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Note: This problem is for the 2 0 2 2 tax year. On November 1 , 2 0 1 1 , Janet Morton and Kim
Note: This problem is for the tax year. On November Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: Pet Kingdom's business address is Northwest Parkway, Dallas, TX ; its telephone number is ; and its email address is petkingdom@pki.com. The employer identification number is and the principal business activity code is Janet and Kim each own of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized. Both Janet and Kim are fulltime employees of Pet Kingdom. Janet's Social Security number is and Kim's Social Security number is Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straightline method of depreciation for book purposes and accelerated depreciation MACRS for tax purposes. During the corporation distributed cash dividends of $ Pet Kingdom's financial statements for are shown below. Income Statement Income Gross sales $ Sales returns and allowances Net sales $ Cost of goods sold Gross profit $ Dividends received from stock investments in lessthan owned US corporations Interest income: State bonds $ Certificates of deposit Total income $ Expenses Salariesofficers: Janet Morton $ Kim Wong $ Salariesclerical and sales Taxes state local, and payroll Repairs and maintenance Interest expense: Loan to purchase state bonds $ Other business loans Advertising Rental expense Depreciation Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Janet Morton and Kim Wong; Pet Kingdom is the designated beneficiary Total expenses Net income before taxes $ Federal income tax Net income per books $ Depreciation for tax purposes is $ You are not provided enough detailed data to complete a Form depreciation If you solve this problem using Intuit ProConnect, enter the amount of depreciation on line of Form Balance Sheet Assets January December Cash $ $ Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets $ $ Liabilities and Equity January December Accounts payable $ $ Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity $ $ Required: During Pet Kingdom made estimated tax payments of $ each quarter to the IRS. Prepare a Form for Pet Kingdom for tax year If an amount box does not require an entry or the answer is zero, enter Enter all amounts as positive numbers, unless otherwise instructed. If required, round amounts to the nearest dollar. Make realistic assumptions about any missing data I need help with the scheduke M line
Note: This problem is for the tax year.
On November Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows:
Pet Kingdom's business address is Northwest Parkway, Dallas, TX ; its telephone number is ; and its email address is petkingdom@pki.com.
The employer identification number is and the principal business activity code is
Janet and Kim each own of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized.
Both Janet and Kim are fulltime employees of Pet Kingdom. Janet's Social Security number is and Kim's Social Security number is
Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straightline method of depreciation for book purposes and accelerated depreciation MACRS for tax purposes.
During the corporation distributed cash dividends of $
Pet Kingdom's financial statements for are shown below.
Income Statement
Income
Gross sales
$
Sales returns and allowances
Net sales
$
Cost of goods sold
Gross profit
$
Dividends received from stock
investments in lessthan
owned US corporations
Interest income:
State bonds
$
Certificates of deposit
Total income
$
Expenses
Salariesofficers:
Janet Morton
$
Kim Wong
$
Salariesclerical and sales
Taxes state local, and payroll
Repairs and maintenance
Interest expense:
Loan to purchase state bonds
$
Other business loans
Advertising
Rental expense
Depreciation
Charitable contributions
Employee benefit programs
Premiums on term life insurance
policies on lives of Janet Morton and
Kim Wong; Pet Kingdom is the
designated beneficiary
Total expenses
Net income before taxes
$
Federal income tax
Net income per books
$
Depreciation for tax purposes is $ You are not provided enough detailed data to complete a Form depreciation If you solve this problem using Intuit ProConnect, enter the amount of depreciation on line of Form
Balance Sheet
Assets
January
December
Cash
$
$
Trade notes and accounts receivable
Inventories
Stock investment
State bonds
Certificates of deposit
Prepaid Federal tax
Buildings and other depreciable assets
Accumulated depreciation
Land
Other assets
Total assets
$
$
Liabilities and Equity
January
December
Accounts payable
$
$
Other current liabilities
Mortgages
Capital stock
Retained earnings
Total liabilities and equity
$
$
Required:
During Pet Kingdom made estimated tax payments of $ each quarter to the IRS. Prepare a Form for Pet Kingdom for tax year
If an amount box does not require an entry or the answer is zero, enter
Enter all amounts as positive numbers, unless otherwise instructed.
If required, round amounts to the nearest dollar.
Make realistic assumptions about any missing data I need help with the scheduke M line
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