Rodrigo works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, tosupplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During the year, he keepsthe following record of his travel:MilesHome to office850Office to home425Office to restaurant300Restaurant to home1,200Home to restaurant725Office to custormers' office7,100Customers' office to restaurant400Total miles11,000If he uses the standard mileage rate, what amount can she deduct as a business automobile expense?Oa. S4255.00Ob. $431250Oc. S4,082 50Od. $5,175.00Oe, S4,485.00 Chi, age 28, is single and an employee of Federal Company. Chi's adjusted gross income for the current year is $70,000, Chi would like to make themaximum contribution to his individual retirement account this year. Which of the following statement(s) about Chi's contribution and deduction amountsis/are true?1.He is not allowed to make an IRA contribution because his adjusted gross income is greater than $65,000.I.If Federal Company does not have a qualified pension plan, then Chi can contribute a maximum of $6,000 to his TRAaccount and deduct it.Oa, Only statement I is correct.Ob. Only statemnent Il is corectOc. Both statements are correctOd. None of these statements are correct

Note: As per our guidelines, only the first question will be answered 1. The standard mileage…

Rodrigo works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to supplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During the year, he keeps the following record of his travel: Miles Home to office 850 Office to home 425 Office to restaurant 300 Restaurant to home 1,200 Home to restaurant 725 Office to customers' office 7,100 Customers' office to restaurant 400 Total miles 11,000 If he uses the standard mileage rate, what amount can she deduct as a business automobile expense? Oa, S4255.00 Ob. S431250 Oc. S4,02.50 Od. $5.175.00 Oe. S4AS.00

Rodrigo works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to supplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During the year, he keeps the following record of his travel: Miles Home to office 850 Office to home 425 Office to restaurant 300 Restaurant to home 1,200 Home to restaurant 725 Office to customers' office 7,100 Customers' office to restaurant 400 Total miles 11,000 If he uses the standard mileage rate, what amount can she deduct as a business automobile expense? Oa, S4255.00 Ob. S431250 Oc. S4,02.50 Od. $5.175.00 Oe. S4AS.00

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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