1) Calculate 12/31/2023 Book to Tax Income Account Name Sales Less: Sales returns & allowances Less: Cost of Sales Dividend Income Tax-exemp interest Net Capital Gains (losses) $ Net Sales $ Gross Profit $ Salaries Officers Bonuses Other Salaries Rent Interest expense (on the $100,000 business loan) Employment taxes Tax expense Repairs Depreciation 5 Amortization(start up expenses) Book Income Total Income $ 925,000 $ (32,000) $ 893,000 $ (540,200) 352,800 2,500 5,000 $ 4,000 $ 364,300 $ 80,000 20,000 40,000 36,000 $ $ 4,500 8,320 $ 15,000 $ 4,800 $ 12,400 $ O $ Book to Tax Adjustments O (2,500) 5,800 2,940 $ $ (5,000) (4,000) (9,000) $ $ Tax Income 925,000 (32,000) 893,000 (540,200) 352,800 2,500 355,300 80,000 20,000 40,000 36,000 4,500 8,320 12,500 4,800 18,200 2,940 J Explanation provide the reason/IRC Section associated with your adjustment. If calculations are required, please provide your work below. Use formulas wherever possible.
1) Calculate 12/31/2023 Book to Tax Income Account Name Sales Less: Sales returns & allowances Less: Cost of Sales Dividend Income Tax-exemp interest Net Capital Gains (losses) $ Net Sales $ Gross Profit $ Salaries Officers Bonuses Other Salaries Rent Interest expense (on the $100,000 business loan) Employment taxes Tax expense Repairs Depreciation 5 Amortization(start up expenses) Book Income Total Income $ 925,000 $ (32,000) $ 893,000 $ (540,200) 352,800 2,500 5,000 $ 4,000 $ 364,300 $ 80,000 20,000 40,000 36,000 $ $ 4,500 8,320 $ 15,000 $ 4,800 $ 12,400 $ O $ Book to Tax Adjustments O (2,500) 5,800 2,940 $ $ (5,000) (4,000) (9,000) $ $ Tax Income 925,000 (32,000) 893,000 (540,200) 352,800 2,500 355,300 80,000 20,000 40,000 36,000 4,500 8,320 12,500 4,800 18,200 2,940 J Explanation provide the reason/IRC Section associated with your adjustment. If calculations are required, please provide your work below. Use formulas wherever possible.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:1) Calculate 12/31/2023 Book to Tax Income
Account Name
Sales
Less: Sales returns & allowances
Less: Cost of Sales
Dividend Income
Tax-exemp interest
Net Capital Gains (losses)
$
Net Sales $
Gross Profit $
Salaries Officers
Bonuses
Other Salaries
Rent
Interest expense (on the $100,000 business loan)
Employment taxes
Tax expense
Repairs
Depreciation
5 Amortization(start up expenses)
Book Income
Total Income $
925,000 $
(32,000) $
893,000 $
(540,200)
352,800
2,500
5,000 $
4,000 $
364,300 $
80,000
20,000
40,000
36,000 $
$
4,500
8,320 $
15,000 $
4,800 $
12,400 $
O $
Book to Tax
Adjustments
O
(2,500)
5,800
2,940
$
$
(5,000)
(4,000)
(9,000) $
$
Tax Income
925,000
(32,000)
893,000
(540,200)
352,800
2,500
355,300
80,000
20,000
40,000
36,000
4,500
8,320
12,500
4,800
18,200
2,940
J
Explanation provide the reason/IRC Section associated with
your adjustment. If calculations are required, please provide
your work below. Use formulas wherever possible.
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