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How should I report that on form 1040. The teacher said do not use the depreciation info. 1. Trish Himple owns a retail family clothing
How should I report that on form 1040. The teacher said do not use the depreciation info.
1. Trish Himple owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123- 45-6789. Trish keeps her books on the cash basis. The income and expenses for the year are: Gross sales Returns and allowances Expenses: Beginning inventory (at cost) Add: purchases Cost of goods available for sale Less: ending inventory (at cost) Cost of goods sold Rent Insurance Legal and accounting fees Payroll Payroll taxes Utilities Office supplies Advertising $350,000 15,000 $ 85,000 100,000 185,000 72,000 $113,000 29,000 3,000 5,000 60,000 5,000 2,200 800 6,000
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