1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alex17521 [72]
3 years ago
5

Gwen, an independent consultant, traveled to New York City on a business trip. Gwen spent 4 days in business meetings and confer

ences and then spent 2 days sightseeing in the area. Gwen's plane fare for the trip was $250. Meals cost $160 per day. Hotels and other incidental expenses amounted to $250 per day. Gwen may deduct Group of answer choices
Business
1 answer:
PolarNik [594]3 years ago
6 0

Answer:

The deductible expense  =  $570

Explanation:

First, the question is not complete, the complete question is as follows

Gwen, an independent consultant, traveled to New York City on a business trip. Gwen spent 4 days in business meetings and conferences and then spent 2 days sightseeing in the area. Gwen's plane fare for the trip was $250. Meals cost $160 per day. Hotels and other incidental expenses amounted to $250 per day.Gwen was not reimbursed by her employer for any expenses. Her AGI for the year is $50,000 and she itemizes but has no other miscellaneous itemized deductions. Gwen may deduct (after limitations).

Solution

How much is the plane fare              $250

How much was spent on means       $640 (160 a day x 4 days)

Subtract: 50% of meal costs               ($320) 0.5 x 640

Hotel Expense was                              $1,000 ($250 x 4 days)

The total is                                            $1,570

Subtract 2% of the AGI                       <u> $1,000</u> (0.02 x 50,000)

The final deductible expense                 $570

This means the amount that Gwen can deduct from the expenses for the trip after the limitations as calculated above is $570

You might be interested in
The Tidewater State Bank has $1000 in total assets (all of which are earning assets), $700 of which will be replaced with in the
Nesterboy [21]

Answer:

4.6%

Explanation:

The computation is shown below:

= (Interest on assets - Interest on liabilities) ÷ (Total earning assets)

where,

Interest on assets = (8% + 2% × $700) + 8% × $300

= $70 + $24

= $94

Now the interest on liabilities equal to

= 5% × 400 + (5% + 2% × 400)

= $20 + $28

= $48

So, the net interest margin equal to

= ($94 - $48) ÷ ($1,000)

= 4.6%

5 0
3 years ago
The demand curve of a monopolist is: A. downward sloping and above the marginal revenue curve. B. kinked because of recognized i
Nataly [62]

Answer:

A. downward sloping and above the marginal revenue curve. 

Explanation:

A monopoly is when there's only one firm operating in an industry. A monopoly usually sets the market price for goods and services. A monopoly faces a downward sloping demand curve because as price increases, the quantity demanded falls.

I hope my answer helps you

7 0
3 years ago
Read 2 more answers
Holling Inc. uses the weighted-average method in its process costing. The following data concern the company’s Mixing Departme
artcher [175]

Answer:

                     Statement of Cost per equivalent unit

Particulars                                                 Materials        Conversion

Cost of beginning work in process           $8,130             $9,128

Add: Costs added during the month        <u>$226,500</u>        <u>$284,232</u>

Total cost A                                                 $234,630       $293,360

Number of equivalent units B                    <u>   9,900   </u>        <u>   9,400   </u>

Cost per equivalent unit (A/B)                  <u>$23.70     </u>       <u>$31.21      </u>

8 0
2 years ago
What is a computer network?
Leona [35]

Answer:

A.)

Explanation:

two or more connected computers

6 0
2 years ago
Arntson, Inc., manufactures and sells two products: Product R3 and Product N0. The annual production and sales of Product of R3
Vitek1552 [10]

Answer:

$671.92

Explanation:

Note: The full question is attached as picture below

Product R3

Labor-related cost = 40736/7200*5400

Labor-related cost = $30,552

Production orders = 65970/1600*1000

Production orders = $41,231

Order size = 433175/7100*3100

Order size = $189,133

Total overhead = Labor-related cost + Production orders + Order size

Total overhead = $30,552 + $41,231 + $189,133

Total overhead = $260,916

Annual production and sales of Product of R3 = 900 u nit

Overhead cost per unit = Total overhead / Unit

Overhead cost per unit = $260,916 / 900

Overhead cost per unit = $289.92

Direct material = $226

Direct labor = (26*6) = $156

Unit product cost = Overhead cost per unit + Direct material + Direct labor

Unit product cost = $289.92 + $226 + $156

Unit product cost = $671.92.

3 0
2 years ago
Other questions:
  • American energy review reported that 27% of american households burn wood. if a random sample of 500 american households is sele
    8·1 answer
  • What type of buying decision making is used when purchasing Dress pants and shirt? *
    13·1 answer
  • A contract clause which specifies the amount of damages to be paid in the event of a breach is called:
    11·1 answer
  • The assets section of a classified balance sheet usually includes the subgroups: Multiple Choice Current
    8·1 answer
  • Project Q has an initial cost of $211,415 and projected cash flows of $121,300 in Year 1 and $176,300 in Year 2. Project R has a
    9·1 answer
  • Debt Management Ratios Trina's Trikes, Inc. reported a debt-to-equity ratio of 1.83 times at the end of 2008. If the firm's tota
    14·1 answer
  • Inbound logistics (receiving and storing materials for distribution to production), operations (transforming inputs into finishe
    6·1 answer
  • They gather information and conduct research to determine what customers want. They also plan and develop products and make deci
    14·1 answer
  • Pam always drives under the speed limit to her risk and keep insurance costs down. Even so, she got into an accident and filed a
    5·1 answer
  • Role o vision, mission,and objectives in entreprenial development in Nigeria businesses? Pls describe
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!