Question: Can someone complete a tax return form with this information: Binu teaches golf lessons at a country club under a business called Binu's Pure Swings

Can someone complete a tax return form with this information:
Binu teaches golf lessons at a country club under a business called Binu's Pure Swings (BPS). Binu
operates this business as a sole proprietorship on the accrual basis of accounting. Use the following
accounting information for BPS to complete the firm's Schedule C:
This year BPS billed clients for $86,700 and collected $61,000 in cash for golf lessons completed
during the year. In addition, BPS collected an additional $14,500 in cash for lessons that will
commence after year-end. Binu hopes to collect about half of the outstanding billings next year, but
the rest will likely be written off.
Besides providing private golf lessons, BPS also contracted with the country club to staff the driving
range. This year, BPS billed the country club $27,200 for the service. The club paid $17,000 of the
amount but disputed the remainder. By year-end, the dispute had not been resolved, and while Binu
believes BPS is entitled to the money, the remaining $10,200 has not been paid.
BPS has accrued the following expenses (explained below):
The expenditures were all paid for this calendar year, with several exceptions. First, Binu initiated his
golfer's malpractice insurance on June 1 of this year. The $2,400 insurance bill covers the last six
months of this calendar year and the first six months of next year. At year-end, Binu had only paid
$600 but has assured the insurance agent the remaining $1,800 will be paid early next year. Second,
the amount paid for club rental ( $100 per week) represents rental charges for the last 6 weeks of the
previous year, the 52 weeks in this calendar year, and the first 10 weeks of next year. Binu has also
mentioned that BPS only pays for supplies that are used at the club. Although BPS could buy the
supplies for half the cost elsewhere, Binu likes to "throw some business" to the golf pro shop because
it is operated by his brother.
Complete a draft of Parts I and II on the front page of a Schedule C for BPS.
Under This Form:
33 Method(s) used to value closing inventory:
aCost
b Lower of cost or market
c Other (attach explanation)
34 Was there any change in determining quantities, costs, or valuations between opening and closing inventory? If "Yes," attach explanationYesNo
35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation
36 Purchases less cost of items withdrawn for personal use
37 Cost of labor. Do not include any amounts paid to yourself.
38 Materials and supplies
39 Other costs.
40 Add lines 35 through 39
41 Inventory at end of year
42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4.
Part IV Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not required to file Form 4562 for this business. See the instructions for line 13 to find out if you must file Form 4562.
43 When did you place your vehicle in service for business purposes? (month/day/year)
44 Of the total number of miles you drove your vehicle during 2024, enter the number of miles you used your vehicle for:
a Business
b Commuting (see instructions)
c Other
45 Was your vehicle available for personal use during off-duty hours?Yes
46 Do you (or your spouse) have another vehicle available for personal use?.Yes No
47a Do you have evidence to support your deduction?Yes
No
b If "Yes," is the evidence written? Yes No
Can someone complete a tax return form with this

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!