FedIncTaxPay - (TB-BS) (TB-IS) audit adjustments: 940...

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Peach Blossom Cologne Company G-1 Federal Income Taxes Payable 2-4-10 12-31-09 AOW (Prepared by client) ========================================================================== Tax Tax Liability Expense ========================================================================== Balance 12-31-08 23023 @ Additions: 2009 taxes 100000 100000 Payments: 123023 Final payment Jan. 2009 on 2008 taxes 23023Y First quarter deposit, 2009 taxes 25000Y Second quarter deposit, 2009 taxes 25000Y Third quarter deposit, 2009 taxes 25000Y 98023 25000 100000 ^ ^ (1) Adjustments to income tax and income tax liability resulting from
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Unformatted text preview: (TB-BS) (TB-IS) audit adjustments: 940 Federal income tax expense (10593) 307 Federal income taxes payable (10593) Balance per audit 14407 89407 (1) INCOME TAX EXPENSE PER AUDIT: 15% on first: $50000 7500 25% on next: 25000 6250 34% on amt over: 75000 222,521 75657 Per audit 89407 Per client 100000 Required adjustment (10593) ^ Footed @ Agreed to prior year's audit working papers. Y Traced to cash disbursements journal. Reference (AJE # 6) to record tax adjustment Pretax income: 297521 = =...
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FedIncTaxPay - (TB-BS) (TB-IS) audit adjustments: 940...

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