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Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 2,250 Mortgage interest Property taxes 6,875 2,200 1,525 3,000 15,125 Repairs & maintenance Utilities Depreciation During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assuming Alexa receives $21,000 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) d. Assume that Alexa's AGI from other sources is $200,000. This consists of $146,250 salary. $11,000 of dividends, $26,500 of long term capital gain, and net rental income from another rental property in the amount of $16.250. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI?

Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance $ 2,250 Mortgage interest Property taxes 6,875 2,200 1,525 3,000 15,125 Repairs & maintenance Utilities Depreciation During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assuming Alexa receives $21,000 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) d. Assume that Alexa's AGI from other sources is $200,000. This consists of $146,250 salary. $11,000 of dividends, $26,500 of long term capital gain, and net rental income from another rental property in the amount of $16.250. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI?

FINANCIAL ACCOUNTING
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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AGI- decreased by, increased by, no effect? Question is in picture.
Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $ 2,250 6,875 2,200 Insurance Mortgage interest Property taxes Repairs & maintenance 1,525 3,000 15,125 Utilities Depreciation During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assuming Alexa receives $21,000 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) d. Assume that Alexa's AGI from other sources is $200,000. This consists of $146,250 salary, $11,000 of dividends, $26,500 of long- term capital gain, and net rental income from another rental property in the amount of $16.250. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI?
Transcribed Image Text:Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: $ 2,250 6,875 2,200 Insurance Mortgage interest Property taxes Repairs & maintenance 1,525 3,000 15,125 Utilities Depreciation During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assuming Alexa receives $21,000 in gross rental receipts, answer the following questions: (Leave no answer blank. Enter zero if applicable.) d. Assume that Alexa's AGI from other sources is $200,000. This consists of $146,250 salary, $11,000 of dividends, $26,500 of long- term capital gain, and net rental income from another rental property in the amount of $16.250. What effect does the Cocoa Beach condo rental activity have on Alexa's AGI?
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