Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sales

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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 $ _______________________
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Related Book For  answer-question

Income Tax Fundamentals 2015

ISBN: 9781305177772

33rd Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

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