Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

INCOME TAX RETURN PROBLEM Below is the taxpayer information for Beverly Johnson: Beverly (SS# 138-09-1983, date of birth: April 2, 1968) is a self-employed consultant

INCOME TAX RETURN PROBLEM

Below is the taxpayer information for Beverly Johnson:

Beverly (SS# 138-09-1983, date of birth: April 2, 1968) is a self-employed consultant whose business uses the accrual method of accounting. Her principal business code is 540700. Her business is located at 1501 Broadway, New York, N.Y., 10019. During the year, she had the following income and expense items:

Income

Professional Fees Earned $250,000

Expenses

Office Expenses $ 5,413

Depreciation $ 15,250

Rent on Office Space $ 30,500

Advertising $ 7,577

Malpractice Insurance $ 6,000

Utilities $ 5,552

Travel (950 business miles driven) ?

Taxes & Licenses $5,500

Salary for her bookkeeper $15,550

Meals & Entertainment $ 13,050

Supplies $ 5,685

Accounting Fees $9,765

Legal Fees $10,250

Interest on Bank Loan $4,550

Cellphone for biz usage $1,500

Suits/Uniform $2,800

REQUIRED:

Please prepare the Schedule C for Beverly Johnson

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

Personal Finance Turning Money Into Wealth

Authors: Arthur J. Keown

6th Edition

0132719169, 978-0132719162

More Books

Students also viewed these Finance questions

Question

Is financial support available for travel to conferences?

Answered: 1 week ago