Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Circle Drive, Houston, TX 77001. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and expenses for the year are:

On June 1 of this year, Sherry purchased the following new assets for the store:

The truck is not considered a passenger automobile for purposes of the luxury automobile limitations.
Required:
Assuming that all other assets are fully depreciated and Sherry does not make the election to expense, complete her 2014 Schedule C and Form 4562 on Pages 7-39 to 7-42. Make realistic assumptions about any missing data.

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$350,000 (4,500) $345,500 Gross sales Returns and allowances Net sales enses: S 82,500 210,000 292,500 (71,000) Beginning inventory (at cost) Add: purchases Cost of goods available for sale Less: ending inventory (at cost) Cost of goods sold Rent Insurance Legal and accounting fees Payroll Payroll taxes Utilities Office supplies Advertising $221,500 9,000 1,500 900 38,000 2,600 1,850 750 2,100 Recovery Period 5 years 7 years 5 years Depreciable Basis Heavy-duty truck Desk and file cabinets Computer $31,000 2,000 6,000