Business, 11.06.2020 01:57 AnhQNguyen6764

Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social Security number is 644-47-7833. His principal business code is 541211. Scott's CPA practice is located at 678 Third Street, Riverside, CA 92860. Scott’s income statement for the year shows the following: Income Statement
Scott Butterfield, CPA
Income Statement
12/31/2017
Current Period Prior Period
1/1/2017 to 12/31/2017 1/1/2016 to 12/31/2016
REVENUES
Tax Services $75,067.00 $72,154.00
Accounting Services 48,860.00 50,256.00
Other Consulting Services 10,115.00 7,690.00
TOTAL REVENUES 134,042.00 130,100.00
COST OF SERVICES
Salaries 30,100.00 29,400.00
Payroll Taxes 2,387.00 2,275.00
Supplies 1,548.00 1,225.00
TOTAL COST OF SERVICES 34,035.00 32,900.00
GROSS PROFIT (LOSS) 100,007.00 97,200.00
OPERATING EXPENSES
Advertising and Promotion 350.00 –
Business Licenses and Permits 250.00 250.00
Charitable Contributions 275.00 250.00
Continuing Education 300.00 –
Dues and Subscriptions 3,500.00 3,500.00
Insurance 875.00 870.00
Meals and Entertainment 5,500.00 5,400.00
Office Expense 150.00 –
Postage and Delivery 50.00 –
Printing and Reproduction 100.00 –
Office Rent 14,000.00 13,800.00
Travel 865.00 750.00
Utilities 2,978.00 2,724.00
TOTAL OPERATING EXPENSES 29,193.00 27,544.00
NET INCOME (LOSS) $70,814.00 $69,656.00
Scott also mentioned the following:
The expenses for dues and subscriptions were his country club membership dues for the year.
The charitable contributions were made to a political action committee.
Scott does not generate income from the sale of goods and therefore does not record supplies and wages as part of cost of goods sold.
Scott placed a business auto in service on January 1, 2014 and drove it 3,901 miles for business, 3,250 miles for commuting, and 4,500 miles for nonbusiness purposes. His wife has a car for personal use.
Complete Schedule C for Scott showing Scott's net income from self-employment. Assume Scott has evidence to support his deductions. If required, only use the minus sign to indicate a net loss. When required, round amounts to the nearest dollar.
SCHEDULE C Profit or Loss From Business OMB No. 1545-0074
(Form 1040) (Sole Proprietorship)
Department of the Treasury ▶ Go to www. irs. gov/ScheduleC for instructions 2017
Internal Revenue Service (99) and the latest information. Attachment
▶ Attach to Form 1040, 1040NR, or 1041; partnerships Sequence No. 09
generally must file Form 1065.
Name of proprietor Social security number (SSN)
Scott Butterfield 644-47-7833
A. Principal business or profession, including product or service (see instructions)
Accounting Services
B. Enter code from instructions
▶ 541211
C. Business name. If no separate business name, leave blank.
D. Employer ID number (EIN),
(see instr.)
E. Business address (including suite or room no.)
▶ 678 Third Street
City, town or post office, state, and ZIP code
Riverside, CA 92860
F. Accounting method: (1) ☒ Cash (2) □ Accrual (3) □ Other (specify) □
G. Did you "materially participate" in the operation of this business during 2017? If "No," see instructions for limit on losses ☒ Yes ▢No
H. If you started or acquired this business during 2017, check here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▢
I. Did you make any payments in 2017 that would require you to file Form(s) 1099? (see instructions) . . . . . . . ▢ Yes ☒ No
J. If "Yes," did you or will you file required Forms 1099? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▢Yes ▢ No

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 00:00, josiesolomonn1605

Which statement about the cost of the options is true? she would save $1,000 by choosing option b. she would save $5,650 by choosing option a. she would save $11,200 by choosing option b. she would save $11,300 by choosing option a.

Answers: 2

continue

Business, 22.06.2019 17:50, nuggetslices

On january 1, eastern college received $1,350,000 from its students for the spring semester that it recorded in unearned tuition and fees. the term spans four months beginning on january 2 and the college spreads the revenue evenly over the months of the term. assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on february 28?

Answers: 2

continue

Business, 22.06.2019 23:00, tonya3498

Which of the following is not one of the four principles of bottleneck management? a. increasing capacity at non-bottleneck stations is a mirageb. lost time at the bottleneck is lost system capacity. c. release work orders to the system at the bottleneck's capacity pace. d. increased bottleneck capacity is increased system capacity. e. bottlenecks should be moved to the end of the system process.

Answers: 1

continue

Business, 22.06.2019 23:50, yatayjenings12

Analyzing operational changes operating results for department b of delta company during 2016 are as follows: sales $540,000 cost of goods sold 378,000 gross profit 162,000 direct expenses 120,000 common expenses 66,000 total expenses 186,000 net loss $(24,000) suppose that department b could increase physical volume of product sold by 10% if it spent an additional $18,000 on advertising while leaving selling prices unchanged. what effect would this have on the department's net income or net loss? (ignore income tax in your calculations.) use a negative sign to indicate a net loss answer; otherwise do not use negative signs with your answers. sales $answer cost of goods sold answer gross profit answer direct expenses answer common expenses answer total expenses answer net income (loss) $answer

Answers: 1

continue

You know the right answer?

Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social S...