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Compute Taxable income and M-1 Schedule. Opportunity Landscaping's 2018 trial balance includes the following information: Debit Credit Account $ 2,793,700 Gross sales Sales returns and
Compute Taxable income and M-1 Schedule.
Opportunity Landscaping's 2018 trial balance includes the following information: Debit Credit Account $ 2,793,700 Gross sales Sales returns and allowances 92,000 758,000 Cost of goods sold Dividends received from stock investments in less than 20% owned U.S. corporations 23,000 Interest income: Certificates of deposit (PNC Bank) 6,100 2,200 State bonds Premiums on term 1ife insurance (the policies are owned by the corporation and cover Mario and Bruce; the corporation is the beneficiary) Compensation of officers Salaries and wages (non-officers) Repairs Bad debts 12,000 300,000 477,000 23,745 8,500 28,000 9,200 16,700 106,200 Rental expense Entertainment expenses Travel includes $1,200 of meals) Taxes state, local, payroll) Interest expense: Loan to purchase state bonds Other business loans (including mortgage) 370 6,285 15,000 42,000 41,200 2,500 187,902 Charitable contributions Depreciation Advertising Miscellaneous expenses Federal income tax expense Totals 2,126,602 2,825,000 Book Income 698,398Step by Step Solution
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