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Given the following information, complete the 2019 Schedule C for Jurassic One. Jurassic One was formed as a sole proprietorship by Henry Wu 5 years
Given the following information, complete the 2019 Schedule C for Jurassic One.
- Jurassic One was formed as a sole proprietorship by Henry Wu 5 years ago. Its primary purpose is cultivating Jurassic life. He has no employees for fear of them being eaten.
- Jurassic One is a cash-basis business. He does not calculate COGS.
- Jurassic One rents office space that is not in Henrys home.
- Business cash received by Jurassic One for 2019:
- Service revenue from clients: $98,550
- Business loan proceeds: $20,000
- Interest earned on a checking account used solely for the business: $145.
- Business cash paid by Jurassic One for 2019:
- Advertising globally: $850
- Depreciation calculated on machinery owned: $760
- Payments on business loan: $9,000. $1,000 is considered interest on the loan.
- Office expenses: $2,300
- Rent expense: $8,400
- Taxes and licenses: $130
- Utilities on office space: $3,600
- Payments to Henry as an owner: $66,000
- Meals while on the job: $280
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