Given the following information, complete the 2020 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 and can substantiate all expenses.
-Jurassic One rents office space that is not in Henry’s home.
-Business cash received by Jurassic One for 2020:
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 2020:
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, the rest is principal.
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
please help fill out schedule c form for 2020!
| Schedule c form for 2020 | |
| PART 1 | |
| Service revenue from clients | $ 98,500 |
| Less: Business loan proceeds | $(20,000) |
| less: Interest earned | $ (145) |
| Gross profit (A) | $ 78,355 |
| PART 2 | |
| Adevertising | $ 850 |
| Depriciation | $ 760 |
| Interest on loan | $ 1,000 |
| Office expense | $ 2,300 |
| Rent expense | $ 8,400 |
| Taxes | $ 130 |
| utilities | $ 3,600 |
| Meals | $ 280 |
| (B) | $ 17,320 |
| Net Profit (A-B) | $ 61,035 |
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