1120 Bonco, Inc. Case Study Facts (CASBOM)

Printable Case Study Facts

The general ledger data for Bonco, Inc. has been entered and saved as a DIF file. Your task is to complete the Bridge application by entering the required data, balance the data, merge the data into the 1120 tax application, and then completing that application.

Targeted Areas

• 1120 Bridging from a DIF file using Trial Balance
• Reviewing transfer errors
• Assigning TRCs (Tax Return Codes)
• Journal entries
• Merging data into the 1120 tax application

Return Information

Some data has already been entered for you. Use Data Entry for instructions and hints on entering the remaining amounts.

Two errors are built into the exercise:

1. Transfer error: The heading of the worksheet was not deleted prior to translating the file into DIF format.
2. Missing TRC: The tax return code for Interest Expense was not assigned in the worksheet. The TRC is 41-500.

Officers’ compensation of $40,000 is included in the administrative salaries and wages, account 510B.

Data Entry

• General Information
• Transferring the Excel File into the Bridge
• Reviewing Transfer Errors
• Checking for In-Balance
• Assigning a TRC
• Journal Entries
• Merging the Bridge Information
• Reviewing the Return

 

 

 

Case Study Facts/bonco_intro.htm/TY2019

Last Modified: 03/19/2020

Last System Build: 06/17/2021

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