George purchased his automobile on june 30 2006 for

Reference no: EM13481619

George Dick, an employee of Plum Corporation, drove his car atotal of 17.966 miles during 2008. Of the total miles, 17.122 were business miles accumulated evenly throughout the year. The total expenses of operating his automobile for the year were as follows.

Gasoline $1,072

License fee 150

Oil 250

Insurance 970

Repairs 360

Interest on automobileloan 1,100

Parking and toll fees forbusiness 250

George purchased his automobile on June 30, 2006 for $12,000,and depreciation expense for 2008 (assuming 100 percent businessuse) is $2,304. In the past he has used the standard mileage method to calculate his depreciation. Using Form 2106 on pages 4-31 to4-32, calculate George's deduction for automobileexpenses.

Reference no: EM13481619

Questions Cloud

What information should management disclose in the foot : drug benefits and post retirement liabilities delphi companyreduced its other post reitrement benefits by approx 500

Riverside industries is thinking of dropping product line c : riverside industries has threeproduct lines a b and c. the following information

Prepare answer sheet assuming ti manufactureson average : ti co a manufacturer of stero started its production as retailer in oct 08 for 3 years then decided to turn it to stero

If junes estimated machine-hours total 4200 what are the : the following data is available regarding costs and

George purchased his automobile on june 30 2006 for : george dick an employee of plum corporation drove his car atotal of 17.966 miles during 2008. of the total miles 17.122

What would be the impact on net income and cash flow if the : butterfly tractors had 15.50 million in sales last year. cost of goods sold was 8.30 million depreciation expense was

Cate the net income under the current situation : jensen company has the following situationsales price 40 per unitvariable cost per unit 25 per unitfixed costs

Compute the break-even point in dollars under each of the : gorham manufacturings sales slumped badly in2010. for the first time in its history it operated at a loss. thecompanys

Advance programming hi i want two copies of the assignment : hi ltbrgti want two copies of the assignment me and my friend are doing same assignment. ltbrgtwe need both the

User Account

All Pages