Scott also mentioned the following: 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: 1/1/2018 to 12/31/2018 REVENUES Tax Services 75,067.00 Accounting Services 48,860.00 Other Consulting Services 10,115.00 TOTAL REVENUES 134,042.00 The expenses for dues and subscriptions were his country club membership dues for the year. 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. Scott placed a business auto in service on January 1, 2015 and drove it 3,829 miles for business, 3,250 miles for commuting, and 4,500 miles for nonbusiness purposes. His wife has a car for personal use. Complete Schedule C for Scott showing Scott's net income from self-employment. COST OF SERVICES Salaries Payroll Taxes Supplies TOTAL COST OF SERVICES 30,100.00 2,387.00 1,548.00 34,035.00 1) Complete Schedule C for Scott showing Scott's net income from self-employment. 2) Complete the reconciliation of book expenses to tax expenses. a) Book expenses b) Total disallowed expenses for tax c) Additional expense deducted for tax d) Total Tax expenses GROSS PROFIT (LOSS) 100,007.00 OPERATING EXPENSES Advertising and Promotion Business Licenses and Permits Charitable Contributions Continuing Education Dues and Subscriptions Insurance Meals Office Expense Postage and Delivery Printing and Reproduction Office Rent Travel Utilities TOTAL OPERATING EXPENSES NET INCOME (LOSS) 350.00 250.00 275.00 300.00 3,500.00 875.00 5,500.00 150.00 50.00 100.00 14,000.00 865.00 2,978.00 29,193.00 70,814.00 NET INCOME (LOSS) 70,814.00 Scott also mentioned the following: 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: 1/1/2018 to 12/31/2018 REVENUES Tax Services 75,067.00 Accounting Services 48,860.00 Other Consulting Services 10,115.00 TOTAL REVENUES 134,042.00 The expenses for dues and subscriptions were his country club membership dues for the year. 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. Scott placed a business auto in service on January 1, 2015 and drove it 3,829 miles for business, 3,250 miles for commuting, and 4,500 miles for nonbusiness purposes. His wife has a car for personal use. Complete Schedule C for Scott showing Scott's net income from self-employment. COST OF SERVICES Salaries Payroll Taxes Supplies TOTAL COST OF SERVICES 30,100.00 2,387.00 1,548.00 34,035.00 1) Complete Schedule C for Scott showing Scott's net income from self-employment. 2) Complete the reconciliation of book expenses to tax expenses. a) Book expenses b) Total disallowed expenses for tax c) Additional expense deducted for tax d) Total Tax expenses GROSS PROFIT (LOSS) 100,007.00 OPERATING EXPENSES Advertising and Promotion Business Licenses and Permits Charitable Contributions Continuing Education Dues and Subscriptions Insurance Meals Office Expense Postage and Delivery Printing and Reproduction Office Rent Travel Utilities TOTAL OPERATING EXPENSES NET INCOME (LOSS) 350.00 250.00 275.00 300.00 3,500.00 875.00 5,500.00 150.00 50.00 100.00 14,000.00 865.00 2,978.00 29,193.00 70,814.00 NET INCOME (LOSS) 70,814.00