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$ 320,000 20,000 340,000 (70,000) 270,000 $80,000 20,000 9,000 3,000 10,000 3,000 15,000 (140,000) 130,000 25,200 $ 104,800

$ 320,000 20,000 340,000 (70,000) 270,000 $80,000 20,000 9,000 3,000 10,000 3,000 15,000 (140,000) 130,000 25,200 $ 104,800

FINANCIAL ACCOUNTING
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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how to fill out the irs form 1120 for this problem?Please and thank you.

16. Go to the IRS website (www.irs.gov) and determine which IRS publication addresses the topic of corporate taxation. Print out the page with the Table of Contents of this IRS publication. 11.9 OUP 3: MPREHENSIVE PROBLEMS 1. Floyd Corporation was formed and began operations on January 1, 2020. The corpora- tion is located at 210 N. Main St., Pearisburg, VA 24134 and the EIN is 91-1111111. The corporation's income statement for the year and the balance sheet at year-end are presented below. The Floyd Corporation Income Statement for the Year Ended December 31, 2020 $ 320,000 Gross income from operations Qualified dividends received from a 15 percent- owned domestic corporation Total gross income Cost of goods sold Total income Other expenses: Compensation of officers Salaries and wages Bad debts (direct charge-offs) Repairs Depreciation for book (tax depreciation = $90,000) Advertising Payroll taxes Total other expenses (140,000) 130,000 25,200 $104,800 Pretax book income Income tax expense Net income
Transcribed Image Text:16. Go to the IRS website (www.irs.gov) and determine which IRS publication addresses the topic of corporate taxation. Print out the page with the Table of Contents of this IRS publication. 11.9 OUP 3: MPREHENSIVE PROBLEMS 1. Floyd Corporation was formed and began operations on January 1, 2020. The corpora- tion is located at 210 N. Main St., Pearisburg, VA 24134 and the EIN is 91-1111111. The corporation's income statement for the year and the balance sheet at year-end are presented below. The Floyd Corporation Income Statement for the Year Ended December 31, 2020 $ 320,000 Gross income from operations Qualified dividends received from a 15 percent- owned domestic corporation Total gross income Cost of goods sold Total income Other expenses: Compensation of officers Salaries and wages Bad debts (direct charge-offs) Repairs Depreciation for book (tax depreciation = $90,000) Advertising Payroll taxes Total other expenses (140,000) 130,000 25,200 $104,800 Pretax book income Income tax expense Net income
Corporate Income Tax The Floyd Corporation Balance Sheet as of December 31, 2020 Assets: Cash $140,600 Accounts receivable Inventory (at cost) Equipment Less: accumulated depreciation Total assets Liabilities and owners' equity: Accounts payable Other liabilities (10,000) 16,800 Note payable (due in 10 years) Common stock Retained earnings Total liabilities and owners' equity 104,800 The corporation made estimated tax payments of $9,000. Complete Form 1120 for Floyd Corporation on Pages 11-43 through 11-48.
Transcribed Image Text:Corporate Income Tax The Floyd Corporation Balance Sheet as of December 31, 2020 Assets: Cash $140,600 Accounts receivable Inventory (at cost) Equipment Less: accumulated depreciation Total assets Liabilities and owners' equity: Accounts payable Other liabilities (10,000) 16,800 Note payable (due in 10 years) Common stock Retained earnings Total liabilities and owners' equity 104,800 The corporation made estimated tax payments of $9,000. Complete Form 1120 for Floyd Corporation on Pages 11-43 through 11-48.
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