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Hi, I was given this problem on one of my homework assignments. It says to find the understatement using the bank deposit method. How do
Hi, I was given this problem on one of my homework assignments. It says to find the understatement using the bank deposit method. How do I go about solving the problem copied and pasted below?
Using the information provided, calculate the understatement of income using the Bank Deposit Method.
-Deposits made to the Bank $150,000
-Business expenses paid by cash on hand (cash not deposited) $30,000
-Income reported in tax return $120,000
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