Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,870 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 19,800 miles (a combination of business and personal travel). (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) a. Ryan can provide written documentation of the business purpose for trips totaling 3,960 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount b. Ryan estimates that he drove approximately 2,070 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 1,130 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,870 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 19,800 miles (a combination of business and personal travel). (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) a. Ryan can provide written documentation of the business purpose for trips totaling 3,960 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount b. Ryan estimates that he drove approximately 2,070 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 1,130 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount
Expert Answer:
Answer rating: 100% (QA)
The income earned from the normal business activity refers to business expenses it helps in the day ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,500 for gasoline on these trips. His depreciation on the car if he was using it fully for...
-
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,500 for gasoline on these trips. His depreciation on the car if he was using it fully for...
-
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,850 for gasoline on these trips. His depreciation on the car if he was using it fully for...
-
In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant was in charge of selecting the depreciation method...
-
A particle is moving clockwise in a circle of radius 1.00 m. At a certain instant, the magnitude of its acceleration is a = |a| = 25.0 m/s2, and the acceleration vector has an angle of θ...
-
At what point on the curve y = [In (x + 4)]2 is the tangent horizontal?
-
You are the global sales manager for a consumer food products company that is getting ready to roll out a new product. As part of the introduction your global sales force is being asked to do a...
-
Shanes Roasted Peanuts, Inc., supplies snack foods. The business experienced the following events. a. Shanes Roasted Peanuts received cash from the sole stockholder and issued common stock. b. Cash...
-
describe the difference between a swap broker and a swap dealer. 2. what is the necessary condition for a fixed -for-floating interest rate swap to be possible? 3. discuss the risks confronting an...
-
Determining the sensitivity of a banks profits to changing interest rates is an example of which type of financial analytics? a. Prescriptive analytics b. Descriptive analytics c. Diagnostic...
-
Consider a standard closed-loop system shown in Figure 2. a. (7 marks) What are the main advantages and disadvantages of using negative feedback control systems (name five advantages and two...
-
This question examines your understanding of various topics you studied in this module. a) Explain with the aid of a sketch the impacts of latitude on temperature. [5 marks] b) Sketch the following...
-
Academia Resort anticipates the following changes in the business environment: Management expects an increase in interest rates of 0.25% per quarter. Fall in room patronage of 12%. The guests will...
-
Given the following information for a project, complete the table by calculating the expected duration and variance for each activity, assuming that activity durations are Beta distributed and...
-
Solve the nonlinear elastic problem of Fig. 2.10 by hand calculation. Use the tangential stiffness method and assume the total load to be applied in two equal increments. F 5 2 -0-- 0>> P = 4.8 Fig....
-
2. Your task is to find three newspaper articles. Each one will be related to a different source of law or one of the categories of law that we discussed in class and studied in Chapter Two of the...
-
"A risky venture may result in great benefits for followers if completed successfully, but the costs can also be high, especially if the project fails or takes much longer than expected. How the...
-
Use multiplication or division of power series to find the first three nonzero terms in the Maclaurin series for each function. y = e x2 cos x
-
A box contains 15 resistors. Ten of them are labeled 50 and the other five are labeled 100 . a. What is the probability that the first resistor is 100 ? b. What is the probability that the second...
-
If you wanted to estimate the mean height of all the students at a university, which one of the following sampling strategies would be best? Why? Note that none of the methods are true simple random...
-
A sample of 100 college students is selected from all students registered at a certain college, and it turns out that 38 of them participate in intramural sports. True or false: a. The proportion of...
-
A project under consideration has a 10-year projected life. The initial investment for the project is estimated to have a mean of \(\$ 10,000\) and a standard deviation of \(\$ 1,000\). The annual...
-
True or False: In determining the optimum replacement interval, it is necessary to assume negligible salvage values.
-
Uncertainty can impact many elements of an engineering economic analysis. Given the list of factors below, rank them from most to least uncertain, and briefly justify why you ranked them in that...
Study smarter with the SolutionInn App