- 8 -
Gross receipts or sales $1,056,833
Less returns and allowances 8,802
Balance 1,048,031
Cost of goods sold:
Inventory at beginning
of year $12,551
Purchases 575,317
Cost of labor 203,661
Other costs:
Cash (over/under) $1,680
Operating supplies 29,077
Program costs 13,026
Total other costs 43,783 43,783
Inventory at end of year
of year -0-
Total cost of goods sold 835,312 835,312
Gross profit 212,719
Deductions:
Compensation of officers 14,914
Salaries and wages 44,799
Repairs and maintenance 1,456
Rents 25,161
Taxes and licenses 28,201
Depreciation 8,409
Advertising 200
Employee benefit programs 24,453
Other deductions:
Accounting 5,086
Auto and truck 308
Bank charges 1,097
Computer expense 961
Dues and subscriptions 20
Employee development
training 1,940
Insurance 7,727
Internet service
provider 2,238
Janitorial 1,409
Laundry and
cleaning 105
Legal and
professional 5,500
Meals and
entertainment 402
Miscellaneous 269
Office expense 4,533
Outside services 4,421
Parking and toll 120
Security 2,185
Supplies 660
Telephone 7,870
Utilities 18,514
Total other deductions 65,365 65,365
Total deductions 212,958 212,958
Taxable loss 239
In a notice of deficiency mailed to petitioner on August 4,
2005, respondent disallowed all of petitioner’s deductions and
costs of goods sold, determining that those items were
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Last modified: November 10, 2007