Lupe rented her personal residence for 13 days to summer vacationers for $3,800.

Business

1 answer:

Advocard [28]3 years ago

7 0

Answer:

$95,000.

Explanation:

Adjusted gross income(AGI) is the income that is calculated after deducting all the line deduction items that are included in form 1040. It is used to calculate the net income tax due.

The rental income earned by Lupe's on her personal residence amounting to $3,800 shall not be included for the purpose of calculating AGI and therefore all the expenses mentioned in the question regarding the Lupe's personal residence shall not be considered for calculating AGI and hence the Lupe's AGI will be $95,000.

You might be interested in

The Financial Accounting Standards Board has the authority to develop generally accepted accounting principles. Choose the optio

olga2289 [7]

Answer:

Explanation:

Based on the information provided within the question it can be said that the correct steps that are used by the FASB in developing GAAP (generally accepted accounting principles) would be the following: issuing a discussion memorandum, issuing an exposure draft, and issuing a statement of principle. This collection of accounting rules was then adopted by the U.S. Securities and Exchange Commission.

4 0

4 years ago

An increase in a current asset account, other than cash, results in an addition in calculating operating cash flows.

vichka [17]

Answer

That is true

6 0

3 years ago

A company purchased a tract of land on which it expects to build a production plant in approximately five years. During the five

adelina 88 [10]

Answer:

A long-term investment.

Explanation:

The land should be classified as a long-term investment.

This is an asset owned by the company, that it intends to keep for more than a year. This asset is usually recorded on the asset side of a company's balance sheet.

It is the opposite of short-term investment which is sold within one year.

7 0

3 years ago

Rent Payment is commonly considered both a (choose two)

Tresset [83]

Answer:

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Explanation:

cccwwwwwwweeeeeeeeeeeeeeeeeeeeeeeeeeq

6 0

3 years ago

Read 2 more answers

Lola, along with many of her friends, grew up in a very poor country and didn’t attend school. A consumer products company wants

Ludmilka [50]

Answer:

d. lack of interest

Explanation:

7 0

4 years ago