lololo12344321
Jan 24, 2010, 01:33 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.
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.