2. The TPs sole proprietorship had the following revenues and expenses during 2020:

Sales Revenue $484,000

Sales Returns $ 17,000

Cost of Goods Sold $160,000

Interest Expense on business loan $ 4,000

Car/Truck Expense (repairs, gas, oil, etc.) $ 8,300

Taxes and licenses $ 18,300

Depreciation $ 9,500

Utilities $ 3,500

Wages to sales staff $110,000

Fee paid to CPA for Schedule C $ 1,000

The net profit for the sole proprietorship would be $____________________, and it would be reported on _____________________.

a. $154,600, Schedule C, Line 31.

b. $154,600, Schedule C, Line 5.

c. $152,400, Schedule C, Line 31.

d. $152,400, Schedule C, Line 5.