ACCT 613-In 2016, Potrus, an accrual basis corporate taxpayer,

by | Mar 18, 2020 | Uncategorized

  

In 2016, Potrus, an accrual basis corporate taxpayer, received a $39000 advance for a series of eight lectures by various employees for the Art Institute. After delivering five lectures, the series was cancelled for poor attendance. Potrus refused to return any of the advance payment, so the Art Institute sued. In 2017, Potrus was ordered by the court to repay $15000. Potrus’s net income was $426000 in 2017 and $299000 in 2016.

Calculate tax in 2016.

$ Number (Enter your final answer without using comma separator, e.g. 5225.)

Calculate tax in 2017.

$ Number

(Enter your final answer without using comma separator, e.g. 5225.)
  

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