Corporate Tax Retur Prepare a corporate tax return using the tax return software that you used last semester (TaxAct or ProConnect) for the Jackson Corporation. Use the financial information provided in the problem distributed in class and the balance sheet provided below. Make up any additional information that may be required (e.g., address, EIN, date of incorporation, etc.) Post the completed tax return along with a book-tax reconciliation spreadsheet to Moodle by Monday, April 22 1/1/2017 12/31/2017 Acount Cash Acounts receivable Allowance for doubtful accounts Invento Investment in corporate stock Equipment Accumulated depreciation Accounts payable Common stock Retained earnings - unappropriated Totals Debit Credit Debit Credit 71,870 38,350 151,575 49,150 8,000 12,000 18,960 83,000 30,500 110,000 624,000 804,000 97,500 18,725 725,000 116,000 1,016,1801,016,180965,225965,225 68,000 31,180 725,000 180,000 Note the company paid a cash dividend of $250,000 on 12/31/2017. There was a sufficient amount of current and accumulated earnings and profits to characterize the distribution as a dividend Jackson Corporation Income Statement 12/31/2017 Book M-1 Ad Tax Gross Profit 500,000 500,000 Expenses Depreciation Other operating expenses Bad debt expense Total Expenses 59,500 105,500 22,000 187,000 59,500 105,500 22,000 187,000 Other income or loss Loss on sale of Equipment Gain on Invest Corp Stock Dividend Income Invest Corp Total other income (70,000) 30,000 3,000 (37,000) (70,000) 30,000 3,000 (37,000) Income taxes Federal income tax Net Income 90,000 186,000 90,000 186,000 Corporate Tax Retur Prepare a corporate tax return using the tax return software that you used last semester (TaxAct or ProConnect) for the Jackson Corporation. Use the financial information provided in the problem distributed in class and the balance sheet provided below. Make up any additional information that may be required (e.g., address, EIN, date of incorporation, etc.) Post the completed tax return along with a book-tax reconciliation spreadsheet to Moodle by Monday, April 22 1/1/2017 12/31/2017 Acount Cash Acounts receivable Allowance for doubtful accounts Invento Investment in corporate stock Equipment Accumulated depreciation Accounts payable Common stock Retained earnings - unappropriated Totals Debit Credit Debit Credit 71,870 38,350 151,575 49,150 8,000 12,000 18,960 83,000 30,500 110,000 624,000 804,000 97,500 18,725 725,000 116,000 1,016,1801,016,180965,225965,225 68,000 31,180 725,000 180,000 Note the company paid a cash dividend of $250,000 on 12/31/2017. There was a sufficient amount of current and accumulated earnings and profits to characterize the distribution as a dividend Jackson Corporation Income Statement 12/31/2017 Book M-1 Ad Tax Gross Profit 500,000 500,000 Expenses Depreciation Other operating expenses Bad debt expense Total Expenses 59,500 105,500 22,000 187,000 59,500 105,500 22,000 187,000 Other income or loss Loss on sale of Equipment Gain on Invest Corp Stock Dividend Income Invest Corp Total other income (70,000) 30,000 3,000 (37,000) (70,000) 30,000 3,000 (37,000) Income taxes Federal income tax Net Income 90,000 186,000 90,000 186,000
