Nancy owns a small dress store. During 2015, Nancy gives business gifts having the indicated cost to the following individuals: Mrs Johns (a customer) : $37 plus $3 shipping Mr. Johns (nonclient husband of Mrs. Johns) : $10 Ms. Brown (a customer): $22 What is the amount of Nancy's deduction for business gifts? a. $ 0 b. $ 50 c. $ 53 d. $ 62 e. None of the above

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Nancy owns a small dress store. During 2015, Nancy gives business gifts having the indicated cost to the following individuals:

Mrs Johns (a customer) : $37 plus $3 shipping

Mr. Johns (nonclient husband of Mrs. Johns) : $10

Ms. Brown (a customer): $22

What is the amount of Nancy's deduction for business gifts?

a. $ 0

b. $ 50

c. $ 53

d. $ 62

e. None of the above

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