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I need to learn how to make a schedule C, schedule SE, form 4562, and a form 4797 Sole Proprietorship 2016 Financial Information: River Runner
I need to learn how to make a schedule C, schedule SE, form 4562, and a form 4797
Sole Proprietorship 2016 Financial Information: River Runner Outdoor Center Sales: Canoe Rentals $92,000 Outdoor equipment $90,000 Cost of Goods sold $56,900 Expenses: Depreciation ?? Salaries $40,000 Payroll taxes (3 part time employees) $4,000 Supplies $4,200 Insurance $5,000 (covers premises and fleet of canoes) Interest on building loan $1,900 The store opened on January 15, 2015 2015 Purchases Purchase of retail building 9/2/15 $250,000 Purchased 10/1/15 50 canoes $50,000 5 year property Purchased 2/5/15 canoe trailer $15,000 7 year property Purchased 9/6/15 store furniture $9,800 7 year property Walter did not take any Section 179 expense or bonus depreciation in 2015. 2016 purchases: Purchased 2/1/16 5 canoes $5,000 5 year property Purchased 6/5/16 used truck to haul canoes 9,000 5 year property (not listed property) Purchased 7/3/16 office furniture 12,500 7 year property Walter would like to take the maximum allowed Section 179 expense on the 7 year property only. He will be selling the canoes after about 3 years and doesn't want to worry about a lot of recapture. He does not want to take any bonus depreciation. Assume that 2016 law limits when calculating. 2016 Sales: On November 5, 2016, Walter sold the canoe trailer he purchased in 2015. He sold the trailer for $18,000 because he hadn't used it much and he had purchased it on saleStep by Step Solution
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