Assignment Enter the following transactions in the books of Madam Comfort for the month ended 30
April 2011
April
started business by paying $50,000 into Bank
April 4
purchased goods by cheque $10,000
April
bought furniture by cheque $15.000
April
sold goods for cash $12.000
April
purchase goods on credit from Bronze $30.000
April 15
paid rate by cheque $2.000
April 12
received commission by cash $8000
April 18
sold goods on credit to K. Badu - $25,000
April 19
Withdrew cash for personal use $5,000
April 20
received cash from K. Badu $20.000​

James jones is the owner of a small retail business operated as a sole proprietorship. during 2017, his business recorded the following items of income and expense: revenue from inventory sales $ 147,000 cost of goods sold 33,500 business license tax 2,400 rent on retail space 42,000 supplies 15,000 wages paid to employees 22,000 payroll taxes 1,700 utilities 3,600 compute taxable income attributable to the sole proprietorship by completing schedule c to be included in james’s 2017 form 1040. compute self-employment tax payable on the earnings of james’s sole proprietorship by completing a 2017 schedule se, form 1040. assume your answers to parts a and b are the same for 2018. further assume that james's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. calculate james's 2018 section 199a deduction.