Question
i need the M 1 scheldule filled in Univex is a calendar year, accrual basis retail business. Univex hold less than 20% of IBM stock.
i need the M 1 scheldule filled in
Univex is a calendar year, accrual basis retail business. Univex hold less than 20% of IBM stock. Its financial statements provide the following information for the year:
Revenues from sales of goods | $ 783,200 |
---|---|
Cost of goods sold (FIFO) | (417,500) |
Gross profit | $ 365,700 |
Interest income from certificates of deposit | 1,300 |
Dividend income from IBM stock | 6,720 |
Gain from sale of IBM stock purchased in 2000 | 8,615 |
Bad debt expense | 3,900 |
Administrative salaries and wages | 153,400 |
Business and employment taxes | 31,000 |
Interest expense on debt incurred to buy inventory | 5,100 |
Advertising | 7,000 |
Meals not provided by a restaurant | 3,780 |
Property insurance premiums | 4,300 |
Depreciation | 10,800 |
Repairs and maintenance | 18,700 |
Supplies | 4,120 |
Utilities | 21,000 |
Contributions to charity | 5,000 |
Univexs records reveal the following facts:
- Bad debt expense equals the addition to an allowance for bad debts. Actual write-offs of uncollectible accounts totaled $2,000.
- MACRS depreciation for the year was $21,240.
- Univex made no dispositions of operating assets.
- The owners did not receive compensation or withdraw any funds from Univex.
- Univex is entitled to an $1,800 general business credit.
Required:
- a. Assume Univex is a sole proprietorship. Complete Schedule C, Form 1040.
- b-1. Assume Univex is an LLC. Complete page 1, Form 1065.
- b-2. Assume Univex is an LLC. Complete Schedule K, Form 1065.
- c-1. Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Compute taxable income on page 1, Form 1120, calculate Univexs federal income tax, and complete page 1, 2019 Form 1120.
- c-2. Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Reconcile Income (Loss) as per Books With Income per Return. Complete Schedule M-1, page 6, Form 1120.
(For all requirements, enter all the values as positive values.)
Complete this question by entering your answers in the tabs below.
- Schedule C Part a
- 1065 PG 1 Part b1
- SCHD K 1065 Part b2
- 1120 PG 1 Part c1
- Schedule M1 Part c2
Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Reconcile Income (Loss) as per Books With Income per Return. Complete Schedule M-1, page 6, Form 1120. (Any Expenses (Line 5) and Deductions (Line 8) that are not included under Depreciation, Charitable Contributions, and Travel and Entertainment should be combined in the corresponding line item Other.)
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Univex is a calendar year, accrual basis retail business Univex hold less than 20% of IBM stock. Its financial statements provide the following information for the year Revenues from sales of goods Cost of goods sold (FIFO) Gross profit Interest income from certificates of deposit Dividend income from TBM stock Gain fron sale of 16M stock purchased in 2000 Bad debt expense Administeative salaries and wages Business and employment taxes Interest expense on debt incurred to buy inventory Advertising Meals not provided by a restaurant Property Insurance prentun Depreciation Repairs and maintenance Supplies Utilities Contributions to charity $ 783,200 (417,500) 5 365,700 1,300 6,720 8.615 3,900 153,400 31,000 5,100 7.000 3,750 4,300 10,800 18,700 4,120 21.000 5.000 ieluusteta u unuwiry tas - Bad debt expense equals the addition to an allowance for bad debts. Actual write-offs of uncollectible accounts totaled $2.000 MACRS depreciation for the year was $21,240 Univex made no dispositions of operating assets. The owners did not receive compensation or withdraw any funds from Univex Univex is entitled to an $1,800 general business credit Deductions (Une 8) that are not included under Depreciation, Charitable contributions, and travel and entertainment should corresponding line item "other") Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions 1 Net income oss) per books 7 Income recorded on books this year not included on 2 Federal income tax per hooks this return temiz 3 Excess of capital losses over capital gains Tax exempt interest 4 Income subject to tax not recorded on books this year itemize 5 Expenses recorded on books this year not deducted on 8 Deductions on this return not changed against book this return itemize income this year demi) a Depreciation Depreciation Charitable contributions b Charitable contributions Travel and entertainment Other (include a ies) 0 0 09 Add lines 7 and d Other itemize 0 0 10 Income (page 1 ine 26) - the less line 9 6 Add lines I though 5 THIS FORMIS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORMITSELF DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2021 McGraw-Hill Education HE Noy
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