am.111. As a real estate salesman, Fred earned a base salary of $8,000 and received commissions of $7,000. In relation to his realestate work, he incurred the following expenses:Dues to a local real estate associationFee for a three-day seminar on how to be an effectivesalespersonAdvertising-calendars and pensAutomobile operating costsPromotion (meals and drinks for clients)Personal meals (during in-town business)Purchase of a cellhone$4003,0001,7004,0002,800400600Fred used his own automobile for his real estate activities. The car has an undepreciated capital cost for tax purposes of$10,000. During the year, he drove a total of 30,000 km, of which 27,000 was related to selling real estate. His employerprovided him with a monthly car allowance of $200 ($2,400 per year).Required:Determine the expenses that Fred may claim from his real estate sales income.

Car Allowances in the U.S.: A Historical and Evolving LandscapeOrigins and Initial Appeal:The…

As a real estate salesman, Fred earned a base salary of $8,000 and received commissions of $7,000. In relation to his real estate work, he incurred the following expenses: Dues to a local real estate association Fee for a three-day seminar on how to be an effective salesperson Advertising-calendars and pens Automobile operating costs $ 400 3,000 1,700 4,000

As a real estate salesman, Fred earned a base salary of $8,000 and received commissions of $7,000. In relation to his real estate work, he incurred the following expenses: Dues to a local real estate association Fee for a three-day seminar on how to be an effective salesperson Advertising-calendars and pens Automobile operating costs $ 400 3,000 1,700 4,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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