How do I calculate taxable income in the form 1120? Taxable Income should be $40,000 . My
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How do I calculate taxable income in the form 1120?
Taxable Income should be $40,000.
My incorrect work:
PROBLEM:
Floyd Corporation was formed and began operations on January 1, 2020. The corporation is located at 210 N. Main St., Pearisburg, VA 24134 and the EIN is 91-1111111. The corporation's income statement for the year and the balance sheet at year-end are presented below.
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The corporation made estimated tax payments of $9,000. Assume any overpayment is credited to the 2021 estimated tax.
Required: Prepare Form 1120 for Floyd Corporation
Transcribed image text: Deductions (See instructions for limitations on deductions.) Income Total income. Grosse PH 83 2008
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