Carlos Drives to Oregon to Consult with a Client

question 74

Multiple Choice

Carlos drives to Oregon to consult with a client. He works for 1 day and spends 3 days enjoying Oregon since the consultation was right before a 3-day weekend. His expenses were $175 to drive to Oregon and back, $600 for lodging, $50 for food on the day that he worked, and $125 for food on the other 3 days. How much of his travel expenses are deductible?

• A)$0
• B)$175
• C)$200
• D)$350
• E)$800

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Definitions:

Financing Activities

Transactions that involve changes in equity and long-term liabilities on the company's balance sheet, such as issuing shares or obtaining long-term loans.