I would need to fill up the following forms:

-Form 1120-S

The due date is Monday 13th December so I would really appreciate your help.

Thank you

Instructions: common Please complete the 2020 tax return for Mad Dog Cats, Inc. based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Ignore any Alternative Minimum Tax (AMT) calculations or reporting, Mad Dog Cats, Inc. (MD) is organized as a corporation in the state of North Carolina and is taxed as an "S" corporation with a calendar year end (additional information about MD can be found in the table below). MD operates four small boutique pet products outlet stores in the North Carolina cities of Charlotte, Durham, Raleigh, and Winston-Salem Address (has not Employer S Election Shares Date Name changed since Identification Effective Issued and inception) Incorporated Number Date Outstanding 10,000 Mad Dog 1312 Tom Jerry January 1, February 12, 12-3456789 Highway Cats, Inc 2002 Raleigh, NC 27513 2019 shares MD is owned by four unrelated shareholders (shareholder specific information is provided in the table below). There were no stock transfers or changes in stock ownership during the current tax year, Social Security Shares 2020 Officer Name Address Officer Title Number Owned Compensation Jennifer 58 Bright Lane 929-13-1234 Chief Executive 4,300 $112,000 Aniston Raleigh, NC 28201 Officer Robert RD Route C Chief Financial 284-92-4321 $90,000 Duval 2,300 Rural Hall, NC 27045 Officer Lamar 35 Blind Curve Rd Chief Operating 454-19-2134 2,200 Burton Mt. Airy, NC 27030 $80,000 Officer Weare 51985 Old Rotten Highway 924-28-1342 1,200 Not an officer N/A Borg Raleigh, NC 28201 MD was taxed as a corporation from inception through the Selection effective date. The table below provides pertinent account balances as of December 31, 2019 for MD: Description 12/31/2019 Balance Net unrecognized built-in gain (NUBIG)' $400,000 Accumulated earnings and profits $500,000 Accumulated adjustments account $125,000 Other adjustments account $17,000 *NUBIG was entirely attributable to unimproved land that MD originally purchased for $250,000 on June 16, 2004. The land was held by MD as an investment asset only and was not connected with its pet 1 products business. On August 1, 2020, MD sold the unimproved land for $850,000 (net of selling commissions). MD did not receive a Form 1099-8 reflecting the sale. Additional information: None of the expenses incurred by MD during the year relate to the production or carrying of the tax-exempt securities held in portfolio. The tax-exempt securities are maintained in a separate brokerage account distinct from other holdings MD values its inventory at cost and has always used the specific identification method for reporting purposes. The company has never written down inventory for any reason and the rules of Section 263A (UNICAP) do not apply to MD. MD leases all its real property used in business. On December 1, 2020, MD made a pro rata distribution to all common stockholders, totaling $794,400 On July 1, 2020, MD purchased $640,000 of new office equipment (5-year MACRS property) that it used to expand its Raleigh store. Excluding the $640,000 of 2020 additions, MD's regular tax depreciation for the current year is $275,000. MD desires to maximize its current year cost recovery deductions related to the 2020 additions Other than the unimproved land, MD did not dispose of any assets during the year. MD maintains a life insurance policy on the life of the CEO, Jennifer Aniston, MD is the beneficiary of that policy In March 2020, MD contributed $32,000 in cash to the Red Cross to assist those affected by tornados in Nashville, Tennessee. MD reports employee compensation amounts that remained unpaid at year-end in Accrued Employee Wages, Accrued Officer Bonuses and Accrued Employee Vacation on the balance sheet, as applicable. The table below provides a summary of the balances in these accounts for December 31, 2019 and 2020, Balance Account Account Applicable Employees Payment Payment Sheet Date Description Balance Amount Date 12/31/2019 Accrued Employee $27,000 All employees Wages (including officers) $27,000 01/15/2020 12/31/2019 Accrued Officer $110,000 Officers only Bonuses $110,000 07/01/2020 Non officer Accrued Employee Thru 12/31/2019 $19,000 $3,000 Vacation employees 03/15/2020 Accrued Employee $31,000 All employees 12/31/2020 Wages (including officers) $31,000 01/15/2021 12/31/2020 Accrued Officer $145,000 Officers only Bonuses $145,000 07/01/2021 12/31/2020 Accrued Employee $21,000 Non-officer Vacation Thru employees $9,000 03/15/2021 MD made the following Federal and North Carolina estimated income tax payments on April 15", June 15, September 15" and December 15, 2020: o Federal: $21,000 each quarter, $84,000 for the 2020 tax year North Carolina: $5,000 each quarter, $20,000 for the 2019 tax year 2 Supplementary Details: MD uses the accrual method of accounting. MD is not a subsidiary nor is it in an affiliated group with any other entity MD does not own directly 20%, or, directly and indirectly, 20% or more of any other entity (including corporations or partnerships). MD has never issued any restrictive stock or publicly traded debt nor been required to file a Form 8918 MD's average annual gross receipts have never exceeded $26,000,000 MD did not have any non-shareholder debt that was cancelled or was forgiven nor had the terms modified so as to reduce the principal amount of the debt during the tax year. MD has never made nor caused to be made a qualified subchapter 5 subsidiary election (sub). MD has never caused a sub election to be revoked or terminated. MD made payments in the current year that required the filing of Forms 1099. All Forms 1099 were filed timely. MD's activities all represent qualified trades or businesses, and none constitute a specified trade or business. MD paid $723,000 in W-2 wages in 2020. MD's original, unadjusted basis in all its assets is consistent with historical cost on the balance sheet. MD's three officers devoted 100% of their time to the company. a Financial Statements (kept on a GAAP basis); Mad Dog Cats, Inc Balance Sheet Assets Cash Accounts Receivable Credit Cards Accounts Receivable-Trade Less: Allowance for Bad Debts Inventory Tax-exempt Securities U.S. Treasury Bonds Fixed Assets Less: Acc. Depreciation Land-Unimproved (tax and GAAP basis) Prepaid Rent Total Assets: 12/31/2019 $ 340,000 205,000 63,000 (13,000) 2,908,000 100,000 200,000 4,010,000 (2,875,000) 250,000 165.000 $5,353,000 12/31/2020 $ 496,6000 232,000 58,000 (11,500) 3,010,000 100,000 200,000 4,650,000 (3,055,000) 0 168,000 $5,848,100 Liabilities and Shareholders' Equity Accounts Payable Accrued Employee Wages Accrued Officer Bonuses Accrued Employee Vacation Note Payable-First Bank of NC (Credit Line) Note Payable-First Bank of Raleigh Capital Stock Additional paid-in Capital Retained Earnings Total Liabilities and Shareholders' Equity 99,000 27,000 110,000 19,000 536,000 3,655,000 93,000 31,000 145,000 21,000 812,000 3,139,750 1,000 99,000 807.000 $5,353,000 1,000 99,000 1.506,350 $5,848,100 Modern Day Clothing, Inc Income Statement for the year ending December 31, 2020 Amount Item Income Gross Sales Less: Returns Net Sales Cost of Goods Sold Gross Profit $8,936,500 1354,000) 8,582,500 14,910,500) 3,672,000 Gain on Sale of Unimproved Land 600,000 Interest Income Bank Interest Income U.S. Gov't Municipal Bond Interest Income Total Income: 3,750 6,000 2,650 $4,284,400 Expenses: Officer Salaries Employee Salaries Repairs and Maintenance Bad Debts Rent Payroll Taxes Licensing Fees Property Taxes Interest Expense Depreciation Office Supplies Employee Training Key employee Insurance Advertising Employee Benefit Programs Meals and Entertainment Travel Charitable Contribution Federal Income Taxes (built-in gains tax) State Income Taxes (built-in gain tax) Insurance Utilities Telephone Total Expenses: Net Income (Loss): $317,000 437,000 16,330 22,000 769,078 84,500 10,750 12,500 181,651 180,000 5,300 13,750 12,000 65,810 111,731 3,750 8,500 32,000 84,000 20,000 18,000 243,000 142,000 $2,790,650 $1,493,750 Check Figures Form 1120 S Line 21: $305,725 Form 1120 - Schedule