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Please help I need to complete a Tax return Form 1120 pages(1-5) The Olly Corporation Income Statement For the year ended 12 Gross Income$260,000 (Merchant
Please help I need to complete a Tax return Form 1120 pages(1-5)
The Olly Corporation Income Statement For the year ended 12 Gross Income$260,000 (Merchant Card Sales) Qualified Dividends received from a 10% owned domestic corp. 20.000 Total Gross Income$280,000 Cost of Goods Sold (105.000) Total Income$175,000 Other Expenses: Compensation of Officers 75,000 Salaries & Wages Bad Debts (Direct Write-off 7,000 Repairs3,000 Depreciation 10,000 Advertising5,000 Payroll Taxes 10.000 Total Other Expenses (140.000) 30,000 Net Income (Before Federal Income Tax Expense) $35.000 The Olly Corporation Balance Sheet 12/31/2016 Assets: CashS30,000 Accounts Receivable20,000 Inventory80,000 Equipment90,000 Accum. Depreciation Total Assets $210.000 10,000) 80,000 Liabilities & Capital Accounts PayableS13,150 Notes Payable (Due in 10 years) 85,000 Common Stock80,000 Retained Earnings31.850 Total Liabies & Capital$210.000 The corporation made an estimated tax payment of $4,000 and the corporation's federal income tax expense is equal to the federal tax liabilityStep by Step Solution
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