Answered step by step
Verified Expert Solution
Question
1 Approved Answer
fill out the necessary forms to report this c - corporation tax return 5. The corporation's trial balance as of December 31 , 2023, provided
fill out the necessary forms to report this ccorporation tax return
5. The corporation's trial balance as of December 31 , 2023, provided to you, the tax preparer, is as follows: Balance sheet: Cash Accounts receivable Allowance for doubtful accounts Inventory Marketable securities Building Accumulated depreciation - building Equipment Accumulated depreciation - equiprnent Office fumiture & fixtures Accumulated depreciation - fumiture & fixtures Land Organizational expenditures Accumulated amortization Accounts payable Federal income tax payable Payroll taxes payable Property taxes payable Salaries & wages payable State franchise tax payable Notes payable Mortgage payable Capital stock ($10 Paid-in capital Retained eamings (prior Dividends paid Current earnings Totals 44,873 75,007 48,630 79,494 381,316 497,119 6,646 140,683 13,405 10,000 | 297 173 1,485 31,575 272,702 3,952 10,724 27,946 4,861 2,040 11,890 6,425 330,750 420,575 10,000 72,177 32,537 57 534 1 297 173 Income statement: Account name Sales Sales retums & allowances Purchases Purchase discounts Purchase retums & allowances Inventory variance: Beginning inventory Ending inventory Accident and health insurance Accounting fees Advertising Amortization of organizational costs Bad debt expense Charitable contributions Depreciation: Building Fumiture & fixtures Equipment Federal income taxes Interest expense Legal expenses Offce expense Officer's salaries: Blanche Devereaux Dorothy Sophia Petrillo Rose NyJyngt Payroll taxes Property taxes Rent expense Repairs Salaries & wages: Office salaries Sales commissions State franchise taxes Telephone Travel Other travel expenses Utilities Worker's compensation insurance Gain on sale of equipment Dividend income Gain on sale of rnarketable securities Recovery of bad debts Sub-totals Net income Totals Debit 5,230 154,700 55,200 8,413 6,748 4,548 2,681 791 15,500 8,237 93,750 10,000 43,529 2,787 3,847 64,800 30,000 25,000 40,000 54,892 3,382 6,726 18,684 10,375 259,872 6,425 1 ,487 1,198 812 22,385 11,725 974,712 57 534 Credit 962,330 7,305 48,630 8,383 2,328 1,791 1,032,246
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started