ployed as a professional golf instructor. She uses the cash method of accounting and her SS# is 465-34-3389. Her principal business code is 812990. Tracy's business is located at 41500 Gardenbrook Rd, in Novi, MI 48375. During 2020, Tracy had the following income and expenses: Fees from golf lessons $40,125 Expenses: Car Mileage (5,234 business miles) 3,036 Business Liability Insurance 475 Office Expense 660 Rent on storage space 2,700 City business license 250 Travel expense 3,000 Meals (deductible portion) 985 Utilities 1,015 Miscellaneous Expense 500 Refund given to student 200 Advertising 800
ployed as a professional golf instructor. She uses the cash method of accounting and her SS# is 465-34-3389. Her principal business code is 812990. Tracy's business is located at 41500 Gardenbrook Rd, in Novi, MI 48375. During 2020, Tracy had the following income and expenses: Fees from golf lessons $40,125 Expenses: Car Mileage (5,234 business miles) 3,036 Business Liability Insurance 475 Office Expense 660 Rent on storage space 2,700 City business license 250 Travel expense 3,000 Meals (deductible portion) 985 Utilities 1,015 Miscellaneous Expense 500 Refund given to student 200 Advertising 800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Tracy Morgan is self-employed as a professional golf instructor. She uses the cash method of accounting and her SS# is 465-34-3389. Her principal business code is 812990. Tracy's business is located at 41500 Gardenbrook Rd, in Novi, MI 48375. |
During 2020, Tracy had the following income and expenses:
Fees from golf lessons | $40,125 |
Expenses: | |
Car Mileage (5,234 business miles) | 3,036 |
Business Liability Insurance | 475 |
Office Expense | 660 |
Rent on storage space | 2,700 |
City business license | 250 |
Travel expense | 3,000 |
Meals (deductible portion) | 985 |
Utilities | 1,015 |
Miscellaneous Expense | 500 |
Refund given to student | 200 |
Advertising | 800 |
Tracy is a good friend of yours who knows you have just learned about all sorts of interesting tax stuff.
She would like your help with the following:
|
|
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