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