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John Maylor is a self-employed plumber of John's John Service, his sole proprietorship. In the current year, John's John Service had revenue of $120,000 and $40,000 of business expenses.
John also received $2,000 of interest income from corporate bonds.
What is John's adjusted gross income assuming he had no other income or expenses (ignore any deduction for self-employment tax)?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M949933

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