Below is the taxpayer information for Beverly Johnson: Beverly (SS# 138-09-1983, date of birth: April 2,...
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Below is the taxpayer information for Beverly Johnson: Beverly (SS# 138-09-1983, date of birth: April 2, 1985) is a self-employed consultant whose business uses the accrual method of accounting. Her principal business code is 540700. Her business is located at 1501 Broadway, New York, N.Y., 10019. During the year, she had the following income and expense items: Income Professional Fees Earned Expenses Office Expenses Depreciation Rent on Office Space Advertising Malpractice Insurance Utilities Travel (1,250 business miles driven) Lodgings - Hotels for business travel Taxes & Licenses Salary for her bookkeeper Meals with clients Meals with friends Supplies Accounting Fees Legal Fees Interest on Bank Loan Cellphone for biz usage Suits/Uniform $200,000 DO NOT COMPLETE PART III & PART IV $5,413 $ 15,250 $ 20,500 $7,577 $ 6,000 $5,850 $600 $5,500 $15,550 $ 10,050 $3,500 $ 5,600 $9,950 $10,250 $4,550 $1,500 $2,800 REQUIRED: Please prepare the 2020 Schedule C (see attachment) for Beverly Johnson. Round up amounts to the nearest dollar, if necessary. Use the 2020 tax rules. Below is the taxpayer information for Beverly Johnson: Beverly (SS# 138-09-1983, date of birth: April 2, 1985) is a self-employed consultant whose business uses the accrual method of accounting. Her principal business code is 540700. Her business is located at 1501 Broadway, New York, N.Y., 10019. During the year, she had the following income and expense items: Income Professional Fees Earned Expenses Office Expenses Depreciation Rent on Office Space Advertising Malpractice Insurance Utilities Travel (1,250 business miles driven) Lodgings - Hotels for business travel Taxes & Licenses Salary for her bookkeeper Meals with clients Meals with friends Supplies Accounting Fees Legal Fees Interest on Bank Loan Cellphone for biz usage Suits/Uniform $200,000 DO NOT COMPLETE PART III & PART IV $5,413 $ 15,250 $ 20,500 $7,577 $ 6,000 $5,850 $600 $5,500 $15,550 $ 10,050 $3,500 $ 5,600 $9,950 $10,250 $4,550 $1,500 $2,800 REQUIRED: Please prepare the 2020 Schedule C (see attachment) for Beverly Johnson. Round up amounts to the nearest dollar, if necessary. Use the 2020 tax rules.
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Answer rating: 100% (QA)
Here is the 2020 Schedule C for Beverly Johnson based on the provided information Part I Income Line 1 Gross receipts or sales 200000 Part II Expenses ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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