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Calculate Melaleuca Incs net income for this year

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Reference no: EM132675832

Problem - Melaleuca, Inc., is an accrual basis taxpayer with the following transactions during the calendar tax year:

Accrual business income (except rent and interest) $63,000

Accrual business expenses (except rent) 42,000

Three months' rent received on a leased building on November 1 of this year 9,000

Prepaid interest for 1 year received on a note on July 1 of the current year 12,000

Six months' rent paid on December 1 for business property 7,200

Required - Calculate Melaleuca, Inc.'s, net income for this year.

Reference no: EM132675832

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