Chapter 3 - Business Income and Expens 1. Scott Butterfield is self-employed as a CP. He uses the cash method of and his Social Security number is 644-47-7833. His principal business code is 541211 Scott's CPA practice is located at 678 Third Street, Riverside, CA 92860. Scott's income statement for the year shows the following GROUP 2: PROBLEMS LO 3.1 LO 3.3 LO 3.5 LO 3.7 Income Statement for Butterfeld. OPA Income Statement 12/11/2009 Prior Period 1/1/2018 to 12/31/2018 Current Period 1/1/2019 to 12/31/2019 $ $ REVENUES 76, 123.00 49,000.00 10,095.00 135, 219.00 75,057.00 48.850.00 10.115.00 134,042.00 Accounting Services Other Consulting Services TOTAL REVENUES COST OF SERVICES Salaries Payroll Taxes Supplies TOTAL COST OF SERVICES 32,000.00 2,868.00 1,391.00 36,259.00 30,100.00 2.387.00 1.548.00 34,035.00 98,950.00 100,007,00 GROSS PROFIT (LOSS) OPERATING EXPENSES Advertising and Promotion Business Licenses and Permits Charitable contributions Continuing Education Dues and Subscriptions Insurance Meals and Entertainment Office pense Postage and Delivery Printing and Reproduction Office Rent Travel Utilities VTAL GERATG EUNSES 300.00 250.00 425.00 300.00 3,500.00 875.00 4,400.00 150.00 350.00 250.00 275.00 300.00 3,500.00 875.00 5,500.00 150.00 50.00 100.00 14,000.00 865.00 2,978.00 29,193.00 50.00 100.00 14,000.00 865.00 2,978.00 28,193.00 NET INCOME (1055) $ 70,767.00 $ 70,814.00 Scott also mentioned the following . The exam Chapter 3 - Business Income and Expens 1. Scott Butterfield is self-employed as a CP. He uses the cash method of and his Social Security number is 644-47-7833. His principal business code is 541211 Scott's CPA practice is located at 678 Third Street, Riverside, CA 92860. Scott's income statement for the year shows the following GROUP 2: PROBLEMS LO 3.1 LO 3.3 LO 3.5 LO 3.7 Income Statement for Butterfeld. OPA Income Statement 12/11/2009 Prior Period 1/1/2018 to 12/31/2018 Current Period 1/1/2019 to 12/31/2019 $ $ REVENUES 76, 123.00 49,000.00 10,095.00 135, 219.00 75,057.00 48.850.00 10.115.00 134,042.00 Accounting Services Other Consulting Services TOTAL REVENUES COST OF SERVICES Salaries Payroll Taxes Supplies TOTAL COST OF SERVICES 32,000.00 2,868.00 1,391.00 36,259.00 30,100.00 2.387.00 1.548.00 34,035.00 98,950.00 100,007,00 GROSS PROFIT (LOSS) OPERATING EXPENSES Advertising and Promotion Business Licenses and Permits Charitable contributions Continuing Education Dues and Subscriptions Insurance Meals and Entertainment Office pense Postage and Delivery Printing and Reproduction Office Rent Travel Utilities VTAL GERATG EUNSES 300.00 250.00 425.00 300.00 3,500.00 875.00 4,400.00 150.00 350.00 250.00 275.00 300.00 3,500.00 875.00 5,500.00 150.00 50.00 100.00 14,000.00 865.00 2,978.00 29,193.00 50.00 100.00 14,000.00 865.00 2,978.00 28,193.00 NET INCOME (1055) $ 70,767.00 $ 70,814.00 Scott also mentioned the following . The exam