Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need A to d. same question different parts. note that this is for 2020 sorry its for 2022 more clear photos updated A &B

i need A to d. same question different parts. note that this is for 2020 image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
sorry its for 2022
more clear photos updated
image text in transcribed
image text in transcribed
A &B
image text in transcribed
image text in transcribed
C
image text in transcribed
D
image text in transcribed
Timpanogos incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial staternent income after raxes of $1,342,000. Timpanogos provided the following information relating to its 2022 activities Ife Insurance procecds as a result of CEO+s death Revenue from sales (for both booki and tax purposes) Prentums paid on the key-person life insurance policies, The policies have no cash surrender value. Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds interest pald on loan obtained to purchase tax-exeopt bonds Rental incone paynents recelved and earned in 2022 Gental tocone payments received in 2021 but earned in-2a22 Thental incone poyments recelved in 2922 but not earned by year+end Tax depreciation sook Deprectation. liet caphtal loss federal income tax expense for books in 2022 Required: a. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive ot taxable income. b. Identify each book-tax difference as elther permanent (P) or temporary (T): c. Complete Schedule M-1 for Timpanogos. a. Compute Timpanooos Incordorated's tax liability. income. Jdentily anch booketaik difference os alther permanent (P) or temporary (T). (Tiegstive n meunte should be indicated by a miniur ilgr. Leave no ansner bianks Enter zero if applice ble.) Ba_anamatadion af Inrome ft nskl ner Books With Incorme per Return d. Compute Timpanogos Incorporated's tax liability. Complete this question by entering your answers in the tabs below. Compute Timpanogos Incorporated's tax liability. Timpanogos Incorporated is an accrual-method, calendar-year corporation, For 2022, it reported financial statement income after taxes of $1,342,000. Timpanogos provided the following information relating to its 2022 activities: Life insurance proceeds as a result of CEO's death Revenue fron sales (for both book and tax purposes) Preniuns paid on the key-person life insurance policies, The policies have no cash surrender value. Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exenpt bonds Interest paid on toan obtained to purchase tax-exenpt bonds Rental incone paynents received and earned in 2022 Rental incone paynents received in 2021 but earned in 2022 Rental incone paynents received in 2022 bot not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal incone tax expense for books in 2022 Required: a. Reconcile book income to toxable income for Timpanogos incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos incorporated's tax liability. Complete this question by entering your answers in the tabs below. 1ok income to taxable income for Timpanogos incorporated. Be sure to start with book income and identify ustments necessary to arrive at taxable income. I book-tax difference as either permanent (P) or temporary (T). thedule M-1 for Timpanogos. npanogos Incorporated's tax liability. tis question by entering your answers in the tabs below. Reconcile book income to taxable income for Timpanogos Incorporated, Be sure to start with book income and identify all of the at book-tax difference as either permanent (P) or temporary (T). Note: Negative amounts should be indicated by a minus sign. Leave no answer blank, Enter zero if applicable. ilign. Leave no answer blank. Enter zero if applicable. Complete this question by entering your answers in the tabs below. Reconcitiation of lncome (Loss) per Books With income per Return a. Reconcile book income to taxable income for Timpanogos incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos incorporated's tax liability. Complete this question by entering your answers in the tabs below. Compute Timpanogos Incorporated's tax liability

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Hartgraves And Morse

6th Edition

1934319805, 978-1934319802

More Books

Students also viewed these Accounting questions

Question

In what order are accounts arranged in the general ledger? Why?

Answered: 1 week ago