Atlas, a financial consultant, had the following income and expenses in his business Fee Income $235,000 Expenses Rent Expense 18,000 Penalties assessed by the SEC 2,500 Office expenses 6,000 Supplies 6,000 Interest paid on note used to acquire office equipment 2,700 Speeding tickets going to see c...

Atlas, a financial consultant, had the following income and expenses in his business: Fee Income $235,000 Expenses:

Question:

Atlas, a financial consultant, had the following income and expenses in his business:

Fee Income	$235,000
Expenses:
Rent Expense	18,000
Penalties assessed by the SEC	2,500
Office expenses	6,000
Supplies	6,000
Interest paid on note used to acquire office equipment	2,700
Speeding tickets going to see clients	650

How much net income must Atlas report from this business?

a. $199,150

b. $202,300

c. $202,950

d. $205,450

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Fundamentals Of Taxation 2019

ISBN: 9781260158670

12th Edition

Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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Question Posted: Jun 03, 2019 05:08 AM

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Atlas, a financial consultant, had the following income and expenses in his business: Fee Income $235,000 Expenses:

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