What is Bart's self-employment income?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%

Please solve this problem I'm having trouble with. Thank you!

Bart has the following income and expenses for his Schedule C
1099-MISCS received:
Jack's Builders
$ 42,000
35,750
Smith's Fine Homes
Murphy's Builders
24,730
$4
Total Revenue
102,480
Wages
Payroll taxes
Payroll tax penalties
License fee
Supplies
Cell phone
(46,000)
(3,519)
* (300)
( 200)
(5,300)
(588)
(3,000)
(780)
Meals
Internet service
What is Bart's self-employment income?
Transcribed Image Text:Bart has the following income and expenses for his Schedule C 1099-MISCS received: Jack's Builders $ 42,000 35,750 Smith's Fine Homes Murphy's Builders 24,730 $4 Total Revenue 102,480 Wages Payroll taxes Payroll tax penalties License fee Supplies Cell phone (46,000) (3,519) * (300) ( 200) (5,300) (588) (3,000) (780) Meals Internet service What is Bart's self-employment income?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Recovery operations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education