Keogh plan, Cost Accounting

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Most of David's clients are local. However, a few of his clients require out of town travel. He incurred $2,500 of airfare, $1,570 in lodging and $1,313 in meals relating to the business trips. In addition, David paid for $630 for business dinners with several prospective clients.

David also incurred the following business expenses during 2011.
Contribution to Keogh plan $8,000
Premiums on medical insurance for family (spouse and children) 4,500
Premiums on disability insurance policy (AFLAC) 2,400
Birthday gift for unpaid intern ($35 box of chocolates and $3 gift wrap) 38


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