The Steiner Corporation had earnings before taxes of 240,000 for the year ended December 31, 2015. During that year, the Company had the following tax-related circumstances:

Steiner was permitted to deduct the balance of a $20,000 charitable contribution that it made in 2014; the company was permitted to deduct $11,000 in 2014.

During 2015, Steiner made payments of $95,600 to the taxing authorities for its estimated taxes.

The company wrote off uncollectible accounts receivable of $31,000 during 2015. Steiner estimated its bad debts expense for the year at 0.1% of its sales of $19,000,000.

During 2015, Steiner paid $11,000 to independent contractors to repair the products which it had sold to customers and which were still under warranty. The compensation of its own repairman who worked on products under warranty was $7,000. Replacement parts used in the repairs cost $4,000. Its estimate of warranty expense for 2015 was $28,000.

In 2015 depreciation was greater for book purposes than the cost recovery by the tax laws by $14,000.

Prepare a schedule for the Steiner Corporation that reconciles earnings before taxes with taxable income for 2015.

The Steiner Corporation

Computation of Taxable Income

For the Year Ended December 31, 2015

Earnings before taxes $240,000

Temporary differences:

Excess of book purposes for GAAP purposes

over depreciation for tax purposes $ 14,000

Difference between estimate of warranty

expense required for accounting purposes

and actual tax deductible cash payments 17,000

Difference between contribution expense in

accordance with GAAP and the lesser

deduction permitted for income tax purposes (9,000)

Excess of uncollectable account receivable ?

Taxable Income ?

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