Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! Required information Problem 9 - 5 1 ( LO 9 - 2 ) ( Algo ) [ The following information applies to the questions

!
Required information
Problem 9-51(LO 9-2)(Algo)
[The following information applies to the questions displayed below.]
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,800 for
gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During
the year, he drove his car a total of 14,200 miles (a combination of business and personal travel).
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Problem 9-51 Part-b (Algo)
b. Ryan estimates that he drove approximately 1,520 miles on business trips, but he can only provide written documentation of the
business purpose for trips totaling 1,450 miles. What business expense amount can Ryan deduct (if any) for these trips?
image text in transcribed

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

Auditing A Practical Manual For Auditors

Authors: Lawrence Robert Dicksee

1st Edition

1360462546, 978-1360462547

More Books

Students also viewed these Accounting questions

Question

4. Give examples of five potential appraisal problems.

Answered: 1 week ago

Question

6. Explain how to install a performance management program.

Answered: 1 week ago