Melissa recently paid $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also put the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for can fare. what amount of these costs can Melissa deduct as business expenses. Explain the answer

Melissa recently paid $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also put the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for can fare. what amount of these costs can Melissa deduct as business expenses. Explain the answer

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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Ernest works for a clothing manufacturer as a dress designer. During 2022, he travels to New York City to attend five days of fashion shows and then spends three days sightseeing. His expenses are as follows: Airfare $1,800 Lodging (8 nights) 2,000 Meals at local restaurants (8 days) 1,440 Airport Uber ride 100 Assume lodging/meals are the same amounts for the business and personal portion of the trip ($250 per day for lodging and $180 per day for meals). He has proper substantiation for each item. As an employee and assuming no reimbursement, what amount is deductible on his personal return in 2022? Show detail for each item. If he was an independent contractor, what amount would be deductible on his personal return in 2022? Show detail for each item. For item b: is this amount FOR or FROM AGI?
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[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
Melissa recently paid $875 for round trip airfare to San Francisco to attend a business conference for 3 days. Melissa also paid the following expenses: $280 fee to register for the conference, $435 per night for 3 night's lodging, $275 for meals in restaurants and $235 for cab fare. What amount of these costs can Melissa deduct as a business expense
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…
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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 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.
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:…
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Juanita travels to San Francisco for 7 days. The following facts are related to the trip: Round trip airfare $465 Hotel daily rate for single or double occupancy 155 Meals—$50 per day 50 Incidentals—$27 per day 27 If an amount is zero, enter "0". a. If she spends 4 days on business and 3 days sightseeing, what amount may she deduct as travel expense? b. If she spends 2 days on business and 5 days sightseeing, what amount may she deduct as travel expense? c. Assume the same facts as in Part a, except that Juanita's husband Jorge accompanied her on the trip and that the hotel's single occupancy rate is $130. Jorge went sightseeing every day and attended business receptions with Juanita at night. Assume that Jorge's expenses are identical to Juanita's. What amount may Juanita and Jorge deduct as travel expense?