InterTax Inc. INCOME STATEMENT For the Year Ended December 31, 2019 Tax Book 1,880,000 1,880,000...
50.1K
Verified Solution
Link Copied!
Question
Accounting
InterTax Inc. INCOME STATEMENT For the Year Ended December 31, 2019 Tax Book 1,880,000 1,880,000 0 2,400 16,400 16,400 1,896,400 1,898,800 Income Consulting fees Tax-exempt interest Interest income on bank accounts Total income Expenses Organization expenses Office salaries Salaries and wages Rent Utilities Advertising Repairs Taxes Employee benefits Interest Office supplies Depreciation Total expenses Net income before charitable contributions Charitable contributions Pre-tax income Federal tax expense Net income 5,707 15,600 800,000 800,000 240,000 240,000 76,800 76,800 12,000 12,000 30,000 30,000 2,000 2,000 10,000 10,000 2,000 2,000 10,000 10,000 7,000 7,000 75,200 30,400 1,270,707 1.235,800 625,693 663,000 62,569 80,000 563,124 583,000 118,256 122,430 444,868 460,570 Inter Tax Inc., a calendar year C corporation, began operations on January 1, 2019. Based on the income statement provided, complete page 1 of Form 1120, U.S. Corporation Income Tax Return, for InterTax's first year of operations. Enter all amounts in the table as positive, whole values. If the amount is zero, enter a zero (0). A B 1 Gross receipts 123 123 123 2 Taxable interest 3 Capital gain or loss) 4 Compensation of officers 5 Salaries and wages 123 123
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
