find the Net profit or (loss). This information is for Schedule C. Form 1040. Thank you in advance for your help. Christine is an optometrist and operates her own practice ("The Eyes of March") in town as a sole proprietor. The shop address is 1030 Morgan Highway, Clarks Summit, PA 18411 and the business code is 621320. Christine keeps her books on the accrual basis and her bookkeeper provided the following information: Gross sales$270,000 Returns9,000 Inventory: Beginning inventory$24,000 Purchases120,000 Ending inventory30,000 Rent24,000 Insurance11,000 Professional fees3,000 Payroll37,000 Payroll taxes2,800 Utilities4,000 Office expenses2,000 Depreciation5,000
find the Net profit or (loss). This information is for Schedule C. Form 1040. Thank you in advance for your help. Christine is an optometrist and operates her own practice ("The Eyes of March") in town as a sole proprietor. The shop address is 1030 Morgan Highway, Clarks Summit, PA 18411 and the business code is 621320. Christine keeps her books on the accrual basis and her bookkeeper provided the following information: Gross sales$270,000 Returns9,000 Inventory: Beginning inventory$24,000 Purchases120,000 Ending inventory30,000 Rent24,000 Insurance11,000 Professional fees3,000 Payroll37,000 Payroll taxes2,800 Utilities4,000 Office expenses2,000 Depreciation5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me to find the Net profit or (loss). This information is for Schedule C. Form 1040. Thank you in advance for your help.
Christine is an optometrist and operates her own practice ("The Eyes of March") in town as a sole proprietor. The shop address is 1030 Morgan Highway, Clarks Summit, PA 18411 and the business code is 621320. Christine keeps her books on the accrual basis and her bookkeeper provided the following information:
Gross sales$270,000
Returns9,000
Inventory:
Beginning inventory$24,000
Purchases120,000
Ending inventory30,000
Rent24,000
Insurance11,000
Professional fees3,000
Payroll37,000
Payroll taxes2,800
Utilities4,000
Office expenses2,000
Depreciation5,000
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