27 May Only Tax Accountant
Tax Return Problem
Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1112. Devon does not want $3 to go to the Presidential Election Campaign Fund.
Devon’s wife, Ariane, passed away in 2012. Devon’s son, Tom, who is age 16, resides with Devon. Tom’s Social Security number is 123-45-6788.
Devon owns a sole proprietorship for which he uses the accrual method of accounting and maintains no inventory. His revenues and expenses for 2016 are as follows:
Sales revenue$740,000Cost of goods sold (based on purchases for the year)405,000Salary expense88,000Rent expense30,000Utilities8,000Telephone6,500Advertising4,000Bad debts5,000Depreciation
21,000Health insurance26,000Accounting and legal fees7,000Supplies1,000
Health Insurance-$8,000 for Devon and $18,000 for the employess; Devon choose the immediate expense election of $21,000 of Office Equipment.
Other income received by Devon includes the following:
Dividend income (qualified dividends): Swan, Inc.$10,000 Wren, Inc.2,000Interest income: First National Bank11,000 Second City Bank2,500 County of Santa Fe, NM bonds17,000
During the year, Devon and his sole proprietorship had the following property transactions:
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