Jacqueline owns a condominium on an island in Washington which was rented out all year for $30,000.She incurred the following expenses: What amount of net income or loss does Jacqueline report from this rental property?
A) $0
B) $9,700 net loss
C) $20,300 net income
D) $30,000 net income

Question

Jacqueline owns a condominium on an island in Washington which was rented out all year for $30,000.She incurred the following expenses:  What amount of net income or loss does Jacqueline report from this rental property?
A) $0 
B) $9,700 net loss 
C) $20,300 net income 
D) $30,000 net income

Quizplus · Accepted Answer

To calculate the net income or loss, we need to subtract all the expenses from the rental income. In this case, the expenses add up to $9,700 ($3,800 + $5,500 + $400), so subtracting this from the rental income of $30,000 gives us a net income of $20,300. Therefore, the correct answer is choice C.

Jacqueline Owns a Condominium on an Island in Washington Which