FILL OUT THE SCHEDULE C FORM 1040 04 1040 SR USING THE INFORMATIO GIVEN IN ABOVE IMAGES.

Chapter 3 Problems eBook Calculator Print Item Problem 3-1 (Algorithmic) Schedule C (LO 3.1, 3.3, 3.5, 3.7) Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, 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: Income Statement Scott Butterfield, CPA Income Statement 12/31/2019 Current Period Prior Period 1/1/2019 to 12/31/2019 1/1/2018 to 12/31/2018 REVENUES > Tax Services $211,600 $72,154 Accounting Services 21,160 50,256 Other Consulting Services 46,552 7,690 TOTAL REVENUES 279,312 130,100 COST OF SERVICES Salaries 42,320 29,400 Payroll Taxes 2,387 2,275 Supplies 300 1,225 TOTAL COST OF SERVICES 45,007 32,900 Check My Work 2 more Check My Work uses remaining. Next > Assianment Score.n007 All work saved Save and Evit Submit Assignment for Grading Chapter 3 Problems eBook Calculator Print Item TOTAL COST OF SERVICES 45,007 32,900 GROSS PROFIT (LOSS) 234,305 97,200 OPERATING EXPENSES Advertising and Promotion 2,000 Business Licenses and Permits 620 250 Charitable Contributions 450 250 Continuing Education 1,500 Dues and Subscriptions 1,640 3,500 Insurance 12,696 870 Meals and Entertainment 9,522 5,400 Office Expense 4,232 Postage and Delivery 85 Printing and Reproduction 2,116 Office Rent 6,348 13,800 Travel 8,464 750 Utilities 2,539 2,724 TOTAL OPERATING EXPENSES 52,162 27,544 NET INCOME (LOSS) $182,143 $69,656 Scott also mentioned the following: 1 Check My Work 1 more Check My Work uses remaining. Next > Next Aceianment score. 6 060/ All work caved Sono and Evit Submit Assignment for Grading Chapter 3 Problems eBook Calculator Print Item Scott also mentioned the following: The expenses for dues and subscriptions were his country club membership dues for the year. . Of the charitable contributions, $50 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 5,107 miles for business, 3,064 miles for commuting, and 6,128 miles for nonbusiness purposes. His wife has a car for personal use. 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. OMB No. 1545-0074 Profit or Loss From Business SCHEDULE C (Form 1040 or 1040-SR) (Sole Proprietorship) 2019 Department of the Treasury Internal Revenue Service (99) Go to www.irs.gov/Schedule for instructions and the latest information. Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships generally must file Form 1065. Attachment Sequence No. 09 Name of proprietor Scott Butterfield Social security number (SSN) 644-47-7833 A B Principal business or profession, including product or service (see instructions) Accounting Services Enter code from instructions 541211 D Business name. If no separate business name, leave blank. Scott Butterfield, CPA Employer ID number (EIN), (see instr.) E Business address (including suite or room no.) 678 Peso Drive Check My Work 1 more Check My Work uses remaining. Next > Assianment Score: 6 860% All work saved Save and Evit Submit Assignment for Grading Chapter 3 Problems eBook E Calculator Print Item City, town or post office, state, and ZIP code La Mesa, CA 92041 F Accounting method: (1) Cash (2) Accrual (3) Other (specify) Did you "materially participate in the operation of this business during 2019? If "No," see instructions for limit on losses G Yes No H I If you started or acquired this business during 2019, check here ... Did you make any payments in 2019 that would require you to file Form(s) 1099? (see instructions) If "Yes," did you or will you file required Forms 1099? .. Yes No J Yes No Part I Income 1 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 1 279,312 2 Returns and allowances 2 > 3 Subtract line 2 from line 1. 3 279,312 4 Cost of goods sold (from line 42)... 4 5 Gross profit. Subtract line 4 from line 3 5 279,312 6 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) 6 7 Gross income. Add lines 5 and 6. 7 279,312 Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising .. 8 2,000 18 Office expense (see instructions).. 18 4,317 9 Car and truck expenses (see 19 Pension and profit-sharing plans... 19 Check My Work 1 more Check My Work uses remaining Next Mecianment Score: 6 96% All work caved Save and Evit Submit Assignment for Grading Chapter 3 Problems eBook Calculator Print Item 9 Car and truck expenses (see 19 Pension and profit-sharing plans... 