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Problem 3-1 (Algorithmic) Schedule C (LO 3.1, 3.3, 3.5, 3.7) Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social Security number is 644-47-7833. His principal business code is 541211. Scott's CPA practice is located at 678 Third Street, Riverside, CA 92860 . Scott's income statement for the year shows the following: COST OF SERVICES Salaries Payroll Taxes Supplies TOTAL COST OF SERVICES GROSS PROFIT (LOSS) OPERATING EXPENSES Advertising and Promotion Business Licenses and Permits Charitable Contributions Continuing Education Dues and Subscriptions Insurance Meals and Entertainment Office Expense Postage and Delivery Printing and Reproduction Office Rent Travel Utilities 36,5602,38730039,247202,049 2,000 620 450 1,500 1,640 10,968 8,226 3,656 85 1,828 5,484 7,312 2,194 29,400 2,275 \begin{tabular}{c} 1,225 \\ \hline 32,900 \\ \hline 97,200 \end{tabular} 250 250 - 3,500 870 5,400 13,800 750 2,724 scott also mentioned the following: - The expenses for dues and subscriptions were his country club membership dues for the year. - Of the charitable contributions, $50 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. - Scott placed a business auto in service on January 1, 2019 and drove it 4,486 miles for business, 2,692 miles for commuting, and 5,383 miles for nonbusiness purposes. His wife has a car for personal use. - Meals and Entertainment expense includes $6,326 related to golf greens fees for entertaining clients, $1,000 for business meals provided by restaurants, and $900 for the office holiday party for all employees. Complete Schedule C for Scott showing Scott's net taxable profit from self-employment. Assume Scott has evidence to support his deductions. If required, only use the minus sign to indicate a net loss. When required, round amounts to the nearest dollar. 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method. See instructions. Simplified method filers only: Enter the total square footage of (a) your home: and (b) the part of your home used for business: Use the Simplified Method Worksheet in the instructions to figure the amount to enter on line 30 31 Net profit or (loss). Subtract line 30 from line 29. - If a profit, enter on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1, see instructions). Estates and trusts, enter on Form 1041, line 3. - If a loss, you must go to line 32 . 32 If you have a loss, check the box that describes your investment in this activity. See instructions. - If you checked 32a, enter the loss on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1, see the line 31 instructions). Estates and trusts, enter on Form 1041, line 3. - If you checked 32b, you must attach Form 6198. Your loss may be limited. 32a All investment is at risk. 32b Some investment is not at risk. For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11334P Schedule C (Form 1040) 2022 Problem 3-1 (Algorithmic) Schedule C (LO 3.1, 3.3, 3.5, 3.7) Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social Security number is 644-47-7833. His principal business code is 541211. Scott's CPA practice is located at 678 Third Street, Riverside, CA 92860 . Scott's income statement for the year shows the following: COST OF SERVICES Salaries Payroll Taxes Supplies TOTAL COST OF SERVICES GROSS PROFIT (LOSS) OPERATING EXPENSES Advertising and Promotion Business Licenses and Permits Charitable Contributions Continuing Education Dues and Subscriptions Insurance Meals and Entertainment Office Expense Postage and Delivery Printing and Reproduction Office Rent Travel Utilities 36,5602,38730039,247202,049 2,000 620 450 1,500 1,640 10,968 8,226 3,656 85 1,828 5,484 7,312 2,194 29,400 2,275 \begin{tabular}{c} 1,225 \\ \hline 32,900 \\ \hline 97,200 \end{tabular} 250 250 - 3,500 870 5,400 13,800 750 2,724 scott also mentioned the following: - The expenses for dues and subscriptions were his country club membership dues for the year. - Of the charitable contributions, $50 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. - Scott placed a business auto in service on January 1, 2019 and drove it 4,486 miles for business, 2,692 miles for commuting, and 5,383 miles for nonbusiness purposes. His wife has a car for personal use. - Meals and Entertainment expense includes $6,326 related to golf greens fees for entertaining clients, $1,000 for business meals provided by restaurants, and $900 for the office holiday party for all employees. Complete Schedule C for Scott showing Scott's net taxable profit from self-employment. Assume Scott has evidence to support his deductions. If required, only use the minus sign to indicate a net loss. When required, round amounts to the nearest dollar. 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method. See instructions. Simplified method filers only: Enter the total square footage of (a) your home: and (b) the part of your home used for business: Use the Simplified Method Worksheet in the instructions to figure the amount to enter on line 30 31 Net profit or (loss). Subtract line 30 from line 29. - If a profit, enter on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1, see instructions). Estates and trusts, enter on Form 1041, line 3. - If a loss, you must go to line 32 . 32 If you have a loss, check the box that describes your investment in this activity. See instructions. - If you checked 32a, enter the loss on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1, see the line 31 instructions). Estates and trusts, enter on Form 1041, line 3. - If you checked 32b, you must attach Form 6198. Your loss may be limited. 32a All investment is at risk. 32b Some investment is not at risk. For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11334P Schedule C (Form 1040) 2022