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company xyz operates a proprietorship selling automobile parts to repair shops. In 2018, Desi reported...

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Accounting

company xyz operates a proprietorship selling automobile parts to repair shops. In 2018, Desi reported $100 million in revenue and incurred the following expenses :: $40 million is COGS, $18 million in commissions, $10 million in business interest expense, and $12 million in depreciation. Determine the amount of business interest Desi may deduct in 2018

company xyz operates a consulting business on the accrual method. On 15 December 2018, Puman paid $18,000 for business insurance that provides coverage from 1 February 2019 through 31 January 2020. Determine the amount Punam is entitled to deduct in 2018.

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