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Accounting

Richard operates a hair styling boutique out of his home. 300 of the 1,200 square feet of floor space are allocated to the boutique. Other information is as follows:
Gross income from the boutique $10,000
Supplies for the boutique $2000
Depreciation on total residence $12000
Utilities for total residence $6000
What amount of income or loss from the boutique should Richard show on his return?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M970529

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