Lesson 13-1 Work Sheet for a Corporation 2/19/2019 LESSON 13-1 Work Sheet for a Corporation RED

ORGANIZATION EXPENSE ADJUSTMENT page 371 2 1 1. Increase the expense. 2. Decrease the asset. LESSON 13-1

FEDERAL INCOME TAX EXPENSE ADJUSTMENT Lesson 13-1 2/19/2019 FEDERAL INCOME TAX EXPENSE ADJUSTMENT page 371 2 1 1. Increase the expense. 2. Increase the liability. LESSON 13-1 RED

CALCULATING FEDERAL INCOME TAX EXPENSE page 372 Calculating Net Income before Federal Income Tax Income Statement Credit Column Total Income Statement Debit Column Total before Federal Income Tax = Net Income before Federal Income Tax – $883,782.75 $752,647.48 = $131,135.27 – LESSON 13-1

CALCULATING FEDERAL INCOME TAX EXPENSE page 372 Calculating Federal Income Tax Amount Net Income before Taxes Tax Rate = Federal Income Tax Amount  $ 50,000.00 15% = $ 7,500.00  Plus 25,000.00 25% = 6,250.00  Plus 25,000.00 34% = 8,500.00  Plus 31,135.27 39% = 12,142.76  $131,135.27 $ 34,392.76 LESSON 13-1

CALCULATING FEDERAL INCOME TAX EXPENSE page 372 Calculating Accrued Federal Income Tax Expense Total Federal Income Tax Expense Estimated Federal Income Tax Already Paid = Accrued Federal Income Tax Expense – $34,392.76 $32,000.00 = $2,392.76 – LESSON 13-1

CORPORATE WORK SHEET page 374 LESSON 13-1

CORPORATE WORK SHEET page 375 LESSON 13-1

TERM REVIEW page 376 amortization LESSON 13-1