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Comprehensive Review Question
Webster, Inc. has the following items of income and expense for 2016, its first year of operations. Weber
began operations on April 1 and uses a calendar year end.
Gross receipts from sales
Charitable contributions
Employment taxes
Interest expense
Organizational costs
Office rent expense
Real estate taxes
Utilities expense
Wage expense
$1,391,222
15,000
10,250
30,000
52,600
31,000
15,600
11,300
93,540
In addition to these items, Webster purchased machinery and equipment costing $1,430,000 and furnitur
costing $112,000 on April 9, 2016, and a warehouse costing $190,000 on May 2, 2016.
Webster wants to minimize its 2016 income tax liability, which means electing Section 179 expense for
the maximum the tax law allows, as well as taking the 50-percent bonus depreciation. Compute Websters
2016 taxable income and income tax liability.
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