Question
A cash-basis sole proprietor had the following cash receipts and disbursement for the year: Net sales $80,000 Cost of goods sold 40,000 Operating expenses 20,000
A cash-basis sole proprietor had the following cash receipts and disbursement for the year:
Net sales $80,000
Cost of goods sold 40,000
Operating expenses 20,000
Employee payroll taxes 3,000
Dividend income 900
Interest income from a personal savings account 200
What is the amount of reported net profit reported on Schedule C?
a. $20,000
b. $40,000
c. $17,000
d. $15,000
e. $18,000
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Essentials Of Forensic Accounting
Authors: Michael A Crain, William S Hopwood,
1st Edition
1941651100, 978-1941651100
