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 6 months beginning December 1.........................12,000
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. Sales income $______
Expenses:
Other than rent and interest $_____________
Rent $_____________
Interest $_____________
Net income $_____________