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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!
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) $ 0Step by Step Solution
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