# Whole Foods

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Appendix D - Corporate Tax Return Problem
Journal Entries and Checkfigures
(use 2009 forms)

Journal Entries:
You will need to calculate Cost of Goods Sold and Depreciation and Bad Debt Expense. Below are the payroll and deferred tax journal entries you will need to make to the financial statements. Assume there is no state income taxes.

Payroll Tax Expense 25,810 FICA Payable 22,338 FUTA Payable 3,472

Deferred Tax Asset 10,438
Federal Tax Expense 95,307 Deferred Tax Liability 105,745

Checkfigures:
Here are a couple of checkfigures. I’ve given you some actual numbers and for others I’ve given you partial answers. Hopefully this is a good check for you as you complete the project.

Form 1120 – Page 1 (Taxable Income)
Line 20 = \$XXX,190 (where XXX represents numbers)
Line 25 U.S. Production Activities Deduction = 0
Line 30 = 0
Line 36 = \$40,000

Form 1120 – Page 2
Line 7 = \$33,000

Form 1120 – Page 5 – Schedule L (Balance Sheet)
Leave beginning of year information/columns blank (columns (a) and (b))
Complete columns (c) and (d) with ending numbers. Reminder: you will get these numbers off the financial statement you prepared.
Line 2b = 3X,X00
Line 10b = 1XX,XXX
Line 15 = \$1,581,928
Line 23 = 4XX,XXX

Form 1120 – Page 5 – Schedule M-1 Reconciliation of Income (Loss)
Line 2: 9X,XXX
Line 8a: 3XX,XX0
Line 10: 0

Form 1120 – Page 5 – Schedule M-2 Retained Earnings
Line 1 = 0

Form 4562
Line 9 = X5X,XXX
Line 13= 6X,XX0
Line 19c column (d) recovery period = 7 yrs

Form…...

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