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1) why are fed income taxes paid not a reduction of net income in Turbo Tax? 2) Why is my balance sheet retained earnings is off by the exact amount of Fed tax deposited?
Form 1120 : Income = 4,004,876 : Expenses =1,595,901 ; Net Income = 2,408,975
Tax=544,375 But retained earnings = 2,408,975. Why are not the federal taxes subtracted from something? (fed tax deposits = 565,000)
Tax=544,375 But retained earnings = 2,408,975. Why are not the federal taxes subtracted from something? (fed tax deposits = 565,000)
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‎August 24, 2023
10:38 PM