Business Finance
AC 553 Saint Peters College Wk 5 Companys Taxable Income and Tax Due Discussion

AC 553

SAINT PETERS COLLEGE

AC

Question Description

I need help with a Accounting question. All explanations and answers will be used to help me learn.

For the year 2018 Company X had book income of $ 125,000. The company had book depreciation of $1,000, and tax depreciation of $ 2,650 for assets placed in service in 3.1.2017. Also, the company purchased a copier machine for $1,500.00 on 5.15.2018. On its books It has business meals expense of $150.00 and entertainment expenses of $650.00. During the year 2018 the company filed their property tax return late and it got a penalty of $425 they also paid some of their vendors late and were charged late fees of $ 50. Please calculate the company’s taxable income and tax due for 2018.

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12.For the year 2018 Company X had book income of $ 125,000. The company had book depreciation of $1,000, and tax depreciation of $ 2,650 for assets placed in service in 3.1.2017. Also, the company purchased a copier machine for $1,500.00 on 5.15.2018. On its books It has business meals expense of $150.00 and entertainment expenses of $650.00. During the year 2018 the company filed their property tax return late and it got a penalty of $425 they also paid some of their vendors late and were charged late fees of $ 50. calculate the company’s taxable income and tax due for 2018. (read carefully) . Please ...
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Final Answer

Attached.

Running head: PARTNERSHIP TAXATION

1

Partnership Taxation
Name
Institution

PARTNERSHIP TAXATION

2
Partnershi...

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UC Berkeley

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