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irina [24]
3 years ago
8

Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fash

ion shows and then spends three days sightseeing. Her expenses are as follows:
Airfare $1,800
Lodging (8 nights) 2,340
Meals (8 days) 2,160
Airport transportation 115

Assume lodging/meals are the same amount for the business and personal portion of the trip ($293 per day for lodging and $270 per day for meals).

Required:
a. Presuming no reimbursement, how much can kim deduct as to the trip?
b. Would the tax treatment of Kim's deduction differ if she was an independent contractor (rather than an employee)? Explain.
Business
1 answer:
ad-work [718]3 years ago
8 0

Answer: See explanation

Explanation:

a. Presuming no reimbursement, how much can kim deduct as to the trip?

Airfare = $1,800

Add: Lodging = $2340 × 5/8 = $1462.50

Add: Meals = $2160 × 5/8 × 50% = $675

Add: Airport transportation = $115

Total deduction = $4052.50

b. Would the tax treatment of Kim's deduction differ if she was an independent contractor (rather than an employee)? Explain

The tax treatment of Kim's deduction if she was an independent contractor will be:

Airfare = $1,800

Add: Lodging = $2340 × 5/8 = $1462.50

Add: Meals = $2160 × 5/8 × 50% = $675

Add: Airport transportation = $115

Total deduction = $4052.50

Therefore, the tax treatment of Kim's deduction still remains the same.

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On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the not
Andreyy89

Answer:

credit to interest revenue for $132

Explanation:

given data

face value = $8,800

interest rate = 6 %

time = 90 days

solution

if we see here journal entry that is

date                  particular                                   debit                      credit

October 30       cash A/C                                   $8932

                          to notes payable                                                    $8800

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                          ( $8800× 6% × \frac{90}{360} )

so here credit to interest revenue for $132

6 0
3 years ago
Trespass to land is committed if, without the permission of the property owner, a person
Gennadij [26K]

We are to explain what trespass to land meant.

Trespass to land is committed if, without the permission of the property owner, a person <em>"causes water to back up onto the property"</em>

Trespass to land is a punishable offence under the law. An individual must not go beyond the boundary or limit of his own property. There shouldn't be any form of interference in the property of someone else.

For instance, a person goes to another person's compound to plant vegetable has trespassed except if he or she is given the permission to do so.

Therefore,

Trespass to land is committed if, without the permission of the property owner, a person <em>"causes water to back up onto the property"</em>

Read more:

brainly.com/question/11711008

6 0
3 years ago
A collusive agreement between two firms is likely to break down when​ ____________. A. it is easy to punish cheaters. B. firms v
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A collusive agreement between two firms is likely to break down when detection of cheaters is difficult .

Option D

<u>Explanation: </u>

Collusion is a secret agreement between two or more parties to suppress open competition by misleading, lying or defrauding others of their rightfulness or achieving a goal prohibited by law that usually is to defraud or gain an unacceptable market advantage.  

It is an agreement between companies or individuals that divides a market establishes prices, limits or limits production opportunities. It can include "strike, pay manipulation, kickbacks or the freedom of the relationship between the two parties." All collusion-driven actions are considered null and void legally.

In the USA, Canada collusion is illegal because of antitrust legislation, but implicit collusion even now takes place in the method of price management and tacit agreement.  

Example: Google and Apple announced that both firms decided not to hire people to work together to stop wage growth in 2015, a statement against bullying collusion by employees.

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3 years ago
In which of the following situations is having a good credit score important?
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7 0
3 years ago
Tang Company accumulates the following data concerning raw materials in making its finished product:
Delvig [45]

Answer:

1. $2.60

2. 4 pounds

3. $10.40

Explanation:

Given that,

Price per pound of raw materials = $2.30

Freight-in = $0.20

Receiving and handling = $0.10

Quantity per gallon of the finished product—required materials = 3.60 pounds

Allowance for waste and spoilage = 0.40 pounds

1. Standard materials price per gallon:

=  Price per pound of raw materials + Freight-in + Receiving and handling

= $2.30 + $0.20 + $0.10

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2. Standard materials quantity per gallon:

=   Quantity required materials + Allowance for waste and spoilage

= 3.60 pounds + 0.40 pounds

= 4 pounds

3. Standard materials cost per gallon:

=  Standard materials price per gallon × Standard materials quantity per gallon

= $2.60 × 4

= $10.40

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