Jimmy Owns a Trucking Business

question 105

Multiple Choice

Jimmy owns a trucking business.During the current year he incurred the following: The fines for speeding were a necessary cost because missing deadlines would cause lost business and are ordinary in the industry.What is the total amount of deductible expenses?

• A)$115,000
• B)$123,000
• C)$108,000
• D)$144,000

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Definitions:

Energy Content

The amount of energy present in a substance or system, which can be released or absorbed during a chemical or physical process.

Fuel

A substance consumed to produce energy through a chemical or nuclear reaction, commonly referring to materials used to power engines, such as gasoline or diesel.

Four-Cylinder Engine

An internal combustion engine with four cylinders arranged in a straight line, commonly found in small to medium-sized vehicles.

Power

The rate at which work is done or energy is transferred in a unit of time.