Required information [The following information applies to the questions displayed below.] Melissa recently paid $660 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $650 fee to register for the conference, $370 per night for three nights' lodging, $360 for meals in restaurants, and $305 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. a. What amount of these costs can Melissa deduct as business expenses? Deductible amount

Required information [The following information applies to the questions displayed below.] Melissa recently paid $660 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $650 fee to register for the conference, $370 per night for three nights' lodging, $360 for meals in restaurants, and $305 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. a. What amount of these costs can Melissa deduct as business expenses? Deductible amount

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter11: Individuals As Employees And Proprietors

Section: Chapter Questions

Problem 5CE

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[The following information applies to the questions displayed below.] Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. a. What amount of these costs can Melissa deduct as business expenses? b. Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,000 for transportation, $800 for lodging, and $450 for meals during this part of her trip, which she considers personal in nature. What amount of the total costs can Melissa deduct as business expenses? c. Suppose that Melissa made the trip to San…
Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. d. Suppose that Melissa's permanent residence and business were located in San Francisco. She attended the conference in San Francisco and paid $250 for the registration fee. She drove 100 miles over the course of three days and paid $90 for parking at the conference hotel. In addition, she spent $150 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel, and she bought dinner on her way home each night from the conference. What amount of these costs can Melissa deduct as…
Melissa recently paid $595 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $380 fee to register for the conference, $295 per night for three nights' lodging, $180 for meals in restaurants, and $420 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. a. What amount of these costs can Melissa deduct as business expenses?
Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. a. What amount of these costs can Melissa deduct as business expenses? Note: when I attempted it, I got 1,800 but when I enter it and check, it had indicated it was incorrect.
Melissa recently paid $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also put the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for can fare. what amount of these costs can Melissa deduct as business expenses. Explain the answer
Melissa recently paid $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also put the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for can fare. Suppose that San Francisco was Melissa permanent residence and business location. She attended the conference in San Francisco and paid $370 for the registration fee. She drove 153 miles over the course of theee days and paid $190 for parking at the conference hotel. In addition, she spent $430 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel, and she bought dinner on her way home each night from the conference. What amount of these costs can Melissa deduct as business expenses?
Melissa recently paid $640 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $590 fee to register for the conference, $255 per night for three nights' lodging, $170 for meals in restaurants, and $605 for cab fare. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) Problem 9-49 Part-d (Algo) d. Suppose that Melissa’s permanent residence and business were located in San Francisco. She attended the conference in San Francisco and paid $590 for the registration fee. She drove 107 miles over the course of three days and paid $156 for parking at the conference hotel. In addition, she spent $560 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel and she bought dinner on her way home each night from the conference. What amount of these…
Melissa recently pod $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for cab fare. Suppose that while Melissa was on the coast, she also spent two day's sightseeing the national parks in the area. To do the sightseeing, she paid $1,710 for transportation, $1,285 for lodging, and $475 for meals during this part of her trip, which she considers personal in nature. What amount of these costs can Melissa deduct as business expense?
The following Trial Balance relates to the affairs of AUGUSTINE for the year ended 31st December 2020. (All figures in thousands of shillings) Dr Cr Sh Sh Salaries and wages 4,800 Rent and rates 300 Sales 25,600 Purchases 16,700 Stock 1 January 2020 4,350 Insurance 150 Motor expenses 420 General expenses 280 Premises 25,000 Motor vehicles 2,000 Debtors 4,320 Creditors 3,140 Bank 840 Capital 33,320 Drawings 2,900 62,060 _______ 62,060 The following information was also provided at 31st December 2020: 1. Stock Sh 4,590 2. Rates prepaid Sh 40 3. General expenses owing Sh 30 4. Insurance prepaid Sh 40. 5. Ignore the depreciation of fixed assets REQUIRED (a) Prepare the income statement for year ended 31st Dec 2020. (b) Statement of Financial Position as at the same date.
Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. a) What amount of these costs can Melissa deduct as business expenses? b) Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,000 for transportation, $800 for lodging, and $450 for meals during this part of her trip, which she considers personal in nature. What amount of these costs can Melissa deduct as business expenses? c) Suppose that Melissa made the trip to San Francisco primarily to visit the national parks and only attended the business conference as an incidental benefit of being present on the coast at that time. What amount of the airfare can Melissa deduct as a business expense? d) Suppose…
For each of the following unrelated scenarios, show total expenses reported on the income statement for 20X0 under the cash basis v. accrual basis. Cash basis Accrual basis In December 20X0, ByCo runs ads costing $30,000. ByCo receives the invoice but does not pay it until January 20X1. On December 1, 20X0, KPT pays $2,400 for the next 12 months’ property insurance. In December 20X0, Andre’s pays $400 to Pest Control for 4 months’ service. The first treatment will be in January 20X1.
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses Airfare $ 570 Lodging 3,708 Meals 925 Entertainment of clients 740 How much of these expenses can Jordan deduct? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.