FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

M15.

 

Interest income Salon revenue Operating income from salon Apartment building revenue Apartment building income AGI
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Transcribed Image Text:Interest income Salon revenue Operating income from salon Apartment building revenue Apartment building income AGI
Required information [The following information applies to the questions displayed below] Rocco operates a beauty salon as a sole proprietorship. Rocco also owns and rents an apartment building. In 2022, Rocco had the following income and expenses. You may assume that Rocco will owe $2,502 in self-employment tax on his salon income, with $1,251 representing the employer portion of the self-employment tax. You may also assume that his divorce from Svetlana was finalized in 2016. Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to his ex-wife, Svetlana Rental revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity o. Determine Rocco's AGL Note: Amounts to be deducted should be indicated by a minus sign. $11,255 86,360 45,250 23,400 6,000 31,220 12,900 11,100 6,241 4,237
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Transcribed Image Text:Required information [The following information applies to the questions displayed below] Rocco operates a beauty salon as a sole proprietorship. Rocco also owns and rents an apartment building. In 2022, Rocco had the following income and expenses. You may assume that Rocco will owe $2,502 in self-employment tax on his salon income, with $1,251 representing the employer portion of the self-employment tax. You may also assume that his divorce from Svetlana was finalized in 2016. Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to his ex-wife, Svetlana Rental revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity o. Determine Rocco's AGL Note: Amounts to be deducted should be indicated by a minus sign. $11,255 86,360 45,250 23,400 6,000 31,220 12,900 11,100 6,241 4,237
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