12A IM WP H-4 Fed IT Payable - Prn

12A IM WP H-4 Fed IT Payable - Prn - 25000 Y 138772 Balance...

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1. Federal Income Tax and Retained Earnings Working Papers Assignment #12 Completing the Audit REQUIRED EXERCISES Apple Blossom Cologne Company H-4 Federal Income Taxes Payable 2-3-04 12-31-03 JWP (Prepared by client) ======================================================================================== Tax Tax Liability Expense ======================================================================================== Balance 12-31-02 63772 @ Additions: 2003 taxes 100000 100000 Payments: 163772 Final payment Jan. 2003 on 2002 taxes 63772 Y First quarter deposit, 2003 taxes 25000 Y Second quarter deposit, 2003 taxes 25000 Y Third quarter deposit, 2003 taxes
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Unformatted text preview: 25000 Y 138772 Balance 12-31-03, per client 25000 100000 ^ ^ (1) Adjustments to income tax and income tax (TB-BS) (TB-IS) liability resulting from audit adjustments. Reference (AJE # 19) to record tax adjustment: 940 Federal income tax expense (20892) 307 Federal income taxes payable (20892) Balance per audit 4108 79108 (1) INCOME TAX EXPENSE PER AUDIT: 15% 15% on first 50000 7500 25% 25% on first 25000 6250 34% 34% on amt over: 75000 $192,230 65358 Per audit 79108 Per client 100000 Required adjustment (20892) ^ Footed. @ Agreed to prior year's audit working papers. Y Traced to cash disbursements journal....
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This note was uploaded on 11/01/2011 for the course ACCT 2301 taught by Professor Lewis during the Spring '09 term at Husson.

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