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can you please answer the whole problem ? thank you and appreciate your service here's the problem again i dont know what information you need.
can you please answer the whole problem ? thank you and appreciate your service
here's the problem again i dont know what information you need. The subject is Accounting. The questions are in there. Please let me know if anything. I need this by tomorrow
PROBLEM 1-C CORPORATION (FORM 1120) On November 1, 2008, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e-mail address is petkingdom@pki.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 Janet 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 determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. During 2019, the corporation distributed cash dividends of $250,000. Pet Kingdom's financial statements for 2019 are shown below. Income Statement Income Gross sales Sales returns and allowances Net sales Cost of goods 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 $ 5,750,000 (200,000) $ 5,550,000 (2,300,000) $3,250,000 43,750 $ 15,000 20,000 35,000 $ 3,328,750 Expenses Salaries-officers: $262,500 262,500 Expenses Salaries-officers: Janet Morton Kim Wong Salaries --clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Loan to purchase state bonds Other business loans Advertising Rental expense Depreciation $525,000 725,000 238,000 140,000 $ 9,000 207,000 216,000 58,000 109,000 106,000 38,000 60,000 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 40,000 (2,255,000) $ 1,073,750 (221,734) $1852.016 Balance Sheet Assets January 1, 2019 December 31, 2019 Cash Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets $ 1,200,000 2,062,500 2,750,000 1,125,000 375,000 400,000 -0- 5,455,000 (606,000) 812,500 140,000 $13,714,000 $ 1,039,461 2,147,000 3,030,000 1,125,000 375,000 400,000 2,266 5,455,000 (712,000) 812,500 128,500 $13,802,727 Liabilities and Equity January 1, 2019 December 31, 2019 Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity $ 2,284,000 175,000 4,625,000 2,500,000 4,130,000 $13,714,000 $ 1,840,711 155,000 4,575,000 2,500,000 4.732.016 $13,802,727 During 2019, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2019. Suggested software: ProConnect Tax Online. PROBLEM 1-C CORPORATION (FORM 1120) On November 1, 2008, Janet Morton and Kim Wong formed Pet Kingdom, Inc, to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225;its telephone number is (214) 555-2211; and its e-mail address is petkingdom@pki.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 Janet 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 determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. . During 2019, the corporation distributed cash dividends of $250,000. Pet Kingdom's financial statements for 2019 are shown below. Income Statement Income Gross sales $ 5,750,000 Sales returns and allowances 1200.000 Net sales $5.550,000 Cost of goods sold Gross profit $3,250,000 Dividends received from stock Investments in less than 20% owned U.S.corporations 43.250 Interest income State bonds $15.000 Certificates of deposit 20.000 Total income $3.320.750 Expenses Salaries-offers Janet Morton $262.500 Kim Wang $525.000 Salaries-clerical and sales 725,000 Taxes (state, local and payroll 238.000 Repairs and maintenance 140.000 Interest expense: Loan to purchase ate bonds $9.000 Other business loa 207.000 216 Advertising 58,000 Rental expense 109,000 Depreciation 106,000 38.000 60,000 Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of lanet Morton and Kim Wong: Pet Kingdom is the designated beneficiary Total expenses Net income before the Federal income tax Net income per books 40,000 12.255.000 $ 1,073,750 1221.734 5852016 Balance Sheet Assets January 1, 2019 December 31, 2019 $ 1,200,000 2,062,500 2,750,000 1,125,000 375,000 400,000 Cash Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets $ 1,039,461 2,147,000 3,030,000 1,125,000 375,000 400,000 2,266 5,455,000 (712,000) 812,500 128,500 $13,802,727 5,455,000 (606,000) 812,500 140,000 $13,714,000 Liabilities and Equity January 1, 2019 December 31, 2019 Accounts payable $ 2,284,000 $ 1,840,711 Other current liabilities 175,000 155,000 Mortgages 4,625,000 4,575,000 Capital stock 2,500,000 2,500,000 Retained earnings 4,130,000 4.732,016 Total liabilities and equity $13,714,000 $13,802,727 During 2019, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2019. Suggested software: ProConnect Tax Online. PROBLEM 1-C CORPORATION (FORM 1120) On November 1, 2008, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e-mail address is petkingdom@pki.