Angela, a real estate broker, had the following income and expense in her business: Commissions...
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Accounting
Angela, a real estate broker, had the following income and expense in her business: Commissions Income: $100,000
Expenses: Commissions paid to non-brokers for referrals (Illegal under state law and subject to criminal penalties): $20,000 Commissions paid to other real estate brokers for referrals (not illegal under state law): $10,000 Travel & Transportation: $12,000 Supplies: $4,000 Office & Phone: $5,000 Parking Tickets: $500 How much net income must Angela report from this business? A. $48,500 B. $49,000 C. $60,000 D. $68,000 E. $69,000
(The correct answer is E. $69,000 but I dont know how they got that answer)
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You can see the logs in the Dashboard.