Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,050 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,500. During the year, he drove his car a total of 16,000 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 1,700 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 1,200 miles. What business expense amount can Ryan deduct (if any) for these trips?
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,050 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,500. During the year, he drove his car a total of 16,000 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 1,700 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 1,200 miles. What business expense amount can Ryan deduct (if any) for these trips?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
![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 $2,050 for
gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,500.
During the year, he drove his car a total of 16,000 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 1,700 miles on business trips, but he can only provide written documentation of the
business purpose for trips totaling 1,200 miles. What business expense amount can Ryan deduct (if any) for these trips?
Maximum deductible amount](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7e32729-94d8-46a0-927e-66c0c1310ed7%2Fd75afe7a-9b77-48af-ba6f-a79bc7c7dda6%2Fzmjq1s7_processed.png&w=3840&q=75)
Transcribed Image Text: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 $2,050 for
gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,500.
During the year, he drove his car a total of 16,000 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 1,700 miles on business trips, but he can only provide written documentation of the
business purpose for trips totaling 1,200 miles. What business expense amount can Ryan deduct (if any) for these trips?
Maximum deductible amount
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education