ACCT 430 Taxation

Description Assignment Details In July of this year, Stephen started a proprietorship called ECR (whictistands for electric car repair), ECR uses the cash method of accounting and Stephen has produced the following finandal information for this year: ECR 514,300 for repairs completed this year. Athough Stephen is not sure which bils wil eventually be paid, he expects to collect all but about $1,900 of these rewenues next year? ECR has made the rollowing expendiures: - Shop ront (\$1, 500 per month) $27,000 - Utilities 51,075 - Concractlabor $8,250 - Compensation $21,100 - Labicy insuranse prem und (\$350 per monthy $4,200 - Term Helnourance premuts (\$150 per monthi $1.800 and he used the remainder to upgrade hes personal wardrobe, in Juy. Stephen purchased 12 monchs of liability insurance to protect againat liability. Should anyone be