Answered step by step
Verified Expert Solution
Question
1 Approved Answer
InterTax Inc., a calendar year C corporation, began operations on January 1, 2019. Based on the income statement provided, complete page 1 of Form
InterTax Inc., a calendar year C corporation, began operations on January 1, 2019. Based on the income statement provided, complete page 1 of Form 1120, U.S. Corporation Income Tax Return, for InterTax's first year of operations. Enter all amounts in the table as positive, whole values. If the amount is zero, enter a zero (0). A B 123 1 Gross receipts 123 2 Taxable interest 123 3 Capital gain or (loss) 123 4 Compensation of officers 123 5 Salaries and wages Income InterTax Inc. INCOME STATEMENT For the Year Ended December 31, 2019 Tax Book 1,880,000 1,880,000 0 2,400 16,400 16,400 1,896,400 1,898,800 5,707 15,600 800,000 800,000 240,000 240,000 76,800 76,800 12,000 12,000 30,000 30,000 2,000 2,000 10,000 10,000 2,000 2,000 10,000 10,000 7,000 7,000 75,200 30,400 1,270,707 1,235,800 625,693 663,000 62,569 80,000 563, 124 583,000 118,256 122,430 444,868 460,570 Consulting fees Tax-exempt interest Interest income on bank accounts Total income Organization expenses Office salaries Salaries and wages Rent Utilities Advertising Repairs Taxes Employee benefits Interest Office supplies Depreciation Total expenses Net income before charitable contributions Charitable contributions Pre-tax income Federal tax expense Net income Expenses
Step by Step Solution
★★★★★
3.42 Rating (168 Votes )
There are 3 Steps involved in it
Step: 1
For income tax purposes the amounts for calculation of income tax were to be considered ...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