19 instructions). ...... 9 20 Rent or lease see instructions): .. 10 Commissions and fees ..... 10 a Vehicles, machinery, and equipment .. 20a 11 Contract labor (see instructions) 11 b Other business property 20b 12 Depletion ... 12 21 Repairs and maintenance 21 13 Depreciation and section 179 22 Supplies (not included in Part III) .. 22 expense deduction (not included in Part III) 23 Taxes and licenses 23 (see instructions)... 13 24 Travel and meals: 14 Employee benefit programs a Travel. . . 24a (other than on line 19)..... 14 b Deductible meals > 15 Insurance (other than health) 15 12,696 (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 17 Legal and professional services 17 b Reserved for future use 27b 28 Total expenses before expenses for business use of home. Add lines 8 through 27a 28 29 Tentative profit or loss). Subtract line 28 from line 7. 29 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unlocs using the cim lifind method Icon inctructional Check My Work 1 more Check My Work uses remaining. Next > Aceianment Score 6 0607 All work caved Son and Exit Submit Assianmont for Gradina Chapter 3 Problems eBook E Calculator Print Item 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 30 31 Net profit or (loss). Subtract line 30 from line 29. 31 If a profit, enter on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line 13) 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. } 32 If you have a loss, check the box that describes your investment in this activity (see instructions). If you checked 32a, enter the loss on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line 13) and on Schedule SE, line 2. (If you checked the box on line 1, see the line 31 instructions). Estates and trusts, enter on Form 1041, line 3. If you checked 32b, you must attach Form 6198. Your loss may be limited. 32a 0 All investment is at risk. 32b o Some investment is not at risk. For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11334P Schedule C (Form 1040 or 1040-SR) 2019 Schedule C (Form 1040 or 1040-SR) 2019 Part III Cost of Goods Sold (see instructions) 33 Method(s) used to value closing inventory: a Cost b Lower of cost or market Other (attach explanation) Check My Work 1 more Check My Work uses remaining. Next Assianment Score: 6 860) All work saved Save and Evit Submit Assignment for Grading Chapter 3 Problems eBook Calculator Print Item Metrou useu cu a 34 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 35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation .... 35 36 Purchases less cost of items withdrawn for personal use. 36 37 Cost of labor. Do not include any amounts paid to yourself. . 37 38 Materials and supplies 38 39 Other costs 39 40 Add lines 35 through 39 40 41 41 Inventory at end of year Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4. 42 42 Part IV 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 Form 4562 for this business. See the instructions for line 13 to find out if you must file Form 4562. 43 44 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 45 Was your vehicle available for personal use during off-duty hours? 46 Do you (or your spouse) have another vehicle available for personal use? 47a Do you have evidence to support your deduction? Check My Work 1 more Check My Work uses remaining. Next Assianment Score: 6 860% All work saved Save and Evit Suhmit Assignment for Gradina Chapter 3 Problems eBook Calculator Print Item 43 When did you place your vehicle in service for business purposes? (month, day, year) 44 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 45 Was your vehicle available for personal use during off-duty hours? 46 Do you (or your spouse) have another vehicle available for personal use? 47a Do you have evidence to support your deduction? b If "Yes," is the evidence written? Part V Other Expenses. List below business expenses not included on lines 8-26 or line 30. 