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seraphim [82]
2 years ago
10

Holly took a prospective client to dinner, and after agreeing to a business deal, they went to the theater. Holly paid $350 for

the meal and separately paid $226 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense?
Business
1 answer:
Brut [27]2 years ago
7 0

Answer: $175

Explanation:

Here we can see that the business discussion happened only at dinner.

After Dinner they went for entertainment at the Cinema so that amount is not deductible as a business Expense.

The only amount deductible is the $350 for the meal.

Meals with clients are considered to be 50% deductible so solving for that we have,

= 350 * 0.5

= $175

$175 is amount of the expenditures that Holly can deduct as a business expense.

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To record the purchase of rental space in advance ($625/month).

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8. Debit Rent Expense $625

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To record the rent expense for January.

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To record the supplies expense for January.

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To accrue unpaid salaries at the end of January.

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Credit Income Summary $29,575

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Supplies Expense $4,300

To close the expense accounts to the income summary.

Explanation:

a) Data and Calculations:

Accounts Debit Credit

Cash                      $ 24,300

Accounts Receivable 5,700

Supplies                     3,600

Land                        55,000

Accounts Payable                $ 3,700

Common Stock                     70,000

Retained Earnings                 14,900

Totals                  $ 88,600 $88,600

Transactions and Analysis:

January 2 Prepaid Rent $7,500 Cash $7,500 ($625/month).

January 9 Supplies $4,000 Accounts Payable $4,000

January 13 Accounts Receivable $26,000 Service Revenue $26,000

January 17 Cash $4,200 Deferred Revenue $4,200

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