please give from 1120, schedule C, J, K, L, M-1, Form 1125-A, schedule G, schedule M-3, Form 1125-E, and federal
statemnets. please answer COREECTLY for all and I will thumbs up asap. thank you!
Note: This problem is for the 2019 tax year. On November 1, 2008, 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 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e- mail address is petkingdom@pki.com. The employer identification number is 11-1111112, and the principal business activity code is 453910. Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class or stock is authorized Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787. 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 straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. . During 2019, the corporation distributed cash dividends of $250,000 Pet Kingdom's financial statements for 2019 are shown below. Income Statement Income Gross sales Sales returns and allowances Net sales $5,750,000 (200,000) $5,550,000 (2,300,000) Cost of goods sold 29a 29a Net operating loss deduction (see instructions) b Special deductions (Schedule C, line 24, column (C)) 29b 30,625 X c Add lines 29 and 29b 29c 30,625 X 30 Taxable income. Subtract line 29c from line 28. See Instructions 30 3,328,750 x 31 56,000 X 32 x 20 33 360,000 31 Total tax (Schedule), Part I, line 11). 32 2019 net 965 tax liability pald (Schedule J, Part 11, line 12). 33 Total payments, credits, and section 965 net tax liability (Schedule , Part III, line 23) 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached 35 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed 36 Overpayment. Ir line 33 is larger than the total of lines 31, 32, and 34, enter amount overpaid. 37 Enter amount from tine 36 you want: Credited to 2020 estimated tax Refunded 34 35 36 3,977 x 37 3,977 X Reconciliation of Net Income (LOSS) per Income Statement of Includible Corporations with Taxable Income per Return-Expense/Deduction Items (see Instructions) (a) (b) (c) (d) Expense/Deduction Items Expense Per Temporary Permanent Deduction per Income Statement Difference Difference Tax Return 1 U.S. current income tax expense X 2 U.S. deferred income tax expense. 3 State and local current income tax expense 4 State and local deferred income tax expense... 5 Foreign current income tax expense (other than foreign withholding taxes) 6 Foreign deferred income tax expense... 7 Foreign withholding taxes. 8 Interest expense (see instructions) X 9 Stock option expense. 10 Other equity-based compensation 11 Meals and entertainment 12 Fines and penalties 13 Judgments, damages, awards, and similar costs 14 Parachute payments. 24 Capital loss limitation and carryforward used 25 Other income (loss) items with differences (attach statement). 26 Total Income (loss) items. Combine lines 1 through 25. X X 27 Total expense/deduction Items (from Part III, line 39). 28 Other items with no differences... X X 29a Mixed groups, see instructions. All others, combine lines 26 through 28. X X DPC insurance subgroup reconciliation totals Life insurance subgroup reconciliation totals. 30 Reconciliation totals. Combine lines 29a through 290 X X Note: Line 30, column (a), must equal Part 1, line 11, and column (d) must equal Form 1120, page 1, line 28. Schedule M-3 (Form 1100 IDEA 27 Amortization of acquisition, reorganization, and start-up costs 28 Other amortization or impairment write-offs 29 Reserved 30 Depletion 31 Depreciation 32 Bad debt expense 33 Corporate owned life insurance premiums..... X X 34 Purchase versus lease (for purchasers and/or lessees) 35 Research and development costs 36 Section 118 exclusion (attach statement) 37 Section 162(0)-FDIC premiums paid by certain large financial institutions (see instructions)... 38 Other expense/deduction items with differences (attach statement) 39 Total expense/deduction items. Combine lines 1 through 38. Enter here and on Part II, line 27, reporting positive amounts as negative and negative amounts as positive .... X X Name Employer Identification number Pet Kingdom, Inc. 11-1111112 Note: Complete Form 1125-E only if total receipts are $500,000 or more. See Instructions for definition of total receipts. (b) Social Security (c) Percent of Percent of stock owned 1 (a) Name of officer number time devoted to (1) Amount of (see instructions) business (d) Common (e) Preferred compensation Janet Morton 123-45-6788 X% X% % X Kim Wong 123-45-6787 X% X % % % % % 2% % % % % % % % % % % 9% % % % % % % % % 9% % % % % % % 2019 Federal Statements Pet Kingdom, Inc. Page 1 11-1111112 Statement 1 Form 1120, Schedule L. Line 6 Other Current Assets Beginning Ending Certificate of Deposit $ X X Prepaid Federal Tax Stock Investments X $ Total Yes. (If "Yes," attach an explanation and the amount of each item restated.) No. Is any of the corporation's voting common stock publicly traded? 3a Yes. No. If "No," go to line 4a. b Enter the symbol of the corporation's primary U.S. publicly traded voting common stock Enter the nine-digit CUSIP number of the corporation's primary publicly traded voting common stock 4a 5a ( Sb 4a Worldwide consolidated net income (loss) from income statement source identified in Part 1, line 1.... b Indicate accounting standard used for line 4a (see Instructions): (1) 0 GAAP (2) IFRS (3)0 Statutory (4) Tax-Basis (5) Other (specity) 5a Net Income from nonincludible foreign entities (attach statement) b Net loss from nonincludible foreign entities (attach statement and enter as a positive amount) Net Income from nonincludible U.S. entities (attach statement) b Net loss from nonincludible U.S. entities (attach statement and enter as a positive amount) 7a Net income (loss) or other includible foreign disregarded entities (attach statement) b Net income (loss) of other includible U.S. disregarded entities (attach statement) Net Income (loss) of other includible entities (attach statement). 