Question

Yolanda is a cash basis taxpayer with the following transactions during the year:
Cash received from sales of products........... $65,000
Cash paid for expenses (except rent and interest)....... 40,000
Rent paid on a leased building for 18 months........ 36,000
beginning December 1
Prepaid interest on a bank loan, paid on........... 5,000
December 31 for the next 3 months
Calculate Yolanda’s income from her business for this calendar year.
Sales income $ _______________________
Expenses:
Other than rent and interest $ _______________________
Rent $ _______________________
Interest $ _______________________
Net income $ _______________________


$1.99
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  • CreatedJuly 16, 2015
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