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

image text in transcribed
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 Eamed $250,000 $5,413 $ 15,250 $ 30,500 $7,577 $ 6,000 $5,552 Expenses Office Expenses Depreciation Rent on Office Space Advertising Malpractice Insurance Utilities Travel (950 business miles driven) Taxes & Licenses Salary for her bookkeeper Meals & Entertainment Supplies Accounting Fees Legal Fees Interest on Bank Loan Cellphone for biz usage Suits/Uniform $5,500 $15,550 $ 13,050 $ 5,685 $9,765 $10,250 $4,550 $1,500 $2,800 1 1 REQUIRED: Please prepare the Schedule C for 2019 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_2

Step: 3

blur-text-image_3

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

Maintenance Audits Handbook A Performance Measurement Framework

Authors: Diego Galar Pascual, Uday Kumar

1st Edition

1466583916, 978-1466583917

More Books

Students also viewed these Accounting questions

Question

What is a contestable market?

Answered: 1 week ago

Question

1. Explain how business strategy affects HR strategy.

Answered: 1 week ago