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I need to have, 3 tax returns done all using the same data I have uploaded with this assignment. If I have them done by
I need to have, 3 tax returns done all using the same data I have uploaded with this assignment. If I have them done by Monday morning, I will pay an extra $20.00 + another 20% tip. I need to have the trial balances and everything included with each tax return. The tax returns need to be up to date tax returns so for example, a 2015 tax return. I need it one for a C corporation, an S corporation, and a Partnership. If all 3 returns are done, and all the pre-work leading up to the tax returns is included, and it passes with at least a B on the first go around, I'll add in another $20.00 on top of the extra $20.00 and do a 25% Tip. So in all, that will be $80.00 for doing this assignment the way I need it to be done, and a 25% tip which brings it to $100.00 total. Thank-you in advance!
ABC COMPANY TRIAL BALANCE 12/31/2014 CASH-CHECKING ACCOUNTS RECEIVABLE INVENTORY PROPERTY & EQUIPMENT ACCUMULATED DEPRECIATION ORGANIZATION EXPENSES ACCUM. AMORTIZATION ACCOUNTS PAYABLE PAYROLL TAXES PAYABLE NOTES PAYABLE-CURRENT NOTES PAYABLE-LONG TERM COMMON STOCK RETAINED EARNINGS DISTRIBUTIONS DR 125,550 243,650 610,250 722,550 65,000 50,000 CR 235,475 13,000 136,450 4,250 76,120 322,100 100,000 543,784 SALES PURCHASES OFFICERS WAGES WAGES PAYROLL TAXES REPAIRS & MAINTENANCE RENT INSURANCE INTEREST EXPENSE SUPPLIES OFFICE SUPPLIES MEALS & ENTERTAINMENT TRANSPORTATION EXPENSES DEPRECIATION SEC 179 DEPREC ADVERTISING LEGAL & ACCOUNTING AMORTIZATION CONTRIBUTIONS INTEREST INCOME 3,403,715 250,000 525,250 50,020 6,500 48,000 28,800 19,910 8,750 5,260 3,580 11,400 103,221 25,000 27,650 3,260 4,333 4,260 TOTAL 6,345,909 6,345,909 4,528,909 4,914,730 BEGINNING INVENTORY 595,625 4,912,470 2,260 Form 1125-A (Rev. December 2012) Department of the Treasury Internal Revenue Service Name Cost of Goods Sold OMB No. 1545-2225 Attach to Form 1120, 1120-C, 1120-F, 1120S, 1065, or 1065-B. Information about Form 1125-A and its instructions is at www.irs.gov/form1125a. Employer identification number 1 2 Inventory at beginning of year Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 3 4 5 Cost of labor . . . . . . . . . . . Additional section 263A costs (attach schedule) . Other costs (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 5 6 7 Total. Add lines 1 through 5 . Inventory at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 595625 3403715 775250 3260 0 4777850 610250 8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on Form 1120, page 1, line 2 or the appropriate line of your tax return (see instructions) . . . . . . . . . . . . . . . Check all methods used for valuing closing inventory: (i) Cost 8 4167600 9a . . . . . . . . . . . . . . . . . . . . . . b Lower of cost or market (ii) Other (Specify method used and attach explanation.) (iii) Check if there was a writedown of subnormal goods . . . . . . . . . . c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) . . . . . . d If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed under LIFO . . . . . . . . . . . . . . . . . . . . . . . . . . . 9d If property is produced or acquired for resale, do the rules of section 263A apply to the entity (see instructions)? . . e f . . . . . . . . . . . . Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If \"Yes,\" attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section references are to the Internal Revenue Code unless otherwise noted. General Instructions Purpose of Form Use Form 1125-A to calculate and deduct cost of goods sold for certain entities. Who Must File Filers of Form 1120, 1120-C, 1120-F, 1120S, 1065, or 1065-B, must complete and attach Form 1125-A if the applicable entity reports a deduction for cost of goods sold. Inventories Generally, inventories are required at the beginning and end of each tax year if the production, purchase, or sale of merchandise is an income-producing factor. See Regulations section 1.471-1. If inventories are required, you generally must use an accrual method of accounting for sales and purchases of inventory items. Exception for certain taxpayers. If you are a qualifying taxpayer or a qualifying small business taxpayer (defined below), you can adopt or change your accounting method to account for inventoriable items in the same manner as materials and supplies that are not incidental. Under this accounting method, inventory costs for raw materials purchased for use in producing finished goods and merchandise purchased for resale are deductible in the year the finished goods or merchandise are sold (but not before the year you paid for the raw materials or merchandise, if you are also using the cash method). If you account for inventoriable items in the same manner as materials and supplies that are not incidental, you can currently deduct expenditures for direct labor and all indirect costs that would otherwise be included in inventory costs. See the instructions for lines 2 and 7. For additional guidance on this method of accounting, see Pub. 538, Accounting Periods and Methods. For guidance on adopting or changing to this method of accounting, see Form 3115, Application for Change in Accounting Method, and its instructions. Qualifying taxpayer. A qualifying taxpayer is a taxpayer that, (a) for each prior tax year ending after December 16, 1998, has average annual gross receipts of $1 million or less for the 3 prior tax years and (b) its business is not a tax shelter (as defined in section 448(d)(3)). See Rev. Proc. 2001-10, 2001-2 I.R.B. 272. Qualifying small business taxpayer. A qualifying small business taxpayer is a taxpayer that, (a) for each prior tax year For Paperwork Reduction Act Notice, see instructions. Cat. No. 55988R Yes No Yes No ending on or after December 31, 2000, has average annual gross receipts of $10 million or less for the 3 prior tax years, (b) whose principal business activity is not an ineligible activity, and (c) whose business is not a tax shelter (as defined in section 448 (d)(3)). See Rev. Proc. 2002-28, 2002-18 I.R.B. 815. Uniform capitalization rules. The uniform capitalization rules of section 263A generally require you to capitalize, or include in inventory, certain costs incurred in connection with the following. The production of real property and tangible personal property held in inventory or held for sale in the ordinary course of business. Real property or personal property (tangible and intangible) acquired for resale. The production of real property and tangible personal property by a corporation for use in its trade or business or in an activity engaged in for profit. See the discussion on section 263A uniform capitalization rules in the instructions for your tax return before completing Form 1125-A. Also see Regulations sections 1.263A-1 through 1.263A-3. See Regulations section 1.263A-4 for rules for property produced in a farming business. 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International Accounting
Authors: Timothy Doupnik, Hector Perera
3rd Edition
978-0078110955, 0078110955
