QuestionDonna Forbes recently started work for James Landburg LLP, a localCPA firm. Her manager has asked her to start work on a corporate tax file and, as part of her training, answer questions about carryovers for tax purposes. The corporate tax client is Wilmington Glassware Inc. (WGI). The following document is attached: Appendix I: Information on WGI’s current operations Complete the tasks in the Excel Task file.WGI has a December 31 year end Description Amount Accounting net income before tax $463,200 Amount contributed to the United Way 6,300 Meals and entertainment 12,300 Capital cost allowance in excess of depreciation expense reported in the accounting income statement 48,500 Golf club membership fee the president uses the club 80% of the time to entertain clients of WGI 8,600 Warranty liability, beginning of the year 39,800 Warranty liability, end of the year 36,700 Holding gain on marketable securities 26,400 Accounting gain on disposal of marketable securities 4,600 Selling price of marketable securities in excess of original cost 12,800 Current period amortization of bond premium (resulted in a decrease in interest expense) 1,200 Bonus declared in 2019 and paid on July 18, 2020 29,800 Dividends received on investment in marketable securities 4,900LawSocial ScienceTax law ACCT 3211
solved : QuestionDonna Forbes recently started work for James Landbur
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