You, CPA, work in the tax department of a small public accounting firm in Edmonton, Alberta....
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You, CPA, work in the tax department of a small public accounting firm in Edmonton, Alberta. The busy tax season has just finished and on a brisk Monday morning in May the partner introduces you to new clients, Jeff and Anya Perez, who are the shareholders of Avaya Inc. Jeff and Anya have approached your accounting firm to prepare the applicable tax filings for Avaya Inc. for the current year. Jeff and Anya have provided you with a copy of the Income Statement (and notes) for their corporation. For the year ending December 31, prepared in accordance with generally accepted accounting principles, is as follows: Revenues Expenses: Income from Operations Cost of Goods Sold Selling & Administrative Costs Depreciation Expense Net Income Other Income, Gains & Losses Income Before Tax Expense Income Tax Expense 2022 Current Future Detailed Information Regarding Above Income Statement: the Income Statement of Avaya Inc., " 1,361,893 453,964 181,586 $ $ $ $ 92,106 17,371 $ $ 2 Selling and Administrative costs include calculated based on a review of the aged receivables listing. 1 Avaya Inc. spent For accounting purposes, this was treated as an asset. The Company will not amortize this balance as it believes the work as an unlimited life. 2,269,821 (1,997,442) 272,379 262,236 534,614 13,816 during the year on landscaping for its new building. (109,477) 425,137 13,217 in bad debt expense You, CPA, work in the tax department of a small public accounting firm in Edmonton, Alberta. The busy tax season has just finished and on a brisk Monday morning in May the partner introduces you to new clients, Jeff and Anya Perez, who are the shareholders of Avaya Inc. Jeff and Anya have approached your accounting firm to prepare the applicable tax filings for Avaya Inc. for the current year. Jeff and Anya have provided you with a copy of the Income Statement (and notes) for their corporation. For the year ending December 31, prepared in accordance with generally accepted accounting principles, is as follows: Revenues Expenses: Income from Operations Cost of Goods Sold Selling & Administrative Costs Depreciation Expense Net Income Other Income, Gains & Losses Income Before Tax Expense Income Tax Expense 2022 Current Future Detailed Information Regarding Above Income Statement: the Income Statement of Avaya Inc., " 1,361,893 453,964 181,586 $ $ $ $ 92,106 17,371 $ $ 2 Selling and Administrative costs include calculated based on a review of the aged receivables listing. 1 Avaya Inc. spent For accounting purposes, this was treated as an asset. The Company will not amortize this balance as it believes the work as an unlimited life. 2,269,821 (1,997,442) 272,379 262,236 534,614 13,816 during the year on landscaping for its new building. (109,477) 425,137 13,217 in bad debt expense
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