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Before closing the books for the year ended December 31, 2010, Pitt Corp. prepared the following condensed trial balance:
Other financial data for the year ended December 31, 2010:Federal income taxEstimated tax payments .................... $200,000Accrued 100,000Total charged to income tax expense (Does not properly reflect current or deferred income tax expense or interperiod income tax allocation for income statement purposes.) .............. $300,000Pitt applied the provisions of generally accepted accounting principles for income taxes in its financial statements for the year ended December 31, 2010. The enacted tax rate on all types of taxable income for the current and future years is 30%. The alternative minimum tax is less than the regular income tax.Temporary differenceExcess of book basis over tax basis in depreciable assets (arising from equipmentdonated as a capital contribution on December 31, 2010, and expected to bedepreciated over five years beginning in 2011). There were no temporarydifferences prior to 2010. ................. $90,000Nondeductible expenditureOfficers life insurance expense .............. $70,000Earthquake damageThis damage is considered unusual and infrequent.Capital structureCommon stock, par value $5 per share, traded on a national exchange:Number of shares:Outstanding at 1/1/10 ................ 200,000Issued on 3/30/10 as a 10% stock dividend ......... 20,000Sold for $25 per share on 6/30/10 ............ 30,000Outstanding at 12/31/10 ............... 250,000Required:1. Using the multiplestep format, prepare a formal income statement for Pitt for the year ended December 31, 2010.2. Prepare a schedule to reconcile net income to taxable income reportable on Pitts tax return for2010.
Why is the preparation of "IncomeStatement" necessary for organizations?
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