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Required information Problem 9-51 (LO 9-2) (Algo) [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,350 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,900. During the year, he drove his car a total of 14,400 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 9-51 Part-b (Algo) b. Ryan estimates that he drove approximately 1,540 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 930 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount

Required information Problem 9-51 (LO 9-2) (Algo) [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,350 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,900. During the year, he drove his car a total of 14,400 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 9-51 Part-b (Algo) b. Ryan estimates that he drove approximately 1,540 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 930 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount

FINANCIAL ACCOUNTING
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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Required information Problem 9-51 (LO 9-2) (Algo) [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,350 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,900. During the year, he drove his car a total of 14,400 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 9-51 Part-b (Algo) b. Ryan estimates that he drove approximately 1,540 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 930 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount
Transcribed Image Text:Required information Problem 9-51 (LO 9-2) (Algo) [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,350 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,900. During the year, he drove his car a total of 14,400 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 9-51 Part-b (Algo) b. Ryan estimates that he drove approximately 1,540 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 930 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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