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I hope someone can actually answer using 2018 tax laws, not coping previous wrong answers. Thank you. CHAPTER 12 Corporations: Organization, Capital Structure, and Liabilities

image text in transcribedI hope someone can actually answer using 2018 tax laws, not coping previous wrong answers. Thank you.

image text in transcribedimage text in transcribed

CHAPTER 12 Corporations: Organization, Capital Structure, and Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings January 1, 2018 $2,284,000 December 31, 2018 $ 1,840,711 155,000 175,000 4,625,000 2,500,000 4,130,000 $13,714,000 4,575,000 2,500,000 4,732,016 $13,802,727 Total liabilities and equity During 2018, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2018 (if the final 2018 Form 1120 is not available, see if a draft 2018 Form 1120 is available on the IRS website). BRIDGE DISCI Comprehensive Tax Return Problen 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 1. 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 11-1111111, and the principal business activity code is 453910. . Janet and Kim each own 50% ofthe 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 123-45-6789, and Kim's Social Security number is 987-65-4321. Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are deter- mined using FIFO and thelower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated deprecia ion (MACRS) for tax purposes. . During 2018, the corporation distributed cash dividends of $250,000

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