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What is Values R Us' deductible meals expense in 2022?

What is Values R Us' deductible meals expense in 2022?

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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am. 102.

In 2022, Values R Us, a real estate appraising firm, incurs the following meal expenses: $1,200 restaurant meals with business clients $1,600 for an end of year celebratory company dinner for all employees $400 for bagels once a month for all employees $300 for pre-packaged snacks offered to potential clients at a business fair $40 for non-restaurant travel snacks consumed by employees while on business travel • $800 of restaurant meals consumed by employees while on business travel What is Values R Us' deductible meals expense in 2022? O a. $4,340. O b. $4,120. x c. $3,320. O d. $2,770.
Transcribed Image Text:In 2022, Values R Us, a real estate appraising firm, incurs the following meal expenses: $1,200 restaurant meals with business clients $1,600 for an end of year celebratory company dinner for all employees $400 for bagels once a month for all employees $300 for pre-packaged snacks offered to potential clients at a business fair $40 for non-restaurant travel snacks consumed by employees while on business travel • $800 of restaurant meals consumed by employees while on business travel What is Values R Us' deductible meals expense in 2022? O a. $4,340. O b. $4,120. x c. $3,320. O d. $2,770.
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