This booklet is designed to provide information and assist corporations in filing their Georgia corporate tax returns. The income statement can be presented in a "one-step" or "two-step" format.For net worth tax purposes tangible and intangible assets, like cash, accounts receivable, allowance for bad debts, accumulated depreciation, etc. School Districts in the State of Georgia are required to prepare financial statements in accordance with Generally Accepted. Accounting Principles (GAAP). This section discusses the appropriate presentation of income tax expense or benefit items in the financial statements. Stockholders' equity is the remaining amount of assets available to shareholders after paying liabilities. Learn how to calculate stockholders' equity. Record the capital lease in the year of inception. Record the asset and the liability.