Golden Corporation, located at 123 Main St., Houston, TX 77079 has the following transactions in its 2018
Question:
Golden Corporation, located at 123 Main St., Houston, TX 77079 has the following transactions in its 2018 financial statements:
Item | Amount |
Sales | 2,700,000 |
Cost of Goods Sold | 1,980,000 |
Capital Gain Net Income | 5,000 |
Net Gain, Form 4797 | 2,000 |
Depreciation Per Books | 16,500 |
Depreciation, tax | 8,000 |
Penalties | 500 |
Legal and Professional | 50,000 |
Telephone Expense | 6,500 |
Officer's Salary | 200,000 |
Employee Salaries | 210,000 |
Rent Expense | 120,000 |
Advertising | 40,000 |
Employee Benefit Programs | 15,000 |
Charitable Contributions | 2,000 |
Interest | 1,000 |
Taxes and Licenses | 31,726 |
Repairs | 12,000 |
Requirements.
Based on the above data, compute Golden Inc.'s taxable income. Please complete Form 1120, page 1, stopping at the "taxable income" line. Use ProConnect Online version or fillable forms to complete Form 1120. In a Word document, please explain the steps and supporting tax provisions used to include or to exclude items in the preparation of Form 1120. Additionally, do the following:
- Clearly identify the requirements being addressed.
- Make good use of comments to convey your thought process as well.
You may also show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. No hard coding of solutions.
Your assignment should consist of a single Word document. You may embed an Excel File into Word clearly identifying the requirements being addressed. You may also submit a single PDF clearly identifying the requirements addressed.
Review the grading rubric to understand how you will be assessed on this assignment. Reach out to your instructor if you have questions about the assignment.
Expert Answer:
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