Please see attached file, all information needed are included in attached file.

TAX 5015 Practice C Corp, Inc. (cash/tax basis) The bookkeeper, who is not an educated accountant provided you with the following unadjusted information. For Year Ended December 31, 2016: Gross Income $491,000.00 Cost of Goods Sold Project Expenses $135,000.00 Expenses: Working Owner/Officer Compensation Other Salary Office Expense Interest Expense Donations Meals & Entertainment (100%) Liability Insurance Health Insurance Health Insurance - Officer/owner Federal Taxes Paid (see below) Taxes: Payroll, Tangible, State MACRS Depreciation Expense New equipment purchased 3/1/16 Auto Expense ( shown at 100%) Amortization Expense $100,000.00 $120,000.00 $21661.00 $2600.00 $5,000.00 $8600.00 $6000.00 $22,000.00 $8,500.00 $5,500.00 $31,000.00 $4685.00 $8100.00 $3,400.00 $80.00 for assets purchased in prior years Other Income: Dividend Income ( Microsoft Stock) Interest Income Practice C Corp, Inc. Book & Tax Trial Balance Cash Basis at 12/31/2016: Sally Rice - 85% business use substantiated $400.00 $100.00 TAX 5015 Cash and Money Market Equipment Accumulated Depreciation $35627.00 $75,000.00 ($63286.) $11714.00 Loan Costs (15 year loan) Accumulated Amortization $1,200.00 (267.00) $933.00 Deposits - Utilities Investment - Microsoft at cost $1000.00 $20000.00 Note Payable - Suntrust all LT (interest only since inception of business) Common Stock Paid-in Capital Retained Earnings at 12/31/2015 $25,000.00 $3,000.00 $21,000.00 $10,900.00 Additional Information: 1. On 12/31/2015, Form 1120 taxes paid = $7,000.00 2. Overpayment 12/31/2015: $1,500.00 carried over to 12/31/2016 3. The $5500.00 in Estimated 2016 tax payments made as follows: 3/15/2016 $250.00 06/15/2016 $1,750.00 09/15/2016 $1,750.00 12/15/2016 $1,750.00 4. Taxpayer desires to minimize taxes and apply any overpayment to next year 5. Schedule L - assume beg cash $21488. 6. Complete schedule M-1 and M-2 7. New assets purchased are not expensed despite the bookkeepers entry and therefore must be capitalized first and then depreciated using section 179 expense election. If you do not know what this means. Please reread your principles of accounting text chapter on fixed assets. 8. Personal Use of auto expense is 15% 9. If you do not know the definition of ordinary and qualified dividends, please see Individual tax text or find same definitions on IRS website. 10. Employer sponsored health plan is 100% ACA compliant, premiums paid by company. NOTES: Business Name: Practice C Corp, Inc, TAX 5015 Business Address: 800 Pear Street, Tampa, FL 33689 Employer Identification Number: 59-3764333 Business: home staging Business started: September 1, 2012 Elected to amortize loan costs over 180 months life of loan Owners: (1) Sally Rice 300 Apple Street Tampa, FL 33788 - 267-55-8818 - 80% owner - works in business 90% of time (2) Kelly Small 500 Orange Street Tampa, FL 33789 - 389-44-7789 - 20% owner - does not work in business - Personally guaranteed Suntrust note Practice C Corp, Inc. You must prepare an adjusted trial balance Until this is accurate do not attempt to prepare the tax return. Forms and instructions available at www.irsgov. You must create a beginning Balance sheet There is ample information to do this and you will review your Intermediate 1 and Principles 1 class skills. You must adjust for items that must be capitalized. Do not accrue for anything, this is cash basis taxpayer as are most small businesses. . Prepare Form 1120 for Practice C Corp, Inc. You will need forms: 2016 - 1120, 1125-A, 1125-E 4562 and manually prepared supporting schedules - read forms and instructions available for your use on IRS website