my calculation is not right Complete this question by entering your answers in the tabs below.Required ARequired BPrepare a Schedule M-1, page 6, Form 1120, reconciling Cramer's book and taxable income. (Any Expenses (Line 5) and Deductions (Line 8) thatare not included under Depreciation, Charitable Contributions, and Travel and Entertainment should be combined in the corresponding line item"Other". Enter all amounts as positive. Enter your answers in whole dollars not in millions.)Show less ASchedule M-1Reconciliation of Income (Loss) per Books With Income per ReturnNote: The corporation may be required to file Schedule M-3. See instructions1,000,000 7 Income recorded on books this year not included on1 Net income (loss) per books2 Federal income tax per books3 Excess of capital losses over capital gains200,000this return (itemize):Tax-exempt interest4 Income subject to tax not recorded on books this year(itemize):8 Deductions on this return not charged against book5 Expenses recorded on books this year not deducted onthis return (itemize):income this year (itemize):a Depreciationb Charitable contributionsc Other (include all items)a Depreciation75,000b Charitable contributionsc Travel and entertainmentd Other (include all items)6 Add lines 1 through 5THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS4,00075,00075.0004,000 9 Add lines 7 and 81,204,000 10 Income (page 1, line 28) - line 6 less line 91,129,000OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. © 2020 McGraw-Hill Education.< Required ARequired B > Problem 11-12 (Static) [LO 11-3, 11-4]Cramer Corporation, a calendar year, accrual basis corporation, reported $1 million of net income after tax on its 2020 financialstatements prepared in accordance with GAAP. The corporation's books and records reveal the following information:Cramer's federal income tax expense per books was $200,000.• Cramer's book income included $10,000 of dividends received from a domestic corporation in which Cramer owns a 25 percentstock interest, and $4,000 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest.• Cramer recognized $10,000 of capital losses this year and no capital gains.Cramer recorded $8,000 of book expense for meals and $10,000 of book expense for entertainment costs.Cramer's depreciation expense for book purposes totaled $400,000. MACRS depreciation was $475,000.Required:a. Compute Cramer's federal taxable income and regular tax liability.b. Prepare a Schedule M-1, page 6, Form 1120, reconciling Cramer's book and taxable income.Complete this question by entering your answers in the tabs below.Required ARequired BCompute Cramer's federal taxable income and regular tax liability. (Enter your answers in whole dollars not in millions.)AmountTaxable incomeTax liability$1,139,000239,190:

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Cramer Corporation, a calendar year, accrual basis corporation, reported $1 million of net income after tax on its 2020 financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: • Cramer's federal income tax expense per books was $200,000. • Cramer's book income included $10,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock interest, and $4,000 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest. • Cramer recognized $10,000 of capital losses this year and no capital gains. • Cramer recorded $8,000 of book expense for meals and $10,000 of book expense for entertainment costs. • Cramer's depreciation expense for book purposes totaled $400,000. MACRS depreciation was $475,000. Required: a. Compute Cramer's federal taxable income and regular tax liability. b. Prepare a Schedule M-1, page 6, Form 1120, reconciling Cramer's book and taxable income.

Cramer Corporation, a calendar year, accrual basis corporation, reported $1 million of net income after tax on its 2020 financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: • Cramer's federal income tax expense per books was $200,000. • Cramer's book income included $10,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock interest, and $4,000 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest. • Cramer recognized $10,000 of capital losses this year and no capital gains. • Cramer recorded $8,000 of book expense for meals and $10,000 of book expense for entertainment costs. • Cramer's depreciation expense for book purposes totaled $400,000. MACRS depreciation was $475,000. Required: a. Compute Cramer's federal taxable income and regular tax liability. b. Prepare a Schedule M-1, page 6, Form 1120, reconciling Cramer's book and taxable income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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