Accounting Karen is self-employed and had the following income and expenses in 2020: Income 35 000 Cost of good sold 20 550 Business miles driven on personal car = 10,000 Parking fines 300 Meals 6 000 Prepaid insurance for the 12 months ending 6/30/21 5 000 Home office expenses = 400 square feet of 2,000 square foot home Karen operates the business on a cash basis and elects the simplified method for the home office deduction. Calculate the amount of Sch C net income / (loss) from this business.

Answer rating: 100% (QA)

Computation of Karens Net income Loss from the business Particulars ... View the full answer