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  3. the tps sole proprietorship had the following reve

The TPs sole proprietorship had the following revenues and expenses during 2022: Sales Revenue $485,000...

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Accounting

The TPs sole proprietorship had the following revenues and expenses during 2022:

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

Based on the information contained in Question 2 above, the only correct entry for the TP to report based on the following choices would be:

$17,578 on Schedule 1, Line 12.

$10,731 on Schedule 1, Line 15.

$21,662 on Schedule SE, Line 13.

$10,731 on Schedule 2, Line 4.

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