Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Ms jerry is a self-employed medical transcriptionist who works out of her home. Her office space takes up 7.5% of her home's square footage.

1. Ms jerry is a self-employed medical transcriptionist who works out of her home. Her office space takes up 7.5% of her home's square footage. Last year, she deducted $750 of office expenses on her taxes on using the general deduction method of 5.00 per square foot of office space. Assuming her deduction is correct, her home is .... square feet? Q2. Ms brown is a self employed graphic designer who works out of her home. Her home office is 300 square feet in size. Last year, she deducted 12% of her office expenses for tax purposes What is the square footage of me brown's home in total? Q3. A company sold a warehouse purchased on 01/01/2011 for $500000, of which $100000 was the land. The sale was completed five years later on 12/31/2016 for $65000. The company used straight line depreciation for book purposes, and the warehouse had a useful life of 25 years when purchased. What is the gain on the disposition that the company should record on its books

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Advanced Accounting

Authors: Joe Hoyle

4th Edition

78136636, 978-0078136634

More Books

Students also viewed these Accounting questions