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  3. yolanda is a cash-basis taxpayer with the followin

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

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Accounting

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

Line Item Description Amount
Cash received from sales of products $70,000
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

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

If an amount is zero, enter "0". If required, in your computations round any division to five decimal places and round final answers to the nearest dollar.

Line Item Description Amount
Sales income $fill in the blank 1
Expenses:
Expenses (except rent and interest) fill in the blank 2
Rent fill in the blank 3
Interest fill in the blank 4
Net income $fill in the blank 5

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