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Please complete all the sections Accounts Net Income per Books Adjustments Taxable Income Sales Revenue $1,500,000.00 Cost of Goods Sold ($600,000.00) Gross Margin $900,000.00 Dividends
Please complete all the sections
Accounts | Net Income per Books | Adjustments | Taxable Income | ||
Sales Revenue | $1,500,000.00 | ||||
Cost of Goods Sold | ($600,000.00) | ||||
Gross Margin | $900,000.00 | ||||
Dividends from 10% owned Corporation | $2,000.00 | ||||
Interest from city issued bonds | $500.00 | ||||
Capital Gains from sale of real estate | $10,000.00 | ||||
Salary (payment to a single officer) | ($500,000.00) | ||||
Parking fines | ($200.00) | ||||
Organizational Expense (Total $60,000) Amortize over 10 years company started this year (1/1/2019) | ($6,000.00) | ||||
Bad Debt Expense (for AR allowance adjustment; 50% of accrual amount actually written off) | ($15,000.00) | ||||
Owner Expensed his personal trip to Las Vegas | ($3,500.00) | ||||
Guarateed Payments | ($7,000.00) | ||||
Goodwill Impairment | $0.00 | ||||
Capital Loss from sale of equipment | ($4,000.00) | ||||
Warrant Expense (Actual payments = $2,000) | ($1,500.00) | ||||
Depreciation Expense ($10,000 piece of equipment acquired on 6/1/2019. MACRS 5 year property) | ($1,000.00) | ||||
Charitable Contributions | ($35,000.00) | ||||
Meals and Entertainment | ($5,000.00) | ||||
Net Income | $334,300.00 | $0.00 | $0.00 |
Accounts | Ordinary Items | Separately Stated Items | ||
Sales Revenue | ||||
Cost of Goods Sold | ||||
Gross Margin | ||||
Dividends from 10% owned Corporation | ||||
Interest from city issued bonds | ||||
Capital Gains from sale of real estate | ||||
Salary (payment to a single officer) | ||||
Parking fines | ||||
Organizational Expense (Total $60,000) Amortize over 10 years company started this year (1/1/2019) | ||||
Bad Debt Expense (for AR allowance adjustment; 50% of accrual amount actually written off) | ||||
Owner Expensed his personal trip to Las Vegas | ||||
Guarateed Payments | ||||
Goodwill Impairment | ||||
Capital Loss from sale of equipment | ||||
Warrant Expense (Actual payments = $2,000) | ||||
Depreciation Expense ($10,000 piece of equipment acquired on 6/1/2019. MACRS 5 year property) | ||||
Charitable Contributions | ||||
Meals and Entertainment | ||||
Net Income | $0.00 | $0.00 |
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