Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2. the tps sole proprietorship had the following r

2. The TPs sole proprietorship had the following revenues and expenses during 2021: Sales...

90.2K

Verified Solution

Question

Accounting

2. The TPs sole proprietorship had the following revenues and expenses during 2021: Sales Revenue $485,000 Sales Returns $ 17,000 Cost of Goods Sold $161,000 Interest Expense on business loan $ 4,000 Car/Truck Expense (repairs, gas, oil, etc.) $ 8,300 Taxes and licenses $ 18,300 Depreciation $ 9,500 Utilities $ 3,500 Wages to sales staff $110,000 Fee paid to CPA for Schedule C $ 1,500 1.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. $151,900, Schedule C, Line 31. 2. Based on the information contained in Question 1 above, the only correct entry for the TP to report based on the following choices would be: a. $17,578 on Schedule 1, Line 12. b. $10,731 on Schedule 1, Line 15. c. $21,662 on Schedule SE, Line 13. d. $10,731 on Schedule 2, Line 4.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find a function of the form ya A sin kx C or y A cos...

Geometry
Q

Solve the differential equation by Laplace transform y^(,,) (t)-2y^' (t)-3y(t)=sint   where y^' (0)=0 ,y=(0)=0

Advance Math
Q

Introduce variables to represent items of interest in the problem. For example, (1) Let n be the...

Basic Math
Q

Business Law: Allen is driving below the speed limit in the left lane of a busy...

General Management
Q

Archaea are collectively known as because they love extremes of temperature and or pH A...

Biology
Q

Factor the perfect square trinomial: x - 34x + 289(x-17) (x + 17)(x-34)(x-17)(x + 17)

Basic Math
Q

When the expression is completely simplified, what is the exponent of 10?(10/2)-8x+6

Calculus
Q

the product of 3 and the sum of r and 20 4 less than c...

Algebra
Q

Which of the following would be considered as an unlikely occurrence? Wholesaler offers a cash...

Accounting
Q

El anlisis del punto de equilibrio tiene un uso limitado para la administracin, porque una...

Accounting
Q

(#18-7) Activity Rates and Product Costs using Activity-Based Costing Garfield Inc. manufactures entry and dining...

Accounting
Q

On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property...

Accounting