Need 2019 U.S. Corporation Income Tax Return Form 1120
On October 15, 2010, John Doe and Jane Doe formed J&J Sporting Goods, Inc. to sell sporting apparel and sporting goods. Pertinent information regarding J&J Sporting Goods is summarized as follows: The business address is 123 Athlete Lane, Bloomington, IL 61701; its telephone number is (309) 555-1212; and its e-mail address is allyoursportingneeds@gmail.com. The employer identification number is 12-3456789, and the principal business activity code is 455110. John and Jane each own 50% of the common stock; Jane is president and John is vice president of the company. No other class of stock is authorized. Both John and Janet are full-time employees of J&J Sporting Goods. Jane's Social Security number is 320-45-6788, and John's Social Security number is 320-45-6787. J&J Sporting Goods is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. In addition, During 2019, the corporation distributed cash dividends of $600,000. The dividends received are from stock investments in less-than-20% owned companies. The life insurance costs are insurance policies on John and Jane Doe and J&J Sporting Gods, Inc. is the designated beneficiary. Depreciation for tax purposes is $132,000. You do NOT need to complete Form 4562 During 2019, J&J Sporting Goods made estimated tax payments of $65,000 per quarter. Round all amounts to whole dollars. You should submit Form 1120, Pages 1 -6, and Form 1125-A. You may choose to use the tax software included in your book, complete it by hand, or use a downloaded PDF filler. The financial statements, Income Statement and Balance Sheet, are below: 5,448,000 (200,000) 5,248,000 2,180,000 3,068,000 43,750 16,000 18,000 34,000 3,145,750 52,000 24,000 102,000 42,000 Gross Sales Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Dividends Received Interest Income: State Bonds Certificates of Deposit Total Income Expenses Advertising Charitable Contributions Depreciation Expense Employee Benefit Programs Insurance Disability Insurance Liability Insurance Life Insurance Work Comp Total Insurance Interest Expense Loan to purchase state bonds Other business loans Total Interest Expense Office Expense Rental expense Salaries-Officers Jane Doe John Doe Total officer salaries Salaries - admin and staff Taxes (state, local, and payroll) Telephone Expense Utilities Total Expense Net Income Before Taxes Federal Income Tax 600 6,000 30,000 14,000 50,600 6,000 180,000 186,000 3,000 44,000 262,500 262,500 525,000 625,000 215,000 4,000 11,000 1,883,600 1,262,150 (258,358) Net Income per Books $1,003,792 Balance Sheet 1/1/2019 Assets 12/31/2019 Cash 980,000 1,200,000 Trade notes & A/R 1,470,000 1,708,150 2,750,000 2,750,000 Inventories Prepaid Federal Tax 0 1,642 CD'S 400,000 400,000 Buildings & other assets 1,450,000 1,450,000 Accumulated Depreciation (605,000) (707,000) Land 400,000 400,000 Total Assets 6,845,000 7,202,792 Liabilities and Equity Accounts Payable Other Current Liabilities 115,000 100,000 90,000 80,000 Mortgages 1,010,000 989,000 Capital Stock 1,500,000 1,500,000 Retained Earnings (Unappropriated) 4,130,000 4,533,792 Total Liabilities and Shareholder's Equity 6,845,000 7,202,792 On October 15, 2010, John Doe and Jane Doe formed J&J Sporting Goods, Inc. to sell sporting apparel and sporting goods. Pertinent information regarding J&J Sporting Goods is summarized as follows: The business address is 123 Athlete Lane, Bloomington, IL 61701; its telephone number is (309) 555-1212; and its e-mail address is allyoursportingneeds@gmail.com. The employer identification number is 12-3456789, and the principal business activity code is 455110. John and Jane each own 50% of the common stock; Jane is president and John is vice president of the company. No other class of stock is authorized. Both John and Janet are full-time employees of J&J Sporting Goods. Jane's Social Security number is 320-45-6788, and John's Social Security number is 320-45-6787. J&J Sporting Goods is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. In addition, During 2019, the corporation distributed cash dividends of $600,000. The dividends received are from stock investments in less-than-20% owned companies. The life insurance costs are insurance policies on John and Jane Doe and J&J Sporting Gods, Inc. is the designated beneficiary. Depreciation for tax purposes is $132,000. You do NOT need to complete Form 4562 During 2019, J&J Sporting Goods made estimated tax payments of $65,000 per quarter. Round all amounts to whole dollars. You should submit Form 1120, Pages 1 -6, and Form 1125-A. You may choose to use the tax software included in your book, complete it by hand, or use a downloaded PDF filler. The financial statements, Income Statement and Balance Sheet, are below: 5,448,000 (200,000) 5,248,000 2,180,000 3,068,000 43,750 16,000 18,000 34,000 3,145,750 52,000 24,000 102,000 42,000 Gross Sales Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Dividends Received Interest Income: State Bonds Certificates of Deposit Total Income Expenses Advertising Charitable Contributions Depreciation Expense Employee Benefit Programs Insurance Disability Insurance Liability Insurance Life Insurance Work Comp Total Insurance Interest Expense Loan to purchase state bonds Other business loans Total Interest Expense Office Expense Rental expense Salaries-Officers Jane Doe John Doe Total officer salaries Salaries - admin and staff Taxes (state, local, and payroll) Telephone Expense Utilities Total Expense Net Income Before Taxes Federal Income Tax 600 6,000 30,000 14,000 50,600 6,000 180,000 186,000 3,000 44,000 262,500 262,500 525,000 625,000 215,000 4,000 11,000 1,883,600 1,262,150 (258,358) Net Income per Books $1,003,792 Balance Sheet 1/1/2019 Assets 12/31/2019 Cash 980,000 1,200,000 Trade notes & A/R 1,470,000 1,708,150 2,750,000 2,750,000 Inventories Prepaid Federal Tax 0 1,642 CD'S 400,000 400,000 Buildings & other assets 1,450,000 1,450,000 Accumulated Depreciation (605,000) (707,000) Land 400,000 400,000 Total Assets 6,845,000 7,202,792 Liabilities and Equity Accounts Payable Other Current Liabilities 115,000 100,000 90,000 80,000 Mortgages 1,010,000 989,000 Capital Stock 1,500,000 1,500,000 Retained Earnings (Unappropriated) 4,130,000 4,533,792 Total Liabilities and Shareholder's Equity 6,845,000 7,202,792
