Travel Expenses, Meals And Entertainment, Educational Expenses (LO 3.4, 3.5, 3.6) Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to mair $1,295 in course fees for his continuing legal education in a different city. He also paid $467 for airfare and a of which were provided by the hotel's restaurant. Bob also purchased a $6 bag of snacks from a newsstand w because he missed lunch. What is the total amount he can deduct on his Schedule C related to these expenses?

Travel Expenses, Meals And Entertainment, Educational Expenses (LO 3.4, 3.5, 3.6) Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to mair $1,295 in course fees for his continuing legal education in a different city. He also paid $467 for airfare and a of which were provided by the hotel's restaurant. Bob also purchased a $6 bag of snacks from a newsstand w because he missed lunch. What is the total amount he can deduct on his Schedule C related to these expenses?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 62APSA: Problem 3-62A Cash-Basis and Accrual-Basis Income George Hathaway, an electrician, entered into an...

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Problem 3-9 (Algorithmic)Travel Expenses (LO 3.4) Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the following expenses: Airfare to and from San Diego $ 750 Hotel charges while on business 600 Meals while on business 180 Car rental while on business 90 Hotel charges while on vacation 840 Meals while on vacation 198 Car rental while on vacation 180 Total $2,838 Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2018. $
Problem 3-9Travel Expenses (LO 3.4) Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the following expenses: Airfare to and from San Diego $ 478 Hotel charges while on business 340 Meals while on business 260 Car rental while on business (she drove 240 miles) 110 Hotel charges while on vacation 460 Meals while on vacation 290 Car rental while on vacation 180 Total $2,118 Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2018.$
Problem 6-47 (LO. 3) Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Rent income was $5,000. Related expenses for the year were as follows: Real property taxes $3,800 Mortgage interest 7,500 Utilities 3,700 Insurance 2,500 Repairs 2,100 Depreciation 15,000 If an answer is zero, enter "0". a. Determine how much of the rental income is reportable. $fill in the blank 1 b. Determine whether the expenses are deductible. Select "Yes" if deductible otherwise select "No". Depreciation Real property taxes Repairs Utilities Mortgage interest Insurance c. Determine the effect the rental activity has on Adelene's AGI. $fill in the blank 8
Required information Comprehensive Problem 5-88 (LO 5-1, LO 5-2, LO 5-3) (Algo) Skip to question [The following information applies to the questions displayed below.]Diana and Ryan Workman were married on January 1 of last year. Diana has an eight-year-old son, Jorge, from her previous marriage. Ryan works as a computer programmer at Datafile Incorporated (DI) earning a salary of $96,500. Diana is self-employed and runs a day care center. The Workmans reported the following financial information pertaining to their activities during the current year. Ryan earned a $96,500 salary for the year. Ryan borrowed $12,100 from DI to purchase a car. DI charged him 2 percent interest ($242) on the loan, which Ryan paid on December 31. DI would have charged Ryan $730 if interest had been calculated at the applicable federal interest rate. Assume that tax avoidance was not a motive for the loan. Diana received $2,050 in alimony and $4,600 in child support payments from her former husband. They…
Exercise 3-43 Recognizing Expenses Treadway Dental Services gives each of its patients a toothbrush with the name and phone number of the dentist office and a logo imprinted on the brush. Treadway purchased 15,000 of the toothbrushes in October 2019 for $3,130. The toothbrushes were delivered in November and paid for in December 2019. Treadway began to give the patients the toothbrushes in February 2020. By the end of 2020, 4,500 of the toothbrushes remained in the supplies account. Required: How much expense should be recorded for the toothbrushes in 2019 and 2020 to properly match expenses with revenues? Describe how the 4,500 toothbrushes that remain in the supplies account will handled in 2021.
