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Calculate Geraldine net income from her business

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Reference no: EM132704085

Problem - 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 lease for the next 6 months, received on December 1 21,000

Prepaid rent expense for 6 months, paid on December 1 9,000

Required - Calculate Geraldine's net income from her business for the current year.

Reference no: EM132704085

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