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Business, 23.03.2021 02:50 haimar8710

John has the following transactions for the year: Cash received from sales of products $120,000 Cash paid for expenses (except rent and interest) $35,000 Rent paid on a leased building for 18 months beginning December 1 $40,500 Prepaid interest on a bank loan, paid on November 1, for the next 6 months $12,000 Four months' rent received on a leased building, on December 1 $10,000 Instructions: Calculate John's income under the cash basis for his business. You must show your work computations to receive full credit.

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John has the following transactions for the year: Cash received from sales of products $120,000 Cash...
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