Check figure: Schedule C line 31 = 130,494 Net Income

Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and expenses for the year are $351,700 4,000 Gross sales Returns and allowances enses: Beginning inventory (at cost) Add: purchases Cost of goods available for sale Less: ending inventory (at cost) Cost of goods sold Rent Insurance $84,300 100,700 185,000 75,000 Legal and accounting fees Payroll Payroll taxes Utilities Office supplies Advertisin,g $110,000 23,800 1,500 2,800 37,200 3,440 1,850 750 2,100