Prepare Form 1120 Tax Return form for Golden Corporation.

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 Pro Connect 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

Answer rating: 100% (QA)

Form 1120 1a Gross Receipts or Sales 2700000 b Returns and allowances 0 c Balance subtract 1b from l... View the full answer