In order to understand the tax and financial terms for a small business, look at the information on a Schedule C.
First, I will give you the general outline of the Schedule C on the table below, and then I will provide more explanation of each term in the table.
Schedule C
| Schedule C | |
| Gross Receipts and Sales | $100,000.00 |
| less Returns and Allowances | -$5,000.00 |
| less Cost of Goods Sold | -$16,700.00 |
| =Gross Business Income | $78,300.00 |
| Less Expenses | -$62,000.00 |
| =Net Income | $16,300.00 |
