Reference no: EM132380256
Question
A) On Dec. 15, 2018, Julia's Service Station, an accrual-method taxpayer, prepaid $3,000 worth of deductible interest on a business loan. The interest won't accrue until 2019. Julia's Service Station will be displaying for the first time at a trade show in July 2019. On Dec. 16, 2018, Julia's prepaid the $6,000 trade show booth rental expense. The payment isn't due until May 2019, and use of the booth will occur in July 2019. In addition, On Dec. 28, 2018, Ed's Equipment repaired some equipment in Julia's business and billed Julia's $5,000. Julia's received the invoice on Dec. 28, 2018 and paid the $5,000 invoice on Jan. 29, 2019.
How much of the $14,000 in deductible business expenses may Julia's Service Station deduct in 2018?
B) Same facts as previous question. In addition to the $14,000 in expenses, some of the equipment used in Julia's Service Station's business requires ongoing maintenance estimated to cost $30,000 every 3 years. In 2018, for financial accounting purposes, Julia's accrues a maintenance expense of $10,000. The maintenance will not be performed until 2020, and Julia's will not pay for the maintenance until after the work is performed. How much of the maintenance expense may Julia's Service Station deduct in 2018?
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