Go to the IRS Web site {www.irs.gov), print the first page of Form 1120, and enter the

Question:

Go to the IRS Web site {www.irs.gov), print the first page of Form 1120, and enter the following information. Then determine Chelsea Corporation's tax owed or refund due if it made estimated tax payments of $15,000.
Chelsea (34 Chelsea Drive, Sarasota, Florida, 33456) is a calendar-year its EIN is 78-9999999 and it was incorporated on June 15, 2002. It reported the following for the current year:
Sales = $1,450,000............................Pension Contributions = $28,000
Cost of Sales = $625,000..................Meals and Entertainment = $12,000
Officers Compensation = $187,000...........................Utilities = $21,000
Salary and Wages = $266,000............Repairs and Maintenance = $14,000
Rent Expense = $48,000...........................Vehicle Expenses = $34,000
Taxes = $87,000..............................................Insurance = $30,000
Depreciation = $34,000.....................Employee Benefit Plans = $17,000
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...