K Line 18: $799,475 Form 1120-5 Schedule M 2 Line 8, column (a) $128,200 Instructions: common Please complete the 2020 tax return for Mad Dog Cats, Inc. based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Ignore any Alternative Minimum Tax (AMT) calculations or reporting, Mad Dog Cats, Inc. (MD) is organized as a corporation in the state of North Carolina and is taxed as an "S" corporation with a calendar year end (additional information about MD can be found in the table below). MD operates four small boutique pet products outlet stores in the North Carolina cities of Charlotte, Durham, Raleigh, and Winston-Salem Address (has not Employer S Election Shares Date Name changed since Identification Effective Issued and inception) Incorporated Number Date Outstanding 10,000 Mad Dog 1312 Tom Jerry January 1, February 12, 12-3456789 Highway Cats, Inc 2002 Raleigh, NC 27513 2019 shares MD is owned by four unrelated shareholders (shareholder specific information is provided in the table below). There were no stock transfers or changes in stock ownership during the current tax year, Social Security Shares 2020 Officer Name Address Officer Title Number Owned Compensation Jennifer 58 Bright Lane 929-13-1234 Chief Executive 4,300 $112,000 Aniston Raleigh, NC 28201 Officer Robert RD Route C Chief Financial 284-92-4321 $90,000 Duval 2,300 Rural Hall, NC 27045 Officer Lamar 35 Blind Curve Rd Chief Operating 454-19-2134 2,200 Burton Mt. Airy, NC 27030 $80,000 Officer Weare 51985 Old Rotten Highway 924-28-1342 1,200 Not an officer N/A Borg Raleigh, NC 28201 MD was taxed as a corporation from inception through the Selection effective date. The table below provides pertinent account balances as of December 31, 2019 for MD: Description 12/31/2019 Balance Net unrecognized built-in gain (NUBIG)' $400,000 Accumulated earnings and profits $500,000 Accumulated adjustments account $125,000 Other adjustments account $17,000 *NUBIG was entirely attributable to unimproved land that MD originally purchased for $250,000 on June 16, 2004. The land was held by MD as an investment asset only and was not connected with its pet 1 products business. On August 1, 2020, MD sold the unimproved land for $850,000 (net of selling commissions). MD did not receive a Form 1099-8 reflecting the sale. Additional information: None of the expenses incurred by MD during the year relate to the production or carrying of the tax-exempt securities held in portfolio. The tax-exempt securities are maintained in a separate brokerage account distinct from other holdings MD values its inventory at cost and has always used the specific identification method for reporting purposes. The company has never written down inventory for any reason and the rules of Section 263A (UNICAP) do not apply to MD. MD leases all its real property used in business. On December 1, 2020, MD made a pro rata distribution to all common stockholders, totaling $794,400 On July 1, 2020, MD purchased $640,000 of new office equipment (5-year MACRS property) that it used to expand its Raleigh store. Excluding the $640,000 of 2020 additions, MD's regular tax depreciation for the current year is $275,000. MD desires to maximize its current year cost recovery deductions related to the 2020 additions Other than the unimproved land, MD did not dispose of any assets during the year. MD maintains a life insurance policy on the life of the CEO, Jennifer Aniston, MD is the beneficiary of that policy In March 2020, MD contributed $32,000 in cash to the Red Cross to assist those affected by tornados in Nashville, Tennessee. MD reports employee compensation amounts that remained unpaid at year-end in Accrued Employee Wages, Accrued Officer Bonuses and Accrued Employee Vacation on the balance sheet, as applicable. The table below provides a summary of the balances in these accounts for December 31, 2019 and 2020, Balance Account Account Applicable Employees Payment Payment Sheet Date Description Balance Amount Date 12/31/2019 Accrued Employee $27,000 All employees Wages (including officers) $27,000 01/15/2020 12/31/2019 