Question
For this particular assignment, I need the answer for the problem N2 not the problem N1 Olive Corporation was formed and began operations on January
For this particular assignment, I need the answer for the problem N2 not the problem N1
Olive Corporation was formed and began operations on January 1, 2014. The corporations income statement for the year and the balance sheet at year-end are presented below.
The corporation made estimated tax payments of $4,000 and the corporations federal income tax expense is equal to the federal tax liability. Complete Form 1120 for Olive Corporation on Pages 11-37 through 11-41.
Assume that Olive Corporation, in comprehensive Problem 1, is an S corporation owned 50 percent by Linda Holiday and 50 percent by Ralph Winston. The corporation is not subject to any special taxes. Using the relevant information given in comprehensive problem 1 and assuming the corporations retained earnings are $35,000 instead of $ 31,850, accounts payable are $10,000 instead of $13,150, and no estimated tax payments are made, complete form1120S for Olive Corporation and Schedule K- for Linda on pages 11-43 through 11-48. Assume there were no cash distributions during the year.
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