Jay Obtains a New Job in Boston and Moves from Reno

question 106

Multiple Choice

Jay obtains a new job in Boston and moves from Reno during the current year.He incurs the following moving expenses:
$\begin{array}{lr}\text { Transportation of household goods } & \$ 5,700 \\\text { House-hunting trips to Boston } & 600 \\\text { Cost of transporting Jay's family } & 2,300 \\\text { Meals incurred while moving the family } & 200 \\\text { Temporary living expenses while waiting for the new residence to be ready } & 1,000\end{array}$
What is Jay's moving expense deduction?

• A)$ - 0 -
• B)$ 5,700
• C)$ 8,000
• D)$ 9,700
• E)$ 9,800

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Definitions:

Petty Cash Transactions

Small purchases or expenditures paid using a readily available cash fund.

Cash Over and Short

An account that reports the discrepancies between the physical count of cash and the recorded amounts in a business's financial records.

Internal Control Procedures

Systems and policies put in place by a company to ensure the accuracy and integrity of financial and accounting information, prevent fraud, and comply with laws.

Cash Receipts

Money received by a business during a set accounting period, including revenue from sales, interest, dividends, and other cash inflows.