Q: With respect to Statement 13 on Slide 11, is there a requirement to include what the 'Other Costs” contain?
A: There is no requirement but the accountant may add a Statement if he or she felt the amount needed clarification. Similarly, if you feel you need more information, contact the customer or accountant.
Q: Under Financing (Requirement)/ Surplus, where do we get the "New Long-Term Debt" of $517,021?
A: The general formula for computing New Long Term Debt is to sum all present year LTD, including current maturities, and match this amount with all of last year's LTD excluding the current maturities which are paid down in the present year. The table below displays the computations for Benson Manufacturing, Inc.
Course overview: Business Income Tax Returns and Cash Flow Analysis