- NEXTRECORD -
Social security tax - per W-2 1,561
State tax - per W-2 573
Local tax - per W-2 365
IRA 2,250
Payment to GMC - truck purchase 16,900
CD purchase 10,000
Credit union acct #11957 (balance on 12/31/89) 4,072
Credit union share acct #11246 (bal. on 12/31/89) 2,715
Credit union acct #11246 (balance on 12/31/89) 7,891
Expenses paid by check 23,975
Expenses paid by cash 19,240
less: IRA (2,250)
less: deposits (6,125)
less: truck (1,900)
less: CD (10,000)
Total expenditures 70,493
Understatement of Income
Total expenditures $70,493
less: total funds available -59,344
Understatement of income 11,149
Taxable Year 1990
Funds Available
Wages - per return $245
Interest income - per return 395
Other income - per return 900
Federal tax refund 298
Gross receipts per Schedule C's 12,700
CD 10,418
CD 10,804
Credit union acct #11957 (balance on 1/1/90) 4,072
Credit union share acct #11957 (bal. on 1/1/90) 11,987
Credit union share acct #11246 (balance on 1/1/90) 2,715
Credit union acct #11246 (balance on 1/1/90) 7,891
Cash from sale of land to brother 5,000
Total funds available 57,425
Expenditures
IRA $3,800
Estimated tax payments - per return 530
Schedule C expenses - per return 600
Business asset purchased - per return 450
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Last modified: May 25, 2011