Question: Given the following information, complete the 2019 Schedule C for Jurassic One. Jurassic One was formed as a sole proprietorship by Henry Wu 5 years
Given the following information, complete the 2019 Schedule C for Jurassic One.
Jurassic One was formed as a sole proprietorship by Henry Wu 5 years ago. Its primary purpose is cultivating Jurassic life. He has no employees for fear of them being eaten.
Jurassic One is a cash-basis business. He does not calculate COGS.
Jurassic One rents office space that is not in Henrys home.
Business cash received by Jurassic One for 2019:
o Service revenue from clients: $98,550
o Business loan proceeds: $20,000
o Interest earned on a checking account used solely for the business: $145.
Business cash paid by Jurassic One for 2019:
o Advertising globally: $850
o Depreciation calculated on machinery owned: $760
o Payments on business loan: $9,000. $1,000 is considered interest on the loan.
o Office expenses: $2,300 o Rent expense: $8,400
o Taxes and licenses: $130
o Utilities on office space: $3,600
o Payments to Henry as an owner: $66,000
o Meals while on the job: $280
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