- You are provided with the unadjusted trial balanc
- You are provided with the unadjusted trial balance (Microsoft? Excel) and your
manager?s meeting notes and questions (Microsoft? Word) for your new tax client ? Phoenix Medical.??
- Adjusting Journal Entries
- Adjusted Book Income
- Tax Journal Entries
- Taxable Income
- Answers to your manager?s questions (Microsoft? Word or Excel).?
- Provide a journal entry to calculate the gain on sale and adjust the fixed asset and accumulated depreciation accounts.
- What is the nature of this gain?
- Could the Dr. have structured this sale in a different way to avoid taxable income? How?
- Depreciation on assets placed in service prior to 2014 is: $86,769
- Maximize Sec. 179 expense on assets placed in service in 2014.
- Take Sec. 168(k) ? 50% Bonus ? on new equipment if applicable.
- Determine taxable income. Show all adjustments in the Microsoft? Excel spreadsheet.? Footnote references are provided to assist you.
- The Dr. has filed his prior tax returns on the cash basis.?
- What questions will you ask to be sure he can continue to file on the cash basis??
- You find that in 2014, the Dr. qualifies, and choose to file on the cash basis. His books are kept on the accrual basis. Determine the adjustments needed.
- No federal taxes were paid in 2013, and no estimated taxes were paid in 2014.
- Within the state tax expense, you find $4,389 is late payment penalties.
- While analyzing the financial information, you find that hidden in ?Accounts Payable? is $28,953 of accrued salaries. You also find that the salaries were paid in the first week of February.?
- Does this have an impact on taxable income?
- Determine the accrual to cash adjustments for accounts receivable and accounts payable.
- A charitable contribution carryforward of $40,000 is available.
Included in insurance expense is $12,523 of officers? life insurance. You determine the company is the beneficiary, and each officer is a greater than 20% shareholder.
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