Book Balance Adjustment Book Balance Adjustment Trial Balance Tax Return
Description DR CR DR CR DR CR DR CR DR CR Summary Tic Marks
3,622,000 3,622,000 108,818 108,818 3,715,818 3,715,818 341,318 341,318 3,715,818 3,715,818
- - -
Operating Expenses
Salaries-Officers 210,000
Salaries-Sales & Clerical 265,000
Repairs & Maintenance 20,000
Bad Debt expense 5,000
Interest Expense 14,000
Charitable Contributions 60,000
Depreciation (per book) 40,000
Advertisng 14,000
Meals & Entertainment 16,000
Taxes (State, local & payroll) 50,000
Life Insurance Premiums 10,000
Long Term Capital Loss 9,000
Federal Income Taxes paid 240,550
Penalty Underpayment 3,268
956,818
Operating Expenses
Salaries-Officers 210,000
Salaries-Sales & Clerical 265,000
Repairs & Maintenance 20,000
Bad Debt expense 1,000
Interest Expense 14,000
Charitable Contributions 60,000
Depreciation (per book) 50,000
Advertisng 14,000
Meals & Entertainment 5,000
Taxes (State, local & payroll) 50,000
Dividend Received Deductions 3,500
Total Allowable Deductions 692,500
Step 4: Compare
Tentative DRD 3,500
Taxable Income Limitation -
Choose the lower 3,500
Charitable Contribution
Actual paid during the year 60,000
Limitation -
Event Date Amount Due Amount Paid Balance Due Percent # of days Penalty
Amount Due 4/15/2012 60,136 60136 6% 0
Payment 4/15/2012 37500 22636 6% 61 227