Problem 6-3 (Algorithmic) Accounting Methods (LO 6.2)

Geraldine is an accrual basis taxpayer who has the following transactions during the current calendar tax year:

Accrued business income (except rent)	$334,200
Accrued business expenses (except rent)	250,650
Rental income on a building leased for the next 6 months, received on December 1	33,420
Prepaid rent expense for 6 months, paid on December 1	16,710

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

If required, your answers to the nearest dollar.

Income:
	Other than rental	$
	Rental
Expenses:
	Other than rental
	Rental
Net income		$