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What is the net income Margaret should show

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Problem - 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

Travel 1,000

Contribution to Presidential Election Campaign 100

Transportation 5,725 miles, using standard mileage method

Entertainment in total 4,200

Nine gifts at $50 each 450

Rent and utilities for apartment in total (25% is used for a home office) 10,500

Required - What is the net income Margaret should show on her Schedule C? Show the calculation of her taxable business income.

Reference no: EM132705376

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