User Account

All Pages

Prepare the Schedule C for Beverly Johnson

Assignment Help Accounting Basics
Reference no: EM132752641

Income Tax Return Problem - Below is the taxpayer information for Beverly Johnson:

Beverly (SS# 138-09-1983, date of birth: April 2, 1968) is a self-employed consultant whose business uses the accrual method of accounting. Her principal business code is 540700. Her business is located at 1501 Broadway, New York, N.Y., 10019. During the year, she had the following income and expense items:

Income

Professional Fees Earned $250,000

Expenses

Office Expenses $5,413

Depreciation $15,250

Rent on Office Space $30,500

Advertising $7,577

Malpractice Insurance $6,000

Utilities $5,552

Travel (950 business miles driven) ?

Taxes & Licenses $5,500

Salary for her bookkeeper $15,550

Meals & Entertainment $13,050

Supplies $5,685

Accounting Fees $9,765

Legal Fees $10,250

Interest on Bank Loan $4,550

Cellphone for biz usage $1,500

Suits/Uniform $2,800

REQUIRED - Please prepare the Schedule C (see attachment) for Beverly Johnson?

Reference no: EM132752641

Questions Cloud

Compute the Ending Inventory at Retail : Compute the Ending Inventory at Retail and then use your cost ratio from above to compute the estimated Ending Inventory at Cost
What type of employer plan is kwok a member of : Kwok is a member of his employer's plan. The maximum contribution to the plan is not limited or defined in terms of other employer or registered plans
Salient characteristics defining culture in organization : What are some of the salient characteristics defining culture in your organization or group?
Record the payment of interest on january : Record the payment of interest on January 31, 2022, assuming the semi-annual amortization amount for this interest period is $978.
Prepare the Schedule C for Beverly Johnson : Income Tax Return Problem - Below is the taxpayer information for Beverly Johnson: Prepare the Schedule C for Beverly Johnson
Tax consequences of the annuity payments : When Petra asks you about the tax consequences of the annuity payments, which of the following is the CORRECT response that you should provide Petra?
Find roi using net book value and gross book value : The Ste. Marie Division of Pacific Media Corporation just started operations. Compute ROI, using net book value and gross book value.
Effective information management and data governance : Effective information management and data governance are invaluable to an organization. What technology did they implement?
Which will not normally impair the auditor independence : Which will not normally impair the auditor's independence? A partner or an employee of the firm receives a token gift from an assurance client.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd