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1379772 - Wiley US ©

BRIEF CASES

1. Cash T Account Analysis

Assume the following information appeared on a 201x tax return:

Assignment: use the above chart to estimate the sources and uses of cash as well as the

total cash that can be compared to activities and balances in known accounts.

Form Form Description Transation Type Amount Source Use

1040 Tax Return Wages 25,000

1040 Tax Return Dividend Income 10,000

1040 Tax Return Business Income 12,500

1040 Tax Return Capital Gain 2,500

1040 Tax Return Tax Witholding 1,000

1040 Tax Return Tax Payments (201x) 300

1040 Tax Return Amount You Owe 500

Sch A Itemized Deductions State & Local Taxes 200

Sch A Itemized Deductions Charitable Gifts 400

Sch C Business Income Sales 42,500

Sch C Business Income Contract Labor 24,000

Sch C Business Income Depreciation 2,500

Sch C Business Income Office 3,000

Sch C Business Income Other 500

Sch C Business Income Net Profit (or Loss) 12,500

Sch D Capital Gain Proceeds 11,000

Sch D Capital Gain Cost 8,500

Sch D Capital Gain Gain Or (Loss) 2,500

4562 Depreciation Purchase of Assets 5,500

4562 Depreciation Write-off 2,500

Net Cash