Margaret started her own business in the current year and will report a profit for...
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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:
Line Item DescriptionAmountGross income$45,000Travel1,000Contribution to Presidential Election Campaign100Transportation 5,300 miles equally across the year, using standard mileage method ?Entertainment in total4,200Nine gifts at $50 each450Rent and utilities for apartment in total10,500(25 percent is used for a home office)
Complete the table below to determine the net income Margaret should show on her Schedule C.
If an amount is zero, enter "0". If required, round the amounts to the nearest dollar.
Line Item DescriptionAmountGross income$fill in the blank 1Expenses:Travel$fill in the blank 2Political contributionfill in the blank 3Transportationfill in the blank 4Entertainmentfill in the blank 5Giftsfill in the blank 6Rent and utilitiesfill in the blank 7Total expenses$fill in the blank 8Taxable business income$fill in the blank 9
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