A comparative balance sheet for Allen Corporation reveals the following information: Assets Cash Bank notes account...
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A comparative balance sheet for Allen Corporation reveals the following information: Assets Cash Bank notes account receivable Inventories Federal bonds State Bonds Prepaid Federal tax Building and other depreciable assets Accumulated depreciation Land Other assets 1/1/23 12/31/23 $480,000 $385,520 808,400 1,084,600 600,000 712,000 140,000 140,000 160,000 160,000 1,800 240,000 (88,800) 240,000 (128,800) 20,000 20,000 3,600 2,000 Total assets Liabilities & Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities & equity St $ 300,000 $ 275,560 80,300 40,000 210,000 200,000 500,000 500,000 1,272,900 1,601,560 During 2023, Allen Corporation made estimated tax payments of $148,000 to the Internal Revenue Service. INSTRUCTIONS: Using the above information, please complete and disclose, using the proper Federal Income Tax Forms, the Federal income tax return tax return applicable for Allen Corporation for 2023. A comparative balance sheet for Allen Corporation reveals the following information: Assets Cash Bank notes account receivable Inventories Federal bonds State Bonds Prepaid Federal tax Building and other depreciable assets Accumulated depreciation Land Other assets 1/1/23 12/31/23 $480,000 $385,520 808,400 1,084,600 600,000 712,000 140,000 140,000 160,000 160,000 1,800 240,000 (88,800) 240,000 (128,800) 20,000 20,000 3,600 2,000 Total assets Liabilities & Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities & equity St $ 300,000 $ 275,560 80,300 40,000 210,000 200,000 500,000 500,000 1,272,900 1,601,560 During 2023, Allen Corporation made estimated tax payments of $148,000 to the Internal Revenue Service. INSTRUCTIONS: Using the above information, please complete and disclose, using the proper Federal Income Tax Forms, the Federal income tax return tax return applicable for Allen Corporation for 2023.
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Managerial Accounting
ISBN: 978-0077522940
15th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
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