Suppose that christine also spent 3000 to repaint and

Assignment Help Accounting Basics

Reference no: EM13599535

Christine is employed full-time as an accountant for a national hardware chain. She also has a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home are as follows:

Real property taxes $3900
Interest on home mortgage $4000
Operating expenses of home $1100
Depreciation allocated to 20% business use $1600
Christine's income from consulting is $16000, and the related expenses are $5000.

a. What is Christine's office in the home deduction?

b. Suppose that Christine also spent $3000 to repaint and replace the carpet in the office. How do these additional costs change the answer to part (a)?

c. Suppose that Christine's income from consulting is only $8000 (not $16000). How does this change the answer to part (a)?

Reference no: EM13599535

Questions Cloud

The balance in accounts receivable was 650000 at the : the balance in accounts receivable was 650000 at the beginning of the year and 350000 at the end of the year. credit

The company wants to maintain monthly ending inventories of : walker inc. makes and sells a single product widgets. three pounds of wackel are needed to make one widget. budgeted

The company is currently producing and selling 144 windows : the company is currently producing and selling 144 windows annually and each window is sold for 140.00. the company is

Ambers employer lavender inc has a sect 401k plan that : ambers employer lavender inc. has a sect 401k plan that permits salary deferral elections by its employees. ambers

Suppose that christine also spent 3000 to repaint and : christine is employed full-time as an accountant for a national hardware chain. she also has a private consulting

Cross country transport companyorganizes its three : cross country transport companyorganizes its three divisions the southeast east and southregions as profit centers. the

Discuss the reasons why a company may want to sell their : an article recently appeared in the wall street journal indicating that companies are selling their receivables at a

At its present level of operations a small manufacturing : at its present level of operations a small manufacturing firm has total variable costs equal to 65 of sales and total

Marketing is a decentralized firm specializing in designing : marketing is a decentralized firm specializing in designing and operating internet marketing web sites. the firm is

User Account

All Pages