Maurice Tutor

(5)

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 7.00

personal residence

Rocky has a full-time job as an electrical engineer for the city utility. In his spare time, Rocky repairs TV sets in the basement of his personal residence. Most of his business comes from friends and referrals from former customers, although occasionally he runs an ad in the local suburbia newspaper. Typically, the sets are dropped off at Rocky's house and later picked up by the owner when notified that the repairs have been made.
The floor space of Rocky's residence is 2,500 square feet, and he estimates that 20% of this is devoted exclusively to the repair business. Gross income from the business is $12,000, while expenses (other than home office) are $5,000. Expenses relating to the residence are as follows:
Real property taxes ……………………………………….$4,500
Interest on home mortgage ………………………………...8,000
Operating expenses of residence …………………………..3,000
Depreciation (based on 20% business use) ………………….500
What is Rocky's net income from the repair business…………..?

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 07:08 PM My Price 7.00

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