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  3. 2. the tps sole proprietorship had the following r

2. The TPs sole proprietorship had the following revenues and expenses during 2021: Sales...

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Accounting

2. The TPs sole proprietorship had the following revenues and expenses during 2021: Sales Revenue $485,000 Sales Returns $ 17,000 Cost of Goods Sold $161,000 Interest Expense on business loan $ 4,000 Car/Truck Expense (repairs, gas, oil, etc.) $ 8,300 Taxes and licenses $ 18,300 Depreciation $ 9,500 Utilities $ 3,500 Wages to sales staff $110,000 Fee paid to CPA for Schedule C $ 1,500 1.The net profit for the sole proprietorship would be $____________________, and it would be reported on _____________________. a. $154,600, Schedule C, Line 31. b. $154,600, Schedule C, Line 7. c. $152,400, Schedule C, Line 31. d. $151,900, Schedule C, Line 31. 2. Based on the information contained in Question 1 above, the only correct entry for the TP to report based on the following choices would be: a. $17,578 on Schedule 1, Line 12. b. $10,731 on Schedule 1, Line 15. c. $21,662 on Schedule SE, Line 13. d. $10,731 on Schedule 2, Line 4.

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