Maria Pays the Following Legal and Accounting Fees During the Year

question 102

Multiple Choice

Maria pays the following legal and accounting fees during the year: What is the total amount of her for AGI deduction for these fees?

• A)$4,000
• B)$6,000
• C)$8,100
• D)$11,200

---

Definitions:

Balance Sheet

An accounting statement that itemizes the total assets, liabilities, and equity of shareholders at a defined date.

Accounts Payable

Liabilities owed by a business to its suppliers or vendors for goods and services purchased on credit.

Net Income

The earnings a company retains following the deduction of all costs and taxes from its revenue.

Rent Expense

The cost incurred by a business to use property or equipment for business purposes.