Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

o Service revenue from clients: $98,550

o Business loan proceeds: $20,000

o Interest earned on a checking account used solely for the business: $145.

Business cash paid by Jurassic One for 2019:

o Advertising globally: $850

o Depreciation calculated on machinery owned: $760

o Payments on business loan: $9,000. $1,000 is considered interest on the loan.

o Office expenses: $2,300 o Rent expense: $8,400

o Taxes and licenses: $130

o Utilities on office space: $3,600

o Payments to Henry as an owner: $66,000

o Meals while on the job: $280

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Securing And Auditing Data On DB2 For Z/Os

Authors: IBM Redbooks

1st Edition

0738432857, 978-0738432854

More Books

Students also viewed these Accounting questions

Question

=+Who should be recruited?

Answered: 1 week ago