Rules because average gross income for the previous three years was less than $10 million. Note: the corporation is exempt from the uniform capitalization (UNICAP) No other costs or expenses are allocated to cost of Only beginning inventory, ending inventory, and purchases The corporation uses the periodic inventory method and prices its inventory using the Inventory and Cost of Goods Sold (Form 1125-A): The corporationĮarned its 2016 taxable income evenly throughout the year. Taxable income in 2015 was $1.6 million, and the 2015 tax was $544,000. Investment in municipal bonds 60,000 60,000Ĭash surrender value of insurance policy 80,000 100,000Īccumulated depreciation-Buildings 100,000 140,000Īccumulated depreciation-Equipment 300,000 355,000Īccumulated depreciation-Trucks 60,000 100,000 Investment in corporate stock 285,000 50,000 The corporation deposited estimated tax payments as follows:Īllowance for doubtful accounts $ 19,000 $ 23,750 These schedules are presented on a book basis.
Table C:3-5 presents an unaudited GAAP income statement forĢ016.
Table C:3-4 contains balance sheet information at January 1, 2016,Īnd December 31, 2016. The company incorporated on December 31, 2012, and began business It isĮngaged in the sale of musical instruments with an employer identification number (EIN) TheĬorporation uses the calendar year and accrual basis for both book and tax purposes. is located at 5500 Fourth Avenue, City, ST 98765.
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