Innowave Energy, Inc. is a for-profit company registered as a corporation with employer social security number 82-2854378,
Question:
Innowave Energy, Inc. is a for-profit company registered as a corporation with employer social security number 82-2854378, incorporated on January 2, 1999. The address of this company is 90 Garden Avenue, Orlando, Fl 32812 According to the company's books, there were the following items both at the beginning of the taxable year and at the end.
Balance item at the beginning of the year?
January 1 Balance at the end of the year December 31
Sales $ 4,500,000
Salaries, commissions and bonuses to employees 700,000
Federal social security 107,100
Health insurance 17,000
Insurance 28,000
Rent 36,000
Personal property tax 4,500
Property tax 2,750
Professional Services 41,000
Contributions to pension plans or other plans 73,000
Marketing expenses 98,000
Other data:
The company performed a charity work to a recognized non-profit entity for $ 15,000. Additionally, payments estimated at $ 57,000 in contributions were made during the year. The corporation purchased a premises for $ 72,000 on March 27 of the taxable year for which the return is filed. The store was sold for $ 106,000 on October 18 of the same year and had a selling expense of $ 4,000
Expert Answer:
Assets at the beginning of the contribution year Cash 2000 Accounts receivable 12000 Inventory 40000 ... View the full answer
