| | | | Book Income | | | Adjustments | | | Taxable Income |
| | | | Debit | Credit | | Debit | Credit | | Debit | Credit |
| Sales | | | | 1,069,658 |
| Sales Returns & Allowances | | | 29,242 |
| Cost of Sales | | | 740,204 |
| Dividends | | | | 1,000 |
| Tax-Exempt Interest | | | | 18,000 |
| Gain on July stock sale | | | | 4,500 |
| Worthless stock loss | | | 2,100 |
| Proprietor's salary | | | 36,000 |
| Other salaries | | | 52,000 |
| Rentals | | | 26,000 |
| Bad Debts | | | 4,000 |
| Interest: |
| Working capital loans | | | 8,000 |
| Purchase tax-exempt bonds | | | 2,000 |
| Employment taxes | | (a) | 8,320 |
| Other taxes | | | 1,520 |
| Repairs | | | 4,800 |
| Depreciation | | | 12,000 |
| Charitable Contributions | | | 12,000 |
| Travel | | | 4,000 |
| Meals & Entertainment | | | 8,000 |
| Office Expenses | | | 16,000 |
| Advertising | | | 13,000 |
| Transportation Expense | | | 20,400 |
| General & Administrative | | | 3,000 |
| Pension Plans | | | 2,000 |
| Employee Benefit Program | | | 4,000 |
| Miscellaneous | | | 1,000 |
| Federal Income Tax |
| Net Income | | | 83,572 |
| DRD |
| | | | 1093158 | 1093158 |
|
|
| (a) This item is 14,480 for the corporation |
nerdpeb12
WorksheetforProject1.xlsx
