Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with completion of the forms per instruction as follows: Form 1120 Form 1125-A Form 1125-E Schedule G Is anything ever CLEAR for any

image text in transcribed

image text in transcribed

Need help with completion of the forms per instruction as follows: Form 1120 Form 1125-A Form 1125-E Schedule G

Is anything ever CLEAR for any of you all??? Never mind about solving this...did it myself and it turned out GREAT...THANKS but NO THANKS CHEGG!!!

please provide where abouts on your site for this solved problem.

Shockwave Manufacturing, EIN 57-1234567, was organized on January 1, 1990. Shockwave manufactures electrical components. Its business activity code is 334410. They are located at 1234 Green Wire Lane, San Jose, CA 95107. Shockwave's preferred stock is held by 17 different shareholders. none of whom own more than 10% of the stock of the company. Shockwave's two officers each own 50% of the company's common stock. June Rivers is President of the company. Her compensation is $75,000. June's husband, Travis Rivers is Vice-President. His compensation is $66,350. Shockwave paid a total of 546,600 of dividends to its shareholders this year. During the year, Shockwave made federal estimated tax payments totaling $15,800 Shockwave's accrual-based financial statements are shown below. Shockwave Manufacturing, Inc. Comparative Balance Sheet December 31, 2018 Assets January 1 2018 Cash 40,320 Notes Receivable 40,400 Accounts Receivable 236,390 Inventories (at lower of cost or market) 155,736 Prepaid Federal Taxes Investment in Municipal Bonds 27,900 Investments 45,000 Land 98,700 Building 182,432 Machinery and Equipment 207,450 Accumulated Depreciation (89,988) Total Assets $ 944,340 December 31 2018 38,143 32,680 208,690 218,241 4,690 27,900 45,000 98,700 206,379 207,450 (128,045) $ 959,828 Liabilities and Stockholder's Equity Short-term Bank Loans Accounts Payable Accrued Expenses Bonds Payable Preferred Stock Common Stock Additional Paid in Capital Retained Earnings (unappropriated) Total Liabilities and Stockholder's Equity January 1 2018 $ 67,500 187,646 11,054 200,000 160,000 180,000 54,000 84,140 $ 944,340 December 31 2018 $ 56,250 164,882 12,629 200,000 160,000 200,000 83,000 83,067 $ 959,828 1vB INMID Shockwave Manufacturing, Inc. Income Statement For the year ended December 31, 2018 Sales 1,896,798 Sales Returns (224,054) $ 1,672,744 Cost of Goods Sold (1,351,371) Gross Profit $ 321,373 Operating Expenses: Officer's Salaries $ 141,350 Salaries and Wages 40,188 Repairs 2,214 Property Taxes 4,200 Payroll Taxes 11,398 Depreciation 6,068 Supplies 7,130 Advertising 29,033 Meals 2,000 Other administrative expenses 10,300 (253,881) Net Operating Income $ 67,492 Other Income: Dividends from domestic corporations (15% ownership) $ 3,600 Interest Income ($950 from municipal bonds) 3.033 6,633 Other Deductions: Interest Expense $ 11,588 Charitable Contributions 5,000 Legal and Professional Fees 900 (17,488) Net Income before Federal Income Tax $ 56,637 Less: Federal Tax Expense (11,110) Net income $ 45,527 *Assume Form 4562 has been correctly filled out and that $8,048 of depreciation expense is the amount of tax depreciation. Prepare Shockwave's Form 1120, Form 1125-A, Form 1125-E, and Schedule D. Be sure to complete an excel or word file detailing any "attach statement" items. HOOF WERTY La sera U

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Non-Specialists

Authors: Eddie McLaney, Peter Atrill

11th Edition

1292244011, 9781292244013

More Books

Students also viewed these Accounting questions

Question

1. To gain knowledge about the way information is stored in memory.

Answered: 1 week ago