Question
During 2014, Regina, a sole proprietor, had the following income and expenses from her home jewelry business. Regina is also employed as an office assistant
During 2014, Regina, a sole proprietor, had the following income and expenses from her home jewelry business. Regina is also employed as an office assistant at a local business:
| W-2 wages from employer | $28,000 |
| Proceeds from jewelry sales | 15,000 |
| Supplies for jewelry | 5,000 |
| Travel for jewelry | 1,400 |
| Charitable contributions to church | 3,000 |
a. What income or loss should be reported on Schedule C? b. What is Regina's AGI?
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
5th edition
132567237, 978-0132998345, 132998343, 978-0132567237
