Determine post-tax return journal entries

Assignment Help Taxation

Reference no: EM132019761

The date is Mar 1, 2017 and your manager has the following work that needs to be completed.

Required (order to hand in documents):

1) Client Memo - Prepare a memo addressed to the client that:

- Provide the client with the taxes owing.

2) Trial Balance (Dec 31, 2016) "Draft"

3) Journal Entries (Dec 31, 2016) - Prepare any of the required journal entries needed to complete YQR Cycle Inc.'s financial statement (journal entry template provided). There are 3 entries required:

Pre tax return entry #1 -

Post tax return entry #1 -

Post tax return entry #2 -

4) Trial Balance (Dec 31, 2016) "Final" (Note - Final statements need to be updated for journal entries).

Note - "2 - 4" are on one page handed in.

5) Financial Statements (Dec 31, 2016) "Draft and Final"- Statement of Financial Position, Statement of Income and Statement of Retained Earnings. (Note - Final statements need to be updated for journal entries).

6) Manual Calculation - Prepare a manual
1) NI Per F/S
2) NIFT
3) TI
4) Taxes Payable
5) Taxes Owing

7) T2 (Dec 31, 2016) - Prepare the Dec 31, 2016 corporate income return for YQR Cycle Inc. using profile software.

8) Submit the required-on Jun 25 to the front desk of the business faculty by 2:00 pm.

Print out the memo, corporate tax return (profile, manual) financial statements, trial balance and journal entries and file them under the appropriate binder tabs in a BINDER.

Task

1 Determine pre-tax return entry #1.

2 Update draft trial balance.

3 Create draft financial statements.

4 Prepare tax return manually.

5 Determine post-tax return journal entries #2 and #3.

6 Update final trial balance.

7 Create final financial statements.

8 Prepare "final" tax return manually.

9 Prepare tax return in profile.

10 Verify that taxes owing for manual and profile returns agree.

Attachment:- Templates.rar

Reference no: EM132019761

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