15 Theodhet 249,750 777,000 416,250 55,500 57,665 41,070 Facts Razorback Sports Inc. was formed in 2016 by Austin Wiliams and Tyler Jacobs. Austin and Tyler officially incorporated their store on March 12, 2016. Razorback Sports sells all kinds of sports-related products including equipment, uniforms and athletic shoes. Austin owns 60% of the outstanding common stock of Razorback Sports and Tyler owns the remaining 40% Razorback Sports is located at 123 College Ave, Fayetteville, AR 72701. Its employer identification number is 29-5748859 and its business activity code is 451110 Razorback Sports uses the accrual method of accounting and has a calendar year-end. The officers of Razorback Sports and their Social Security numbers are: Name Title SS number Accounts payable Austin WilCEO/President 123-45-5789 Accounts receivable Tyler Jacobs Executive VP 789 12 34 Accumulated depreciation Kellie Francis Operations VP 321-54-9876 Advertising expense Jason Roberts Secretary 1987 65 4321 Alowance for doubtful accounts A trial balance for the corporation is attached. Additional information is presented below. Bad debt expense Amount Captal gains 1 Razorback Sports has a captal loss carry over from last year of 3RRS Capital stock (common 2 Interest income Cash From a City of Fayetteville bond that was used to fund new police 5,994 Charitable contributions station b. From a U.S. Treasury bond 3.802 Compensation expense From a money market account 6,854 Cost of goods sold 3 Razorback Sports sold equipment Depreciation expense a Seline price 10828 Dividends (paid b. Original purchase price 12,654 Dividents received Total book depreciation on the equipment 6,383 Entertainment espere d. Total tax depreciation on the equipment 8.769 Equipment Razorback Sports dividend income came from Cardinaline. Razorback Sports owned 425,000 shares of the stock in Cardinal at the beginning of the year. This represented Federal income tax expense 25% of the Cardinal outstanding stock 5 Onluly 22, 2019 Razorback Sports cold 2,500 shares of its Cardinal Inc. stock Gain from disposkion of fixed asst a. Selling price 34,850 Interest expense b. Razorback orginally purchased these shares on Aori 24, 2017 26,640 Interest income 12.210 999,000 376,623 29,970 1,443,000 921.900 22,200 BRAIO 13,320 6,772 832,500 27 4,496 68,20 16,650 Alter the sale, Razorback Sports owned 22.5% of Cardinal Inc 1914,750 68,820 155,400 305,250 Inventory Investments in state & local band Investments in stock Investment in U.S. governmentbc Land Maintenance expense 77,200 627,150 3,052,500 22,200 3,608 Meals expense 9,047 Interest expense a. From the more on Razorback Sports building The business expense limit does not apply to Razorback Sports 7 Wages to non officers are & Pension expense is the same for both book and tax purposes Miscelaneous expenses include premiums paid on term life insurance policies on the y lives of Austin and Tyler Razorback Sports is the beneficiary of the life insurance policies 10 Miscelaneous expers include parking fines issued by the City of Fayettevile The corporation uses MACRS depreciation for tax purposes. The corporation purchased all of its equipment on July 1, 2016. Razorback Sports took the maximum amount of $179 deprecation (no bonus depreciation). The equipment is all7 year property Cost of the equipment 12 Accounts receivable written off by Razorback Sports during the year were 196 Miscellaneous ense 45.510 Mortgage rayalle 1,703,961 832,500 Other axets 299,00 49,950 Other current tablites 146,520 89,800 Other tabilities 205,350 46,620 62.100 46,620 13 on December 1, 2019 Razorback Sports paid a dividend to shareholders of 14 Razorback Sports made four equal estimated tax payments of if it has overpaid its federal tax liability, Razorback would like to receive a refund Augin Williams Tyler Jacobs Kelle Francis Jason Roberts 16 Al offices devote 100% of their time to the business and all officers are U.S.citizens 17 Neither Kellie nerlason any stock in Razorback Sports. 