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Tab: C Corp - Tax Return Prob-2009 File: 6a81e802-2bb7-4371-8b07-d6a9c0ea90cc.xls. Page 1 of 4
Corporate Tax Return Problem Name: _____________________
Using the information below, please prepare a Form 1120
for the Charlotte Corporation.
You may submit your answer on the spreadsheets in this file,
which are designed to be similar to the actual corporate tax return.
The corporation was started on January 1, 2009.
Schedules A, C, E, J, and K are omitted
The corporation is not a member of a controlled group.
December 31, 2009
Dr Cr.
Cash 24,000
Accounts receivable 48,000
Investment in IBM Stock 100,000
Investment in North Carolina Bonds (7%) 200,000
Fixed assets 200,000
Accumulated depreciation 16,000
Accounts payable 70,000
Capital stock 400,000
Retained earnings
Service revenue 600,000
Dividend income 10,000
Interest income 14,000
Salary expense for employees 300,000
Payroll taxes 29,000
Bad debts expense (Note 1) 5,000
N. C. Corp. estimated income taxes - 2009 12,000
Federal Corp. estimated income taxes - 2009 40,000
Rent expense 73,000
Depreciation expense (Note 2) 16,000
Entertainment expenses 18,000
Capital loss 15,000
Charitable Contribution 30,000
Trial Balance Total $ 1,110,000 $ 1,110,000
Total Revenue 624,000
Total Expenses 538,000
Net income per books 86,000
Note 1. The company uses the direct write-off method for bad debts.
Note 2. Depreciation for tax purposes is $20,000
Tab: ComputeTaxableIncome File: 6a81e802-2bb7-4371-8b07-d6a9c0ea90cc.xls. Page 2 of 4
Net income (loss) per books
Taxable income before Charity & Div. Ded.
Charitable contribution deduction
Taxable Income before Div. Rec. Ded.
Dividends received deduction
Taxable income
Income Tax Computation 50,000 15% 7,500.00
25,000 25% 6,250.00
25,000 34% 8,500.00
39%
Tab: 1120-front File: 6a81e802-2bb7-4371-8b07-d6a9c0ea90cc.xls Page 3 of 4
Name:________________________ Student ID Number
Class ________ Row:_________
1120 U.S. Corporation Income Tax Return 2009
1a Gross Receipts b. Less: Returns Bal 1c
2 Cost of Goods Sold………..……………………..……………………………………………………… 2
3 Gross Profit………..……………………..……………………………………………………… 3
4 Dividends………..……………………..……………………………………………………… 4
Interest………..……….………………..………………………………………………………
Income
5 5
6 Gross Rents…...……..……………………..……………………………………………………… 6
7 Gross royalties………..……………………..……………………………………………………… 7
8 Capital gain net income………..……………………..……………………………………………………… 8
9 Net gain or (loss) from Form 4797, Part II, Line 17………..……………………..………………………………………………
9
10 Other Income………..……………………..……………………………………………………… 10
11 Total Income………..……………………..……………………………………………………… 11
12 Compensation of officers………..……………………..……………………………………………………… 12
13 Salaries and Wages………..……………………..……………………………………………………… 13
14 Repairs and Maintenance………..……………………..……………………………………………………… 14
15 Bad debts………..……………………..……………………………………………………… 15
16 Rents…………….......……………………..……………………………………………………… 16
17 Taxes and licenses………..……………………..……………………………………………………… 17
18 Interest…………...……...………………..……………………………………………………… 18
19 Charitable contributions………..……………………..……………………………………………………… 19
20 a Depreciation (attach form 4562)………..……………………..………………………………………………………
20 a
20 b Less depreciation claimed on Schedule A………..……………………..………………………………………………………
20 b 20c
21 Depletion…….……..……………………..……………………………………………………… 21
22 Advertising………..……………………..……………………………………………………… 22
23 Pension, profit-sharing, etc………..……………………..……………………………………………………… 23
24 Employee benefit plans………..……………………..……………………………………………………… 24
25 Domestic production activities deduction (attach Form 8903) ………...……………….. 25
26 Other Deductions………..……………………..……………………………………………………… 26
27 Total Deductions………..……………………..……………………………………………………… 27
28 Taxable income before net operating loss and special deductions………..……………………..……………………………
28
29 Less: a. Net operating loss………..……………………..……………………………………………………… 29a
b. Special deductions………..……………………..……………………………………………………… 29b 29c
30 Taxable income ………..……………………..……………………………………………………… 30
31 Total Tax………..………..………………..……………………………………………………… 31
2008 overpayment credited to 2009………..……………………..………………………………………………………
Tax Payments
32 32a
b 2009 Estimated payments…………….………...…………….. 32b 40,000.00
c 2009 refund applied for ………..……………………..………………………………………………………
32c d Bal. 32d 40,000
e Tax deposited with form 7004………..……………………..……………………………………………………… 32e
