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John is the sole shareholder of Bead Jewelry, a cash basis calendar-year C corporation. The corporation had the following items of income and expense for
John is the sole shareholder of Bead Jewelry, a cash basis calendar-year C corporation. The corporation had the following items of income and expense for 2014 Sales revenue (all cash sales $250 Cost of goods sold (all cash paid in 2014) $85 Rent paid for store space (all in cash $12. Depreciation expenses for taxable income $20. Depreciation expenses on the financial statement $10 Interest income from City of Flint bonds Call cash) $4 Interest income from Microsoft Corporation bonds (all cash $3 Salary paid in cash $50. Cash contribution to the Democratic Party (all cash $15 Parking tickets Call cashm $3 Compute the taxable income Bead Jewelry. Specifically, how does each of the following items impact the taxable income? If an item increases the taxable income, write the positive number. If an item decreases the taxable income, write the negative number. If an item does not impact the taxable income, write 0. For instance, the sale of 250 increases the taxable income, write 250 such as the one in the column. Sales 250 COGS Renta Depreciation expenses for taxable income Depreciation expenses on the financial statement Interest from City of Flint bonde Interest from Microsoft bond Salary Cash contribution to the Democratic Party Parking tickets Taxable incomero
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