Oscar Myer Wiener Corporation was organized on January 31, 1998. Oscar manufactures television components. Oscars offices are located at 2622 Winnie Street, Orlando, FL 32818. Oscars financial statements are on the attached pdf files. Oscars EIN is: 57-9899890 and their business activity code is: 3670. During the year, Oscar made estimated federal tax payments totaling $15,800. If there is any overpayment of taxes, the accounting department has requested that it be applied towards next years estimated tax. Oscar paid a total of $46,600 of dividends to its shareholders this year. Oscars preferred stock is held by 17 different shareholders, none of whom own more than 10% of the stock in the company. Oscars two officers, Fritz and Winnie Myer, each own 50% of the common stock. Fritzs SSN is: 199-99-1234 and Winnies SSN is: 675-90-9999. Fritz is President of the company and his compensation is $75,000. Winnie is Vice President and her compensation is $66,350. During the year, Oscar sold two investments. Orange county bonds purchased on July 6, 2003 were sold on November 16, 2015 for $3,215. Oscars adjusted basis in the bonds was $3,740. Oscar sold 100 shares of Pioneer Corp common stock on March 14, 2015 for $26,300. The stock was purchased for $18,200 on May 9, 2000. Oscars qualified production activities deduction is $2,263 and you do not need to fill out form 8903. The bad debt expense reported on the income statement is based on the reserve method of accounting. Actual bad debts written off during the year were $7,950. Tax depreciation is equal to book depreciation. Instructions: Complete Oscars 1120 for the calendar year ended December 31, 2015. Complete all required schedules and forms that accompany the 1120. Oscar Myer Wiener Dog Corp. Comparative Balance Sheets As of December 31st 2014 and 2015 Assets: 2014 2015 Cash $40,320 $63,600 Notes Receivable $40,400 $32,680 Accounts Receivable $245,790 $217,270 Allowance for Doubtful Accounts $(9,400) $(8,580) Inventories at lower of cost or market Raw Materials $46,980 $77,616 Finished Goods $108,756 $140,625 Investment in municipal bonds-Orange County, FL $27,900 $24,160 Investment in common stock-Pioneer Corp $45,000 $49,005 Land $98,700 $98,700 Building $182,432 $206,379 Machinery and Equpment $207,450 $207,450 Accumulated Depreciation $(89,988) $(128,045) Total Assets $944,340 $980,860 Liabilities and Stockholders' Equity: 2014 2015 Bank Loans $67,500 $56,250 Accounts Payable $187,646 $164,882 Accrued

Oscar Myer Wiener Corporation was organized on January 31, 1998. Oscar manufactures television components. Oscars offices are located at 2622 Winnie Street, Orlando, FL 32818. Oscars financial statements are on the attached pdf files. Oscars EIN is: 57-9899890 and their business activity code is: 3670.

During the year, Oscar made estimated federal tax payments totaling $15,800. If there is any overpayment of taxes, the accounting department has requested that it be applied towards next years estimated tax. Oscar paid a total of $46,600 of dividends to its shareholders this year. Oscars preferred stock is held by 17 different shareholders, none of whom own more than 10% of the stock in the company. Oscars two officers, Fritz and Winnie Myer, each own 50% of the common stock. Fritzs SSN is: 199-99-1234 and Winnies SSN is: 675-90-9999. Fritz is President of the company and his compensation is $75,000. Winnie is Vice President and her compensation is $66,350.

During the year, Oscar sold two investments. Orange county bonds purchased on July 6, 2003 were sold on November 16, 2015 for $3,215. Oscars adjusted basis in the bonds was $3,740. Oscar sold 100 shares of Pioneer Corp common stock on March 14, 2015 for $26,300. The stock was purchased for $18,200 on May 9, 2000.

Oscars qualified production activities deduction is $2,263 and you do not need to fill out form 8903.

The bad debt expense reported on the income statement is based on the reserve method of accounting. Actual bad debts written off during the year were $7,950. Tax depreciation is equal to book depreciation.

Instructions:

Complete Oscars 1120 for the calendar year ended December 31, 2015.

Complete all required schedules and forms that accompany the 1120.

		Oscar Myer Wiener Dog Corp.
		Comparative Balance Sheets
		As of December 31st 2014 and 2015
Assets:	2014		2015
Cash	$40,320		$63,600
Notes Receivable	$40,400		$32,680
Accounts Receivable	$245,790		$217,270
Allowance for Doubtful Accounts	$(9,400)		$(8,580)
Inventories at lower of cost or market
Raw Materials	$46,980		$77,616
Finished Goods	$108,756		$140,625
Investment in municipal bonds-Orange County, FL	$27,900		$24,160
Investment in common stock-Pioneer Corp	$45,000		$49,005
Land	$98,700		$98,700
Building	$182,432		$206,379
Machinery and Equpment	$207,450		$207,450
Accumulated Depreciation	$(89,988)		$(128,045)
Total Assets	$944,340		$980,860
Liabilities and Stockholders' Equity:	2014		2015
Bank Loans	$67,500		$56,250
Accounts Payable	$187,646		$164,882
Accrued Expenses	$11,054		$12,894
Bonds Payable	$200,000		$200,000
Preferred Stock	$160,000		$160,000
Common Stock	$180,000		$200,000
Additional paid in capital	$54,000		$83,000
Retained Earnings	$84,140		$103,834
Total Liabilities and Stockholders' Equity	$944,340		$980,860
		Oscar Myer Wiener Dog Corp.
		Income Statement
		For the Year Ended December 31st 2015
Sales			$1,928,255
less: Sales Returns			$(224,054)
Net Sales			$1,704,201
less: COGS			$(1,351,371)
Gross Profit			$352,830
Operating Expenses:
Officers' Salaries	$141,350
Salaries and Wages Expense	$29,583
Repairs	$2,214
Property Taxes	$4,200
Payroll Taxes	$11,398
Depreciation of Buildings	$6,068
Bad debts expense	$7,130
Advertising	$29,033
Travel Expenses (includes $2000 for meals)	$20,180
Administrative Expenses	$10,300		$(261,456)
Net Operating Income			$91,374
Other Income:
Dividends from domestic corp (15% ownership)	$3,600
Interest Income ($950 from muni bonds)	$3,033
Gain on sale of Pioneer Stock	$8,100		$14,733
			$106,107
Other Deductions:
Loss on sale of Orange County Bonds	$525
Interest Expense	$11,588
Contributions to qualified charities	$11,000
Legal Fees	$900		$(24,013)
Net Income before federal taxes			$82,094
Less: Estimated federal taxes			$(15,800)
Net Income			$66,294
Cost of Goods Schedule:
Inventories at beginning of year			$155,736
Materials purchased			$1,224,000
Salaries and Wages			$112,860
Other Costs			$77,016
Total goods available for sale			$1,569,612
Less: inventories at year end			$(218,241)
Cost of Goods Sold			$1,351,371