A professional engineer who teaches at a university also does consulting astime permits. Her efforts do not conflict with her professorial job and she does this work through her own (one-person) company. Gross income for the year is $207,000; depreciation of equipment is $23,000; expenses such as travel, liability insurance, fees to specialty contractors, rent, and similar expenses are $34,500; and interest on a small loan is $3,500. What is her taxable income? a. $207,000 b. $149,500 c. $192,000 d. $146,000.
A professional engineer who teaches at a university also does consulting astime permits. Her efforts do not conflict with her professorial job and she does this work through her own (one-person) company. Gross income for the year is $207,000; depreciation of equipment is $23,000; expenses such as travel, liability insurance, fees to specialty contractors, rent, and similar expenses are $34,500; and interest on a small loan is $3,500. What is her taxable income? a. $207,000 b. $149,500 c. $192,000 d. $146,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A professional engineer who teaches at a university also does consulting as
time permits. Her efforts do not conflict with her professorial job and she does this work through her own (one-person) company. Gross income for the year is $207,000; depreciation of equipment is $23,000; expenses such as travel, liability insurance, fees to specialty contractors, rent, and similar expenses are $34,500; and interest on a small loan is $3,500. What is her taxable income? a. $207,000 b. $149,500 c. $192,000 d. $146,000.
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