Question

Geraldine is an accrual basis taxpayer who has the following transactions during the current calendar tax year:
Accrued business income (except rent)............... $220,000
Accrued business expenses (except rent) .............. 170,000
Rental income on a building lease for the next
6 months, received on December 1................. 21,000
Prepaid rent expense for 6 months, paid on
December 1.......................... 12,000
Calculate Geraldine’s net income from her business for the current year.
Income:
Other than rental............. $ ________________
Rental.................. $ ________________
Expenses:
Other than rental.............. $ ________________
Rental................... $ ________________
Net income................. $ ________________


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  • CreatedJuly 16, 2015
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