Cash basis of accounting

Case Study You started a business as a sole proprietor called Tax Consulting LLC. You provide tutoring services to college students to help them pass the Enrolled Agent exam. As a part of your tutoring services you sell authorized copies of Gleims textbook. In addition you operate on a cash basis of accounting. Fast forward: Youve been in business for a full year and its now time for you to file your Schedule C Form. Assume you gathered the following information: Tax Consulting LLC Business Expenses

1. You collected $100000 in cash for tutoring services.

2. You have 10 hours of tutoring for the last week of December that was not billed to students at the rate of $60 per hour.

3. The total rent for your office is $2500 per month.

4. Utilities total $1800 for the year.

5. You paid a part-time receptionist $5000 to answer the phone and make appointments.

6. You paid yourself a salary of $25000 for the year.

7. Your total costs for office supplies such as pens paper etc. totaled $3000 for the year.

8. You decide that the education system is lagging in your city and you donate $1000 to your local high school.

9. You purchased 50 Gleim books for $5 each and you sold 35 of them for $15 each.

10. The total miles on your automobile for the year equal 10000 miles of which 2000 miles were for business purposes. Assume the mileage rate is .545 cents per mile.

11. Depreciation expense on office furniture is $500 for the year.

12. You paid $4000 for personal health insurance for the year.

13. You take prospective clients out to lunch to discuss services. Your cost for meals for the year is $2000.

14. Your advertising costs total $100 for the year. Using the Lesson 3 Case Study Template calculate the net loss or net profit based on the information you learned in the lesson. I have attached the template and the notes. Also I can provide pdf book Please do not copy anything from any google resources. Solve your own answer

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