Lew started a business writing a popular syndicated Japanese gardening column in the current year...
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Accounting
Lew started a business writing a popular syndicated Japanese gardening column in the current year and will report a profit for his first year. His results of operations are as follows: Gross income $38,000 Travel expense 4,000 Business suits, to visit magazine editors 1,000 Transportation, 893 miles (at 54 cents per mile) 482 Entertainment 800 Subscription to bonsai and Japanese gardening magazines 500 Gifts: 8 at $100 each; 2 at $20 each 840 Rent and utilities for apartment, in total (15 percent is used for a home office) 10,000 What is the net income Lew should show on his Schedule C? Show the calculation of his taxable income.
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