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Elliott is the owner of a clothing store. His records indicate that he had sales of $88,000. Customers returned $2,000 worth of clothing be was $21,000. He did not have any other income. What is Elliot's Schedule C (Form 1040) gross income? $65,000 $67,000 $86,000 $88,000

Elliott is the owner of a clothing store. His records indicate that he had sales of $88,000. Customers returned $2,000 worth of clothing be was $21,000. He did not have any other income. What is Elliot's Schedule C (Form 1040) gross income? $65,000 $67,000 $86,000 $88,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Elliott is the owner of a clothing store. His records indicate that he had sales of $88,000. Customers returned $2,000 worth of clothing because of incorrect fit and various defects. His cost of goods sold was $21,000. He did not have any other income. What is Elliot's Schedule C (Form 1040) gross income? $65,000 $67,000 $86,000 $88,000
Transcribed Image Text:Elliott is the owner of a clothing store. His records indicate that he had sales of $88,000. Customers returned $2,000 worth of clothing because of incorrect fit and various defects. His cost of goods sold was $21,000. He did not have any other income. What is Elliot's Schedule C (Form 1040) gross income? $65,000 $67,000 $86,000 $88,000
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