Taxes and licenses\ Depreciation\ Utilities\ Wages to sales staff\

,

Fee paid to CPA for Schedule C\

$18,300

\

$9,500

\

$3,500

\

$110,000

\

$1,500

\ The net profit for the sole proprietorship would be

$

and it would be reported on\ a.

$154,600

, Schedule C, Line 31 .\ b.

$154,600

, Schedule C, Line 7 .\ c.

$152,400

, Schedule C, Line 31 .\ d.

$151,9

0, Schedule C, Line 31 .\ Based on the information contained in Question 2 above, the only correct entry for the TP to report based on the following choices would be:\ a.

$118,228

on Schedule 1, Line 12.\ b.

$10,731

on Schedule 1, Line 15.\ c.

$22,528

on Schedule SE, Line 13.\ d.

$4,300

on Schedule 2, Line 4.

The net profit for the sole proprietorship would be $ and it would be reported on a. $154,600, Schedule C, Line 31. b. $154,600, Schedule C, Line 7. c. $152,400, Schedule C, Line 31. d. $151,9 ( 0 , 0 , Schedule C, Line 31 . 3. Based on the information contained in Question 2 above, the only correct entry for the TP to report based on the following choices would be: a. $118,228 on Schedule 1, Line 12. b. $10,731 on Schedule 1, Line 15. c. $22,528 on Schedule SE, Line 13. d. $4,300 on Schedule 2, Line 4