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I have a hypothetical (2014 tax year) 1120 tax return to…

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I have a hypothetical (2014...
I have a hypothetical (2014 tax year) 1120 tax return to prepare with the following information and I have an error that I am not sure how to figure out here are the specifics and my answers for the 1120 can you please advise where I am wrong.Income Statement
Revenue 3,420,000
Sales returns -40,000
COGS -834,000
Gross Profit 2,546,000Other Income
Capital Gains 8,000
Gains from fixed assets 2,000
Dividend income 12,000
Interest Income 15,000
Gross Income 2,583,000Expenses:
Compensation -1,300,000
Depreciation -20,000
Bad Debt -15,000
Meals and Entertainment -5,000
Maintenance -5,000
Charitable -27,000
Property taxes -45,000
State Income Taxes -60,000
Other taxes -56,000
Interest -62,000
Advertising -44,000
Professional Services -32,000
Pension Expense -40,000
Supplies -6,000
Other Expenses -38,000
Total Expenses -1,755,000Income before taxes 828,000
Federal Income tax exp. -260,000Net Income after taxes 568,000Ami has a capital loss carryover of 5,000 from last year. Inventory purchases was 1,134,000 and were based on FIFO rules of 263a do not apply. Interest income was 2,500 from City bond for public activities from 2013; 3,500 City bond private 2014; 3,000 US Treasury bond; 6,000 money market account. Equipment was sold for 10,000 purchased for 12,000 with a cumulative book depreciation of 4,000, 6,000 tax depreciation recaptured as ordinary income under 1245. Compensation is (1) 210,000, (2) 190,000, (3) 110,000, (4) 90,000, other 700,000. 10,000 accounts receivable uncollectible. Regular depreciation of 31,000 none on 1125A. Other the 62,000 interest exp. 56,000 was mortgage on building, 6,000 from business related loans. Pension expense is same for book and tax purposes. Other expenses 3,000 for premiums for life insurance policies for company benefit covering lives of owners. Dividend incomes is company owns 15,000 shares at beginning of year representing 15% of outstanding stock. On 7/2014 company sold 2,500 shares for 33,000, the shares were purchased 7/2010 for 25,000, after sales company owned 12.5%.My answers on 1120:
1. Revenue 3,420,000
b. Returns 40,000
c. Balance 3,380,000
2. COGS 834,000
3. Gross Profit 2,546,000
4. Dividends 12,000
5. Interest 9,000
8. Capital gains 8,000
11. Total income 2,575,000
13. Salaries 700,000
14. Repairs 5,000
15, Bad debts 15,000
17. Taxes 161,000
18, Interest 62,000
20, Depreciation 351,000
22. Advertising 44,000
23. Pension 40,000
26. Other Deductions 78,500
27. Total Deductions 2,083,500
28. Net operating 491,500
29, Net operating loss 88,400
30, Taxable income 403,100
31. Total tax 137,054
32. Total tax payments 280,000
35. Overpayment and refund $142,946
Submitted: 2 years ago.Category: Single Problem
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Business Tutor: Mr. Gregory White, Master's Degree replied 2 years ago
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