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Scrat [10]
2 years ago
11

In the current year, Marnie rented her vacation home for 75 days, used it for personal reasons for 22 days, and left it vacant f

or the remainder of the year. Her income and expenses are as follows: Rental income $ 18,000 Property taxes 2,500 Mortgage interest 3,500 Utilities 1,100 Repairs and maintenance 1,000 Depreciation 5,200 What is Marnie's net income or loss from the activity
Business
1 answer:
Dimas [21]2 years ago
3 0

Answer: $11123

Explanation:

Based on the information given, Marnie's net income or loss from the activity will be calculated thus:

Rental income = $18000

Less: Property tax = $2500 × 75/365 = $514

Less: Mortgage interest = $3500 × 75/365 = $719

Less: Utilities = $1100 × 75/97 = $851

Less: Repairs and Maintenance = $1000 × 75/97 = $773

Less: Depreciation = $5200 × 75/97 = $4021

Net income = $11,123

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