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