Question
Complete page 1 of Form 1120 (use the 2019 version of this form - IRS.gov) with the following information. Upload your completed form by the
Complete page 1 of Form 1120 (use the 2019 version of this form - IRS.gov) with the following information.
Upload your completed form by the deadline.
Chelsea Corporation (34 Chelsea Drive, Sarasota, Florida, 33456) is a calendar-year corporation; its EIN is 789999999 and it was incorporated on June 15, 2003. It reported the following for the current year:
| Sales = $1,450,000 | Pension contributions = $28,000 |
| Cost of sales = $625,000 | Business meals = $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 |
Chelsea Corporations made estimated tax payments of $15,000.
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Understanding And Auditing IT Systems Volume 2
Authors: Young-Woon Min
2nd Edition
1257758837, 978-1257758838
