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Kim works for a clothing manufa

Kim works for a clothing manufa

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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Problem 9-31 (Algorithmic) (LO. 1, 3, 5) Kim works for a clothing manufacturer as a dress designer. During 2023, 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 Lodging (8 nights) Meals at local restaurants (8 days) Airport transportation Assume lodging/meals are the same amount for the business and personal portion of the trip ($211 per day for lodging and $195 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 Lodging Meals Transportation Total $1,300 1,690 1,560 85 What amount may she deduct on her tax return? b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses would be s and the expenses would be classified as
Transcribed Image Text:Problem 9-31 (Algorithmic) (LO. 1, 3, 5) Kim works for a clothing manufacturer as a dress designer. During 2023, 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 Lodging (8 nights) Meals at local restaurants (8 days) Airport transportation Assume lodging/meals are the same amount for the business and personal portion of the trip ($211 per day for lodging and $195 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 Lodging Meals Transportation Total $1,300 1,690 1,560 85 What amount may she deduct on her tax return? b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses would be s and the expenses would be classified as
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