Income tax

posted by .

Patricia professional gambler had following income expenses in her business:

Gambling Winning---- $275000

Expenses

Fees paid for illegal information---$18000
travel costs------$8000
office expenses ------ $ 5000
supplies------$3000
Business long dist. phone charge--- $1000

Tickets for illegal parking ---- $900

how much net income Patricia reported from the business

A. $0
b. $239100
c. $240000
d. 258000

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    Prepare an income statement cash 16050.00 accounts receivable 1500.00 office supplies 1200.00 office equipment 18250.00 accounts payable 2350.00 Stanley Neal, Capital, 12850.00 fees income 36400.00 advertising expense 2750.00 salaries …
  2. Accounting

    Hi, Please would it be possible to advise me on this problem?
  3. Accouting

    I need to prepare a multi-step income statement for Coyote, Inc from a single-step statement. Thuis is the following information that I was given. Net sales $1,833,000 Interest Income 13,000 __________ 1,846,000 Costs and expenses …
  4. ACC 233-INCOME TAX

    Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary $60,000 Business Income $25,000 Intrest income(bonds)$10,000 Tax-exempt bond interes $ 5,000 ________ TOTAL INCOME $100,000 …
  5. Income Tax - Accounting. Help Me Please.

    Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary $60,000 Business Income $25,000 Intrest income(bonds)$10,000 Tax-exempt bond interes $ 5,000 ________ TOTAL INCOME $100,000 …
  6. Accounting

    I have the following items listed on a balance sheet and income statement: Balance Sheet: Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Deprecation Accounts Payable Income Taxes Payable Dividends Payable …
  7. business

    For this question, use the information for Sports Baseballs, Inc. Sports Baseballs, Inc. is a corporation that manufacturers and sells baseballs across several states in the Southeast. It had sales of $2.7 million during the last year. …
  8. math

    please help! You are paid $7.45/hr at your part-time job. Your deductions are FICA (7.65%), federal tax withholding (10.65%), and state tax withholding (5.7%). Your travel expenses are $5.70 per day worked. You work 12 hours over a …
  9. consumer math

    You are paid $7.45/hr at your part-time job. Your deductions are FICA (7.65%), federal tax withholding (10.65%), and state tax withholding (5.7%). Your travel expenses are $5.70 per day worked. You work 12 hours over a 3-day period …
  10. math check answers

    1.  A surplus is _____. (1 point) when you spend more than you have in income when you spend less than you have in income when you spend the same amount that you have in income another word for income …

More Similar Questions