Problem 3-62A Cash-Basis and Accrual-Basis Income George Hathaway, an electrician, entered into an agreement with a real estate management company to perform all maintenance of basic electrical systems and air-conditioning equipment in the apartment buildings under the companys management. The agreement, which is subject to annual renewal, provides for the payment of a fixed fee of S6,600 on January 1 of each year plus amounts for parts and materials billed separately at the end of each month. Amounts billed at the end of I month are collected in the next month. During the first 3 months of 2019, George makes the following additional billings and cash collections: Required: 1. Calculate the amount of cash-basis income reported for each of the first 3 months. 2. Calculate the amount of accrual-basis income reported for each of the first 3 months. 3. CONCEPTUAL CONNECTION Why do decision-makers prefer accrual-basis accounting?
Exercise 3-40 Revenue and Expense Recognition Electronic Repair Company repaired a high-definition television for Sarah Merrifield in December 2019. Sarah paid $80 at the time of the repair and agreed to pay Electronic Repair $80 each month for 5 months beginning on January 15, 2020. Electronic Repair used $120 of supplies, which were purchased in November 2020, to repair the television. Assume that Electronic Repair uses accrual-basis accounting. Required: In what month or months should revenue from this service be recorded by Electronic Repaid? In what month or months should the expense related to the repair of the television be recorded by Electronic Repair? CONCEPTUAL CONNECTION Describe the accounting principles used to answer the above questions.
Comprehensive Problem 3-1 Gordon Temper is a single taxpayer (birthdate July 1, 1986 and Social Security number 242-11-6767) who operates a food truck that specializes in food from South Africa. His business is named "Mobile Peri Peri" and although the truck moves around quite a bit, he generally parks it in an office park where he maintains an office and a supply of inventory. The business address is 150 Erie Street, Laramie, WY 82070. The principal business code is 722300. Gordon's food truck business is fairly new, so he also works part-time as a cook at a steak house restaurant in Laramie. His 2023 Form W-2 follows (see separate tab). Gordon provided the following financial information related to Mobile Peri Peri: Revenues $80,000 Beginning Inventory 5,600 Purchases 43,000 Ending inventory 5,800 Truck rental 24,000 Office rental 8,600 Advertising 700 Insurance 3,000 Food license 500 Uniforms 200 Dues 100 Travel 1,600 Office expense 400 Mobile Peri Peri uses the cash method of…
D-3 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 66 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…
Problem #10Journalizing, Posting and Preparing a Trial Balance Leonila Generales won a concession to rent out bicycles in the Quezon Circle duringthe summer. During the month of April, Generales completed the following transactionsfor her bicycle rental business: Apr. 2 Began business by placing P120,000 in a business checking account.3 Purchased supplies on account for P 1,500.4 Purchased ten bicycles for P25,000, paying P12,000 down and agreed topay the balance in thirty days.5 Paid P29,000 in cash for a furnished container to store the bicycles anduse for other operations.6 Received P4,700 in cash for rentals during the first week of operation.8 Paid P4,000 in cash for shipping and installation costs (considered anaddition to the cost of the container) to place the container at the parkentrance.9 Hired a part-time assistant to help on weekends.10 Paid a maintenance person P750 to clean the grounds.13 Received P5,000 in cash for rentals during the second week of operation.16 Paid the…
Exercise 9-15 (Algorithmic) (LO. 4) Samantha, who is single and has MAGI of $31,050, was recently employed by an accounting firm. During the year, she spends $3,450 for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were $4,635 for tuition and $720 for books (which are not a requirement for enrollment in the course). Click here to access Concept Summary 9.2. If an amount is zero, enter "0". Assuming no reimbursement, how much of these expenses can Samantha deduct? $fill in the blank 1 8,805
Problem 9-26 (LO. 1, 3, 5) Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,500 Lodging (8 nights) 1,920 Meals (8 days) 1,440 Airport transportation 120 Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals). If an amount is zero, enter "0". a. Determine Kim's business expenses, presuming no reimbursement. Airfare $fill in the blank 54c797fed034fc0_1 Lodging fill in the blank 54c797fed034fc0_2 Meals fill in the blank 54c797fed034fc0_3 Transportation fill in the blank 54c797fed034fc0_4 Total $fill in the blank 54c797fed034fc0_5 What amount may she deduct on her tax return?$fill in the blank 54c797fed034fc0_6 b. Would the tax treatment of Kim's deduction differ if she was…