35,520 44,400 305,250 283,050 133,200 94,350 Other taxes expense Pension plans expeme Professional services exerce Property tax expense Retained earnings (1/1/2019) Sales Sales retums & allowance State income tax expense Supplies experise 3,518,700 3,796,700 46,620 72,150 9,102 $11.140,571 $11.140.571 15 Theodhet 249,750 777,000 416,250 55,500 57,665 41,070 Facts Razorback Sports Inc. was formed in 2016 by Austin Wiliams and Tyler Jacobs. Austin and Tyler officially incorporated their store on March 12, 2016. Razorback Sports sells all kinds of sports-related products including equipment, uniforms and athletic shoes. Austin owns 60% of the outstanding common stock of Razorback Sports and Tyler owns the remaining 40% Razorback Sports is located at 123 College Ave, Fayetteville, AR 72701. Its employer identification number is 29-5748859 and its business activity code is 451110 Razorback Sports uses the accrual method of accounting and has a calendar year-end. The officers of Razorback Sports and their Social Security numbers are: Name Title SS number Accounts payable Austin WilCEO/President 123-45-5789 Accounts receivable Tyler Jacobs Executive VP 789 12 34 Accumulated depreciation Kellie Francis Operations VP 321-54-9876 Advertising expense Jason Roberts Secretary 1987 65 4321 Alowance for doubtful accounts A trial balance for the corporation is attached. Additional information is presented below. Bad debt expense Amount Captal gains 1 Razorback Sports has a captal loss carry over from last year of 3RRS Capital stock (common 2 Interest income Cash From a City of Fayetteville bond that was used to fund new police 5,994 Charitable contributions station b. From a U.S. Treasury bond 3.802 Compensation expense From a money market account 6,854 Cost of goods sold 3 Razorback Sports sold equipment Depreciation expense a Seline price 10828 Dividends (paid b. Original purchase price 12,654 Dividents received Total book depreciation on the equipment 6,383 Entertainment espere d. Total tax depreciation on the equipment 8.769 Equipment Razorback Sports dividend income came from Cardinaline. Razorback Sports owned 425,000 shares of the stock in Cardinal at the beginning of the year. This represented Federal income tax expense 25% of the Cardinal outstanding stock 5 Onluly 22, 2019 Razorback Sports cold 2,500 shares of its Cardinal Inc. stock Gain from disposkion of fixed asst a. Selling price 34,850 Interest expense b. Razorback orginally purchased these shares on Aori 24, 2017 26,640 Interest income 12.210 999,000 376,623 29,970 1,443,000 921.900 22,200 BRAIO 13,320 6,772 832,500 27 4,496 68,20 16,650 Alter the sale, Razorback Sports owned 22.5% of Cardinal Inc 1914,750 68,820 155,400 305,250 Inventory Investments in state & local band Investments in stock Investment in U.S. governmentbc Land Maintenance expense 77,200 627,150 3,052,500 22,200 3,608 Meals expense 9,047 Interest expense a. From the more on Razorback Sports building The business expense limit does not apply to Razorback Sports 7 Wages to non officers are & Pension expense is the same for both book and tax purposes Miscelaneous expenses include premiums paid on term life insurance policies on the y lives of Austin and Tyler Razorback Sports is the beneficiary of the life insurance policies 10 Miscelaneous expers include parking fines issued by the City of Fayettevile The corporation uses MACRS depreciation for tax purposes. The corporation purchased all of its equipment on July 1, 2016. Razorback Sports took the maximum amount of $179 deprecation (no bonus depreciation). The equipment is all7 year property Cost of the equipment 12 Accounts receivable written off by Razorback Sports during the year were 196 Miscellaneous ense 45.510 Mortgage rayalle 1,703,961 832,500 Other axets 299,00 49,950 Other current tablites 146,520 89,800 Other tabilities 205,350 46,620 62.100 46,620 13 on December 1, 2019 Razorback Sports paid a dividend to shareholders of 14 Razorback Sports made four equal estimated tax payments of if it has overpaid its federal tax liability, Razorback would like to receive a refund Augin Williams Tyler Jacobs Kelle Francis Jason Roberts 16 Al offices devote 100% of their time to the business and all officers are U.S.citizens 17 Neither Kellie nerlason any stock in Razorback Sports. 35,520 44,400 305,250 283,050 133,200 94,350 Other taxes expense Pension plans expeme Professional services exerce Property tax expense Retained earnings (1/1/2019) Sales Sales retums & allowance State income tax expense Supplies experise 3,518,700 3,796,700 46,620 72,150 9,102 $11.140,571 $11.140.571