1125E and federal statement

12,000 $14,000 10,000 24,000 $1,444,000 Dividends received from stock investments in less-than-20%- owned U.S. corporations Interest income: State bonds Certificates of deposit Total income Expenses Salaries-officers: Nancy Trout Delores Lake Salaries-clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Business loans Loan to purchase state bonds Advertising Rental expense Depreciation $160,000 160,000 $320,000 290,000 85,000 56,000 $12,000 8,000 20,000 6,000 68,000 40,000 15,000 24,000 Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Janet Morton and Kim Wong; Pet Kingdom is the designated beneficiary Total expenses Net income before taxes Federal income tax Net income per books 16,000 (940,000) $504,000 (106,680) $397,320 * You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount of deprecation on line 20 of Form 1120. Assets Cash Trade notes and accounts receivable Inventories Balance Sheet January 1, 2018 $380,000 308,400 900,000 December 31, 2018 $337,300 480,280 1,012,000 During 2018, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2018. If an amount box does not require an entry or the answer is zero, enter "0". Enter all amounts as positive numbers, unless otherwise instructed. If required, round amounts to the nearest dollar. Make realistic assumptions about any missing data. 80,000 x 2 Total compensation of officers ...... 3 Compensation of officers claimed on Form 1125-A or elsewhere on return ........... 4. Subtract line 3 from line 2. Enter the result here and on Form 1120, page 1, line 12 or the appropriate line of your tax return. ........... ............................................... 80,000 x BAA For Paperwork Reduction Act Notice, see separate instructions. Form 1125-E (Rev. 10-2016) 2018 Page 1 Federal Statements Kingfisher Corporation 11-1111113 Statement 1 Form 1120, Schedule L, Line 6 Other Current Assets Beginning Ending Certificates of Deposit ...... $ 140,000 140,000 Prepaid Federal Tax ...... 0 0 108,000 x Stock Investments .. 300,000 300,000 Total $ 440,000 548 x 12,000 $14,000 10,000 24,000 $1,444,000 Dividends received from stock investments in less-than-20%- owned U.S. corporations Interest income: State bonds Certificates of deposit Total income Expenses Salaries-officers: Nancy Trout Delores Lake Salaries-clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Business loans Loan to purchase state bonds Advertising Rental expense Depreciation $160,000 160,000 $320,000 290,000 85,000 56,000 $12,000 8,000 20,000 6,000 68,000 40,000 15,000 24,000 Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Janet Morton and Kim Wong; Pet Kingdom is the designated beneficiary Total expenses Net income before taxes Federal income tax Net income per books 16,000 (940,000) $504,000 (106,680) $397,320 * You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount of deprecation on line 20 of Form 1120. Assets Cash Trade notes and accounts receivable Inventories Balance Sheet January 1, 2018 $380,000 308,400 900,000 December 31, 2018 $337,300 480,280 1,012,000 During 2018, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2018. If an amount box does not require an entry or the answer is zero, enter "0". Enter all amounts as positive numbers, unless otherwise instructed. If required, round amounts to the nearest dollar. Make realistic assumptions about any missing data. 80,000 x 2 Total compensation of officers ...... 3 Compensation of officers claimed on Form 1125-A or elsewhere on return ........... 4. Subtract line 3 from line 2. Enter the result here and on Form 1120, page 1, line 12 or the appropriate line of your tax return. ........... ............................................... 80,000 x BAA For Paperwork Reduction Act Notice, see separate instructions. Form 1125-E (Rev. 10-2016) 2018 Page 1 Federal Statements Kingfisher Corporation 11-1111113 Statement 1 Form 1120, Schedule L, Line 6 Other Current Assets Beginning Ending Certificates of Deposit ...... $ 140,000 140,000 Prepaid Federal Tax ...... 0 0 108,000 x Stock Investments .. 300,000 300,000 Total $ 440,000 548 x