Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Questions 2 and 3 please. Thank you! 2. Annie's sales for her new business started in 2018 totaled $100,000. She had $2,000 in returns, and

Questions 2 and 3 please. Thank you!

image text in transcribed

2. Annie's sales for her new business started in 2018 totaled $100,000. She had $2,000 in returns, and spent $40,000 purchases, $20,000 on labor and $5,000 on supplies. What is her gross profit? a) $ 33,000 b) $ 35,000 c) $ 38,000 d) $100,000 3. Jackie is a sales representative for a cosmetic manufacturing company and is paid on a Form 1099-Misc. During the year, she drove 25,000 miles in total, of which 18,000 miles were for business use. Jackie wants to use the standard mileage rate for auto expenses. Her gas receipts totaled $6,000. What amount can Jackie deduct for auto expenses? a) $13,625 b) $ 1,998 c) $ 9,810 d) $ 0

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

Step: 3

blur-text-image

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

Handbook On Energy Audit And Environment Management

Authors: Y.P. Abbi, Shashank Jain

1st Edition

8179930920, 978-8179930922

More Books

Students also viewed these Accounting questions