Business, 19.03.2021 02:40 qveensentha59

Geraldine is an accrual-basis taxpayer who has the following transactions during the current calendar tax year: Accrued business income (except rent) $220,000 Accrued business expenses (except rent) 170,000 Rental income on a building leased for the next 6 months, received on December 1 21,000 Prepaid rent expense for 6 months, paid on December 1 9,000 Calculate Geraldine's net income from her business for the current year. Income: Other than rental $fill in the blank 1 220,000 Rental fill in the blank 2 21,000 Expenses: Other than rental fill in the blank 3 170,000 Rental fill in the blank 4 9,000 Net income $fill in the blank 5 62,000

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Geraldine is an accrual-basis taxpayer who has the following transactions during the current calenda...

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