What is the net income Lauren should show

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Question - Lauren started a business writing a popular syndicated tax advice column in the current year and will report a profit for her first year. Her results of operations are as follows:

Gross income $46,000

Travel expense 3,700

Business suits, to visit magazine editors 1,200

Transportation, 749 miles (at 57.5 cents per mile) 431

Entertainment 800

Subscription to accounting and tax magazines 550

Gifts: 8 at $100 each; 3 at $20 each 860

Rent and utilities for apartment, in total (10 percent is used for a home office) 7,000

Required - What is the net income Lauren should show on her Schedule C? Show the calculation of her taxable income. In order to receive full credit, you must show all work.

Reference no: EM132903590

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