PLEASE ANSWER REQUIRED SECTION C2 SCHEDULE M-1 ONLY!
Univex is a calendar year, accrual basis retail business. Univex hold less than 20% of IBM stock. Its financial statements provide the following information for the year: Univex's records reveal the following facts: - Bad debt expense equals the addition to an allowance for bad debts. Actual write-offs of uncollectible accounts totaled $2,000. - MACRS depreciation for the year was $21,240. - Univex made no dispositions of operating assets. - The owners did not receive compensation or withdraw any funds from Univex. - Univex is entitled to an $1,800 general business credit. Required: a. Assume Univex is a sole proprietorship. Complete Schedule C, Form 1040. b1. Assume Univex is an LLC. Complete page 1, Form 1065. b2. Assume Univex is an LLC. Complete Schedule K, Form 1065. c1. Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Compute taxable income on page 1. Form 1120, calculate Univex's federal income tax, and complete page 1, 2021 Form 1120. c2. Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Reconcile Income (Loss) as per Books With Income per Return. Complete Schedule M-1, page 6, Form 1120. cation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzl1NiJ9.eyJlbnZpcm9ubWVudCl6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6ImhOdHBzOlwvXC9lenRvLm1oZWR1Y2F... Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal $23,500. Reconcile Income (Loss) as per Books With Income per Return. Complete Schedule M-1, page 6, Form 1120 Note: Any Expenses (Line 5) and Deductions (Line 8) that are not included under Depreciation, Charitable Contributio Entertainment should be combined in the corresponding line item "Other". Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation mav be required to file Schedule M-3. See instructions. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2022 McGraw-Hill Education. 1120p1Part61 Schedule l1Partc2 Univex is a calendar year, accrual basis retail business. Univex hold less than 20% of IBM stock. Its financial statements provide the following information for the year: Univex's records reveal the following facts: - Bad debt expense equals the addition to an allowance for bad debts. Actual write-offs of uncollectible accounts totaled $2,000. - MACRS depreciation for the year was $21,240. - Univex made no dispositions of operating assets. - The owners did not receive compensation or withdraw any funds from Univex. - Univex is entitled to an $1,800 general business credit. Required: a. Assume Univex is a sole proprietorship. Complete Schedule C, Form 1040. b1. Assume Univex is an LLC. Complete page 1, Form 1065. b2. Assume Univex is an LLC. Complete Schedule K, Form 1065. c1. Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Compute taxable income on page 1. Form 1120, calculate Univex's federal income tax, and complete page 1, 2021 Form 1120. c2. Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Reconcile Income (Loss) as per Books With Income per Return. Complete Schedule M-1, page 6, Form 1120. cation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzl1NiJ9.eyJlbnZpcm9ubWVudCl6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6ImhOdHBzOlwvXC9lenRvLm1oZWR1Y2F... Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal $23,500. Reconcile Income (Loss) as per Books With Income per Return. Complete Schedule M-1, page 6, Form 1120 Note: Any Expenses (Line 5) and Deductions (Line 8) that are not included under Depreciation, Charitable Contributio Entertainment should be combined in the corresponding line item "Other". Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation mav be required to file Schedule M-3. See instructions. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2022 McGraw-Hill Education. 1120p1Part61 Schedule l1Partc2
