Ling Has Hired CPA Gracie to Complete This Year's Form

question 128

True/False

Ling has hired CPA Gracie to complete this year's Form 1040. Ling uses online accounting software to keep the books for her interior design sole proprietorship. Ling tells Gracie that a $5,000 amount for business supplies is "close enough" to report for this year's deduction. Gracie can use this estimate in completing the Form 1040.

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Definitions:

Gasoline

A volatile flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.

Gas Pump

A device at a filling station that dispenses liquid fuel, such as gasoline or diesel, into the tank of a vehicle.

South Dakota

An American state situated in the Midwest, famous for notable sites including Mount Rushmore.

Revenue-maximizing Price

The optimal price point at which a company can sell its goods or services to maximize its revenue, given its cost structure and market demand.