C11-Chp-06-6B-Sol-Corp-Tax-Return-Assign-2011

C11-Chp-06-6B-Sol-Corp-Tax-Return-Assign-2011 - Tab: Tax...

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Tab: Tax Return Prob-2010 File: 4961d2b34c6e89f552e4b0b2dc36c3f714d7dc5d.xls. Page 1 of 3 Corporate Tax Return Problem December 31, 2010 Cash 24,000 Accounts receivable 48,000 Investment in IBM Stock 100,000 Investment in North Carolina Bonds (7%) 200,000 Fixed assets 200,000 Accumulated depreciation 16,000 Accounts payable 70,000 Capital stock 400,000 Retained earnings Service revenue 600,000 Dividend income 10,000 Interest income 14,000 Salary expense for employees 300,000 Payroll taxes 29,000 Bad debts expense (Note 1) 5,000 N. C. Corp. estimated income taxes - 2010 12,000 Federal Corp. estimated income taxes - 2010 40,000 Rent expense 73,000 Depreciation expense (Note 2) 16,000 Entertainment expenses 18,000 Capital loss 15,000 Charitable Contribution 30,000 Trial Balance Total $1,110,000 $1,110,000 Total Revenue 624,000 Total Expenses 538,000 Net income per books 86,000 Note 1. The company uses the direct write-off method for bad debts. Note 2. Depreciation for tax purposes is $20,000 Net income (loss) per books $86,000 Bad Debts Charitable Contribution $30,000 Tax-exempt Interest (14,000) Federal Income Tax 40,000 Excess Capital Losses 15,000 Travel and Entertainment (50%) 9,000 Depreciation Expense (4,000) Base for Charitable Contribution Limit 162,000 Limit on Charity Deduction (10%) 16,200 Actual Contributions 30,000 Carryover 13,800 162,000 Charitable contribution deduction (16,200) Taxable Income before Dividend Received Deduction 145,800 Dividends received deduction (70%) (7,000) Taxable income 138,800 Income Tax Computation 50,000 15% 7,500.00 25,000 25% 6,250.00 25,000 34% 8,500.00 38,800 39% 15,132.00 Income tax 138,800 37,382.00
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Tab: 1120-front File: 4961d2b34c6e89f552e4b0b2dc36c3f714d7dc5d.xls Page 2 of 3 Name:________________________ Student ID Number Class ________ Row:_________ 1120 U.S. Corporation Income Tax Return 2010 Income 1a Gross Receipts 600,000 b. Less: Returns Bal 1c 600,000 2 Cost of Goods Sold………. .……………………. .………………………………………………… 2 3 Gross Profit………. .……………………. .……………………………………………………… 3 600,000 4 Dividends………. .……………………. .……………………………………………………… 4 10,000 5 Interest………. .……….………………. .……………………………………………………… 5 6 Gross Rents…. ..……. .……………………. .……………………………………………………… 6 7 Gross royalties………. .……………………. .……………………………………………………… 7
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This note was uploaded on 11/28/2011 for the course ACCT 5110 taught by Professor Jkn during the Spring '11 term at Punjab Engineering College.

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C11-Chp-06-6B-Sol-Corp-Tax-Return-Assign-2011 - Tab: Tax...

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