Patricia, a professional gambler, had the following income and expenses in her business: Gambling winnings$275,000Expenses Fees paid for illegal information 18,000Travel costs$8,000Office expenses 5,000Supplies 3,000Business long-distance phone charges 1,000Tickets for illegal parking 900How much net income must Patricia report from this business?
A. $239,100.
B. $240,000.
C. $258,000.
D. $0.

C. $258,000.

Explanation:

The computation of the net income reported is shown below:

= Gambling winnings - Travel costs - Office expenses - Supplies - Business long-distance phone charges

= $275,000 - $8,000 - $5,000 - $3,000 - $1,000

= $258,000

For computing this we ignored the illegal cost related to the illegal parking and the illegal information

if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!