Required Information Problem 14-64 (LO 14-6) (Algo) [The following Information applies to the questions displayed below] Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home 500 square feet) where she meets with clients, prepares billis, and performs other work-related tasks. Her business expenses, other than home office expenses, total $6.020. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes: Interest on home mortgage Operating expenses of hure Depreciation 5 1,810 1415 905 1726 Also, assume that, not counting the sole proprietorship. Rita's AGI is $64,200. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $16,050 in gross income. Note: Leave no answer blank. Enter zero if applicable

Required Information Problem 14-64 (LO 14-6) (Algo) [The following Information applies to the questions displayed below] Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home 500 square feet) where she meets with clients, prepares billis, and performs other work-related tasks. Her business expenses, other than home office expenses, total $6.020. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes: Interest on home mortgage Operating expenses of hure Depreciation 5 1,810 1415 905 1726 Also, assume that, not counting the sole proprietorship. Rita's AGI is $64,200. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $16,050 in gross income. Note: Leave no answer blank. Enter zero if applicable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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