48 Total other expenses. Enter here and on line 27a 48 Schedule (Form 1040 ar 1040-SD) 2010 Check My Work 1 more Check My Work uses remaining. Next > Assianment Score: 6 860% All work saved Save and Evit Submit Assignment for Grading Chapter 3 Problems eBook Calculator Print Item Problem 3-1 (Algorithmic) Schedule C (LO 3.1, 3.3, 3.5, 3.7) Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, 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: Income Statement Scott Butterfield, CPA Income Statement 12/31/2019 Current Period Prior Period 1/1/2019 to 12/31/2019 1/1/2018 to 12/31/2018 REVENUES > Tax Services $211,600 $72,154 Accounting Services 21,160 50,256 Other Consulting Services 46,552 7,690 TOTAL REVENUES 279,312 130,100 COST OF SERVICES Salaries 42,320 29,400 Payroll Taxes 2,387 2,275 Supplies 300 1,225 TOTAL COST OF SERVICES 45,007 32,900 Check My Work 2 more Check My Work uses remaining. Next > Assianment Score.n007 All work saved Save and Evit Submit Assignment for Grading Chapter 3 Problems eBook Calculator Print Item TOTAL COST OF SERVICES 45,007 32,900 GROSS PROFIT (LOSS) 234,305 97,200 OPERATING EXPENSES Advertising and Promotion 2,000 Business Licenses and Permits 620 250 Charitable Contributions 450 250 Continuing Education 1,500 Dues and Subscriptions 1,640 3,500 Insurance 12,696 870 Meals and Entertainment 9,522 5,400 Office Expense 4,232 Postage and Delivery 85 Printing and Reproduction 2,116 Office Rent 6,348 13,800 Travel 8,464 750 Utilities 2,539 2,724 TOTAL OPERATING EXPENSES 52,162 27,544 NET INCOME (LOSS) $182,143 $69,656 Scott also mentioned the following: 1 Check My Work 1 more Check My Work uses remaining. Next > Next Aceianment score. 6 060/ All work caved Sono and Evit Submit Assignment for Grading Chapter 3 Problems eBook Calculator Print Item Scott also mentioned the following: The expenses for dues and subscriptions were his country club membership dues for the year. . Of the charitable contributions, $50 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 5,107 miles for business, 3,064 miles for commuting, and 6,128 miles for nonbusiness purposes. His wife has a car for personal use. 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. OMB No. 1545-0074 Profit or Loss From Business SCHEDULE C (Form 1040 or 1040-SR) (Sole Proprietorship) 2019 Department of the Treasury Internal Revenue Service (99) Go to www.irs.gov/Schedule for instructions and the latest information. Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships generally must file Form 1065. Attachment Sequence No. 09 Name of proprietor Scott Butterfield Social security number (SSN) 644-47-7833 A B Principal business or profession, including product or service (see instructions) Accounting Services Enter code from instructions 541211 D Business name. If no separate business name, leave blank. Scott Butterfield, CPA Employer ID number (EIN), (see instr.) E Business address (including suite or room no.) 678 Peso Drive Check My Work 1 more Check My Work uses remaining. Next > Assianment Score: 6 860% All work saved Save and Evit Submit Assignment for Grading Chapter 3 Problems eBook E Calculator Print Item City, town or post office, state, and ZIP code La Mesa, CA 92041 F Accounting method: (1) Cash (2) Accrual (3) Other (specify) Did you "materially participate in the operation of this business during 2019? If "No," see instructions for limit on losses G Yes No H I If you started or acquired this business during 2019, check here ... Did you make any payments in 2019 that would require you to file Form(s) 1099? (see instructions) If "Yes," did you or will you file required Forms 1099? .. Yes No J Yes No Part I Income 1 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 1 279,312 2 Returns and allowances 2 > 3 Subtract line 2 from line 1. 3 279,312 4 Cost of goods sold (from line 42)... 4 5 Gross profit. Subtract line 4 from line 3 5 279,312 6 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) 6 7 Gross income. Add lines 5 and 6. 7 279,312 Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising .. 8 2,000 18 Office expense (see instructions).. 18 4,317 9 Car and truck expenses (see 19 Pension and profit-sharing plans... 19 Check My Work 1 more Check My Work uses remaining Next Mecianment Score: 6 96% All work caved Save and Evit Submit Assignment for Grading Chapter 3 Problems eBook Calculator Print Item 9 Car and truck expenses (see 19 Pension and profit-sharing plans... 