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Floyd Mayweather, world champion boxer, had the following activity in an account that he set up this year. Date Transaction Cumulative Total 1/1 Deposit of
Floyd Mayweather, world champion boxer, had the following activity in an account that he set up this year. Date Transaction Cumulative Total 1/1 Deposit of borrowed funds $ 50,000 $ 50,000 8/1 Deposit of earned funds $100,000 $150,000 8/15 Personal Expenditure $ 60,000 $ 90,000 9/1 Deposit of borrowed funds $ 40,000 $130,000 9/5 Personal Expenditure $ 60,000 $ 70,000 9/7 Investment Expenditure $ 50,000 $ 20,000 9/14 Trade or Business Expend. $ 10,000 $ 10,000 10/4 Trade or Business Expend. $ 6,000 $ 4,000 a) You are Floyd's tax advisor. What funds are the expenditures on 8/15, 9/5, 9/7, 9/14, and 10/4 to be attributed to- earned funds or borrowed funds? Be sure to use the drop down menu to provide amounts that are attributed to both earned and borrowed funds for each expenditure. No other explanations are necessary. [7.5 points] Date Type Expenditure Attributed To Amount 8/15 Personal expenditure Borrowed Funds Earned Funds 9/5 Personal expenditure Borrowed Funds Earned Funds 9/7 Investment expenditure Borrowed Funds Earned Funds 9/14 Business expenditure Borrowed Funds Earned Funds 10/4 Business expenditure Borrowed Funds Earned Funds
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