The bookkeeper, who is not an educated accountant provided you with the following unadjusted information.

For Year Ended December 31, 2017:

Gross Income$491,000.00

Cost of Goods Sold

Project Expenses$135,000.00

Expenses:

Working Owner/Officer Compensation$100,000.00

Other Salary$120,000.00

Office Expense$21661.00

Interest Expense $2600.00

Donations$5,000.00

Meals (100%)$8600.00

Liability Insurance$6000.00

Health Insurance$22,000.00

Health Insurance - Officer/owner$8,500.00

Federal Taxes Paid (see below)$5,500.00

Taxes: Payroll, Tangible, State$31,000.00

MACRS Depreciation Expense$4685.00for assets purchased in prior years

Sally Rice -

85% business use substantiated

New equipment purchased 3/1/17 $8100.00

Auto Expense ( shown at 100%)$3,400.00

Amortization Expense$80.00

Other Income:

Dividend Income ( Microsoft Stock)$400.00

Interest Income$100.00