Question
Akdemir Spark Plug Manufacturers, Inc. reports the following information for the year ended December 31,2022: Gross income from operations $ 1,700,00 Dividends from 35% owned
Akdemir Spark Plug Manufacturers, Inc. reports the following information for the year ended December 31,2022:
Gross income from operations $ 1,700,00
Dividends from 35% owned Auto Zone,Inc . $ 50,000
Purchases for cost of goods sold 490,000
Salaries of workers 75,000
Salary for president Mary Akdemir (reasonable) 200,000
Long-term capital gains 10,000
Long-term capital losses 12,000
Short-term capital gains 3,000
Short-term capital losses 5,000
Auto & truck expenses 11,000
Charitable contributions 75,000
Depreciation expense 65,000
Advertising 10,000
Fines and penalties 4,000
Licenses & fees 5000
Telephone and utilities 15,000
Political contributions 7,500
Professional fees 7500
Office expenses 22,500
Meals purchased at local restaurants 25,000
Repairs and maintenance 36,000
Take-out meals purchased 5,000
Rent 160,000
Payroll taxes 21,000
State and local taxes 13,000
Corporate States taxes 1,000
Net operating loss from 2020 25,000
Compute the total income ,total deductions and taxable Income from Akdemir Spark Plug Manufacturing ,Inc ( ASPMI) for the year 2022.
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