1. On Nowvember 1, 2006, Janet Martonand Kim Woog formed Pet Kingdom, Ine, co sell pes and pel supplies. Pertinent information regarding Pet Kingdom is summarized as follows Per King 's business address is 1010 Northwest Parkway, Dallas, TX 75225, is Telephone number is (216) 555 2211, and its email ackness is beskingstompki.com. The employer identification number is 11-1111112, and the principal business activity code is 453910. Janet and Kim each own 50% of the common stock: Janet is president and Kim is vice president of the company. No other class of stock is authorized . Both Janct and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787 Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are deter- mined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated deprecia- tion (MACRS) for tax purposes. . During 2018, the corporation distributed cash dividends of $250.000 Pet Kingdoms financial statements for 2018 are shown below. Income Statement Income $5,750,000 1200,000) $ 5,550,000 12,300,000) $ 250,000 Gross sales Sales returns and allowances Net sales Cost of gooek sold Gross profit Dividends received from stock investments in less than 20% owned U.S. corporations Interest income: State bonds Certificates of deposit Total income 43,750 $ 15,000 20,000 35,000 $ 3,328,750 sary 1, 2013 The P 12Kg RE 1. On Nowvember 1, 2006, Janet Martonand Kim Woog formed Pet Kingdom, Ine, co sell pes and pel supplies. Pertinent information regarding Pet Kingdom is summarized as follows Per King 's business address is 1010 Northwest Parkway, Dallas, TX 75225, is Telephone number is (216) 555 2211, and its email ackness is beskingstompki.com. The employer identification number is 11-1111112, and the principal business activity code is 453910. Janet and Kim each own 50% of the common stock: Janet is president and Kim is vice president of the company. No other class of stock is authorized . Both Janct and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787 Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are deter- mined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated deprecia- tion (MACRS) for tax purposes. . During 2018, the corporation distributed cash dividends of $250.000 Pet Kingdoms financial statements for 2018 are shown below. Income Statement Income $5,750,000 1200,000) $ 5,550,000 12,300,000) $ 250,000 Gross sales Sales returns and allowances Net sales Cost of gooek sold Gross profit Dividends received from stock investments in less than 20% owned U.S. corporations Interest income: State bonds Certificates of deposit Total income 43,750 $ 15,000 20,000 35,000 $ 3,328,750 sary 1, 2013 The P 12Kg RE
