Solved: Mr benedict is starting belmont abbey corporation bac how, Accounting Basics

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Mr benedict is starting belmont abbey corporation bac how

Question - Mr. Benedict is starting Belmont Abbey Corporation (BAC). Benedict spends $4,000 on salaries to help startup BAC. Mr. Benedict also spends $5,000 for a CPA (file documents), $4,000 for a lawyer (file documents), and $3,000 for printing and selling stock shares. How much can Mr. Benedict deduct in the current year if business starts on July 17?

A. $5,133.33

B. $5,366.66

C. $9,133.33

D. $9,233.33

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