Jeannie is known for beautiful Arabian influenced abstracts. On May and August of this past year she had an exhibition and sold paintings at each event. She estimates that the cost of each painting in canvas and supplies is about $375.

a) The sales are as follows:

i) May - 16 paintings for a total of $ 17,200

ii) August 10 paintings for a total of $ 12,000

b) She paints in a studio located in a separate building on the property of their home. The expenses related to the studio allocated on the basis of square footage are as follows:

i) Depreciation $3,500

ii) Taxes $1,900

iii) Utilities $2,400

To answer this question the boxes in the excel sheet below must be filled correctly, what is there right now is my previous attempt and may be wrong.

Jeannie Abstracts 2019 Amount 29,200 9,750 19,450 Item Description Revenue Cost of Goods Sold Gross Profit Business Expenses: Wages Taxes Utilities Other Expenses Total Expenses Net Business Taxable income (Loss) 1,900 2,400 3,500 7,800 11,650 Self Employment Tax Deduction