Estimated federal income tax payent during the year

Individual  Rehabilitaion Services is a a not for profit organization that assists individuals returning to society following a substance abuse conviction.  IRS gas beeb greatly successful in its urban effort.  Thus more resources are needed.  Late last year Irs began a restaurant operation, The Golden kettle, which specializes in soups.  Las year’s operation was a break-even effort.  At the beginning of the yhear, The Golden Kettle relocated to a mall.  It has been clearnly established by the district director of the Internal Revenue Service tht income genrated by the Golden Kettle will be unrelated to business income.

Required

     Determine the mininum federal income tax liability and the taxed owed at the time of filing based on the following data:

Cash receipstL $1600,900 (Sales of $156,100 plus $4800 donated by IRS by Golden Kettle customers)

 

CASH Distribuitions

Marchandise and purchases $52,000

Wages and related payroll    $20,870

rent                                        $3,600

Property insurane                  2,850

equipment                               15000

loan payment                            1200

utilities                                       1400

food license                                   400

professional fees                           1900

repairs and maintenance               950

advertisement                               4000

taxes                                               10000

phone                                              480

supplies                                         1300

MISC                                               520

total                                                 $116,470

 

Other information

1.  IRS is an accrual basis callendar year taxpayer

2.  Inventory information   FIFO      LiFO

Beginning inventory          12,000   11,200

ending inventory               14000     12,1000

3.  Explanation of notes

a.  included employer’s share of FICA

b. rent is $250 /month,  A $350 security deposit was made and the final months rent was paoid in advance on a 18-month lease

c two assets  aree insured

     Inventory $150 and tangible property $2700

$200 a month to Buckner Band on a $3000 loan used to purchase equipment in (d) .  Interst expense is $450

$ 200 paid in January 1 and July 1 to the city controller

Breakdown of this expense indicates

      $200 for preparation of prior year taxes

       $600  Payment for artichect plans

        $1100 attorney  for claim that customer got sick from uncooked food

Department of health orderd $650 worth of changes, $300 in fines

$1600 in advertising, plus $2400 in yellow page ad

Estimated Federal income tax payment during the year

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 15% with the discount code GRADUATE