1. Lesson 13-1 Work Sheet for a Corporation
2/19/2019
LESSON 13-1
Work Sheet for a Corporation
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2. ORGANIZATION EXPENSE ADJUSTMENT
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1. Increase the expense.
2. Decrease the asset.
LESSON 13-1

3. 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
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4. CALCULATING FEDERAL INCOME TAX EXPENSE
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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

5. 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

6. 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

7. CORPORATE WORK SHEET
page 374
LESSON 13-1

8. CORPORATE WORK SHEET
page 375
LESSON 13-1

9. TERM REVIEW
page 376
amortization
LESSON 13-1