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Calculate Yolanda income from her business for this year

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Reference no: EM132704081

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

Cash received from sales of products $66,000

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

Required - Calculate Yolanda's income from her business for this calendar year.

Reference no: EM132704081

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