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I need assistance with completeing a draft of scedule c given the following information. (blank form because my original was wrong) 58. In July of

I need assistance with completeing a draft of scedule c given the following information. (blank form because my original was wrong)
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58. In July of this year, Stephen started a proprietorship called ECR (which stands for electric car repair). ECR uses the cash method of accounting, and Stephen has produced the following financial information for this year: : ECR collected $81,000 in cash for repairs completed during the year and an additional $3,200 in cash for repairs that will commence after year-end. Customers owe ECR $14,300 for repairs completed this year, and while Stephen isn't sure which bills will eventually be paid, he expects to collect all but about $1,900 of these revenues next year. ECR has made the following expenditures: Interest expense $ 1,250 Shop rent ($1,500 per month) 27,000 Utilities 1,075 Contract labor 8,250 Compensation 21,100 Liability insurance premiums ($350 per month) 4,200 Term life insurance premiums ($150 per month) 1,800 The interest paid relates to interest accrued on a $54,000 loan made to Stephen in July of this year. Stephen used half of the loan to pay for 18 months of shop rent, and the remainder he used to upgrade his personal wardrobe. In July, Stephen purchased 12 months of liability insurance to protect against liability should anyone be injured in the shop. ECR has only one employee (the remaining workers are contract labor), and this employee thoroughly understands how to repair an electric propulsion system. On November 1 of this year, Stephen purchased a 12-month term life policy that insures the life of this "key" employee. Stephen paid Gecko Insurance Company $1,800; in return, Gecko promises to pay Stephen a $40,000 death benefit if this employee dies any time during the next 12 months. Complete a draft of the front page of Stephen's Schedule C. a SCHEDULEC Profit or Loss From Business OMNS 545.000 (Form 10401 ile Proprietorship 2020 Go to www.in.gow Schedule for instructions and the latest Information can Wome Attach to Form 1040 1040-SR. 104-NR. or 1041: partnership generally must fie Form 1065 S09 Soccurly A Parcial buior pension, including product or instruction Enercodection But now name bave bank DE DE Business addres including suite or room) City owner post office and code Accounting to m C DA * Dother city Did you truly participate in the operation of the business during 2002 Nostructions for Kraton . Yo No H If you started or our business during 2020, check here 1 Did you make any payment in 2020 at would more you to tie Form 10907 Se intructions Yes No IT "Yedd your fried For 10097 Yes No Parti Income 1 Grons receipt ore See instructions for in 1 wd check the box this income was reported to you on Form W- and the Story employee box on that form was checked Returnsdowance 3 Subtracte tromnet 4 Cost of goods sold homine 42 4 5 Gross profit. Subtractine 4 from na s 6 Other income including for at one or tax creditor refundering 7 Gross income. Addin Sando TO Part II Expenses. Enter expenses for business use of your home only on line 30. Advertising B 18 Ollice expense intructions TB Cadruk opens 10 Pension and profit-sharing plans. structions 9 Rent or lease tractions 10 Commissions and to 10 Vehicles, machinery and comment 200 11 Contract libero 11 Other business property 12 Depletion 12 21 Pears and martenance 21 Depreciation and action ? 32 expense 22 deduction not Supplies to included in Purt included Put me Taxes and ens. instruction 13 24 Trawan mo 16 Emcee benefit programs # Travel al fother than online 19 Deductiblemente 15 Imance other news 15 instructions 24 10 Interest wstructions Us 25 . Mortgage patobank 100 Wages desemployment SON bOther 162 27a Other perces from line 46) 2 17 Lodendrolona 17 Reserved for ture un 2T 20 Totalepensers before expense for use of home. Addins touch 7 Tentative protetor Sucrucine 2 from InoT 20 Expens for business of your home. Do not mport the per Attach Form 3829 unless using the simplified method. Bructions. Simpfied method for only Ere the total square footage of your home and 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 Net profit or loss. Strect line 30 from ine 29 . a protitontor on both Schedule 1 Form 1040), line 3, and on Schedule SE, line 2. at you checked the box on line 1.sintruction Estates and trusted on Form 1041, line 3 21 Falows you must go to line 2 32 If you have a los check the box that describes your in this activity. Seestruction - you checked 32, enter the loss on both Schedule 1 Form 1040, 3, and on Schedule 32 Aventistik SE, Ine 2. you checked the box on Ino 1. tee the line 31 instruction Estates and trust her on 32 Somente is not For 1041, Ine 3. you checked 32 you must eftech Form 10. Your loss may be med Cat13 Scho 104 Far Radarwerk Raduction Act Notices see the separate trabuctions Nax" NR & B100 Part Cost of Goods Solde instruction) 2 34 Mundo Wongiory . Cost blow of color coach Was there any change in determinates.com, vos bong and closing story? Yeach explain Inventory being of year. I went to test your country cheation as Yes No as 36 Puchos cost of them wewn for personale > a Cost of bor. Do not include anymort paid to your 21 38 Malerard supplies 30 Oct 30 40 Addr35 tough 29 60 41 Inventory and of your 47 42 Coat of poods sold Subtracting 41 from Iine Enter the head on line 4 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 When did you place your vide in wervice for business purposes mode 44 of the total number of mes you owe you which during 2000, enter the number of miles you used your voice for b Corting instruction Wus your vehicle available for personal use during on duty hous? NO Do you for your spouse have another vehicle avatable for personal Ta Do you widence to support your deduction! Yes NO b 'Yes, the evidence wor Part V Other Expenses. Lint below business expenses not included on Ines 8-26 or line 302 68 Total har expenses. Enterher and online 27 Com 1000

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