Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sale of products $70,000 Cash paid for expenses (except rent and interest) 40,000 Rent prepaid on a leased building for 18 months beginning December 1 48,600 Prepaid interest on a bank loan, paid on December 31 for the next 3 months 5,000 Calculate Yolanda's income from her business for this calendar year. If an amount is zero, enter "0". If required, in your computations round any division to five decimal places and round final answers to the nearest dollar. Sales income Expenses: Other than rent and interest Rent Interest Net income please answer do not image format
Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sale of products $70,000 Cash paid for expenses (except rent and interest) 40,000 Rent prepaid on a leased building for 18 months beginning December 1 48,600 Prepaid interest on a bank loan, paid on December 31 for the next 3 months 5,000 Calculate Yolanda's income from her business for this calendar year. If an amount is zero, enter "0". If required, in your computations round any division to five decimal places and round final answers to the nearest dollar. Sales income Expenses: Other than rent and interest Rent Interest Net income please answer do not image format
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 21CE
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Question
Yolanda is a cash basis taxpayer with the following transactions during the year:
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Calculate Yolanda's income from her business for this calendar year.
If an amount is zero, enter "0". If required, in your computations round any division to five decimal places and round final answers to the nearest dollar.
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