Business College

Paris operates a talent agency as a sole proprietorship,and this year she incurred the following expenses in operating her talent agency.What is the total deductible amount of these expenditures?
$1,000 dinner with a film producer where no business was discussed
$500 lunch with sister Nicky where no business was discussed
$700 business dinner with a client but Paris forgot to keep any records (oops!)
$900 tickets to the opera with a client following a business meeting
A) $450.
B) $900.
C) $1,100.
D) $1,200.
E) $0

Answers

Answer 1

Answer:

A) $450.

Explanation:

The computation of the total deductible amount of the expenses is as follows:

In the case of the deduction with respect to the meal cost and entertainment. Only the half of the expense would be deducted i.e. for the business meeting

As in the question the opera tickets is $900 so the half of $900 i.e. $450 would be allowed as a deduction

Therefore the correct option is A.

Related Questions

The average number of times each dollar in the money supply is used to purchase goods and services is called:______.
a. the fractional reserve system.
b. the velocity of money.
c. the discount rate.
d. the quantity theory of money.

Answers

Answer:

o think the answer is the discount rate

The average number of times each dollar in the money supply is used to purchase goods and services is called the velocity of money.

What are the goods?

The term Goods are products and resources that satisfy people's needs and wants. A good can be a natural science object, a provided service, or some accumulation of the two. Just about anything is good if it supplies some kind of benefit to consumers.

The velocity of money refers to The frequency with which an average dollar is spent on goods and services in a certain period of time is known as the velocity of money.

As a result, When the money supply and its velocity as a product grow more quickly than real GDP, prices rise.

Therefore, The right option (B) is correct.

Learn more about goods here:

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Most state and local income taxes are either

Answers

Answer:

tax collected on the purchase price of goods or services

Explanation:

tax collected on the purchase price of goods or services

Most state and local income taxes are either tax collected on sales.

What is Tax?

Tax are levy or due paid by an individual, organization or firm. It is paid to the government purse and the money is used by the government for their spending.

The payment is compulsory and the amount to aly is determined by the government.

Therefore, most state and local income taxes are either tax collected on sales.

Learn more on tax here, https://brainly.com/question/26316390

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