HOC MyEagle X MCC Topic: Week 6 X MCC 12a-5 Corpor X ACNT 1347 X G Form 1120-5 | x Homework He X . Welcome to L X 5 ACNT 1347.pc x + - X C File | C:/Users/talba/OneDrive/Desktop/1347%20assignments/12a-5%20Corporation%20Form%201120-5%202020%20Facts%20-%20Tagged.pdf Apps ( www.uscis.gov/sites.. 8 Citizenship Resource.. 8 Study for the Test |... 8 www.uscis.gov/sites... Wells Fargo - Perso.. Manage Credit Car. >Other bookmarks Reading list ACNT 1347 1 /2 80% + Facts in 2020: ABC Inc., a S Corporation, 123 Oak Dr Houston TX 77002 EIN-74-1111111 Date S election effective- 1/1/2000 Date Incorporated 1/1/2000 Business Activity, retail sales (product-family clothing) . . Business Code 448140 The corporation is a cash basis business Gross Receipts $1,000,000 Cost of Goods Sold $400,000 (assume no beginning and ending inventory and purchases are $400,000) ABC Inc. uses lower of cost or market for determining the cost of goods sold and the cash method for income and other expenses. Net income per books is $445,000. Compensation to Bee Jones is $200,000 . Salaries and wages paid to non-shareholder employees are $50,000 Office Rent paid for corporate office is $10,000 . Supplies expense totaled $40,000 The corporation received insurance proceeds of $150,000 for life insurance on a key executive. Relative insurance premiums paid for the year is $5,000. Beginning Balances: Accumulated Adjustments Account $100,000 Other Adjustments Account $ 25,000 2 There is no shareholder Undistributed Taxable Income (UTI). There is no Accumulated Earnings and Profits (CEP). Hint: Don't forget to include the life insurance proceeds and life insurance premiums in the "Other Adjustments Account" on page 6 of the Form 11208. There are no distributions made to the shareholders. The corporation has no debts. There are no earnings and profits of the corporation. No payments are made that would require the issuance of Forms 1099. Shareholder information is as follows: Partner Title Stock Residency SSN Address Bee Jones President 40 shares (40%) TX 222-22-2222 124 Oak Dr, Hou. TX 77002 John Smith Vice-President 40 shares (40%) TX 333-33-3333 125 Oak Dr, Hou. TX 77002 Julie Smart Secretary 20 shares (20%) TX 444-44-4444 126 Oak Dr, Hou. TX 77002 Bee Jones materially participates in the day-to-day operations while John Smith and Julie Smart are passive investors. 1:06 PM Type here to search O e 90 F DA 7/16/2021HOC MyEagle X MCC Topic: Week 6 X MCC 12a-5 Corpor X ACNT 1347 X G Form 1120-5 x Homework He X . Welcome to L X 5 ACNT 1347.pc x + - X C File | C:/Users/talba/OneDrive/Desktop/1347%20assignments/12a-5%20Corporation%20Form%201120-5%202020%20Facts%20-%20Tagged.pdf Apps ( www.uscis.gov/sites. & Citizenship Resource.. # Study for the Test |... 8 www.uscis.gov/sites... Wells Fargo - Perso.. Manage Credit Car. >Other bookmarks Reading list ACNT 1347 2/2 80% Assets: 1/1/2020 12/31/2020 Cash $ 250,000 $ 550,000 Land $2,500,000 $2,500,000 Total assets $2,750,000 $3,050,000 Liabilities and Shareholders' Equity: Capital Stock $ 100,000 $ 100,000 Unappropriated Retained Earnings 2,650,000 2,950,000 Total liabilities and shareholders' equity $2,750,000 $3,050,000 The corporation has engaged you to prepare the 2020 Form 1120S. Include the Schedules K-1 and the Form 1125-A, Cost of Goods Sold and Form 1125-E. In answering questions on the tax return, you may make assumptions if the above facts aren't providing you with the information. Use Tax ACT to prepare the Form 1120-S for ABC Inc. If you have a Mac computer, you will have to prepare a manual tax return and 2 use the tax forms in Module 12. Tax Act software is not compatible with Mac's. Save the return as a PDF and email me one file via HCCS email by the due date. See the course schedule. Type here to search O e 8 2 0 8 9 1:06 PM 90 F O( A 7/16/2021