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padilas [110]
3 years ago
8

Cassandra owns her own business and drives her van 15,300 miles a year for business and 5,100 miles a year for commuting and per

sonal use. She purchases a new van in 2019 and wants to claim the largest tax deduction possible for business use. Cassandra's total auto expenses for 2019 are as follows: Gas, oil, and maintenance $5,540 Insurance 765 Interest on van loan 1,000 Depreciation 3,095 License 165 Parking fees and tolls (all business) 240 Determine Cassandra's 2019 deduction for business use of the van. Note: The standard mileage rate for 2019 is 58 cents per mile.
Business
1 answer:
neonofarm [45]3 years ago
3 0

Answer:

The largest tax deduction = $8,874 mileage method

Explanation:

mileage method = 15300*0.58 =$8,874

Actual Expense = $5,540 + 765 + 3,095 +165 +240 + 1000 = $10,805

business use % = 15300/(15300+5100)

                         = 15300/20400 = 0.75

Actual expense = $10,805 * 0.75 = $8,103.75

If the interest expense on loan for the Van is considered as  an expense for profit and loss section in calculating Net income then

ACTUAL EXPENSE = $10,805 - $1000 = $9,805 * 0.75= $7,353.75

nonetheless Mileage method gives the largest deduction

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alekssr [168]

The monthly mortgage payment including principal and interest is $1,936.25

Explanation:

PV = (1 - 0.20) × $325,000 = $260,000‬

r = 0.041 / 12

t = 15 * 12 = 180

C = \frac{PV}{\frac{1- [\frac{1}{(1+r)^{t} } ] }{r}}

C = $260,000‬ ÷ [1 - {1 / (1 + 0.041 / 12)∧180} / (0.041 / 12)]

C =  $1,936.25

The monthly mortgage payment including principal and interest is $1,936.25

7 0
3 years ago
You have $35,900 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $4,200 and then depo
maw [93]

Answer:

Explanation: from the question above, disbursement for the period is check for $4,200.

Collection for the period is a check for $6,800.

Net float is $35,900 + $6,800 - $4,200. = $38,500

5 0
3 years ago
Governments would decrease government expenditures to fight a/an ______________ gap. Due to this change in G, the budget balance
dlinn [17]

Governments would decrease government expenditures to fight an inflationary gap and due to this change in G, the budget balance (BB) would reduce.

<h3>What is budget?</h3>

It should be noted that a budget simply shows the revenue and expenditure for a period of time.

In this case, governments would decrease government expenditures to fight an inflationary gap and due to this change in G, the budget balance would reduce.

Learn more about budget on:

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4 0
2 years ago
Integrated Masters Inc. (IMI) is presently operating at 80% of capacity and manufacturing 116,000 units of a patented electronic
balu736 [363]

Answer:

a. $3.13 per unit

b. No

c Yes

Explanation:

The computation is shown below

a. Fixed overhead per unit is

= Fixed overhead ÷ Number of units manufactured

= $363,000 ÷ 116,000 units

= $3.13 per unit      

b. The cost calculation is not appropriate because the fixed overhead per unit is not be involved while calculating the cost

c. Now the acceptance of the offer should be based on total relevant cost which is            

Total relevant cost

= $6.1 + $6.1 + $8.1

= $20.3  

Since the offer is accepted because total relevant cost is less than the offered purchase price i.e $24.50    

       

3 0
3 years ago
Your company buys a car, and its value goes down over time. What is that process called?
kozerog [31]
The correct answer would be B. Depreciation
4 0
3 years ago
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