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 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.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Domestic
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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 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 San Francisco was Melissa's permanent residence and business location. 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 business expenses?
Note: Use standard mileage rate.
Answer is complete but not entirely correct.
Deductible
amount
3
1.000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37adc3a1-d144-4f3a-bae2-97a114e943a6%2F23270c46-dfb0-40e0-855a-4cff09bd0197%2Fq2peeob_processed.jpeg&w=3840&q=75)
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