29 Jun Question Tarass Inc. is an accrual
Question
Tarass Inc. is an accrual-method calendar-year corporation. Tarass, Inc. did not qualify for the domestic production activities deduction. The following information has been provided about the activities occurring in 2013: Reported on the financial statement – income after taxes $2,585,000 Life insurance proceeds from CFO’s death 100,000 Revenue from sales 3,500,000 Key-person life insurance policies premium 15,000 Cost of goods sold (reported on book) 275,000 MACRS depreciation 65,000 Book depreciation 40,000 AMT depreciation 60,000 Interest income on private activity tax-exempt bonds 25,000 Interest paid on loan to purchase tax-exempt bonds 25,000 Net capital loss 35,000 Rental income received and earned in 2013 5,000 Rental income received in 2012 but earned in 2013 10,000 Rental income received in 2013 but not earned 5,000 Overhead costs expensed for financial reporting but are included in ending inventory for tax purposes under 263A4 5,000 Overhead costs expensed for financial reporting in 2012 but included in 2012 ending inventory. All 2012 ending inventory was sold in 2013. Charitable contributions 315,000 Federal income tax expense reported on financial statements 350,000 Using the information provided, complete the following tasks: Using Excel, prepare a reconciliation of book income and tax income. Set up the Excel spreadsheet using the example below: Line Item Book Income (Dr) Cr Book-tax adjustments Taxable Income (Dr) Cr (Dr) Cr Calculate Tarass Inc.’s tax liabili
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.