Complete Schedule C for Scott showing Scott's net taxable profit from self-employment. Assume Scott has evidence to support his deductions.

Line 28: 60,651

Line 48: 525

Income Statement Scott Butterfield, CPA Income Statement 12/31/2019 Current Period 1/1/2019 to 12/31/2019 Prior Period 1/1/2018 to 12/31/2018 REVENUES Tax Services $76.123.00 $75,067.00 48.860.00 49,001.00 10.095.00 10,115.00 135,219.00 134,042.00 32,000.00 30,100.00 2,868.00 2.387.00 1,391.00 1,548.00 36.259.00 34,035.00 98.960.00 100,007.00 Accounting Services Other Consulting Services TOTAL REVENUES COST OF SERVICES Salaries Payroll Taxes Supplies TOTAL COST OF SERVICES GROSS PROFIT (LOSS) OPERATING EXPENSES Advertising and Promotion Business Licenses and Permits Charitable Contributions Continuing Education Dues and Subscriptions Insurance Meals and Entertainment Office Expense Postage and Delivery Printing and Reproduction 300.00 350.00 250.00 250.00 425.00 275.00 300.00 300.00 3,500.00 3,500.00 875.00 875.00 5.500.00 4,400.00 150.00 50.00 150.00 50.00 100.00 100.00 Office Rent 14,000.00 865.00 14,000.00 865.00 Travel Utilities 2,978.00 2.978.00 TOTAL OPERATING EXPENSES 28.193.00 29.193.00 NET INCOME (LOSS) $70,767.00 $70,814.00 Scott also mentioned the following: The expenses for dues and subscriptions were his country club membership dues for the year. $300 of the charitable contributions were made to a political action committee. Scott does not generate income from the sale of goods and therefore does not record supplies and wages as part of cost of goods sold. Scott placed a business auto in service on January 1, 2016 and drove it 3,792 miles for business, 3,250 miles for commuting, and 4,500 miles for nonbusiness purposes. His wife has a car for personal use. He maintains written records for the business use of the car. . Complete Schedule C for Scott showing Scott's net taxable profit from self-employment. Assume Scott has evidence to support his deductions. If required, only use the minus sign to indicate a net loss. When required, round amounts to the nearest dollar. 1 1 2 2 3 4 4 5 valu 7 8 18 19 9 10 10 11 12 13 Part I Income Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on Form W-2 and the "Statutory employee box on that form was checked Returns and allowances 3 Subtract line 2 from line 1 Cost of goods sold (from line 42) Gross profit. Subtract line 4 from line 3 6 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions). Gross income. Add lines 5 and 6...... Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising 18 Office expense (see instructions) 9 Car and truck expenses (see 19 Pension and profit-sharing plans instructions) 20 Rent or lease (see instructions): Commissions and fees .. a Vehicles, machinery, and equipment... 20a Contract labor (see instructions) 11 b Other business property ...... 20b 12 Depletion .......... 21 Repairs and maintenance....... 21 Depreciation and section 179 22 Supplies (not included in Part III).. 22 expense deduction (not included 23 Taxes and licenses 23 in Part III) (see instructions) 24 Travel and meals: Employee benefit programs a Travel..... 24a (other than on line 19).... b Deductible meals 15 Insurance (other than health) (see instructions). 24b 16 Interest (see instructions): 25 Utilities ....... 25 a Mortgage (paid to banks, etc.) 16a 26 Wages (less employment credits). 26 b Other ... 16b 27a Other expenses (from line 48) 27a Legal and professional services 17 b Reserved for future use 27b 28 Total expenses before expenses for business use of home. Add lines through 27a Tentative profit or loss). Subtract line 28 from line 7.................. 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method (see instructions). Simplified method filers only: enter the total square footage of: (a) your home: and (b) the part of your home used for business: Use the Simplified Method Worksheet in the instructions to figure the amount to enter on line 30 31 Net profit or loss). Subtract line 30 from line 29 If a profit, enter on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line 13) 31 and on Schedule SE, line 2. (If you checked the box on line 1, see instructions). Estates and trusts, enter on Form 1041, line 3 If a loss, you must go to line 32. 13 14 14 15 17 28 60,651 29 29 30 a 34 35 36 37 38 38 39 40 40 Schedule C (Form 1040 or 1040-SR) 2019 Part III Cost of Goods Sold (see instructions) 33 Method(s) used to value closing inventory: Cost b Lower of cost or market Other (attach explanation) Was there any change in determining quantities, costs, or valuations between opening and closing inventory? If "Yes" attach explanation Yes No Inventory at beginning of year. If different from last year's closing inventory, attach explanation ... 35 Purchases less cost of items withdrawn for personal use. 36 Cost of labor. Do not include any amounts paid to yourself 37 Materials and supplies Other costs 39 Add lines 35 through 39 41 Inventory at end of year 42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4...... 42 Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not required to file Part IV Form 4562 for this business. See the instructions for line 13 to find out if you must file Form 4562. 43 When did you place your vehicle in service for business purposes? (month, day, year) of the total number of miles you drove your vehicle during 2019, enter the number of miles you used your vehicle for: a Business b Commuting (see instructions) c Other Was your vehicle available for personal use during off-duty hours? 46 Do you (or your spouse) have another vehicle available for personal use? Do you have evidence to support your deduction?. If "Yes," is the evidence written?..... Part V Other Expenses. List below business expenses not included on lines 8-26 or line 30. 41 44 45 47a b 48 Total other expenses. Enter here and on line 27a. 48 525 Schedule C (Form 1040 or 1040-SR) 2019