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Yuri [45]
3 years ago
13

Gwen is a psychologist who maintains an office in a professional suite. She often spends time doing paperwork and scheduling in

her home officeWhich of the following is true?
A-she can deduct her mileage for driving from her home to her office at the professional suite
B-she can deduct her home office expenses
C-she can’t deduct her home office expenses
D-she can write off all of her lunch time meal expenses
Business
1 answer:
Aleks04 [339]3 years ago
7 0

Answer:

A-she can deduct her mileage for driving from her home to her office at the professional suite

B-she can deduct her home office expenses

Explanation:

As a general rule of thumb, every expenses that incurred for business operation can be deducted from your taxes.  This rule can still applicable even if you're working from your home.

A car mileage <u>can only be deducted according to the proportion that is used for work</u><u> </u> since it's considered as an expense that must incurred in order for Gwen to do her business.

Lunch money is considered as private consumption that does not related to her business operation.  This is why it's not tax deducible.

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Marin Company's accounts receivable arising from sales to customers amounted to $131000 and $114000 at the beginning and end of
nekit [7.7K]

Answer:

$481,000

Explanation:

To determine the cash flows from operating activities, the net Income for the year must be adjusted by non - cash items and changes in working capital items.

Therefore, given a decrease in Accounts Receivable $17,000 ($131000 - $114000) . Then the cash flows from operating activities to be reported on the statement of cash flows is $481,000 ($498000 - $17,000) .

4 0
2 years ago
Zeta, Inc., a calendar year taxpayer, suffers a casualty loss of $45,000. Zeta recovered insurance of $30,000. How much of the c
mezya [45]

Answer:

$15,000

Explanation:

Calculation to determine How much of the casualty loss will be a tax deduction to Zeta, Inc.

Using this formula

Casualty loss tax deduction=Casualty loss-Insurance recovered

Let plug in the formula

Casualty loss tax deduction=$45,000-$30,000

Casualty loss tax deduction=$15,000

Therefore the amount of the casualty loss that will be a tax deduction to Zeta, Inc. is $15,000

3 0
2 years ago
It is estimated that the maintenance cost on a new car will be $500 the first year. Each subsequent year, this cost is expected
Vsevolod [243]

Answer:

$-8,609

Explanation:

Calculation for How much would you need to set aside

Year Cashflows PVF 5% Present values

1 -500 *0.952381 =-476.19

2 -650(500+150) *0.907029 =-589.569

3 -800(650+150) *0.863838 =-691.07

4 -950(800+150) *0.822702 =-781.567

5 -1100(950+150) *0.783526 =-861.879

6 -1250(1100+150) *0.746215 =-932.769

7 -1400(1250+150) *0.710681 =-994.954

8 -1550(1400+150) *0.676839 =-1049.1

9 -1700(1550+150) *0.644609 =-1095.84

10 -1850(1700+150) *0.613913 =-1135.74

PV=Present value $-8,609

Therefore the amount you will need to set aside is $-8,609

7 0
2 years ago
What marketing strategy decisions do marketers have with product lines?
exis [7]
Product marketers must decide what products will be offered (i.e., the breadth and depth of the product line ). The product line breadth is one of the four dimensions associated with a company's product mix.
5 0
2 years ago
In 2019, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $25,000. The clien
romanna [79]

Answer:

Accrual shows face amount as revenue

revenue = $25,000

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Total income reported in 2017 = $27,333

The next year she would show the remainder of 12,000 from 26 month contract

For tax purposes, max of 2 year deferral for payment recieved in advance.

6 0
3 years ago
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