Mansi, a self-employed influencer, left her home in Georgia on Monday to fly to NewYork to meet with another influencer to discuss a "collab". She returned the next day.Her expenses are as follows:Airfare $500, lunch in New York at a restaurant with influencer $100, Taxi $50. Howmuch can Mansi deduct?(Do not use commas or dollar signs. Round to the nearest dollar.)

Deductions:Deduction refers to the tax benefit amount that is given to the taxpayer by the tax…

Answered: Mansi, a self-employed influencer, left…

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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Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare $ 550 Lodging 3,000 Meals 900 Entertainment of clients 750 Required: How much of these expenses can Jordan deduct?
Melissa recently paid $870 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $400 fee to register for the conference, $260 per night for three nights' lodging, $120 for meals in restaurants, and $425 for cab fare. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) c. Suppose that Melissa made the trip to San Francisco primarily to visit the national parks and only attended the business conference as an incidental benefit of being present on the coast at that time. What amount of the airfare can Melissa deduct as a business expense? Deductible amount
Melissa recently paid $870 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $400 fee to register for the conference, $260 per night for three nights' lodging, $120 for meals in restaurants, and $425 for cab fare. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) a. What amount of these costs can Melissa deduct as business expenses? Deductible amount
Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. d. Suppose that Melissa's permanent residence and business were located in San Francisco. She attended the conference in San Francisco and paid $250 for the registration fee. She drove 100 miles over the course of three days and paid $90 for parking at the conference hotel. In addition, she spent $150 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel, and she bought dinner on her way home each night from the conference. What amount of these costs can Melissa deduct as…
While jogging around his suburb one morning, Pedro sees a speedboat parked outside a house. There is a sign posted on the boat’s windshield saying: “For sale $9,000, Text Andres on 0409876543. Direct buyers only!” A boat lover, Pedro calls the number advertised and leaves a voice message saying that he’s happy to buy the boat for $7,000. He also leaves his return number. Andres is busy all day, and only hears Pedro’s message the next morning. He calls Pedro back; he also leaves a voice message saying that Pedro’s price is too low, but he can get the boat for $8,000. That same day, however, another buyer sees the boat and makes a $9,000 cash offer to Andres on the spot. Andres takes the money, signs over the boat’s registration papers, and the buyer tows the boat away. Pedro passes by Andres’ house and sees that boat is gone. Panicking, he listens to his voice messages and hears Andres’ message for the first time. He calls Andres right away and told him in no uncertain words that he…
Caitlin made a prepaid purchase of medical insurance of $3,000 for the year. In seven months he cancelled the insurance. Calculate the pro-rated refund he should receive from the insurance company. Kristin saved up C$3,600 to use for her travels during her summer holidays. She first travelled from Toronto to Switzerland, where she converted all her Canadian dollars to Swiss francs at an exchange rate of C$1 = CHF 0.7621. She spent CHF 1,467 and then travelled to London, where she converted the remaining Swiss francs to British pounds at an exchange rate of CHF 1 = £0.7723. She spent £571.34 in London before returning to Toronto. How many Canadian dollars did she receive when she converted the remaining British pounds to Canadian dollars, if the exchange rate when she returned was C$1 = £0.5739?
Bert spends $10.60 a day travelling to work, and a further $65 a day sending his daughter Belle to a childcare centre. Bert has just received the monthly account for the childcare centre totalling $1,625, which he needs to pay immediately. Bert owns a newspaper publishing company. He has paid a membership fee with respect to his personal membership of the World Association of Newspapers, amounting to $3,300, and he has bought a new computer for $2,200 that he keeps in his study at home. Bert has recently purchased a beach house near Geelong. The property has been rented out to Bert’s sister since he purchased it. He took out a 25-year loan to finance the purchase. His interest payments are $7,200 a year. Bert also claims lawn-mowing expenses of $100 per month with respect to his beach house. Required: Advise Bert about the deductibility of the above expenses. Where appropriate, refer to case law and legislation in your answe
Which of the following will qualify as a deductible business meal expense? 1) Barrett invited his business contact, Jacob, to a baseball game. He purchased a ticket package that incluede food and drinks. 2) Wu took his client to a comedy club for dinner and drinks. Wu has individual receipts for the food and drinks seperate from the show. 3) Andres' receipt shows one charge for the $275 he paid the country club for a morning of golfing and lunch with a client. 4) Helen purchased suite tickets to a soccer match that included food and drinks. She invited her business contact, Aron.
[The following information applies to the questions displayed below.] Melissa recently paid $870 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $400 fee to register for the conference, $260 per night for three nights' lodging, $120 for meals in restaurants, and $425 for cab fare. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) b. Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,010 for transportation, $1,055 for lodging, and $495 for meals during this part of her trip, which she considers personal in nature. What amount of the total costs can Melissa deduct as business expenses? Deductible amount
John has an auto which is covered for collision losses subject to a $250 deductible. Kate's auto also has collision coverage but her deductible is $500. John got in an accident while borrowing Katie's car and incurred a $2,500 covered collision loss. John's policy will pay s of the covered loss. Katie's policy will pay $ IMPORTANT: Your answers should be rounded to the nearest integer and should NOT include symbols ('S' or ).
The following information applies to the questions displayed below.]Melissa recently paid $530 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $585 fee to register for the conference, $275 per night for three nights' lodging, $210 for meals in restaurants, and $620 for cab fare. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) d. Suppose that Melissa’s permanent residence and business were located in San Francisco. She attended the conference in San Francisco and paid $585 for the registration fee. She drove 155 miles over the course of three days and paid $98 for parking at the conference hotel. In addition, she spent $330 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel and she bought dinner on her way home each night from the…
Ali is a student at the University. He recently purchased a car for OMR5,000 to use it for going to the University. Ali also expects that other friends might ask for transportation from him. He expects a total monthly revenue of OMR50. He expects fuel cost to be OMR30 per month. One of Ali's friends is a taxi driver. He offered Ali to take him to University for a monthly fee of OMR20. Because he does not have to drive, Ali believes that he can perform online work that would earn him a monthly revenue of OMR20, What is the differential revenue in this scenario? Select one: O a. OMR50 Ob OMR30 Oc. OMR40 0d. OMR2D e OMR10

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