Chapter 1, Problem 18Q

In 2019, Robert entertains four key clients and their spouses at a nightclub. Business discussions occurred over dinner and prior to the entertainment beginning. Expenses were 200 (limo charge), 120 (cover charge), 700 (drinks and dinner), and 140 (tips to servers). If Robert is self-employed, how much can he deduct for this event?

Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.

Please help me

• Cynthia is an electrician, age 29, and single. • Cynthia has investment income and has a consolidated broker’s statement.• Cynthia began a cleaning service business in 2020. She was paid on Form 1099-NEC for 2021. She also received additional cash receipts of $400 not reported on the Form 1099-NEC. • Cynthia uses the cash method of accounting. She uses business code 561720.• Cynthia has receipts for the following expenses:- $350 for cleaning supplies- $225 for business cards - $450 for a mop, broom, and vacuum cleaner - $150 for work gloves - $125 for lunches - $175 for work clothes suitable for everyday use • Cynthia has a detailed mileage log reporting for 2021:- Mileage from her home to her first client’s home and mileage from her last client’s home to her home – 750 miles- In addition, on the days Cynthia worked for multiple clients, she kept track of the mileage from the first client’s home to the second client’s home in case that mileage was also deductible. She logged 450…

Give typing answer with explanation and conclusion  Donna owns and operates a dress shop . In 2022, her total sales were$80,000. She refunded $950 to customers who were unsatisfied. Her cost of goods sold was $30,000 what is Donna's gross income on her schedule c, profit or loss from business (sole proprietorship)

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Planning Al is a medical doctor who conducts his practice as a sole proprietor. During 2023, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2022. At the end of 2023, Al had accounts receivable of $60,000, all for services rendered in 2023. In addition, at the end of the year, Al received $12,000 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2024. Compute Al's gross income for 2023: (LO.2,, 5) a. Using the cash basis of accounting. b. Using the accrual basis of accounting. c. Advise Al on which method of accounting he should use.

Subject - account  Please help me.  Thankyou.

In the early part of 2021, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2020 but had never used an accountant's services. Hugh and Jacobs began the partnership by contributing $155,000 and $105,000 in cash, respectively. Hugh was to work occasionally at the business, and Jacobs was to be employed full-time. They decided that year-end profits and losses should be assigned as follows: • Each partner was to be allocated 10 percent interest computed on the beginning capital balances for the period. • A compensation allowance of $8,000 was to go to Hugh with a $25,000 amount assigned to Jacobs. • Any remaining income would be split on a 4:6 basis to Hugh and Jacobs, respectively. In 2020, revenues totaled $180,000, and expenses were $149,000 (not including the partners' compensation allowance). Hugh withdrew cash of $9,000 during the year, and Jacobs took out $14,000. In addition, the business paid $8,000 for repairs…