AC 553 Saint Peters College US Corporation Income Tax Return Worksheet


I deficiency acceleration after a while a Accounting investigation. All explanations and answers conquer be used to acceleration me collect.

1. A corporation has $14,525,000 of schedule on its dimensionss at the end of the year.  During the year the corporation purchased $6,500,000.00 of raw symbolicals, it so had $ 5,000,000 in merchandise mandible, and frequented strive costs in the quantity of 3,250,000.  It spent $ 5,500.00 on other evolution costs.  At the opening of the year the corporation 11,650,250 of schedule on its dimensionss.  Please reckon the Cost of Goods sold that the corporation conquer fame on its Form 1120.   

2. Corporation Genesis is a manufacturing corporation.  Using the subjoined advice delight reckon the corporation’s taxable allowance and tax due.  Also delight reckon their hues and receipts for 2018.     

(i)For the year 2018 Corporation Genesis had dimensions allowance of $ 1,050,000.  

(ii)The corporation had dimensions backbiting of $10,049, and tax backbiting of $ 27,650 for effects placed in utility in 3.1.2017.  (tax backbiting MACRS)

(iii)Also, the corporation purchased computers for $12,000.00 on 4.15.2018.  (tax backbiting MACRS)

(iv)On its dimensionss It has occupation meals price of $1,250.00 and entertainment prices of $650.00.  

(v)During the year 2018 the corporation filed their sales tax revert slow and they got assessed a retribution in the quantity $150.  

(vi)The corporation hedges issue in ordain to offset some of its raw symbolical price but accordingly of the traffic in 2018 they had Principal Losses in the quantity $ 165,000 (NOTE: they did not own any principal gains).   

(vii)in ordain to reckon their hues and receipts the corporation uses S/L backbiting which for 2018 is $15,065.