Edward operates an illegal drug-running business and has, Ask an Expert

Accounting

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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9434945

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