Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mobile Peri Peri uses the cash method of accounting and the cost method for inventory. Gordon also provided a transportation log that shows that the

Mobile Peri Peri uses the cash method of accounting and the cost method for inventory.
Gordon also provided a transportation log that shows that the truck drove 5,600 business miles end of 2023. Gordons log also listed total mileage of 680 miles for his drive in his personal car from the Mobile Peri Peri office to his second job at the steak house. He did not provide mileage from his apartment to or from either work location.
Dues are for a subscription to Food Truck Monthly, a trade magazine.
His travel expense of $1,600 is for a trip to Steamboat Springs, CO, for a one-day seminar on South African cuisine. He spent the day at the seminar and then went snowskiing for two days before returning to Laramie. His airfare to Steamboat Springs was $400, his lodging was $300 per night for three nights, and his meals were all restaurant meals at a cost of $100 per day. The uniforms are white chefs coats and puffy chefs hats embroidered with the South African flag and the Mobile Peri Peri logo on front and back.
Gordon was divorced in 2017. His ex-spouse, Tanya Ramsey, pays him alimony of $300 per month. She also has custody of their five children. One of the Ramseys children, Buffy, age 17, lived with Gordon for five months during 2023 and he estimates he provided more than one-half of her support. Buffy has a part-time job at Taco Shell fast-food restaurant and made $5,000 in 2023.
Gordon received a sizable property settlement as part of the divorce and has invested wisely. He received the following Forms 1099 for 2022(see separate tab).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Cost Accounting

Authors: T.R.Sikka

7th Edition

8130918706, 978-8130918709

More Books

Students also viewed these Accounting questions