During the year, Pablo keeps the following record of his travel: Miles Home to office 864 Office to home 864 Home to local clients to home 10,630 Home to out of town clients to home 2,650 The company reimburses Pablo for all his lodging, meals, and entertainment while he is on the road. If he used the standard mileage rate, what amount can he deduct as a business expense?

$7,636

Explanation:

Pablo's travel records are as follows;

Distance in Miles :

Home to office = 864

Office to home = 864

Home to local clients to home = 10,630

Home to out of town clients to home = 2,650

Pablo is reimbursed for business expenses. Business expenses coukd be explained as cost incurred based on assignments or errands carried out for the organization. It doesn't include the individual's personal expenses while not on organizational duty.

Therefore from the data provided, business expenses only include;

Distance in miles :

Home to local clients to home = 10,630

Home to out of town clients to home = 2,650

Using the 2020 standard mileage rate which is : 57.5 cent per mile, equivalent to $0.575

Reimbursable business expense :

Home to local clients to home 10,630 x $0.575 = $6,112.25

Home to out of town clients to home 2,650  x $0.575 = $1,523.75

Total amount to be deducted as business expense = ($6,112.25 + $1,523.75) = $7,636

answer; i believe that the correct answer is (d)when the products are consumed or

answer; balance sheets;