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

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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 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 $_____________

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