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Aleonysh [2.5K]
3 years ago
13

This year Clark leased a car to drive between his office and various work sites. Clark carefully recorded that he drove the car

23,000 miles this year and paid $7,200 of operating expenses ($2,700 for gas, oil, and repairs, and $4,500 for lease payments). What amount of these expenses may Clark deduct as business expenses
Business
2 answers:
BigorU [14]3 years ago
8 0

Answer:

$13,340

Explanation:

The standard mileage deduction for 2019 is 58 cents per mile, that means that regardless of other expenses related to the vehicle, you can only deduct $0.58 per mile driven for business purposes.

In this case, Clark drove 23,000 miles for business purposes x $0.58 per mile = $13,340

Solnce55 [7]3 years ago
5 0

Answer:

$7,200

Explanation:

Expense can be defined as the cost incurred by an organisation as it tries to generate revenue in its daily activities.

It is the cost of doing business, and is the sum total of cost incurred for all activities geared at making profit.

So in this instance Clark was visiting work sites for the company, he leased a car for $4,500 and spent $2,700 on fuel. The sum total is $7,200 and this is the amount he will deduct as business expense.

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The concept of splitting time, energy and other resources between career activities and family or personal activities is known a
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Answer:

organized planning

Explanation:

8 0
3 years ago
From the following information, construct a simple income statement and a balance sheet:
yaroslaw [1]

Answer and Explanation:

The Preparation of the simple income statement and a balance sheet is shown below:-

                                   Corporation X

                                  Income Statement

                                 for the Year Ended xxxx

Particulars                                        Amount

Sales                                                $1,000,000

Less: Cost of goods sold               $500,000

Gross profit                                      $500,000

Less: Other expenses                     $60,000

EBIT                                                  $440,000

Less: Interest                                   $70,000

EBT                                                   $370,000

Less: Income tax                              $100,000

Net income                                       $270,000

Number of shares outstanding       $80,000

Earning per share                             $3.375

(Net income ÷ Number of shares outstanding)

                                   Corporation X

                                  Income Statement

                                 for the Year Ended xxxx

Particulars                                        Amount

Assets

Cash                                                $70,000

Accounts Receivable                     $150,000

Inventory

Raw Material                                   $80,000

Finished Goods                              $250,000

Total Current Assets                      $550,000

Plant & Equipment                          $410,000

Total Assets                                    $960,000

Liabilities

Accounts Payable                          $160,000

Other Current Liabilities                 $60,000

Total Current Liabilities                  $220,000

Long term Debt                              $200,000

Equity                                              $540,000

Total Liabilities & Equity                 $960,000

6 0
3 years ago
May 31, Novac Corp. Has net sales of $415,000 in cost of goods available for sale of $286,000 compute the estimated cost of the
BabaBlast [244]

Answer:

$24,550

Explanation:

Computation for the estimated cost of the ending inventory

Net Sales = $415,000

Gross Profit rate= 37%

Cost of goods Sold = 100%- 37% = 63%

Cost of Goods Sold =$415,000*63% = $261,450

Cost of Goods Available for sale = $286,000

Using this formula

Estimated Cost of Ending Inventory= Cost of goods available for sale - Cost of Goods Sold

Let plug in the formula

Estimated Cost of Ending Inventory = $286,000-$261,450

Estimated Cost of Ending Inventory = $24,550

Therefore the estimated cost of the ending inventory is $24,550

5 0
2 years ago
If you wanted to purchase previously issued shares of stock from another investor you would find the shares in the
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<u>d.)Secondary Market</u> is the answer to the question.
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3 years ago
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A given investment project will cost RM400,000. Incremental annual cash flows after taxes are expected to be RM80,000 per year f
erastova [34]

Answer:

Based on the profitability index method, the investment should not be accepted.

It does not produce enough cash flows to justify the investment.

Explanation:

The profitability index method measures the present value of benefits for by dividing the present value of benefits by the present of initial investments.

The present value of initial investment in this project remains RM400,000.  The present value of incremental annual cash flows of RM80,000 after taxes for 5 years will be equal to:

RM80,000 * 3.668 = RM293,440

Then the next step is to divide the present value of benefits by the initial investment as follows:

RM293,440/RM400,000 = 0.7336 = 73.36%

The implication is that the present value of the benefits is less than the initial investment costs.  The project should then be rejected.

6 0
3 years ago
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