Question: Problem 6-2 Problem 6-2 Accounting Methods (LO 6.2) Yolanda is a cash basis taxpayer with the following transactions during the year: $70,000 Cash received from

Problem 6-2

Problem 6-2 Problem 6-2 Accounting Methods (LO 6.2) Yolanda is a cash

Problem 6-2 Accounting Methods (LO 6.2) Yolanda is a cash basis taxpayer with the following transactions during the year: $70,000 Cash received from sale of products Cash paid for expenses (except rent and interest) 40,000 48,600 Rent prepaid on a leased building for 18 months beginning December 1 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

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