Question
Edward operates an illegal drug-running business and has the following items of income and expense. What is Edward's adjusted gross income from this operation? Income:
Edward operates an illegal drug-running business and has the following items of income and expense. What is Edward's adjusted gross income from this operation?
Income: $750,000
Expenses:
Rent $24,000
Utilities $8,000
Bribes to Police $40,000
Medical Expense $5,000
Legal Fees $20,000
Depreciation $30,000
Illegal Kickbacks $35,000
Cost of Goods Sold $300,000
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Management Accounting For Business
Authors: Colin Drury, Mike Tayles
8th Edition
1473778808, 978-1473778801
