T11F-Chp-14-3D-Corp-Tax-Return-Assignment-MC-Questions-2011F

T11F-Chp-14-3D-Corp-Tax-Return-Assignment-MC-Questions-2011F...

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3a3590da16ceb4099da8b68500845dd9fe19cde0.doc. Page 1. Sample questions on corporate tax return assignment 1 Assume you determine that the CEO entertained customers at a Bowl Game on December 31, 2011, but did not file an expense reimbursement request until after this trial balance was prepared. The CEO spent $10,000 on entertainment for dozens of customers. This entertainment was not lavish or extravagant. Assume you make an adjusting entry to debit "Entertainment expense" for $10,000 and credit "Payable to Officer" for $10,000. Taking into account this additional information, what is the revised taxable income of the corporation for 2011? a. $134,800 b. $128,800 c. $129,800 d. $134,30 0 e. Other 2 Assume you determine that the CEO entertained customers at a Bowl Game on December 31, 2011, but did not file an expense reimbursement request until after this trial balance was prepared. The CEO spent $10,000 on entertainment for dozens of customers. This entertainment was not lavish or extravagant. Assume you make an adjusting entry to debit "Entertainment expense" for $10,000 and
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This note was uploaded on 03/09/2012 for the course ACCT 4220 taught by Professor Burton during the Spring '08 term at UNC Charlotte.

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