Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3-1 Schedule C (LO 3.1) Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Socal Security number

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 3-1 Schedule C (LO 3.1) Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Socal 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: Income Statement Scott Butterfield, CA Income Statement 12/31/2017 Current Period Prior Period 1/1/2017 to 12/31/2017 1/1/2016 to 12/31/2016 REVENUES Tax Services Accounting Services Other Consulting Services $75,067.00 48,860.00 10,115.00 134,042.00 $72,154.00 $0,256.00 7,690.00 130,100.00 TOTAL REVENUES COST OF SERVICES Salaries Payrol Taxes Supplies 30.100.00 387.00 1.548.00 34,035.00 100,00700 29,400/00 2,275.00 1,225.00 2.900.00 97 200.00 TOTAL COST OF SERVICES GROSS PROFIT (LOSS) Problem 3-1 Schedule C (LO 3.1) Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Socal 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: Income Statement Scott Butterfield, CA Income Statement 12/31/2017 Current Period Prior Period 1/1/2017 to 12/31/2017 1/1/2016 to 12/31/2016 REVENUES Tax Services Accounting Services Other Consulting Services $75,067.00 48,860.00 10,115.00 134,042.00 $72,154.00 $0,256.00 7,690.00 130,100.00 TOTAL REVENUES COST OF SERVICES Salaries Payrol Taxes Supplies 30.100.00 387.00 1.548.00 34,035.00 100,00700 29,400/00 2,275.00 1,225.00 2.900.00 97 200.00 TOTAL COST OF SERVICES GROSS PROFIT (LOSS)

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

Managerial Accounting Manufacturing And Service Applications

Authors: Arnold Schneider, Harold M. Sollenberger

4th Edition

0759350426, 978-0759350427

More Books

Students also viewed these Accounting questions