Accrued Officer $110,000 Officers only Bonuses $110,000 07/01/2020 Non officer Accrued Employee Thru 12/31/2019 $19,000 $3,000 Vacation employees 03/15/2020 Accrued Employee $31,000 All employees 12/31/2020 Wages (including officers) $31,000 01/15/2021 12/31/2020 Accrued Officer $145,000 Officers only Bonuses $145,000 07/01/2021 12/31/2020 Accrued Employee $21,000 Non-officer Vacation Thru employees $9,000 03/15/2021 MD made the following Federal and North Carolina estimated income tax payments on April 15", June 15, September 15" and December 15, 2020: o Federal: $21,000 each quarter, $84,000 for the 2020 tax year North Carolina: $5,000 each quarter, $20,000 for the 2019 tax year 2 Supplementary Details: MD uses the accrual method of accounting. MD is not a subsidiary nor is it in an affiliated group with any other entity MD does not own directly 20%, or, directly and indirectly, 20% or more of any other entity (including corporations or partnerships). MD has never issued any restrictive stock or publicly traded debt nor been required to file a Form 8918 MD's average annual gross receipts have never exceeded $26,000,000 MD did not have any non-shareholder debt that was cancelled or was forgiven nor had the terms modified so as to reduce the principal amount of the debt during the tax year. MD has never made nor caused to be made a qualified subchapter 5 subsidiary election (sub). MD has never caused a sub election to be revoked or terminated. MD made payments in the current year that required the filing of Forms 1099. All Forms 1099 were filed timely. MD's activities all represent qualified trades or businesses, and none constitute a specified trade or business. MD paid $723,000 in W-2 wages in 2020. MD's original, unadjusted basis in all its assets is consistent with historical cost on the balance sheet. MD's three officers devoted 100% of their time to the company. a Financial Statements (kept on a GAAP basis); Mad Dog Cats, Inc Balance Sheet Assets Cash Accounts Receivable Credit Cards Accounts Receivable-Trade Less: Allowance for Bad Debts Inventory Tax-exempt Securities U.S. Treasury Bonds Fixed Assets Less: Acc. Depreciation Land-Unimproved (tax and GAAP basis) Prepaid Rent Total Assets: 12/31/2019 $ 340,000 205,000 63,000 (13,000) 2,908,000 100,000 200,000 4,010,000 (2,875,000) 250,000 165.000 $5,353,000 12/31/2020 $ 496,6000 232,000 58,000 (11,500) 3,010,000 100,000 200,000 4,650,000 (3,055,000) 0 168,000 $5,848,100 Liabilities and Shareholders' Equity Accounts Payable Accrued Employee Wages Accrued Officer Bonuses Accrued Employee Vacation Note Payable-First Bank of NC (Credit Line) Note Payable-First Bank of Raleigh Capital Stock Additional paid-in Capital Retained Earnings Total Liabilities and Shareholders' Equity 99,000 27,000 110,000 19,000 536,000 3,655,000 93,000 31,000 145,000 21,000 812,000 3,139,750 1,000 99,000 807.000 $5,353,000 1,000 99,000 1.506,350 $5,848,100 Modern Day Clothing, Inc Income Statement for the year ending December 31, 2020 Amount Item Income Gross Sales Less: Returns Net Sales Cost of Goods Sold Gross Profit $8,936,500 1354,000) 8,582,500 14,910,500) 3,672,000 Gain on Sale of Unimproved Land 600,000 Interest Income Bank Interest Income U.S. Gov't Municipal Bond Interest Income Total Income: 3,750 6,000 2,650 $4,284,400 Expenses: Officer Salaries Employee Salaries Repairs and Maintenance Bad Debts Rent Payroll Taxes Licensing Fees Property Taxes Interest Expense Depreciation Office Supplies Employee Training Key employee Insurance Advertising Employee Benefit Programs Meals and Entertainment Travel Charitable Contribution Federal Income Taxes (built-in gains tax) State Income Taxes (built-in gain tax) Insurance Utilities Telephone Total Expenses: Net Income (Loss): $317,000 437,000 16,330 22,000 769,078 84,500 10,750 12,500 181,651 180,000 5,300 13,750 12,000 65,810 111,731 3,750 8,500 32,000 84,000 20,000 18,000 243,000 142,000 $2,790,650 $1,493,750 Check Figures Form 1120 S Line 21: $305,725 Form 1120 - Schedule K Line 18: $799,475 Form 1120-5 Schedule M 2 Line 8, column (a) $128,200