Robert Entertains Several of His Key Clients on January 1

question 87

Multiple Choice

Robert entertains several of his key clients on January 1 of the current year.Expenses paid by Robert are as follows: $$\begin{array} { l r } \text { Cab fare } & \$ 60 \\\text { Cover charge at supper club } & 200 \\\text { Dinner at club } & 800 \\\text { Tips to waiter } & 160\end{array}$$ ? Presuming proper substantiation, Robert's deduction is:

• A)$610.
• B)$640.
• C)$740.
• D)$1,220.
• E)None of these.

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Definitions:

Football Season

The period during the year when football games are officially organized and played across various leagues and competitions.

Productive Facilities

Assets such as factories and machinery used in the production of goods and services.

Accounting Standpoint

A perspective or basis from which financial transactions and conditions are analyzed or assessed.

Long-Term Prepayment

Payments made in advance for expenses that will be recognized over a period longer than one year.