Andrew's Hobby Is Painting

question 83

Multiple Choice

Andrew's hobby is painting. During 2018, Andrew sold three of his paintings for a total of $2,200. His related expenses include $800 utilities, $1,200 supplies, and $400 in depreciation. Of these expenses incurred, how much can Andrew deduct in the current year?

• A) $0
• B) $2,000
• C) $2,200
• D) $2,400

Understand the relationship between an organization's culture and its human resource strategies.

Identify and describe the factors affecting human resource strategy formulation.

Recognize the impact of an organization's purpose and mission on its HR practices.

Compare and contrast related and unrelated diversification.

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Definitions:

Selling Price

The amount of money for which a product or service is sold to the consumer.

Units-Of-Production Depreciation

A depreciation method that allocates expense based on the actual usage or production of an asset.

Salvage Value

The anticipated worth of an asset at the conclusion of its effective life.

Service Life

The estimated use period or duration over which an asset is expected to be economically usable by one or more users, with proper maintenance and repairs.