Winter pays dows 150 monthly membership fee in a

This preview shows page 30 - 36 out of 54 pages.

Winter pays Dow’s $150 monthly membership fee in a health club located in the building in which Dow works. Dow uses the club during his lunch time and on weekends. Compute Dow’s gross income MIDTERM FALL 2013
MIDTERM FALL 2013
3.- Charlotte owns a custom publishing business. She uses 500 square feet of her home (2,000 square feet) as an office and for storage. All her business has come from telemarketing (telephone sales), direct mailings, or referrals. In the first year of operations, she has revenues of $37,000, cost of good sold of $25,900, and other business expenses of $8,100. The total expenses related to her home are: Home mortgage interest$6,400 Real property taxes2,100 Insurance 560 Utilities800 Repairs and maintenance 600 House cleaning960 Depreciation5,000 What amount can Charlotte deduct for her home office? MIDTERM FALL 2013
¡
MIDTERM FALL 2013
MIDTERM FALL 2013
HOMEWORK PROBLEMS

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture