Homework Answers
Which of the following items is an addition to Schedule M-1 ?
Answer: c. Excess of capital losses over capital gains.
Life insurance proceeds is a subtraction, not an addition. So is tax depreciation in excess of book depreciation.
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Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income reported...
Prepare a Schedule M-1, page 5, Form 1120, reconciling Cramer’s book and taxable income. Cramer Corporation, a calendar...
Prepare a Schedule M-1, page 5, Form 1120,
reconciling Cramer’s book and taxable income.
Cramer Corporation, a calendar year, accrual basis corporation, reported $1.05 million of net income after tax on its 2018 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 $201,000. • Cramer's book income included $11,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock...
Cramer Corporation, a calendar year, accrual basis corporation, reported $1 million of net income after tax...
Cramer Corporation, a calendar year, accrual basis corporation, reported $1 million of net income after tax on its 2019 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...
Problem 11-8 Schedule M-1 (LO 11.4) The Loquat Corporation has book net income of $50,000 for...
Problem 11-8 Schedule M-1 (LO 11.4) The Loquat Corporation has book net income of $50,000 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return. • Federal income tax expense $7,500 • Depreciation deducted on the books which is not deductible for tax purposes 10,000 • Deduction for 50 percent of meals expense which is not allowed for tax purposes...
Problem 3-54 (LO. 5) Emerald Corporation, a calendar year and accrual method taxpayer, provides the following...
Problem 3-54 (LO. 5) Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M-1 for 2020: Net income per books (after-tax) $268,200 Federal income tax per books 31,500 Tax-exempt interest income 15,000 Life insurance proceeds received as a result of death of corporate president 150,000 Interest on loan to purchase tax-exempt bonds 1,500 Excess of capital losses over capital gains 6,000 Premiums paid on life insurance policy on life of...
Problem 11-8 (Algorithmic) Schedule M-1 (LO 11.4) The Loquat Corporation has book net income of $186,400...
Problem 11-8 (Algorithmic) Schedule M-1 (LO 11.4) The Loquat Corporation has book net income of $186,400 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return. • Federal income tax expense $27,960 • Depreciation deducted on the books which is not deductible for tax purposes 37,280 • Deduction for 50 percent of meals expense which is not allowed for tax...
1. Identify which section of the M-1 and the amount 2. Complete the M-1 Information Item...
1. Identify which section of the M-1 and the amount
2. Complete the M-1
Information Item Used Income-sub. To tax not In Books. Exp. - In books not deductible Income-On Books not Return Exp. - In return not on books Taxable income (1120 Line 28) - $1,159,000 Net Income per Books - $875,000 Federal Income Tax - $384,500 Excess Capital Losses over gains - $5,000 Installment Sale Income - $8,500 Tax Exempt Interest - $3,500 Life Insurance Proceeds - $100,000...
Schedule M-1 (LO 11.4) Caloundra Corporation has book income of $40,000. Included in the book income...
Schedule M-1 (LO 11.4) Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a $2.000 non- deductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30% owned corporation Using this information and Form 1120, provide the amounts that go on each line on the form. Click here to access a blank Form 1120 and accompanying instructions. a. Form 1120,...
Corporations LO.S The following information for 2018 relates to Sparrow Corpotation, a calendar year, accrual method...
Corporations LO.S The following information for 2018 relates to Sparrow Corpotation, a calendar year, accrual method taxpayer Net income per books (after-tax) Federal income tax per books Tax-exempt interest income MACRS depreciation in excess of straight-line depreciation $205,050 55,650 4,500 used for financial purposes Excess of capital loss over capital gains Nondeductible meals and entertainment Interest on loan to purchase tax-exempt bonds 7,200 9,400 5,500 1,100 Based on the above information, use Schedule M-1 of Form 1120, which is available...
Timpanogos Inc. is an accrual-method calendar-year corporation. For 2019, it reported financial statement income after taxes...
Timpanogos Inc. is an accrual-method calendar-year corporation. For 2019, it reported financial statement income after taxes of $1,152,000. Timpanogos provided the following information relating to its 2019 activities: Life insurance proceeds as a result of CEO’s death $ 200,000 Revenue from sales (for both book and tax purposes) 2,000,000 Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. 21,000 Charitable contributions 180,000 Cost of goods sold for book and tax purposes 300,000 Interest income...
Can someone explain to me what I did wrong as my net income doesnt equal taxable...
Can someone explain to me what I did wrong as my net income
doesnt equal taxable income. Or am i already correct?
Edit: Sorry if it wasnt clear. The question was to find the net
income on the first picture based on the second pictures
information. I have answered it and was wondering if someone could
check if i did it correctly.
MC16q27a, 2 points, due 0115 Please refer to the multiple choice question pasted on page 2. To understand...
Prepare a Schedule M-1, page 5, Form 1120,
reconciling Cramer’s book and taxable income.
Cramer Corporation, a calendar year, accrual basis corporation, reported $1.05 million of net income after tax on its 2018 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 $201,000. • Cramer's book income included $11,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock...
Problem 3-54 (LO. 5) Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M-1 for 2020: Net income per books (after-tax) $268,200 Federal income tax per books 31,500 Tax-exempt interest income 15,000 Life insurance proceeds received as a result of death of corporate president 150,000 Interest on loan to purchase tax-exempt bonds 1,500 Excess of capital losses over capital gains 6,000 Premiums paid on life insurance policy on life of...
1. Identify which section of the M-1 and the amount
2. Complete the M-1
Information Item Used Income-sub. To tax not In Books. Exp. - In books not deductible Income-On Books not Return Exp. - In return not on books Taxable income (1120 Line 28) - $1,159,000 Net Income per Books - $875,000 Federal Income Tax - $384,500 Excess Capital Losses over gains - $5,000 Installment Sale Income - $8,500 Tax Exempt Interest - $3,500 Life Insurance Proceeds - $100,000...
Schedule M-1 (LO 11.4) Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a $2.000 non- deductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30% owned corporation Using this information and Form 1120, provide the amounts that go on each line on the form. Click here to access a blank Form 1120 and accompanying instructions. a. Form 1120,...
Corporations LO.S The following information for 2018 relates to Sparrow Corpotation, a calendar year, accrual method taxpayer Net income per books (after-tax) Federal income tax per books Tax-exempt interest income MACRS depreciation in excess of straight-line depreciation $205,050 55,650 4,500 used for financial purposes Excess of capital loss over capital gains Nondeductible meals and entertainment Interest on loan to purchase tax-exempt bonds 7,200 9,400 5,500 1,100 Based on the above information, use Schedule M-1 of Form 1120, which is available...
Can someone explain to me what I did wrong as my net income
doesnt equal taxable income. Or am i already correct?
Edit: Sorry if it wasnt clear. The question was to find the net
income on the first picture based on the second pictures
information. I have answered it and was wondering if someone could
check if i did it correctly.
MC16q27a, 2 points, due 0115 Please refer to the multiple choice question pasted on page 2. To understand...
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