For wizard Kim Only
ACCt 417 _ Comprehensive Tax Project Data
| Revenues and Gains |
|
| Gross sales | $1,000,000 |
| Dividends: |
|
| 30%-owned domestic corporation XYZ Corp. | $400,000 |
| Interest: |
|
| Vermont State bonds | 15,000 |
| U.S. treasury bonds | 35,000 |
| Gain on sale of XYZ stock | 175,000 |
| Key person life insurance proceeds | 300,000 |
| Total | 1,925,000 |
| Costs and Expenses |
|
| Cost of goods sold | 650,000 |
| Salaries and wages | 420,000 |
| Depreciation | 100,000 |
| Entertainment expense | 20,000 |
| Key person life insurance premiums | 15,000 |
| State income taxes | 10,000 |
| Federal income taxes | 45,000 |
| Rent, Utilities, etc. | 200,000 |
| Other expenses | 50,000 |
| Total | 1,510,000 |
| Net Income | $415,000 |
