Ch 12Q3 pt1

Question 3 Sam worked as a landscape designer for many years for a local plant nursery. This tax year, she started her own landscape design business called Sam's Garden Designs. Sam brought in her Income Statement. In addition, she wants to also deduct the tax prep fees for this year: $450. What is Sam’s net income or (loss) for the tax year? Sam's Garden Designs Income Statement For Year Ending December 31, 2022 Sales revenue Cost of goods sold Gross profit Advertising Supplies Utilities Business insurance Charitable cash donation (60% organization) $55,000 $25,000 $30,000 500 500 1,550 1,000 500