Hello, I need assistance in preparing a Schedule C Tax Form. My professor advised that the reported income and business revenue portions were incorrect.

Below is the information needed to complete the Schedule C Tax Form:

Below is the Schedule C Tax Form that I completed, with the incorrect information:

Can someone please provide the correct answers for the Schedule C Tax Form?

Please advise if any additional information is needed.

Jacob Weaver is a contractor operating as a sole proprietorship (EIN 12-3456789). 2019 Gross income: $278,322.25. Business expenses: Fuel for equipment $64,080.00 o Repairs and maintenance $17,342.00 Lubricants for Equipment $9.670.00 o Insurance $6,500.00 Wages $6,300.00 o Vehicles $1,768.00 o Legal and Professional Expenses $1,750.00 Taxes and Licenses $1,412.00 Advertising $300.00 Clients owe him a total of $53,000, for work completed in 2019. 2019 estimated tax payments were $25,000 He is using a bedroom in his house as a home office. (Square footage of home 5,600 Office 240 sq. ft.) . He has one half-time employee, Martin, who had been unemployed since returning from Afghanistan and is disabled. Martin worked for Jacob for 20 hours a week, for 41 weeks of 2019. He earned $10,500. Jacob had to spend $7,350 for disabled access equipment for Martin. . 243,332 1 2 243,332 3 4 5 6 7 243,332 243,332 18 19 20a 20b 21 22 23 17,342 1,412 24 Part 1 Income 1 Gross receipts or sales. See Instructions for line 1 and check the box if this income was reported to you on Form W-2 and the "Statutory employee" box on that form was checked 2 Ratums and allowances 3 Subtract line 2 from line 1 4 Cost of goods sold (from line 42) 5 Gross profit. Subtract line 4 from line 3 6 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) 7 Gross Income. Add lines 5 and 6 Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising 8 300 10 Office expense (see instructions) 9 Car and truck expenses (see 19 Pension and profit-sharing plans Instructions). 9 1,768 20 Rent or lease see instructions): 10 Commissions and fees 10 a Vehicles, machinery, and equipment 11 Contract labor (see instructions) b Other business property 12 Depletion 12 21 Repairs and maintenance 13 Depreciation and section 179 22 Supplies (not included in Part II). expense deduction (not 23 Taxes and licenses Included in Part II) (see instructions) 13 Travel and meals: Employee benefit programs a Travel (other than on line 19) 14 b Deductible meals (see 15 Insurance (other than health) 15 6,500 Instructions) 16 Interest (see instructions): 25 Utilities a Mortgage paid to banks, etc.) 16a 26 Wages (less employment credits) b Other 16b 270 Other expenses (from line 48) 17 Legal and professional services 17 1,750 b Reserved for future use 28 Total expenses before expenses for business use of home. Add lines 8 through 27a 29 Tentative profit or loss). Subtract line 28 from line 7 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method (see instructions). Simplified method filers only: enter the total square footage of: (a) your home: Use the Simplified and (b) the part of your home used for business Method Workshoot in the instructions to figure the amount to enter on line 30 31 Net profit or loss). Subtractine 30 from line 20 If a profit, enter on both Schedule 1 (Form 1040 or 1040-SR), line 3 (or Form 1040-NR, line 13) and on Schedule SE, line 2. or you checked the box on line 1. soe instructions). Estates and 24a 14 24b 25 26 27a 27b 28 29 5.300 73,750 109,122 134,200 30 1,200 31 133.000 Cost 34 value closing Inventory b Lower of cost or market @ Other (attach explanation) Was there any change in determining quantities, costs, or valuations between opening and closing inventory? "Yes," attach explanation Yos Na 35 Inventory at beginning of year. If different from last year's closing Inventory, attach explanation 35 36 Purchases less cost of items withdrawn for personal use 36 37 Cost of labor. Do not include any amounts paid to yourself 37 38 Materials and supplies 39 Other costs 39 40 Add lines 35 through 39 40 41 Inventory at end of year 41 42 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 44 When did you place your vehicle in service for business purposes? (month day, year) .............. of the total number of miles you drove your vehicle during 2019, enter the number of miles you used your vehicle for b Commuting (soo instructions) c Other a Business 45 Was your vehicle available for personal use during off-duty hours? Yes No Yes No 46 Do you for your spouse) have another vehicle available for personal use? Yes 470 Do you have evidence to support your deduction No Yes No b If "Yos," is the evidence writton? 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 44 When did you place your vehicle in service for business purposes? (month, day, year) of the total number of miles you drove your vehicle during 2019, enter the number of miles you used your vehicle for. Commuting (see instructions) a Business c Other 45 Yos No 46 Yos No Was your vehicle available for personal use during off-duty hours? Do you for your spouse) have another vehicle available for personal use? 47a Do you have evidence to support your deduction? b"Yes." is the evidence writton? Part V Other Expenses. List below business expenses not included on lines 8-26 or line 30. Yos No Yos No Fuels 54,080 9,670 Lubricants 48 Total other expenses. Enter here and on line 27a Schedule C Form 1040 or 1040-SR 2019