Homework Answers
Scedule M1-Reconciliation of incoe(loss) per books with income per return
| 1.Net income (loss) per books | $125730 | 7.Income recorded on books this year not included on this return (itemize): | |
| 2.Federal income tax | $10500 | a.Tax-exempt Interest | $3500 |
| b.proceeds of life insurence on president | $75000 | ||
| 3.Excess of cap losses over cap gains | $3600 | 8.Deductions on this return not charged against book income this year (itemize) | |
| 4.Income subject to tax not recorded on books this year (itemize): | a. Depreciation | $1400 | |
| 5.Expenses recorded on books this year not deducted on this return (itemize): . | b. charitable Contributions | - | |
| a. Depreciation | - | ||
| b.charitable Contributions | $520 | ||
| c.Travel and entertainment | $150 | ||
| d.Insurance premium on life of president | $1250 | ||
| 6.total | $141750 | 9.Total | $79900 |
| 10.Income | $61850 |
.Scedule M2-Analysis of Unappropriated Retained earnings per books
| 1.Balance at the begining of the year | $200000 | 5.distributions: | |
| 2.Net income/loss per books | $125730 | a.cash | - |
| 3.other increses | - | b.stock | - |
| c.property | - | ||
| 6.other decrease-divident | $23500 | ||
| 4.add lines 1,2,3 | $325730 | 7.add lines 5,6 | $23500 |
| 8.balance at the end of year | $302230 |
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1-22 Schedules M-1, M-2. P Corporation reports the following information for 2020: b. What are the...
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...
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...
Comprehensive Problem 5-56 (LO 5-1, LO 5-2, LO 5-3) Compute HC Inc.'s current-year taxable income given...
Comprehensive Problem 5-56 (LO 5-1, LO 5-2, LO 5-3) Compute HC Inc.'s current-year taxable income given the following information relating to its 2019 activities. Also, compute HC's Schedule M-1 assuming that HC's federal income tax expense for book purposes is $30,000. Use Exhibit 16-6. • Gross profit from inventory sales of $310,000 (no book-tax differences). • Dividends HC received from 28 percent-owned corporation of $120,000 (this is also HC's pro rata share of the corporation's earnings). • Expenses other than...
Based on the book income to taxable income reconciliation you completed use the attached spreadsheet to...
Based on the book income to taxable income reconciliation you
completed use the attached spreadsheet to complete Palo Alto’s
Schedule M-1.
OTHER EXPENSES AND TOTAL EXPENSES FOR TAXABLE INCOME ARE
-340,000 AND -15,845,000
Palo Alto, Inc.
Schedule M-1
1
Net income per books
2
Federal income tax per books
3
Excess of capital losses over capital gains
4
Income subject to tax not recorded on books this year
(itemize)
5
Expenses recorded on books this year not deducted on this...
Blue Corporation's financial accounting records disclose the following results for the period ending December 31 of...
Blue Corporation's financial accounting records disclose the following results for the period ending December 31 of the current year: B (Click the icon to view the results for the period ending December 31.) Requirement What is Blue's unappropriated retained earnings balance on December 31 of the current year? (lf a box is not used in the table leave the box empty; do not enter a zero.) Schedule M-2 Analysis of Unappropriated Retained Earnings per Books 1 Balance at beginning of...
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...
LO.S Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks...
LO.S Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M-1 for 2018. $268,200 Net income per books (after-tax) Federal income tax per books Tax-exempt interest income Life insurance proceeds received as a result of death of corporate president Interest on loan to purchase tax-exempt bonds Excess of capital loss over capital gains Premiums paid on life insurance policy on life of Emerald's president 31,500 15,000 150,000 1,500 6,000 7,800
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...
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...
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...
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...
Comprehensive Problem 5-56 (LO 5-1, LO 5-2, LO 5-3) Compute HC Inc.'s current-year taxable income given the following information relating to its 2019 activities. Also, compute HC's Schedule M-1 assuming that HC's federal income tax expense for book purposes is $30,000. Use Exhibit 16-6. • Gross profit from inventory sales of $310,000 (no book-tax differences). • Dividends HC received from 28 percent-owned corporation of $120,000 (this is also HC's pro rata share of the corporation's earnings). • Expenses other than...
Based on the book income to taxable income reconciliation you
completed use the attached spreadsheet to complete Palo Alto’s
Schedule M-1.
OTHER EXPENSES AND TOTAL EXPENSES FOR TAXABLE INCOME ARE
-340,000 AND -15,845,000
Palo Alto, Inc.
Schedule M-1
1
Net income per books
2
Federal income tax per books
3
Excess of capital losses over capital gains
4
Income subject to tax not recorded on books this year
(itemize)
5
Expenses recorded on books this year not deducted on this...
Blue Corporation's financial accounting records disclose the following results for the period ending December 31 of the current year: B (Click the icon to view the results for the period ending December 31.) Requirement What is Blue's unappropriated retained earnings balance on December 31 of the current year? (lf a box is not used in the table leave the box empty; do not enter a zero.) Schedule M-2 Analysis of Unappropriated Retained Earnings per Books 1 Balance at beginning of...
LO.S Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M-1 for 2018. $268,200 Net income per books (after-tax) Federal income tax per books Tax-exempt interest income Life insurance proceeds received as a result of death of corporate president Interest on loan to purchase tax-exempt bonds Excess of capital loss over capital gains Premiums paid on life insurance policy on life of Emerald's president 31,500 15,000 150,000 1,500 6,000 7,800
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...
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...
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