CengageNOWv2| Online teaching and learning resource from Cengage Leaming 8/28/2019 -1 home office deduction limitation: $ --slified method: $ 8/28/2019 CengageNOWv2| Online teaching and learning resource from Cengage Leaning 50. PR.03-21 Problem 3-21 Office in the Home (LO 3.11) Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home office and properly allocates the following expenses to her office: Depreciation $1,500 Utilities 500 Real estate taxes 325 500 Mortgage interest (100 percent deductible) a. Assume that Cindy earns income of $4,400 from her business for the year before deducting home office expenses. She has no other expenses associated with the business. Calculate Cindy's deduction for home office expenses. $ b. Assume that Cindy earns income of $2,600 from her business during the year before deducting home office expenses. Calculate Cindy's deduction for home office expenses. $

CengageNOWv2| Online teaching and learning resource from Cengage Leaming 8/28/2019 -1 home office deduction limitation: $ --slified method: $ 8/28/2019 CengageNOWv2| Online teaching and learning resource from Cengage Leaning 50. PR.03-21 Problem 3-21 Office in the Home (LO 3.11) Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home office and properly allocates the following expenses to her office: Depreciation $1,500 Utilities 500 Real estate taxes 325 500 Mortgage interest (100 percent deductible) a. Assume that Cindy earns income of $4,400 from her business for the year before deducting home office expenses. She has no other expenses associated with the business. Calculate Cindy's deduction for home office expenses. $ b. Assume that Cindy earns income of $2,600 from her business during the year before deducting home office expenses. Calculate Cindy's deduction for home office expenses. $

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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