Susan Barnes is a self-employed consultant. She travels to Chicago on June 30th business purposes. She attends business meeting on July 1st and 2nd. She takes personal time on the 3rd and 4th of July. On the 5th of July, she returns home. She incurs the following expenses: Flight charge: $480 Lodging: $200 per day for June 30th, July 1st, July 2nd, July 3rd, and July 4th. Meals: 6/30: $40; 7/1: $70; 7/2: $70; 7/3: $70; 7/4: $70; 7/5: $40 What is Susan total deductible business expense for travel? DO NOT USE DOLLAR SIGNS OR COMMAS IN YOUR ANSWER!!
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- You are working for a large firm that has asked you to attend a career fair at a university that is 185 miles from your office. You need to be there at 9:00 a.m. on a Monday morning. You can drive your personal car and be reimbursed $0.55 per mile, but you would need to leave home at 5:30 a.m. to get to the event and set up on time. Company policy allows you to spend the night if you must leave town before 6:00 a.m. The hotel across the street from campus charges $85 per night. Instead of driving, you could catch a 7:00 a.m. flight with a round-trip fare of $260. Flying would require you to rent a car for $29 per day, and you would have an airport parking fee of $20 for the day. The company pays a per diem of $40 for incidentals if you spend at least 6 hours out of town. (The per diem would be for one 24-hour period for either flying or driving.) As a manager, you are responsible for recruiting within a budget and want to determine which is more economical. Use the information provided to answer these questions. A. What is the total amount of expenses you would include on your expense report if you drive? B. What is the total amount of expenses you would include on your expense report if you fly? C. What is the relevant cost of driving? D. What is the relevant cost of flying? E. What is the differential cost of flying over driving? F. What other factors should you consider in your decision between driving and flying?J is a self-employed interior decorator. Her business location is in New Brunswick NJ. In the current year, j traveled to Chicago to attend a business trade show and to meet with clients and prospective clients. The purpose of the trip was business related. Details of the trip are as follows: Transportation to and from Chicago $ 1,200Meals while in Chicago $ 130 per dayLodging while in Chicago $ 225 per nightIf j trip was for 10 days, and she spent 7 days conducting business, and 3 days conducting personal activity with hew old college friends, how much will j claim as a business deduction for this trip? a. $ 2,870b. $ 3,230c. $ 3,325d. $ 4,100e. $ 4,750Belle, a consultant, employs one college student every summer to help her in herresearch work. As researcher, the student works five weekdays (Monday to Friday) for P450 per day and is paid every Saturday. The last three days of May will be paid on June 3. The calendar from May 21 to June 3 is reproduced below. Belle uses the fiscal period ending May 31. Sun Mon Tues Wed Thurs Fri Sat 21 22 23 24 25 26 27 28 29 30 31 1 2 3 Required: Prepare the adjustment for accrued salary on May 31.
- 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…In the current year, Joselyn travels from Houston, Texas to Miami, Florida primarily for business. She spends three days conducting business and two days sightseeing (the day before and the day after business). Her plane and taxi fare amounts to $890. Her meals (all provided in restaurants) amount to $160 per day, and lodging and incidental expenses are $275 per day. She is self-employed. Her deduction for these expenses is as follows: Plane and taxi expenses: Meals: Lodging and incidental expensesMelissa 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?
- Sia, a CPA, is employed as accounting professor in a University. On the side, she also provides accounting services to selected clients. One of these clients was so impressed with her that she was made a consultant for one of companies enganged in agri-business. For 2018, she received the following income: Salary form the University, net of CWT of P42,000 268,000 13th month pay received form the University 95,000 Monetized unused vacation leave credits (10 days) 50,000 Employee longevity award, tangible with monetary value of 10,000 Fees received as consultant, gross of 10% CWT 80,000 Professional fees from clients, net of 15% CWT 850,000 Damages won in a defamation suit filed against her ex-boyfriend 8,0000,000 Capital gains from the saleof jewelry bought in 2000 100,000 How much is Sia's taxable compnesation…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 answerSafe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. On December 31, Safe Home has collected $700 from cash-paying customers. Safe Home’s remaining customers owe the business $1,900. What is the accrual basis?
- Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $240 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July?Mike is an independent contractor in 2021. Mike attends a professional trade association in Los Angeles. He spends three days at the meeting and two days vacationing before the meeting. Mike's total expenses for the entire five days include the following: Airfare to and from LA $450 Meals ($50 per day) $250 Hotel ($100 per day) $500 Entertainment of customers (business is discussed) $500 Total = $1700 a. How much can Mike deduce for business related expenses for 2021? b. How would your answers change if Mike spend two days at the meeting and three days vacationing?Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop makes an adjusting entry each month to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $100 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July?