Alex, single, earns wags of $42,000 in 2021. He also conducts an activity that produces the following revenues and expenses: Revenues $18,000 Expenses Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Cost Recovery 8,000 Alex also pays mortgage interest during the year of $8,000. 1. Assuming the activity is a business, Alex' 2021 AGI is $ and his taxable income is $ 2. Assuming the activity is NOT a business, Alex' 2021 AGI is $ and his taxable income is $

Alex, single, earns wags of $42,000 in 2021. He also conducts an activity that produces the following revenues and expenses: Revenues $18,000 Expenses Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Cost Recovery 8,000 Alex also pays mortgage interest during the year of $8,000. 1. Assuming the activity is a business, Alex' 2021 AGI is $ and his taxable income is $ 2. Assuming the activity is NOT a business, Alex' 2021 AGI is $ and his taxable income is $

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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