Fee Income		2,000,000
Interest Income		25,000
Total Revenue		2,025,000
Salaries and wages		600,000
Rent		24,000
Charitable contributions		1,000
Utilities		2,000
Office Supplies		1,500
Autotmobile Expenses		5,000
Telephone		3,500
Repairs and Maintenance		800
Amortization-organization expense		30,100
Depreciation		8,500
Fee to Harry		5,000
Employee Benefits		60,000
Postage		200
Entertainment Expenses		3,500
Insurance		5,000
Litigation expense		10,000
Interest Expense		500
Total Expenses		760,600
Net Income		1,264,400
Less Separately stated items

Calculate Taxable Income

Taxable Income Check Figure should be 1,234,326

Four adjustments are needed to Book income in order to get taxable income

Separately stated items subtracted from book income should total 24,000