Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. margaret started her own business in the current y

Margaret started her own business in the current year and will report a profit for...

70.2K

Verified Solution

Question

Accounting

Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows:

Gross income $45,000
Expenses:
Travel $1,000
Contribution to Presidential Election Campaign $100
Transportation (5,725 miles evenly throughout the year, using standard mileage method) ?
Entertainment in total $4,200
Nine gifts at $50 each $450
Rent and utilities for apartment in total $10,500
(25% is used for a home office)

Complete the table below to determine the net income Margaret should show on her Schedule C.

If an amount is zero, enter "0". If required, round the amounts to the nearest dollar.

Gross income $
Expenses:
Travel $
Political contribution $
Transportation $
Entertainment $
Gifts $
Rent and utilities $
Total expenses $
Taxable business income $

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Target marketing of home craft business. the targets are business people, generation x and more. what is...

Operations Management
Q

SUBJECT- HUMAN RESOURCE MGMT//MANAGING OHS 1. What are the primary drivers of increased Long-Term Disability Costs in...

Operations Management
Q

For each reaction listed, determine its standard cell potential (in V) at 25°C and whether the...

Chemistry
Q

1. Draw the peptide DCTEVKKR at a ph 7.4 in the trans configuration. 2. Consider the peptide...

Biology
Q

What are some specific strategies that you would suggest for supporting a young person who is experiencing...

Psychology
Q

In your opinion and based on what you have studied and learned this week, how did...

General Management
Q

A COMPREHENSIVE ACCOUNTING CYCLE PROBLEM - NEED ASAP! THANK YOU On December 1, 2018, John and Maggie...

Accounting
Q

What was NOT one of the factors leading up to the Cold War between the...

Biology
Q

6 Rewrite with absolute value notation t 7 or t 7 A t s7 B...

Calculus
Q

This is a 5 page case study. If anyone can help me Required 1....

Accounting
Q

You are the manager of the best rock band in Fresno. You are planning has...

Accounting
Q

VAKA NO. 1 Dolandrclk nceleme Uzman Ethan Graham, Bakan ve st dzey ynetimin dahil...

Finance