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 Janet 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 determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. During 2019, the corporation distributed cash dividends of $250,000. Pet Kingdom's financial statements for 2019 are shown below. Income Statement Income Gross sales Sales returns and allowances Net sales Cost of goods 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 $ 5,750,000 (200,000) $ 5,550,000 (2,300,000) $3,250,000 43,750 $ 15,000 20,000 35,000 $ 3,328,750 Expenses Salaries-officers: $262,500 262,500 Expenses Salaries-officers: Janet Morton Kim Wong Salaries --clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Loan to purchase state bonds Other business loans Advertising Rental expense Depreciation $525,000 725,000 238,000 140,000 $ 9,000 207,000 216,000 58,000 109,000 106,000 38,000 60,000 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 40,000 (2,255,000) $ 1,073,750 (221,734) $1852.016 Balance Sheet Assets January 1, 2019 December 31, 2019 Cash Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets $ 1,200,000 2,062,500 2,750,000 1,125,000 375,000 400,000 -0- 5,455,000 (606,000) 812,500 140,000 $13,714,000 $ 1,039,461 2,147,000 3,030,000 1,125,000 375,000 400,000 2,266 5,455,000 (712,000) 812,500 128,500 $13,802,727 Liabilities and Equity January 1, 2019 December 31, 2019 Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity $ 2,284,000 175,000 4,625,000 2,500,000 4,130,000 $13,714,000 $ 1,840,711 155,000 4,575,000 2,500,000 4.732.016 $13,802,727 During 2019, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2019. Suggested software: ProConnect Tax Online. PROBLEM 1-C CORPORATION (FORM 1120) On November 1, 2008, Janet Morton and Kim Wong formed Pet Kingdom, Inc, to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225;its telephone number is (214) 555-2211; and its e-mail address is petkingdom@pki.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 Janet 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 determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. . During 2019, the corporation distributed cash dividends of $250,000. Pet Kingdom's financial statements for 2019 are shown below. Income Statement Income Gross sales $ 5,750,000 Sales returns and allowances 1200.000 Net sales $5.550,000 Cost of goods sold Gross profit $3,250,000 Dividends received from stock Investments in less than 20% owned U.S.corporations 43.250 Interest income State bonds $15.000 Certificates of deposit 20.000 Total income $3.320.750 Expenses Salaries-offers Janet Morton $262.500 Kim Wang $525.000 Salaries-clerical and sales 725,000 Taxes (state, local and payroll 238.000 Repairs and maintenance 140.000 Interest expense: Loan to purchase ate bonds $9.000 Other business loa 207.000 216 Advertising 58,000 Rental expense 109,000 Depreciation 106,000 38.000 60,000 Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of lanet Morton and Kim Wong: Pet Kingdom is the designated beneficiary Total expenses Net income before the Federal income tax Net income per books 40,000 12.255.000 $ 1,073,750 1221.734 5852016 Balance Sheet Assets January 1, 2019 December 31, 2019 $ 1,200,000 2,062,500 2,750,000 1,125,000 375,000 400,000 Cash Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets $ 1,039,461 2,147,000 3,030,000 1,125,000 375,000 400,000 2,266 5,455,000 (712,000) 812,500 128,500 $13,802,727 5,455,000 (606,000) 812,500 140,000 $13,714,000 Liabilities and Equity January 1, 2019 December 31, 2019 Accounts payable $ 2,284,000 $ 1,840,711 Other current liabilities 175,000 155,000 Mortgages 4,625,000 4,575,000 Capital stock 2,500,000 2,500,000 Retained earnings 4,130,000 4.732,016 Total liabilities and equity $13,714,000 $13,802,727 During 2019, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2019. Suggested software: ProConnect Tax Online Step by Step Solution
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