Kevin owns a retail store, and during the current year he purchased $578,000 worth of inventory. Kevin's
Question:
Kevin owns a retail store, and during the current year he purchased $578,000 worth of inventory. Kevin's beginning inventory was $58,000, and his ending inventory is $79,000. During the year, Kevin returned $560 of purchases as defective. Calculate Kevin's cost of goods sold for the year. Hint: Amt purchased + beginning inventory - ending inventory - returned as defective = cost of goods sold for the year.
Round all answers to the nearest whole dollar. Use commas and dollar signs where appropriate. ($10,000)
2. Teresa is a self-employed civil engineer who uses her automobile for business. Teresa drove her automobile a total of 12,000 miles during 2022, of which 82 percent was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,400 (actual x 82%). Teresa is eligible to use the actual or standard method.
a. Transportation deduction using standard mileage:
b. Transportation deduction using actual expenses:
3. Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,295 in course fees for his continuing legal education in a different city. He also paid $467 for airfare and a hotel room and paid $250 for meals, all of which were provided by the hotel's restaurant. What is the total amount he can deduct on his Schedule C related to these expenses?
4. Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent security specialist who spent $400 on uniforms during the year. His laundry expenses for the uniforms were $160 for this year, plus $85 for altering them. Brandy works as a drill press operator and wears jeans and a work shirt on the job, which cost $175 this year. Her laundry costs were $50 for the work clothes. Brandy is also required by state regulators to wear safety glasses and safety shoes when working, which cost a total of $125.
a. Cooper's special clothing deduction.
b. Brandy's special clothing deduction.
Expert Answer:
Answer 1 Kevins Cost of Goods Sold for the Year Amount Purchased 578000 Beginning Inventory 58000 En... View the full answer
