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  1. business
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  3. margaret started her own business in the current y

Margaret started her own business in the current year and will report a profit for...

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Accounting

Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows:

Gross income $45,000
Expenses:
Travel $1,000
Contribution to Presidential Election Campaign $100
Transportation (5,725 miles evenly throughout the year, using standard mileage method) ?
Entertainment in total $4,200
Nine gifts at $50 each $450
Rent and utilities for apartment in total $10,500
(25% is used for a home office)

Complete the table below to determine the net income Margaret should show on her Schedule C.

If an amount is zero, enter "0". If required, round the amounts to the nearest dollar.

Gross income $
Expenses:
Travel $
Political contribution $
Transportation $
Entertainment $
Gifts $
Rent and utilities $
Total expenses $
Taxable business income $

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