The writer is very fast, professional and responded to the review request fast also. Thank you.
Presentation/PPT
27/08/2022
Problem C: 3-65: Permtemp Corporation formed in 2008 and, for that year, reported the following book income statement and balance sheet, excluding the federal income tax expense, deferred tax assets, and deferred tax liabilities:Sales $20,000,000Cost of goods sold) (15,000,000)Gross profit $ 5,000,000Dividend income 50,000Tax-exempt interest income 15,000Total income $ 5,065,000Expenses:Depreciation $ 800,000Bad debts 400,000Charitable contributions 100,000Interest 475,000Meals and entertainment 45,000Other 3,855,000Total expenses) 5,675,000Net loss before federal income taxes $ (610,000)Cash $ 500,000Accounts receivable $ 2,000,000Allowance for doubtful accounts) (250,000) 1,750,000Inventory 4,000,000Fixed assets $10,000,000Accumulated depreciation) (800,000) 9,200,000Investment in corporate stock 1,000,000Investment in tax-exempt bonds 50,000Total assets $16,500,000Accounts payable $2,610,000Long-term debt 8,500,000Common stock 6,000,000Retained earnings) (610,000)Total liabilities and equity $16,500,000Additional information for 2008:The investment in corporate stock is comprised of less-than-20%-owned corporations.Depreciation for tax purposes is $1.4 million under MACRS.Bad debt expense for tax purposes is $150,000 under the direct writeoff method.Limitations to charitable contribution deductions and meals and entertainment expenses must be tested and applied if necessary.Qualified production activities income is zero.Required for 2008:a. Prepare page 1 of the 2008 Form 1120, computing the corporations NOL.
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more