Practice Return · Chapter 2FREE PREVIEW
Ch 2 — Product Corp Total Income (Line 11)
Scenario
Skinner Distribution Corp had $840,000 in gross product sales, $12,000 in customer returns, $345,000 in COGS from Form 1125-A, $15,000 in dividends from a portfolio of stocks (under 20% ownership), $3,400 in bank interest, and $18,000 in gain from selling a delivery truck (from Form 4797). Compute Line 11 Total Income.
Given data
Gross sales (Line 1a)$840,000
Returns and allowances (Line 1b)$12,000
COGS (Line 2)$345,000
Dividends received (Line 4)$15,000
Interest income (Line 5)$3,400
Form 4797 gain (Line 9)$18,000
Fill in the Form 1120 lines
Enter your answer for each line as it would appear on Form 1120 or in tax software. Round to whole dollars unless indicated.