Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership that operates a gas station. This year Alexandra

Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership that operates a gas station. This year Alexandra paid or reported the following expenses related to her garage and other property. Determine Alexandra's AGI.

Revenue from auto repairs $ 143,930

Salaries paid to mechanics 72,210

Supplies and tools 18,500

Revenues from gas station partnership (Alexandras share) 125,000

Expenses from gas station partnership (Alexandras share) 95,200

Self-employment tax (half is employers share) 12,702

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

Step: 3

blur-text-image

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

Principles Of External Auditing

Authors: Brenda Porter, David Hatherly, Jon Simon

3rd Edition

0470018259, 9780470018255

More Books

Students also viewed these Accounting questions

Question

Why is it important to have a code of ethics?

Answered: 1 week ago