Question: Problem 6-3 (Algorithmic) Accounting Methods (LO 6.2) Geraldine is an accrual basis taxpayer who has the following transactions during the current calendar tax year: Accrued

Problem 6-3 (Algorithmic) Accounting Methods (LO 6.2)

Geraldine is an accrual basis taxpayer who has the following transactions during the current calendar tax year:

Accrued business income (except rent) $334,200
Accrued business expenses (except rent) 250,650
Rental income on a building leased for the next 6 months, received on December 1 33,420
Prepaid rent expense for 6 months, paid on December 1 16,710

Calculate Geraldine's net income from her business for the current year.

If required, your answers to the nearest dollar.

Income:
Other than rental $
Rental
Expenses:
Other than rental
Rental
Net income $

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