Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Olivia decides that she will need insurance for a one-day special event at the end of the month and pays Eli $300 in advance. May 5 Olivia provides maintenance services to Eli’s insurance offices on account, $425. May 7 Eli borrows $500 from Olivia by signing a note. May 14 Olivia purchases maintenance supplies from Spot Corporation, paying cash of $200. May 19 Eli pays $425 to Olivia for maintenance services provided on May 5. May 25 Eli pays the utility bill for the month of May, $135. May 28 Olivia receives insurance services from Eli equaling the amount paid on May 2. May 31 Eli pays $500 to Olivia for money borrowed on May 7. Required:Record each transaction for Eli’s Insurance Services. Keep in mind that Eli may not need to record each transaction.

Chris opena a chiropractie office in Houston on January 1, 2018. In 2018, Chris drives a total of 4,200 miles from his office to elients' homes to do chiropraetie adjustments. In addition, he driven a total of 3,000 miles for commuting between his home and his ofice in 2018. He elects to use the standard mileage method. Oa January 1, 2018, Chris purchases an annual subscription to a chiropractic journal for $200 and a l-year medical reference service for $500. Calculate Chris's deduction for the above items for the 2018 tax year.

Britta has been accepted into a 2-year Medical Assistant program at a career school. She has been awarded a $6,000 unsubsidized 10-year federal loan at 4.29%. She knows she has the option of beginning repayment of the loan in 2.5 years. She also knows that during this non-payment time, interest will accrue at 4.29%. Britta made her last monthly interest-only payment on May 5. Her next payment is due on June 5. What will be the amount of that interest-only payment? Round your answer to the nearest cent. *

Consider the following events for Henkle Decorating, Inc.: March 3 Henkle signs a contract to decorate Pat's home for a price of $3,800 March 10 Henkle purchases decorating supplies at a cost of $800 March 20 Henkle receives $1,200 as a down payment from Pat March 28 Henkle decorates Pat's home April 1 Henkle receives the final payment of $2,600 from Pat Under accrual-basis accounting, when should Henkle record revenue for decorating services? March 20 March 3 April 1 March 28

Michelle operates several food trucks. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations. Note: Leave no answers blank. Enter zero if applicable. a. Michelle moves her food truck between various locations on a daily rotation. Last week, Michelle was stopped for speeding. She paid a fine of $160 for speeding, including $115 for legal advice in connection with the ticket. b. Michelle paid $785 to reserve a parking place for her food truck for the fall football season outside the local football stadium. Michelle also paid $130 for tickets to a game for her children. c. Michelle provided a candidate with free advertising painted on her truck during the candidate's campaign for city council. Michelle paid $640 to have the ad prepared and an additional $340 to have the ad removed from the truck after the candidate lost the election. d. Michelle realized a $1,235 loss when she sold one of her food trucks to her…

Kemiah has the following insurance information from her employer: Premium: $200/month Deductible: $150 Tier 1: $10 Tier 2: $20 Tier 3: $40 She has never filled a prescription before, and brought her script for phentermine 37.5 mg to the pharmacy for processing. The pharmacy technician at the window informs Kemiah that this drug is not covered, and has a cash price of $37.22. Assuming she has paid the premium for her insurance to be active, what will she have ended up paying for the drug that month, all costs included? O a. $37.22 Ob. $200 O c. $150 O d. $237.22

Melissa recently paid $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also put the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for can fare. Suppose that San Francisco was Melissa permanent residence and business location. She attended the conference in San Francisco and paid $370 for the registration fee. She drove 153 miles over the course of theee days and paid $190 for parking at the conference hotel. In addition, she spent $430 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel, and she bought dinner on her way home each night from the conference. What amount of these costs can Melissa deduct as business expenses?

During the current year, Paul, the vice president of a bank, made gifts in the following amounts. To Sarah (Paul's personal assistant) at Christmas $39 To Darryl (a key client)-$3 was for gift wrapping 42 To Darryl's wife (a homemaker) on her birthday 14 To Veronica (Paul's boss) at Christmas 75 In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $50. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent.

Melissa recently paid $875 for round trip airfare to San Francisco to attend a business conference for 3 days. Melissa also paid the following expenses: $280 fee to register for the conference, $435 per night for 3 night's lodging, $275 for meals in restaurants and $235 for cab fare. What amount of these costs can Melissa deduct as a business expense

Khali owns two commercial buildings in downtown Sheridan.  XYZ Company expressed an interest in one of the properties.  They would like to rent the building for five years.  Anxious to close the deal, Khali tells XYZ Company he will provide a significant discount on the first two years of rent, if XYZ Company pays in advance.  XYZ Company agrees.  On November 15, Khali receives XYZ’s security deposit in the amount of $2,500 that is refundable at the end of the lease period.  A check in the amount of $30,000, covering the first two years of rent arrives on December 1, 2022.   How much rental income must Khali include on his 2022 tax return?