Stephen and Joy Own a Duplex in Newport Beach,CA What Amount of Net Income from the Duplex Should Stephen

question 75

Multiple Choice

Stephen and Joy own a duplex in Newport Beach,CA.They live in one unit and rent the other to another couple.Their rental income for the year was $24,000.They incurred the following expenses for the entire duplex: $\begin{array}{lr}\text { Insurance } & \$, 000 \\\text { Maintenance } & 800 \\\text { Utilities } & 1,800 \\\text { Depreciation } & 4,000\end{array}$ What amount of net income from the duplex should Stephen and Joy report for the current year?

• A)$7,300
• B)$9,400
• C)$16,700
• D)$24,000

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