, round all interim calculations to nearest dollar. a. Determine Kim's business expenses, presuming no reimbursement. Airfare 2,050 Lodging 1,665 Meals 450 X Transportation 140 Total 7,175 X
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