SLATTERS INC.

Tax Trial Balance

31-Dec-11
Unadjusted
Description Book balance Adjustments
Balance Sheet DR CR DR
Cash $ 270,700
Inventory $ 16,000
Equipment $ 35,000
Land $ 10,000
Building $ 70,000
Accumulated depreciation $ 9,000
Notes payable $ 78,000 $ 7,800
Accounts payable $ 40,000
Taxes payable $ 8,000
Salaries payable $ 20,000
Capital stock $ 115,000
Retained earnings $ -

Income Statement
Sales $ 400,000
Gain on Sale on MND stock $ 18,000
Dividend from MND
Corporation $ 2,000
Cost of Good Sold $ 84,000
Legal expenses $ 6,000
Accounting expenses $ 4,000
Miscellaneous expenses $ 2,100
Premium on life insurance
policy
$ 800
Advertising $ 8,600
Utilities $ 8,000
Payroll Taxes $ 12,500

Salary expenses $ 120,000

Insurance $ 9,000
Repairs $ 6,500
Charitable contributions $ 17,600
Depreciation per books $ 9,000
Interest expense $ 200
Compensation of Officers $ 60,000
Balance $ 690,000 $ 690,000 $ 67,800

Net Income $ 131,700

Sales $ 400,000
Gain on Sale of MND stock $ 18,000
Dividend from MND $ 2,000
Corporation
CGS $ (84,000)
Gross Margin $ 336,000
Legal expenses $ (6,000)
Accounting expenses $ (4,000)
Miscellaneous expenses $ (2,100)
Premium on life insurance $ (800)
policy
Advertising $ (8,600)
Utilities $ (8,000)
Payroll taxes $ (12,500)
Salary expenses $ (120,000)
Insuance $ (9,000)
Repairs $ (6,500)
Charitable Contributions $ (17,600)
Depreciation $ (9,000)
Interest expense $ (200)
Net Nicome $ 131,700
 Adjusted Tax
Adjustments Book balance Adjustments
CR DR CR DR CR
$ 270,700 $ 9,100
$ 16,000 $ 800
$ 35,000
$ 10,000
$ 70,000
$ 9,000
$ 70,200
$ 7,800 $ 47,800
$ 8,000
$ 20,000
$ 115,000
$ -

$ 400,000
$ 18,000
$ 2,000

$ 84,000
$ 6,000 $ 688
$ 4,000
$ 2,100

$ 800
$ 8,600
$ 8,000
$ 12,500

$ 60,000 $ 60,000
$ 9,000
$ 6,500
$ 17,600
$ 9,000 $ 2,500
$ 200
$ 60,000
$ 67,800 $ 690,000 $ 690,000 $ 12,400 $ 688

$ 191,700
 Tax Trial 1120
Balances Tax return
DR CR Summary
$ 279,800 $ 279,800
$ 16,800 $ 16,800
$ 35,000 $ 35,000
$ 10,000 $ 10,000
$ 70,000 $ 70,000
$ 9,000 $ (9,000)
$ 70,200 $ (70,200)
$ 47,800 $ (47,800)
$ 8,000 $ (8,000)
$ 20,000 $ (20,000)
$ 115,000 $ (115,000)
$ 131,700 $ (131,700)

$ 400,000 $ (400,000)
$ 18,000 $ (18,000)
$ 2,000 $ (2,000)

$ 84,000 $ 84,000
$ 5,312 $ 5,312
$ 4,000 $ 4,000
$ 2,100 $ 2,100

$ 800 $ 800
$ 8,600 $ 8,600
$ 8,000 $ 8,000
$ 12,500 $ 12,500

$ 60,000 $ 60,000
$ 9,000 $ 9,000
$ 6,500 $ 6,500
$ 17,600 $ 17,600
$ 11,500 $ 11,500
$ 200 $ 200
$ 60,000 $ 60,000
$ 641,712 $ 821,700 $ (179,988)

$ 189,888