$ 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
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 46P
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how to fill out the irs form 1120 for this problem?Please and thank you.
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
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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