Marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his Dues to a country club $4,500 (The country club was used for business 25 days of the total 75 days that it was used.) Business meals at the country club restaurant not associated with golf or tennis 1,200 Dues to a tennis club 1,000 (The club was used 75 percent for directly related business.) Tennis fees (personal use) 260

Marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his Dues to a country club $4,500 (The country club was used for business 25 days of the total 75 days that it was used.) Business meals at the country club restaurant not associated with golf or tennis 1,200 Dues to a tennis club 1,000 (The club was used 75 percent for directly related business.) Tennis fees (personal use) 260

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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Dorothie paid the following amounts during the current year: Interest on her home mortgage (pre-12/16/17) $9,250 Service charges on her checking account 48 Credit card interest 168 Auto loan interest 675 Interest from a home equity line of credit (HELOC) 2,300 Interest from a loan used to purchase stock 1,600 Credit investigation fee for loan 75 Dorothie's residence has a fair market value of $250,000. The mortgage is secured by the home at the time of purchase and has a balance of $180,000. Dorothie used the same home to secure her HELOC with a balance of $50,000. Dorothie used the proceeds of her HELOC to pay for college and to buy a new car. Dorothie has $1,000 of net investment income. Compute Dorothie's interest deduction in the following scenarios: a. Calculate Dorothie's interest deduction (on Schedule A) for 2021. b. Same as part a, and Dorothie used the HELOC proceeds to add a new bedroom to her home. c. Same as part a, but Dorothie's home is valued at $1,200,000 and her…
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?
Please answer all parts Michelle operates several food trucks. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations. (Leave no answers blank. Enter zero if applicable.) b. Michelle paid $810 to reserve a parking place for her food truck for the fall football season outside the local football Stadium. Michelle also paid $155 for tickets to a game for her children. Deductible amount__ c. Michelle provided a candidate with free advertising painted on her truck during the candidate’s campaign for city council. Michelle paid $740 to have the ad prepared and an additional $440 to have the ad removed from the truck after the candidate lost the election Deductible amount__ d. Michelle realized a $1,260 loss when she sold one of her food trucks to her father, a related party Deductible amount__
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Marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his clients in the current year: Dues to a country club $4,500 (The country club was used for business 25 days of the total 75 days that it was used.) Business meals at the country club restaurant not associated with golf or tennis 1,400 Dues to a tennis club 1,000 (The club was used 75 percent for directly related business.) Tennis fees (personal use) 300 Business meals at various restaurants 1,900 How much is Marty's deduction for meals and entertainment expenses for the current year?
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Michelle operates several food trucks. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations. Note: Leave no answers blank. Enter zero if applicable. a. Michelle moves her food truck between various locations on a daily rotation. Last week, Michelle was stopped for speeding. She paid a fine of $160 for speeding, including $115 for legal advice in connection with the ticket. b. Michelle paid $785 to reserve a parking place for her food truck for the fall football season outside the local football stadium. Michelle also paid $130 for tickets to a game for her children. c. Michelle provided a candidate with free advertising painted on her truck during the candidate's campaign for city council. Michelle paid $640 to have the ad prepared and an additional $340 to have the ad removed from the truck after the candidate lost the election. d. Michelle realized a $1,235 loss when she sold one of her food trucks to her…