Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I am having trouble finding the QBI for form 8 9 9 5 line 1 C can someone please help me with the following information:
I am having trouble finding the QBI for form line C can someone please help me with the following information:
Noahs pet store is located at S Patterson Blvd Dayton, OH The name of the store is The Arc and its taxpayer identification number is Since you handle Noahs bookkeeping, you have printed the income statement from your Quickbooks software, shown in the table below.
The Arc
Income Statement
For the Year Ended December
Revenue:
Gross Sales $
Less: Sales Returns and Allowances
Net Sales $
Cost of Goods Sold:
Beginning Inventory $
Add: Purchases
$
Less: Ending Inventory
Cost of Goods Sold
Gross Profit Loss $
Expenses:
Dues and Subscriptions
Estimated Federal Tax Payments
Estimated State Tax Payments
Insurance
Meals and Entertainment
Miscellaneous
Payroll Taxes
Professional Fees
Rent
Travel
Utilities
Vehicle Expenses
Wages
Total Expenses
Net Operating Income $
Details of The Arcs meals and entertainment:
Restaurant meals associated with business travel $
Arc employee holiday party
Restaurant overtime meals for employees
Sports tickets for entertaining large customers
$
Travel costs are business related and do not include meals. Miscellaneous expense is a $ contribution to Reelect Goldie Wilson, Mayor of Dayton.
Noah and Joan paid the following amounts during the year all by check:
Contributions to Reelect Goldie Wilson, Mayor of Dayton $
Church donations for which a written
acknowledgment was received
Real estate taxes on their home
Medical copays for doctor visits
Mortgage interest for purchase of home See Form
Tax return preparation fees
Credit card interest
Automobile insurance premiums
Uniforms for Joan
Contribution to Noah's individual retirement account made on April
Noah has a longterm capital loss carryover from last year of $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started