Marco makes the following business gifts during the year: Miss Scarlett (a potential client)$30Mr. and Mrs. White (both are clients)$40Professor Plum (a client)$18Mrs. Plum (the nonclient wife of Professor Plum)$12Charles Mustard (Marco’s boss)$27Marco also spent $15 on wrapping paper and a card for the above gift to the Whites.Calculate Marco’s total allowed deduction for gifts

Deduction for gifts: Up to $ 25 can be deducted as business gifts in particular period.

Answered: Marco makes the following business…

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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Marco makes the following business gifts during the year:

Miss Scarlett (a potential client)	$30
Mr. and Mrs. White (both are clients)	$40
Professor Plum (a client)	$18
Mrs. Plum (the nonclient wife of Professor Plum)	$12
Charles Mustard (Marco’s boss)	$27

Marco also spent $15 on wrapping paper and a card for the above gift to the Whites.

Calculate Marco’s total allowed deduction for gifts

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