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Determine the schedule c net income

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John Mason operates a consulting business, Mason Enterprises, as a sole proprietorship. He had to transfer $100,000 of stocks and securities into Mason Enterprise's name to show financial viability for the business. During the current year, the business had the following income and expenses from operations:

Consulting revenue

$125,000

Travel expenses

40,000

Transportation

3,000

Advertising

7,000

Office expense

3,000

Telephone

1,000

Dividends

5,000

Interest

2,000

Charitable contribution

1,000

Political contribution

6,000

Determine the Schedule C net income. How are items not included in the Schedule C net income reported?

Reference no: EM13539849

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