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Ksivusya [100]
3 years ago
13

Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for he

r business. This year, Renee’s proprietorship reported revenue of $85 million and incurred total expenses of $78.1 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation.
b. How much business interest expense can Renee deduct this year?


c. Suppose that Renee’s revenue includes $5 million of business interest income. What is the maximum amount of business interest expense that Renee can deduct this year?
Business
1 answer:
emmasim [6.3K]3 years ago
6 0

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

Download xlsx
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