Need:

• Schedules C, J, K, L, M-1 & M-2
• Form 1120: 5 pages
• Form 1125-A (COGS): 1 page
• Schedule G: 1 page
• Form 1125-E: 1 page
• CompensationofOfficers

Prepared with information attached.

BUSINESS INCOME TAX Forms to be turned in: Schedules C, J, K, L, M-1 & M-2 Form 1120: 5 pages Form 1125-A (COGS): 1 page Schedule G: 1 page Form 1125-E: 1 page Compensation of Officers Any other schedules/forms generated do not need to be turned in. Check figures: Total Income (line 11) Taxable Income (line 30) Amount of refund 1,430,000 505,600 3,096 End of tax year total assets (Schedule L line15) 2,564,100 Due Date Upload to : Tax Return #1 Dropbox by 11:59 p.m., Thursday, CT. Question During 2013, Pet Kingdom made estimated tax payments of $90,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2013. Suggested software: H&R BLOCK At Home. 2. On February 12, 2002, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisher@kf.com. The employer identification number is 11-1111111, and the principal business activity code is 451110. Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized. Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6789, and Delores's Social Security number is 987-65-4321. Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes. During 2013, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2013 are shown below. Income Statement Income Gross sales $2,408,000 Sales returns and allowances (80,000) Net sales $2,328,000 Cost of goods sold Gross profit Dividends received from stock (920,000) $1,408,000 investments in less-than-20%-owned U.S. corporations 12,000 Interest income State bonds $14,000 Certificates of deposit 10,000 24,000 Total income $1,444,000 Expenses Salariesofficers Nancy Trout $160,000 Delores Lake 160,000 $320,000 Salariesclerical and sales 290,000 Taxes (state, local, and payroll) 85,000 Repairs and maintenance 56,000 Interest expense: Business loans Loan to purchase state bonds $12,000 8,000 20,000 Advertising 6,000 Rental expense 68,000 Depreciation* 40,000 Charitable contributions 15,000 Employee benefit programs 24,000 Premiums on term life insurance policies on lives of Nancy Trout and Delores Lake; Kingfisher is the designated beneficiary Total expenses Net income before taxes Federal income tax Net income per books 16,000 ( 940,000) $504,000 (171,904) $332,096 * You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve this problem using H&R BLOCK At Home, enter the amount of deprecation on line 20 of Form 1120. Balance Sheet Assets Cash January 1, 2013 December 31, 2013 $380,000 $335,524 Trade notes and accounts receivable 308,400 480,280 Inventories 900,000 1,012,000 State bonds 160,000 160,000 -0- 3,096 Federal income tax refund Certificates of deposit 140,000 140,000 Stock investments 300,000 300,000 Building and other depreciable assets 240,000 240,000 Accumulated depreciation (88,800) (128,800) Land Other assets Total assets Liabilities and Equity Accounts payable 20,000 20,000 3,600 2,000 $2,363,200 January 1, 2013 $2,564,100 December 31, 2013 $300,000 $299,104 Other current liabilities 80,300 40,000 Mortgages 210,000 200,000 Capital stock 500,000 500,000 Retained earnings 1,272,900 1,524,996 $2,363,200 $2,564,100 Total liabilities and equity During 2013, Kingfisher made estimated tax payments of $43,750 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2013. Suggested software: H&R