User Account

All Pages

Calculate Marc transportation expense deduction

Assignment Help Accounting Basics
Reference no: EM132705356

Problem - Marc Lusebrink, sole proprietor of Oak Company, bought a used automobile and drove it 13,120 miles for business during 2018 and a total (including business miles) of 16,000 miles. His total expenses for his automobile for the year are:

Gasoline $2,061

Oil changes 92

Insurance 1,030

Tires 225

Repairs 620

Total $4,028

The automobile cost $20,000 on January 1, and depreciation expense for the year, including business use, was $4,000. His business parking and toll fees for business amount to $327. Calculate Marc's transportation expense deduction for the year.

Reference no: EM132705356

Questions Cloud

Calculate the net income or loss : If gross billings of Terry's practice are $2,900 for this year and Terry has no other expenses allocable to the business, calculate the net income or loss
What is the value per share : The appropriate risk adjusted discount rate is 8% and there are one million shares outstanding. What is the value per share?
What is Steve deduction on Schedule C for these items : Steve purchased pole-climbing equipment, spikes, and a safety belt that cost $275. What is Steve's deduction on Schedule C for these items
What will the exchange rate be next year : Assuming relative purchasing power parity holds, what will the exchange rate be next year?
Calculate Marc transportation expense deduction : The automobile cost $20,000 on January 1, and depreciation expense for the year, Calculate Marc transportation expense deduction
Establishing a capital structure for a firm is not simple : Establishing a capital structure for a firm is not simple. Although financial theory guides the process, there is no easy formula to determine a target debt-to-
Describes the company specific application of rfid : Write a one-page paper that describes the company's specific application of RFIDs. What are two differences between an RFID and a UPC system?
Who is typically responsible for role within organization : Who is typically responsible for this role within the organization? Identify at least 4 different methodologies used for predictions.
Explain how the use of leverage can increase shareholder : Explain how the use of leverage can increase shareholder's wealth.

Reviews

Write a Review

Accounting Basics Questions & Answers

  The owner of flaherty accounting services wants to earn a

the owner of flaherty accounting services wants to earn a margin on tax returns of 15000 during march. if 200 returns

  What is the great divide in the systems development process?

What is the great divide in the systems development process? What causes the gap?

  What is total cost of buying the stock

The broker charged her 2% commission. One year later she sold the shares for $71.25. What is total cost of buying the stock

  Vertical analysis of income statement data

Prepare a vertical analysis of the 2009 income statement data for Douglas Company and Maulder Company in columnar form. Comment on the relative profitability of the companies by computing the returnon assets and the return on common stockholders' eq..

  What is the net accounts receivable balance

If 8 percent of sales is estimated as uncollectible each year, what is net accounts receivable balance reported at the end of Year Two on Raleigh balance sheet

  Computing the gain or loss for commercial substance

Peanut corporation exchanged land and cash of $6,500 for equipment. the land had a book value of $45,000 and a fair value of $34,000. assume the exchange has commercial substance. compute the gain or loss?

  Problem related to the franchise entries

Burger Universe charges an initial franchise fee of $225,000. Upon the signing of the agreement, a payment of $25,000 is due. Thereafter, five annual payments of $40,000 are required.

  Department s had no work in process at the beginning of the

department s had no work in process at the beginning of the period. 11289 units of direct materials were added during

  Discuss what is divisions residual income

he company requires each of its divisions to generate a minimum return of 30 per cent. What is this division's residual income

  Compute Mrs Ys taxable income from the taxi business

Compute Mrs. Y's taxable income from the taxi business if her taxable income before consideration of any cost recovery deductions was $40,000"

  Bledsoe large cap stock fund

Using the returns for the Bledsoe Large-Cap Stock Fund and the Bledsoe Bond Fund, graph the opportunity set if feasible portfolios.

  What was their net income for the year

McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd