What amount should tom report as net earnings from self


From the records of Tom, a cash basis sole proprietor, the following information was available:

Gross receipts $ 30,000
Dividend income (on personal investments)      200
Cost of sales  15,400
Other operating expenses    3,000
State business taxes paid     300

What amount should tom report as net earnings from self employment

Solution Preview :

Prepared by a verified Expert
Accounting Basics: What amount should tom report as net earnings from self
Reference No:- TGS02587607

Now Priced at $10 (50% Discount)

Recommended (95%)

Rated (4.7/5)