MJ Consultants. incurred the following business expenses: Bank service charges $50

Supplies 1,000

Fees to attorneys 2,000

Credit card interest 200

Loan from bank 3,000

Entertainment 500

What amount can MJ Co. deduct this year?

Question 14 Ann has the following stock transactions. What amount is included in her gross income if she paid a $200 selling commission for each sale?

Purchases:

100 shares of IBM total purchase price $55,000

50 shares of ATT Total Purchase price $7,500

50 Shares of GE Total purchase price $5,000 Sales:

Sold 100 shares of IBM for $60,000

Sold 50 shares of GE for $7,000

What amount should be included as income?