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The following information was obtained from the accounts of Lukes, Inc. as of December 31, 2000. It is presented in scrambled order. Common stock, no par value, 10,000 shares
authorized, 5,724 shares issued
$ 3,180
Retained earnings
129,950
Deferred income tax liability (long term)
24,000
Long-term debt
99,870
Accounts payable
35,000
Buildings
75,000
Machinery and equipment
300,000
Land
11,000
Accumulated depreciation
200,000
Cash
3,000
Receivables, less allowance of $3,000
58,000
Accrued income taxes
Inventory
54,000
Other accrued expenses
8,000
Current portion of long-term debt
7,000
Prepaid expenses
2,000
Other assets (long term)
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One way to avoid part of this: Use an S corporation, and don't pay yourself too much. Maybe pay yourself $50,000, and take the other $40,000 as a pass-through profit from your S corp. It will not be subject to the FICA tax, saving 15.3% of the tax..
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