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Liz, who is single, lives in a single family home and owns a second single family home that she rented for the entire year at a fair rental rate. Liz had the following items of income and expense during the current year.

Income:

Gross salary and commissions from Ace Corporation $50,000
Rent received from tenant in Liz's rental house 13,000
Dividends received on her portfolio of stocks 5,000

Expenses:

Unreimbursed professional dues 200
Subscriptions to newsletters recommending stocks 900
Taxes, interest and repair expenses on rental house 3,500
Depreciation expense on rental house 2,300

What is her adjusted gross income for the year?

A) $52,700
B) $61,100
C) $62,200
D) $68,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945832

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