Brett rents all necessary office furniture and equipment however repairs to the

Brett rents all necessary office furniture and

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Brett rents all necessary office furniture and equipment however repairs to the walls and painting were required to make it client ready. The total cost for the wall repairsand painting was $3,000. Revenue and expenses for Safe & Secure for the year were as follows:Security services Revenue$70,000Alarm monitoring services Revenue$15,000Equipment rent expense$10,000Business insurance expense$900Advertising expense$800Legal expenses$300Wages paid to his employee$13,000Payroll taxes paid on employee wages$1,400Office Supplies Expense$1,000Liability Insurance Expense$300Brett received the following interest and dividend income in 2015 (he did not have any interest in a foreign account or trust):InterestDividends2
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Webster Bank$600UTC Corporation**$2,000Waterbury Credit Union$200Ace Corporation**$900Multistate Municipal Bonds$300Walmart** $500**Non-Qualified dividendsOn November 1, 2010, Brett and Susan invested in Ace Corporation by purchasing 100 shares at $50/share. Concerned about the future of the company, he sold the shares at $10/share on February 1, 2015. Brett received a Form 1099-B from his investment company that reported the sale and basis of the stock sold.Prior to meeting Susan, Brett was married to Elaine, (social security #321-54-6789). Pursuant to their divorce agreement, Brett is required to make monthly alimony payments of $700 to Elaine. Brett faithfully makes each month’s payment. Alec graduated high school in June and decided to study chemistry at astate university. He received an academic scholarship of $10,000 towards his first year tuition expenses of $18,000. In addition, he took a student loan for $3,000 to pay for room and board. Brett paid the balance of Alec’s tuition costs from Brett’s savings account.
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