BUSINESS INCOME A + ... Form 1040, Schedule C Mr. NAME_PLUG operated Interiors Unlimited, selling home furnishings at retail, as a sole proprietor during the entire year. The business address is 45 W. 168 St., Bronx, New York B 1 $ A = 1 E B C D E F Per las Per book Adjustments 144.800 7,200 37.500 75.000 22.000 6 10032. His employer identification number is 36-3456789. The business code is 442200. Mr. NAME_PLUG filed all of the appropriate payroll tax forms and Formis) 1099 for 2020, In order to clearly show business income, Mr. NAME_PLUG maintains an inventory at cost and he uses the accrual method of accounting for his sales and purchases. Total gross receipts of the business were $144,800 and returns and allowances amounted to $2,200. The business books and records showed the following at the end of the year: Please compute the taxpayer's self-employment income here 2 [Not all blank lines have to be filled.] 3 4 Gross receipt G Less: returns and a lawake 6 COGS 7 Beginning inventory 11 Purchase Ending inventory 10 11 Truck experses 12 Interest 13 rent 14 Repairs 15 Taxes 16 Wages 1 Insurance 16 Utilities and telephone 19 Advertising 20 Legal and accounting 21 office expansin 22 Deprecation 23 Travel 24 Meals 35 Entertainment 20 Miscellaneous 23 Total self employment income 29 550 300 6,500 280 2.000 12,541 1,450 1,200 3.200 400 125 Inventory at beginning of year (valued at cost) Merchandise purchased $37,500 75,000 Inventory at end of year 22,000 14.698.0 400 550 670 550 Truck expenses Other interest 300 330 Rent (property) 6,500 Repairs 280 10 Takes 2,000 21 12,541 12 Self employment tax payable Wages (W-2 wages) Insurance 23 1,450 Halt of stemployment tax deduction 1,200 15 Utilities and telephone Advertising 16 3,200 400 11 20 411 Legal and accounting (includes $200 of tax preparation fees) $ Office expense Depreciation 125 11 42 14,698 Travel 400 Meals 550 Enter text or formula Entertainment 670 Miscellaneous 330 BUSINESS INCOME A + ... Form 1040, Schedule C Mr. NAME_PLUG operated Interiors Unlimited, selling home furnishings at retail, as a sole proprietor during the entire year. The business address is 45 W. 168 St., Bronx, New York B 1 $ A = 1 E B C D E F Per las Per book Adjustments 144.800 7,200 37.500 75.000 22.000 6 10032. His employer identification number is 36-3456789. The business code is 442200. Mr. NAME_PLUG filed all of the appropriate payroll tax forms and Formis) 1099 for 2020, In order to clearly show business income, Mr. NAME_PLUG maintains an inventory at cost and he uses the accrual method of accounting for his sales and purchases. Total gross receipts of the business were $144,800 and returns and allowances amounted to $2,200. The business books and records showed the following at the end of the year: Please compute the taxpayer's self-employment income here 2 [Not all blank lines have to be filled.] 3 4 Gross receipt G Less: returns and a lawake 6 COGS 7 Beginning inventory 11 Purchase Ending inventory 10 11 Truck experses 12 Interest 13 rent 14 Repairs 15 Taxes 16 Wages 1 Insurance 16 Utilities and telephone 19 Advertising 20 Legal and accounting 21 office expansin 22 Deprecation 23 Travel 24 Meals 35 Entertainment 20 Miscellaneous 23 Total self employment income 29 550 300 6,500 280 2.000 12,541 1,450 1,200 3.200 400 125 Inventory at beginning of year (valued at cost) Merchandise purchased $37,500 75,000 Inventory at end of year 22,000 14.698.0 400 550 670 550 Truck expenses Other interest 300 330 Rent (property) 6,500 Repairs 280 10 Takes 2,000 21 12,541 12 Self employment tax payable Wages (W-2 wages) Insurance 23 1,450 Halt of stemployment tax deduction 1,200 15 Utilities and telephone Advertising 16 3,200 400 11 20 411 Legal and accounting (includes $200 of tax preparation fees) $ Office expense Depreciation 125 11 42 14,698 Travel 400 Meals 550 Enter text or formula Entertainment 670 Miscellaneous 330