19 instructions). ...... 9 20 Rent or lease see instructions): .. 10 Commissions and fees ..... 10 a Vehicles, machinery, and equipment .. 20a 11 Contract labor (see instructions) 11 b Other business property 20b 12 Depletion ... 12 21 Repairs and maintenance 21 13 Depreciation and section 179 22 Supplies (not included in Part III) .. 22 expense deduction (not included in Part III) 23 Taxes and licenses 23 (see instructions)... 13 24 Travel and meals: 14 Employee benefit programs a Travel. . . 24a (other than on line 19)..... 14 b Deductible meals > 15 Insurance (other than health) 15 12,696 (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 17 Legal and professional services 17 b Reserved for future use 27b 28 Total expenses before expenses for business use of home. Add lines 8 through 27a 28 29 Tentative profit or loss). Subtract line 28 from line 7. 29 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unlocs using the cim lifind method Icon inctructional Check My Work 1 more Check My Work uses remaining. Next > Aceianment Score 6 0607 All work caved Son and Exit Submit Assianmont for Gradina Chapter 3 Problems eBook E Calculator Print Item 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 30 31 Net profit or (loss). Subtract line 30 from line 29. 31 If a profit, enter on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line 13) 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. } 32 If you have a loss, check the box that describes your investment in this activity (see instructions). If you checked 32a, enter the loss on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line 13) and on Schedule SE, line 2. (If you checked the box on line 1, see the line 31 instructions). Estates and trusts, enter on Form 1041, line 3. If you checked 32b, you must attach Form 6198. Your loss may be limited. 32a 0 All investment is at risk. 32b o Some investment is not at risk. For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11334P Schedule C (Form 1040 or 1040-SR) 2019 Schedule C (Form 1040 or 1040-SR) 2019 Part III Cost of Goods Sold (see instructions) 33 Method(s) used to value closing inventory: a Cost b Lower of cost or market Other (attach explanation) Check My Work 1 more Check My Work uses remaining. Next Assianment Score: 6 860) All work saved Save and Evit Submit Assignment for Grading Chapter 3 Problems eBook Calculator Print Item Metrou useu cu a 34 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 35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation .... 35 36 Purchases less cost of items withdrawn for personal use. 36 37 Cost of labor. Do not include any amounts paid to yourself. . 37 38 Materials and supplies 38 39 Other costs 39 40 Add lines 35 through 39 40 41 41 Inventory at end of year Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4. 42 42 Part IV 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 Form 4562 for this business. See the instructions for line 13 to find out if you must file Form 4562. 43 44 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 45 Was your vehicle available for personal use during off-duty hours? 46 Do you (or your spouse) have another vehicle available for personal use? 47a Do you have evidence to support your deduction? Check My Work 1 more Check My Work uses remaining. Next Assianment Score: 6 860% All work saved Save and Evit Suhmit Assignment for Gradina Chapter 3 Problems eBook Calculator Print Item 43 When did you place your vehicle in service for business purposes? (month, day, year) 44 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 45 Was your vehicle available for personal use during off-duty hours? 46 Do you (or your spouse) have another vehicle available for personal use? 47a Do you have evidence to support your deduction? b If "Yes," is the evidence written? Part V Other Expenses. List below business expenses not included on lines 8-26 or line 30. 48 Total other expenses. Enter here and on line 27a 48 Schedule (Form 1040 ar 1040-SD) 2010 Check My Work 1 more Check My Work uses remaining. Next > Assianment Score: 6 860% All work saved Save and Evit Submit Assignment for Grading