Description
AC 553 Saint Peters College Wk 5 Companys Taxable Income and Tax Due
For the year 2018 Company X had book income of $ 125,000. The company had book depreciation of $1,000, and tax depreciation of $ 2,650 for assets placed in service in 3.1.2017. Also, the company purchased a copier machine for $1,500.00 on 5.15.2018. On its books It has business meals expense of $150.00 and entertainment expenses of $650.00. During the year 2018 the company filed their property tax return late and it got a penalty of $425 they also paid some of their vendors late and were charged late fees of $ 50. Please calculate the company’s taxable income and tax due for 2018.