- 11 - Cash in Bank (31,446.70) Notes Rec. 9,542,772.59 Notes Payable: E & June Cordes (4,108,408.00) Edmund Cordes, Inc (600,000.00) Bldg Corp (100,000.00) Capital Stock (100,000.00) Surplus (4,000,000.00) Retained Earnings (939,829.92) Loss (336,912.03) Interest Earned 855,861.00 Chg off & Rep Loss 796,073.50 Salaries 77,750.00 Payroll Taxes 6,172.88 Repo Exp 266,424.55 Legal & acctg 17,489.33 Postage 4,205.00 Misc 2,374.77 Taxes 7,056.25 Int. Paid 2,772.60 Group Ins. 12,454.15 (0.00) The amount of the loss identified on the adding machine tape is the same as the "Net income per books" reported on Schedule M-1, Reconciliation of Income per Books With Income per Return, of petitioner's 1990 return. According to Schedule M-1, petitioner's loss of $336,912.03 was offset by income in the amount of $344,827.64 attributable to changing petitioner's method of accounting for bad debts from the reserve method to the specific charge method. The difference between those amounts, $7,915.61, is the taxable income reported byPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011