Question
Scott Butterfeild is self-employed as CPA. He uses the cash method of accounting, and his social Security number is 644-47-7833. His principal business code is
Scott Butterfeild is self-employed as 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: Income statement Scott Butterfeild, CPA Income statement 12/31/2017. 1/1/2017 to 12/31/2017. 1/2016to 12/16 Revenue Tax services. 75,067.00. 72, 15400 Accounting services 48, 860.00. 50, 256.00 other consulting ser. 10, 115.00. 7, 690.00 Total revenues. 134,042.00. 130, 100.00 Cost of service Salaries. 30,100.00. 29,900.00 Payroll Taxes. 2,387.00. 2, 275.00 Supplies. 1,548.00. 1,225.00 Total cost of services 34,035.00. 32,900.00. Gross profit(loss) 100,007.00. 97,200.00
Operating expenses advertising exp. 350.00. Business license. 250.00. 250.00 charitable contri. 275.00. 250.00 continuing edu. 300.00. --'--- Dues and subcr. 3,500.00. 3,500.00 insurance. 875.00. 870.00 meals and enter.5,500.00. 5,500.00 office expenses. 150.00. -------- postage delivery 50.00. ------ printing and repr. 100.00. ------ office rent. 14,000.00. 13,000.00 travel. 865.00. 750.00 utilities. 2,978.00. 2,724.00 Total oper. ex. 29,193.00. 27,544.00 Net income (loss) 70,193.00. 69,656.00 scott also mentioned the following the expenses for dues and subcriptions were his country club membeship dues for the year. the charitable contributions were made to a political action committee. Scott does not generate income from the of goods and therefore does not record supplies and wages as part of cost goods sold. Scott placed a business auto in service on January 1, 2014 and drove it 3, 901 miles for business, 2,250 miles for commuting, and 4,500 miles for non business purposes. his wife has a car for personal use. complete schedule c for Scott showing Scott's net income 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.
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