8 Adjustment to eliminations of transactions between includible entities and nonincludible entities (attach statement) 6a 6b 7a 70 C 7c 8 Note: This problem is for the 2019 tax year. On November 1, 2008, 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 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e- mail address is petkingdom@pki.com. The employer identification number is 11-1111112, and the principal business activity code is 453910. Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class or stock is authorized Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787. 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 straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. . During 2019, the corporation distributed cash dividends of $250,000 Pet Kingdom's financial statements for 2019 are shown below. Income Statement Income Gross sales Sales returns and allowances Net sales $5,750,000 (200,000) $5,550,000 (2,300,000) Cost of goods sold 29a 29a Net operating loss deduction (see instructions) b Special deductions (Schedule C, line 24, column (C)) 29b 30,625 X c Add lines 29 and 29b 29c 30,625 X 30 Taxable income. Subtract line 29c from line 28. See Instructions 30 3,328,750 x 31 56,000 X 32 x 20 33 360,000 31 Total tax (Schedule), Part I, line 11). 32 2019 net 965 tax liability pald (Schedule J, Part 11, line 12). 33 Total payments, credits, and section 965 net tax liability (Schedule , Part III, line 23) 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached 35 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed 36 Overpayment. Ir line 33 is larger than the total of lines 31, 32, and 34, enter amount overpaid. 37 Enter amount from tine 36 you want: Credited to 2020 estimated tax Refunded 34 35 36 3,977 x 37 3,977 X Reconciliation of Net Income (LOSS) per Income Statement of Includible Corporations with Taxable Income per Return-Expense/Deduction Items (see Instructions) (a) (b) (c) (d) Expense/Deduction Items Expense Per Temporary Permanent Deduction per Income Statement Difference Difference Tax Return 1 U.S. current income tax expense X 2 U.S. deferred income tax expense. 3 State and local current income tax expense 4 State and local deferred income tax expense... 5 Foreign current income tax expense (other than foreign withholding taxes) 6 Foreign deferred income tax expense... 7 Foreign withholding taxes. 8 Interest expense (see instructions) X 9 Stock option expense. 10 Other equity-based compensation 11 Meals and entertainment 12 Fines and penalties 13 Judgments, damages, awards, and similar costs 14 Parachute payments. 24 Capital loss limitation and carryforward used 25 Other income (loss) items with differences (attach statement). 26 Total Income (loss) items. Combine lines 1 through 25. X X 27 Total expense/deduction Items (from Part III, line 39). 28 Other items with no differences... X X 29a Mixed groups, see instructions. All others, combine lines 26 through 28. X X DPC insurance subgroup reconciliation totals Life insurance subgroup reconciliation totals. 30 Reconciliation totals. Combine lines 29a through 290 X X Note: Line 30, column (a), must equal Part 1, line 11, and column (d) must equal Form 1120, page 1, line 28. Schedule M-3 (Form 1100 IDEA 27 Amortization of acquisition, reorganization, and start-up costs 28 Other amortization or impairment write-offs 29 Reserved 30 Depletion 31 Depreciation 32 Bad debt expense 33 Corporate owned life insurance premiums..... X X 34 Purchase versus lease (for purchasers and/or lessees) 35 Research and development costs 36 Section 118 exclusion (attach statement) 37 Section 162(0)-FDIC premiums paid by certain large financial institutions (see instructions)... 38 Other expense/deduction items with differences (attach statement) 39 Total expense/deduction items. Combine lines 1 through 38. Enter here and on Part II, line 27, reporting positive amounts as negative and negative amounts as positive .... X X Name Employer Identification number Pet Kingdom, Inc. 11-1111112 Note: Complete Form 1125-E only if total receipts are $500,000 or more. See Instructions for definition of total receipts. (b) Social Security (c) Percent of Percent of stock owned 1 (a) Name of officer number time devoted to (1) Amount of (see instructions) business (d) Common (e) Preferred compensation Janet Morton 123-45-6788 X% X% % X Kim Wong 123-45-6787 X% X % % % % % 2% % % % % % % % % % % 9% % % % % % % % % 9% % % % % % % 2019 Federal Statements Pet Kingdom, Inc. Page 1 11-1111112 Statement 1 Form 1120, Schedule L. Line 6 Other Current Assets Beginning Ending Certificate of Deposit $ X X Prepaid Federal Tax Stock Investments X $ Total Yes. (If "Yes," attach an explanation and the amount of each item restated.) No. Is any of the corporation's voting common stock publicly traded? 3a Yes. No. If "No," go to line 4a. b Enter the symbol of the corporation's primary U.S. publicly traded voting common stock Enter the nine-digit CUSIP number of the corporation's primary publicly traded voting common stock 4a 5a ( Sb 4a Worldwide consolidated net income (loss) from income statement source identified in Part 1, line 1.... b Indicate accounting standard used for line 4a (see Instructions): (1) 0 GAAP (2) IFRS (3)0 Statutory (4) Tax-Basis (5) Other (specity) 5a Net Income from nonincludible foreign entities (attach statement) b Net loss from nonincludible foreign entities (attach statement and enter as a positive amount) Net Income from nonincludible U.S. entities (attach statement) b Net loss from nonincludible U.S. entities (attach statement and enter as a positive amount) 7a Net income (loss) or other includible foreign disregarded entities (attach statement) b Net income (loss) of other includible U.S. disregarded entities (attach statement) Net Income (loss) of other includible entities (attach statement). 8 Adjustment to eliminations of transactions between includible entities and nonincludible entities (attach statement) 6a 6b 7a 70 C 7c 8
