Name of organization: Beard Corporation Address: 999 Main Street Contact phone n
ID: 2567791 • Letter: N
Question
Name of organization: Beard Corporation Address: 999 Main Street Contact phone number: (XXX) 555-6403 Email: beardcorp@net.net EIN: 64-6499003
Entity type: Corporation Authorize IRS to discuss return: Yes
Date incorporated: January 1, 2011
Of cer signing the return: Omega Beard (President) Of cer SSN: 747-64-3001 During the year, the Beard Corporation had the following income and (expenses):
Cash sales: $87,535
Customer refunds: ($ 1,750)
Interest income: $ 425
Royalties: $ 1,575
Of cer compensation: ($25,000)
Book/tax depreciation: ($ 4,250)
Interest expense: ($ 1,975) Taxes and licenses: $ 750
Advertising: ($ 2,000) Utilities: ($ 4,725)
Packaging: ($ 4,290)
1) What is the gross profit for the Beard Corporation?
A) $85,785
B) $86,210
C) $87,535
D) $87,785
2) What is the total income reported in Form 1120, line 11?
A) $85,785
B) $87,535
C) $87,785
Explanation / Answer
answer: 1 option A A) $85,785 (87535-1750)
answer: 2 C) $87,785 (87535-1750+425+1575)
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