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Need help figuring out the remaining empty responses. Please with explanation Problem 3-1 Schedule C (LO 3.1, 3.3, 3.5, 3.7) Scott's income statement for the
Need help figuring out the remaining empty responses. Please with explanation
Problem 3-1 Schedule C (LO 3.1, 3.3, 3.5, 3.7) Scott's income statement for the year shows the following: Income Statement scotr also mentionea the rollowing: - The expenses for dues and subscriptions were his country club membership dues for the year. - $400 of the charitable contributions were made to a political action committee. - Scott does not generate income from the sale of goods and therefore does not record supplies and wages as part of cost of goods sold. car are included above. Scott wishes to use the standard mileage method. His wife has a car for personal use. to the nearest dollar. Part I Income 1 Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on Form W2 and the "Statutory employee" box on that form was checked 2 Returns and allowances 3 Subtract line 2 from line 1 4 Cost of goods sold (from line 42) 5 Gross profit. Subtract line 4 from line 3 6 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) \begin{tabular}{|l|l} \hline 1 & 135,300 \\ \hline 2 & \\ \hline 3 & 135,300 \\ \hline 4 & \\ \hline 5 & 135,300 \\ \hline 6 & \\ \hline 7 & 135,300 \\ \hline \end{tabular} 7 Gross income. Add lines 5 and 6 Part II Expenses. Enter expenses for business use of your home only on line 30Step by Step Solution
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