kp8511112

XYZ, Inc. is a corporation with a calendar-year that commenced operations on January 1, 2017. The current year audited income statement for 2018 shows the subsequent details. Please use the worksheet provided below to align book income with taxable income.

Notes:

1. XYZ owns 10% of the outstanding Home Corp. (HC) stock.  Home Corp. reported $2,000,000 of income for the year. XYZ accounted for its investment in HC under the equity method and it recorded its pro rata share of HC’s earnings for the year. HC also distributed a $100,000 dividend to XYZ.
2. Of the $20,000 interest income, $5,000 was from Ford Motor, $7,000 was from a Toyota, $6,000 was from a Town of Presque Isle municipal bond, and the remaining $2,000 was from an investment in a CD (certificate of deposit).
3. Life insurance proceeds from death of the CFO.
4. This includes total officer compensation of $3,500,000. The CEO was paid $1,250,000 for salary in 2018 (no one officer received more than $1,000,000 compensation).
5. $2,000 is the portion of interest paid on a loan taken out to obtain a tax exempt municipal bond from the City of Presque Isle.
6. XYZ actually wrote off $48,000 of its accounts receivable as uncollectible.
7. Tax depreciation was $700,000.  
8. In the current year, XYZ made $23,500 in actual payments on warranties it provided to customers.
9. XYZ made $750,000 of cash contributions to qualified charities during the year.
10. On January 1 of this year XYZ acquired the assets of another business. In the process it acquired $200,000 of goodwill. At the end of the year, XYZ wrote off $10,000 of the goodwill as impaired. 
11. XYZ expensed all of its organizational expenditures for book purposes. It expensed the maximum amount of organizational expenditures allowed for tax purposes.
12. The other expenses do not contain any items with book-tax differences.
13. XYZ received rental income payments in 2018 that relates to 2019. They have not earned the amount as of year-end and was not recorded in the books. The total amount received was $21,500.

Book to Tax Worksheet:

XYZ corp. 

Book to Tax

Income statement 

Book

Adjustments

Taxable 

For current year

Income

(Dr.)

Cr.

Income

Revenue from sales

$47,000,000

Cost of Goods Sold

(34,000,000)

  Gross profit

$xxxxxxxxx

Other income:

Income from investment in HC stock

200,0001

Interest income

20,0002

Capital gains (losses)

(4,000)

Life insurance proceeds 

315,0003

Miscellaneous income

50,000

  Gross Income

Expenses:

Compensation

(7,500,000)4

Interest expense

(5,000)5

Advertising

(1,350,000)

Repairs and Maintenance

(75,000)

Rent 

(22,000)

Bad Debt expense

(51,000)6

Depreciation

(1,000,000)7

Warranty expenses

(90,000)8

Charitable donations

(750,000)9

Life insurance premiums

Meals

(45,000)

(12,500)

Goodwill impairment

(10,000)10

Organizational expenditures

(59,000) 11

Other expenses

(140,000)12

  Total expenses

($11,390,000)

Income before taxes

$XXXXXXX

  Provision for income taxes

(520,000)

Net Income after taxes

$XXXXXX

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