Travis operates a consulting business he uses his personal credit card for both business and personal...
Travis operates a consulting business he uses his personal credit card for both business and personal use the total finance charge work is paid for the year were $957 Travis is total business charges on this card where 41% of the charges what amount of interest expense can be deducted on Travis's schedule c a $957 b $565 c $392 and d 0 which one is correct
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Travis operates a consulting business he uses his
personal credit card for both business and personal...
Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both...
Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both business and personal use. He purchased his Toyota Highlander on July 4, 2017. for $35,000. Lawrence immediately began using it for his business. He did not claim special (bonus) depreciation or a $179 deduction. He keeps a specific mileage log for his business use. His mileage records for 2018 indicate that he drove his car a total of 17,824 miles with 4,839 miles of...
10.4.34 Que Travis Thompson uses his credit card to obtain a cash advance of $600 to...
10.4.34 Que Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04658% per day. Travis repays the money plus the interest after 29 day a) Determine the interest charged for the cash advance bj When he repaid the loan, how much did he pay the credit card company? Interest charged (Round to the nearest cont.)
Jerrod Nofstger starts the month with a balance on his credit card of $1,020. On the...
Jerrod Nofstger starts the month with a balance on his credit card of $1,020. On the 10th day of the month, he purchases $180 in clothes with his credit card. On the 15th day of the month, he makes a payment on his credit card of $750. Jerrod's interest rate is one and a half percent for the month. Jerrod's bank calculates the finance charge on their credit card by using the adjusted balance method. What would Jerrod's finance charges...
Full the previous month (because he didn't 6. Aiden did not pay off his credit card in full the previous month (bec...
Full the previous month (because he didn't 6. Aiden did not pay off his credit card in full the previous month (because listen to Mr. Coulson's advice). He then had these d ons advice). He then had these daily balances on his credit card for his last billing period and, so, will have to pay a finance charge. Eight days @ $678.12 Nine days @ $1,976.00 Ten days @ $2,312.50 Four days @ $1,644.82 What is the average daily balance...
William uses his bank credit card frequently; however, he always pays off the total balance on...
William uses his bank credit card frequently; however, he always pays off the total balance on the card each monthWhat features should William especially look for in a credit card? a Low annual fee and short grace period Low annual fee and low interest rate b No annual fee and short grace period c No annual fee and long grace period d High annual fee and low interest rate
22. For the current year, Al Johnson used his personal car for both business and personal...
22. For the current year, Al Johnson used his personal car for both business and personal purposes. He drove 18,000 miles in the car during the year: 10,000 miles were for business-related purposes and 8,000 miles were for personal purposes. He incurred the following car expenses during the year: Amount Expense Gas $7,900 900 Maintenance Repairs and depreciation Car washes Totale nton 900 500 $10,200 nobo Based on this information, what part of the above car expenses is deductible as...
Jackie uses his personal vehicle in his sole proprietorship. He keeps no records of any kind...
Jackie uses his personal vehicle in his sole proprietorship. He keeps no records of any kind regarding his business use of the car and doesn't really know for certain when and where he used the automobile for business. Jackie will not be claiming the EITC this year. Which of the following is correct?
what would be included in the deduction for 2018? Roger operates his consulting business out of an office in his home. T...
what would be included in the
deduction for 2018?
Roger operates his consulting business out of an office in his home. Twenty per- cent of the 3,000-square-foot living area is devoted to the office. Roger inherited the home on Cody Way from his father who died on June 6, 2011. At that time, the home had a fair market value of $400,000 ($40,000 of which was allocated to the land). The Stewarts moved into the home in autumn of 2011,...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
a sole proprietor pays himself a salary from the proceeds of his business where does he...
a sole proprietor pays himself a salary from the proceeds of his business where does he deduct the amount he paid himself during the year a a sole proprietor's salary is not deducted b on form 1040 line7 c on form 1040 schedule C as a contract labor d on form 1040 schedule c as wages
Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both business and personal use. He purchased his Toyota Highlander on July 4, 2017. for $35,000. Lawrence immediately began using it for his business. He did not claim special (bonus) depreciation or a $179 deduction. He keeps a specific mileage log for his business use. His mileage records for 2018 indicate that he drove his car a total of 17,824 miles with 4,839 miles of...
10.4.34 Que Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04658% per day. Travis repays the money plus the interest after 29 day a) Determine the interest charged for the cash advance bj When he repaid the loan, how much did he pay the credit card company? Interest charged (Round to the nearest cont.)
Full the previous month (because he didn't 6. Aiden did not pay off his credit card in full the previous month (because listen to Mr. Coulson's advice). He then had these d ons advice). He then had these daily balances on his credit card for his last billing period and, so, will have to pay a finance charge. Eight days @ $678.12 Nine days @ $1,976.00 Ten days @ $2,312.50 Four days @ $1,644.82 What is the average daily balance...
22. For the current year, Al Johnson used his personal car for both business and personal purposes. He drove 18,000 miles in the car during the year: 10,000 miles were for business-related purposes and 8,000 miles were for personal purposes. He incurred the following car expenses during the year: Amount Expense Gas $7,900 900 Maintenance Repairs and depreciation Car washes Totale nton 900 500 $10,200 nobo Based on this information, what part of the above car expenses is deductible as...
what would be included in the
deduction for 2018?
Roger operates his consulting business out of an office in his home. Twenty per- cent of the 3,000-square-foot living area is devoted to the office. Roger inherited the home on Cody Way from his father who died on June 6, 2011. At that time, the home had a fair market value of $400,000 ($40,000 of which was allocated to the land). The Stewarts moved into the home in autumn of 2011,...
Cornerstone Exercise 5-33 (Algorithmic) Accounting for Credit Card Sales Frank's Tattoos and Body Piercing operates near campus. At the end of a recent day, Frank's cash register included credit card documents for the following sales amounts: MasterCard $756 Visa 486 The merchant's charges are 1.8% for MasterCard and 2.1% for Visa, Frank's also had cash sales of $375 and $1,000 of sales on credit to a local business Required: Prepare a journal entry to record these sales. If an amount...
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