Financial statements have a different purpose from tax, Ask an Expert

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Financial statements have a different purpose from tax returns, and sometimes information on each is recorded based on its benefit to the purpose of the specific form. While tax returns are meant to encourage a business to report all income, subtract all expenses, and determine its tax liability, a financial statement has a much more involved purpose that affects the future direction of a business

and I need help with completing, analyzing on the schedule L of an 1120 tax return using the attached documents.

Explain which financial statement the tax return information came from to reconcile the financial statements to the tax return.
Explain where the information is found to complete that particular form or schedule.
Explain how you prepared the Schedule L

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91618303

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