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USPshnik [31]
3 years ago
7

Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Rent inco

me was $5,000. Related expenses for the year were as follows: Real property taxes $3800 Mortgage interest $7500 Utilities $3700 Insurance $2500 Repairs $2100 Depreciation $15000 a. Determine the effect the rental activity has on Adelene's AGI? $__________b. Determine how much of the rental income is reportable. $___________
Business
1 answer:
frez [133]3 years ago
7 0

Answer:

a) The effect the rental activity has on Adelene's AGI is $0.                          

b) The total rental income is less than the total expenses for the year, so the reportable rental income is $0.

Explanation:

a)

particulars                                      amount                  amount

rental income                                                                $5,000

property taxes                               $3,800

mortgage interest                          $7,500

utilities                                             $3,700

insurance                                         $2,500

repairs                                              $2,100

depreciation                                     $15,000

total deduction                                                    $34,600

AGI                                                                           $0

Therefore, The effect the rental activity has on Adelene's AGI is $0.                          

b)

particulars                                      amount

Real property taxes                       $3,800

mortgage interest                          $7,500

utilities                                             $3,700

insurance                                         $2,500

repairs                                              $2,100

depreciation                                     $15,000

total expenses                                  $34,600

Therefore, The total rental income is less than the total expenses for the year, so the reportable rental income is $0.

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Market failure associated with the free-rider problem is a result of benefits that accrue to those who don't pay. This is because the free-rider problem arises on a shared resource that is created by its overuse by various individuals who are not contributing their fair share for it, yet those very same people are still receiving all the benefits provided by that resource, while others need to pay for it.

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A vendor allows a 2% discount if an invoice is paid within 10 days. a purchase was made for $5,000 on june 10 and paid on june 1
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Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exceptio
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Cost of Acquisition = $16,000

Residual Value = $1,000

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