Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from 1 answer below »

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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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