Check figure: Schedule C line 31 = 130,494 Net Income Sherry Hopson owns a retai

Question

Check figure: Schedule C line 31 = 130,494 Net Income

Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and expenses for the year are $351,700 4,000 Gross sales Returns and allowances enses: Beginning inventory (at cost) Add: purchases Cost of goods available for sale Less: ending inventory (at cost) Cost of goods sold Rent Insurance $84,300 100,700 185,000 75,000 Legal and accounting fees Payroll Payroll taxes Utilities Office supplies Advertisin,g $110,000 23,800 1,500 2,800 37,200 3,440 1,850 750 2,100

Explanation / Answer

Depreciation:

Line No form C particulars Amount 1 Sales          351,700 2 Returns              4,000 3 Net sales          347,700 4 COGS          110,000 5 Gross profit          237,700 6 Other income                     -   7 Gross income          237,700 8 Advertising              2,100 13 Depreciation            33,766 15 Insurance              1,500 Rent            23,800 17 Legal and accounting fee              2,800 18 Utilities              1,850 22 Office supplies                  750 23 Payroll taxes              3,440 26 Payroll            37,200 28 Total expenses          107,206 29/31 Net profit          130,494

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