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lbvjy [14]
3 years ago
7

In 2020, Ensley drove her automobile 28,500 miles. She incurred the following expenses during the year related to the automobile

: Gas and oil, lubrication: $1,800 Insurance: $980 Repairs: $360 Licenses and registration fees: $50 Business parking and tolls: $170 She uses the automobile 80% for business. Based on the data, Ensley's automobile deduction under the actual cost method is $fill in the blank 1.
Business
1 answer:
JulsSmile [24]3 years ago
4 0

Answer: $2722

Explanation:

Ensley's automobile deduction under the actual cost method is calculated below:

Gas and oil = $1800

Add: Insurance = $980

Add: Repairs = $360

Add: Licenses and registration fees = $50

Total Expenses = $3190

We then calculate the business usage which will be:

= 80% of $3190

= 0.8 × $3190

= $2552

We then add the cost of business parking and tolls, then the total deduction will be:

= $2552 + $170

= $2722

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Answer:

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Consumer Surplus changes as the equilibrium price of a good rises or falls. If the price of a good rises, the consumer surplus decreases but when the price of the good falls, the consumer surplus increases.

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