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I need to calculate adjustment charitable contribution for corporation. The contribution paid in cash.
debit credit
net sales 3,750,000
dividends 29,000
Interest 12,000
Gain on sale of stock 35,000
Key-person Life ins.proc 110,000
GOS 2,150,000
Salaries & wages 460,000
Bad debts 16,000
Payroll Taxes 90,000
Interest expense 22,000
Charitable contribution 130,000
Depreciation 55,000
Other expenses 50,000
Federal income taxes 272,782
Net income /Taxable income
before special deductions 690,218
Total 3,936,000 3,936,000
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