C12-Chp-02-3B-Corp-Tax-Return-Assignment-Problem-2012

C12-Chp-02-3B-Corp-Tax-Return-Assignment-Problem-2012 -...

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Unformatted text preview: Tab: C Corp - Tax Return Prob-2011 File: 68ff48d40b1b5e52fe91613200d80b148d66d520.xls. Page 1 of 4 Corporate Tax Return Problem Name: _____________________ Using the information below, please prepare a Form 1120 for the Charlotte Corporation. You may submit your answer on the spreadsheets in this file, which are designed to be similar to the actual corporate tax return. The corporation was started on January 1, 2011. Schedules A, C, E, J, and K are omitted The corporation is not a member of a controlled group. December 31, 2011 Dr Cr. 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 - 2011 12,000 Federal Corp. estimated income taxes - 2011 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 Tab: ComputeTaxableIncome File: 68ff48d40b1b5e52fe91613200d80b148d66d520.xls. Page 2 of 4 Net income (loss) per books Taxable income before Charity & Div. Ded. Charitable contribution deduction Taxable Income before Div. Rec. Ded. Dividends received deduction Taxable income Income Tax Computation 50,000 15% 7,500.00 25,000 25% 6,250.00 25,000 34% 8,500.00 39% Tab: 1120-front File: 68ff48d40b1b5e52fe91613200d80b148d66d520.xls Page 3 of 4 Name:________________________ Student ID Number Class ________ Row:_________ 1120 U.S. Corporation Income Tax Return 2011 Income 1a Gross Receipts b. Less: Returns Bal 1c 2 Cost of Goods Sold.... 2 3 Gross Profit.... 3 4 Dividends.... 4 5 Interest..... 5 6 Gross Rents.......Gross Rents....
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C12-Chp-02-3B-Corp-Tax-Return-Assignment-Problem-2012 -...

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