Requirement D Note -Pleass Solution with Explanation and Do not Give Image format Otherwise rejected my question a. What is Rita's home office deduction for the current year?b. What would Rita's home office deduction be if her business generated $11,150 of gross income instead of $16,150? (Answer for boththe actual expense method and the simplified method.)c. Given the original facts, what is Rita's AGI for the year?d. Given the original facts, what types and amounts of expenses will she carry over to next year?Answer is not complete.Complete this question by entering your answers in the tabs below.Required a Required b Required cGiven the original facts, what types and amounts of expenses will stie carry over to next year?Tier 1 expenses carried over to next yearTier 2 expenses carried over to next yearTier 3 expenses carried over to next yearRequired d< Required cRequired 3 itwawHILRita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 squarefeet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than homeoffice expenses, total $6,060. The following home-related expenses have been allocated to her home office under the actual expensemethod for calculating home office expenses.Real property taxesInterest on home mortgageOperating expenses of homeDepreciationAlso, assume that, not counting the sole proprietorship, Rita's AGI is $64,600. Rita itemizes deductions, and her itemized deduction fornon-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 $16,150 in gross income.Note: Leave no answer blank. Enter zero if applicable.$ 1,8305,4459151,738Required:a. What is Rita's home office deduction for the current year?b. What would Rita's home office deduction be if her business generated $11,150 of gross income instead of $16,150? (Answer for boththe actual expense method and the simplified method.)c. Given the original facts, what is Rita's AGI for the year?d. Given the original facts, what types and amounts of expenses will she carry over to next year?Answer is not complete.Complete this question by entering your answers in the tabs below.Required aRequired bRequired cRequired dCan the rainal farte what tune and aminte nf avnaneor will cha raru ar to navt unar< Prev 5 of 5⠀Next >

As per the given information: Business expenses other than home office expenses = $6,060 Real…

a. What is Rita's home office deduction for the current year? b. What would Rita's home office deduction be if her business generated $11,150 of gross income instead of $16,150? (Answer for both the actual expense method and the simplified method.) c. Given the original facts, what is Rita's AGI for the year? d. Given the original facts, what types and amounts of expenses will she carry over to next year? Answer is not complete. Complete this question by entering your answers in the tabs below. Required a Required b Required c Given the original facts, what types and amounts of expenses will stie carry over to next year? Tier 1 expenses carried over to next year Tier 2 expenses carried over to next year Tier 3 expenses carried over to next year Required d < Required c Required 3

a. What is Rita's home office deduction for the current year? b. What would Rita's home office deduction be if her business generated $11,150 of gross income instead of $16,150? (Answer for both the actual expense method and the simplified method.) c. Given the original facts, what is Rita's AGI for the year? d. Given the original facts, what types and amounts of expenses will she carry over to next year? Answer is not complete. Complete this question by entering your answers in the tabs below. Required a Required b Required c Given the original facts, what types and amounts of expenses will stie carry over to next year? Tier 1 expenses carried over to next year Tier 2 expenses carried over to next year Tier 3 expenses carried over to next year Required d < Required c Required 3

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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