Tax help Unit 9 assignment

Tax help Unit 9 assignment - C:3-65 Permtemp Corporation...

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Unformatted text preview: C:3-65 Permtemp Corporation formed in 2008 and, for that year, reported the following book income statement and balance sheet, excluding the federal income tax expense, deferred tax assets, and deferred tax liabilities: Sales $20,000,000 Cost of goods sold ) Gross profit $ 5,000,000 Dividend income 50,000 Tax-exempt interest income Total income $ 5,065,000 Expenses: Depreciation $ 800,000 Bad debts 400,000 Charitable contributions 100,000 Interest 475,000 Meals and entertainment 45,000 Other Total expenses ) Net loss before federal income taxes $ (610,000) Cash $ 500,000 Accounts receivable $ 2,000,000 Allowance for doubtful accounts ) 1,750,000 Inventory 4,000,000 Fixed assets $10,000,000 Accumulated depreciation ) 9,200,000 Investment in corporate stock 1,000,000 Investment in tax-exempt bonds Total assets Accounts payable $2,610,000 Long-term debt 8,500,000 Common stock 6,000,000 Retained earnings ) Total liabilities and equity Additional information for 2008: • The investment in...
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