f Credit for tax paid on undistributed capital gain………..……………………..……………………………………………………32f
g Credit for federal tax on fuels (attach form 4136)………..……………………..…………………………………………………32g 32h 40,000
33 Estimated tax penalty………..……………………..………………………………………………………\ 33
34 Tax Due……….…..……………………..……………………………………………………… 34
35 Overpayment If line 32h is larger than the total of lines 31 and 33, enter amount overpaid………..……………………..………………………………
35
36 Enter amt of line 35 you want credited to 2010 estimated tax Credited Refunded 36
Tab: Form 1120-Balance sheet File: 6a81e802-2bb7-4371-8b07-d6a9c0ea90cc.xls Page 4 of 4
Form 1120 (2009) Sample Corporation Page 4
Schedule L Balance Sheets
Assets (a) (b) (c) (d)
1 Cash ……...……..............................................................…….
2a Trade notes and accounts receivable …...……...............
2b Less allowance for bad debts .………..........................……
3 Inventories...........……..……….......................................………….
4 U.S. govemment obligations.………...............................
5 Tax-exempt securities (see instructions) .…….............
6 Other current assets (attach schedule) (Savings)….......
7 Loans to stockholders....……...................................………
8 Mortgage and real estate loans.....……....................……..
9 Other investments (attach schedule).……....................
10a Buildings and other depreciable assets.……...................
10b Less accumulated depreciation..........……...................
11a Depletable Assets…………………………...……………
11b Less accumulated depletion..……................................
12 Land (net of any amortization) ....……..........................
13a Intangible assets (amortizable only)……......................
13b Less accumulated amortization.....…….......................
14 Other assets (attach schedule) .......…….....................
15 Total Assets………………...……………………………..
Liabilities and Stockholders' Equity
16 Accounts payable..............................................
17 Mortgages, notes, payable in less than 1 year….........
18 Other current liabilities (attach schedule) ..............
19 Loans from stockholders...........……...........................
20 Mortgages, notes payable in 1 year or more……...…..
21 Other liabilities (attach schedule)………...…….
22 Capital stock: a Preferred stock.........……...........………….
b Common stock.....……......................
23 Additional paid-in capital……..…………...…................................
24 Adjustments to stockholders equity……..…………...…................................
25 Retained eamings-Appropriated…………….…………..........
26 Retained eamings-Unappropriated …….......................…………. -
27 Less cost of treasury stock......……...........................………..
28 Total liabilities and stockholders' equity …………..…. $ -
Note You are not required to complete Schedules M-1 and M-2 if the total assets on Line 15, Column (d) are less than $25,000
Schedule M-1 Reconciliation of Income (Loss) per Books with Income per Return
1 Net income (loss) per books......………...................... 7 Income recorded on books this year
2 Federal income tax............................................. not included on this return (itemize):
3 Excess of capital losses over capital gains ……............ Tax-exempt interest. $
4 Income subject to tax not recorded on books………..........
this year (itemize):………...………….
……………………………… 8 Deductions on return not charged
against book income this yr (itemize):
5 Expenses recorded on books this year not a. Depreciation ...... $
deducted on this retum (itemize): b. Contributions carryover $
a Depreciation .…............. $
b Contributions ………….... $
c Travel and entertainment... $
Bad Debts 9 Add lines 7 and 8
6 Add lines 1 throuqh 5 10 Income (Line 28, page 1) - line 6 less line 9
Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)
1 Balance at beginning of year................................... 5 Distributions: a Cash........................................
2 Net income (loss) per books................................... b Stock .......................................
3 Other increases (itemize): c Property..................................
6 Other decreases (itemize):
7 Add lines 5 and 6..........................................
4 Add lines 1. 2. and 3.......................................... 8 Balance end of year (line 4 less line 7)
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