Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in herhome (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Herbusiness expenses, other than home office expenses, total $6,060. The following home-related expenses havebeen allocated to her home office under the actual expense method for calculating home office expenses.Real property taxesInterest on home mortgageOperating expenses of home$ 1,8305,4459151,738DepreciationAlso, assume that, not counting the sole proprietorship, Rita's AGI is $64,600. Rita itemizes deductions, and heritemized deduction for non-home business taxes is less than $10,000 by more than the real property taxesallocated to business use of the home.Assume Rita's consulting business generated $16,150 in gross income. (Leave no answer blank. Enter zero ifapplicable.)d. Given the original facts, what types and amounts of expenses will she carry over to next ypar?Tier 1 expenses carried over to next yearTier 2 expenses carried over to next yearTier 3 expenses carried over to next year

The operating expenses include the salary of employees, insurance exp.,travel exp.,office exp.…

Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $6,060. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home Depreciation $ 1,830 5,445 915 1,738 Also, assume that, not counting the sole proprietorship, Rita's AGI is $64,600. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,00o0 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. (Leave no answer blank. Enter zero if applicable.) en the original facts, what types and amounts of expenses will she carry over to next ypar? 1 expenses carried over to next year 2 expenses carried over to next year 3 expenses carried over to next year

Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $6,060. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home Depreciation $ 1,830 5,445 915 1,738 Also, assume that, not counting the sole proprietorship, Rita's AGI is $64,600. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,00o0 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. (Leave no answer blank. Enter zero if applicable.) en the original facts, what types and amounts of expenses will she carry over to next ypar? 1 expenses carried over to next year 2 expenses carried over to next year 3 expenses carried over to next year

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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