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View Full Version : C corporation... adjusted trial balance and tax


lololo12344321
Jan 24, 2010, 12:54 PM
For the year ended December 2009 Practice C corporation

Gross Income 590,800
Cost of Goods Sold
Project Expenses 115,000

Expenses:
Working Owner Compensation 220,000
Other Salary 120,000
Office Expense 6060
Interest Expense 2600
Donation 5000
Meals % Entertainment (100%) 12,000
Liability Insurance 6000
Health Insurance-Employees 22,000
Health Insurance-Officer/Owner 8,500
Federal Taxes Paid 5,500
Taxes: Payroll, tangile and state 31,000
MACRS Depreciation expense 7,000
New equipment purchased 3/1/09 4,500
Auto expense (100%) 3,400 ---85% business use
Amortization expense 80

Other Income
Divident Income (Microsoft stock) $400
Interest Income $100.00

BOOK & TRIAL BALANCE CASH BASIS 13/31/2009
Cash & Money Market $ 35,627
Equipment $75,000
Accumulated Depreciation $(50,000)
_________________
25,000
Organization Costs $1,200
Accum. Amortization (267)
______________
933

Deposits-Utilities $2,000
Investment-Microsoft $ 20,000

Note Payable- Suntrust all LT $25,000
Common Stock 5,000
Paid in Capital 20,000
Retained Earnings at 12/31/2008 10,900

Additional Info

1- on 12/31/08 form 1120 taxes paid was $7,000
2- Overpayment on 2008 was $1,500 carried over to 12/31/2009
3- The $5,500 in estimated 2009 tax payment made as follows
3/15 $250
6/15 1750
9/15 1750
12/15 1750
4- Taxpayer desires to minimize taxes and apply any overpayment to next year
5- Schedule L ---assume beginning cash $ 5887
6- Complete schedule M1 and M2
7- New assets purchased must be capitalized and depreciated using section 179 expense selection
8- Personal use of auto expense is 15%

Must prepare an adjusted trial balance then prepare tax return. Prepare 2009 form 1120 and 4562 and any supporting schedule.

lololo12344321
Jan 24, 2010, 12:55 PM
Any help would be greatly appreciated as I'm lost...

morgaine300
Jan 26, 2010, 03:55 AM
It's less confusing if you don't go around double posting stuff. I responded to this on your other post:
https://www.askmehelpdesk.com/finance-accounting/c-corporation-prepare-unadjusted-balance-prepare-1120-a-438650.html