Xerxes Manufacturing, in its first year of operations, produces solar panels which are sold through large building supply and home improvement stores. Xerxes' year-end results include the following:
You are preparing Xerxes' first year tax return. Xerxes has elected a calendar year as its tax accounting period and the accrual method. What additional information would you need to prepare the tax return?

Question

Xerxes Manufacturing, in its first year of operations, produces solar panels which are sold through large building supply and home improvement stores. Xerxes' year-end results include the following:
  You are preparing Xerxes' first year tax return. Xerxes has elected a calendar year as its tax accounting period and the accrual method. What additional information would you need to prepare the tax return?

Quizplus · Accepted Answer

The Answer of Xerxes Manufacturing, in its first year of operations, produces solar panels which are sold through large building supply and home improvement stores. Xerxes' year-end results include the following:
  You are preparing Xerxes' first year tax return. Xerxes has elected a calendar year as its tax accounting period and the accrual method. What additional information would you need to prepare the tax return?

Xerxes Manufacturing, in Its First Year of Operations, Produces Solar