tax accounting 3

Project Description:

problem 1: scott butterfield is self-employed as a cpa. he uses the cash method of accounting, and his social security number is 644-47-7833. his principal business code is 541211. scott’s cpa practice is located at 678 peso dr., la mesa, ca 92041. during 2013, scott had the following income and expenses:
fees from cpa practice - $128,250
expenses:
car mileage (3,173 business miles) – 1,793
business insurance – 870
office expense – 3,450
rent on office space – 8,400
city business license – 150
travel expense – 4,100
meals and entertainment – 4,780
utilities – 1,625
wages of secretary – 25, 700
scott placed his car in service on january 1, 2008. this year he commuted 2,000 miles in it and drove it 4,000 miles for nonbusiness purposes. his wife has a car for personal use.
complete schedule c on pages 3-41 and 3-42 for scott showing scott’s net income from self-employment.
problem 3: 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 - $50,000
travel – 1,000
transportation 6,009 miles, using standard mileage method – 4,000
entertainment in total – 4,000
seven gifts at $50 each – 350
rent and utilities for apartment in total – 10,000
(20% is used for a home office)
what is the net income margaret should show on her schedule c? show the calculation of her taxable business income.
gross income
expenses (describe each)
taxable business income
problem 5: kevin owns a retail store, and during the current year he purchased $600,000 worth of inventory. kevin’s beginning inventory was $65,000, and his ending inventory is $75,000. during the year, kevin withdrew $15,000 in inventory for his personal use. use part iii of schedule c below to calculate kevin’s cost of goods sold for the year.
problem 8: teresa is a civil engineer who uses her automobile for business. teresa drove her automobile a total of 21,732 miles during 2013, of which 95 percent was business mileage. the actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $8,300.
a. how much is teresa’s transportation deduction based on the standard mileage method?
b. how much is teresa’s transportation deduction based on the actual cost method?
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