Problem 6-2 Accounting Methods (LO 6.2)

Yolanda is a cash-basis taxpayer with the following transactions during the year:

Line Item Description	Amount
Cash received from sales 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	45,000
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.

Line Item Description	Amount
Sales income	$
Expenses:
Expenses (except rent and interest)
Rent
Interest
Net income	$

WOULD YOU KINDLY ASSIST AND EXPLAIN? I'm grateful for your help:)