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Please help with completing Oscar's 1120 for the calendar year ended December 31,2015. Complete all required schedules and forms that accompany the 1120. Please help...
Please help with completing Oscar's 1120 for the calendar year ended December 31,2015. Complete all required schedules and forms that accompany the 1120.
Please help... I am so confused!
Oscar Myer Wiener Dog Corp. Comparative Balance Sheets As of December 31st 2014 and 2015 Assets: Cash Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Inventories at lower of cost or market Raw Materials Finished Goods Investment in municipal bonds-Orange County, FL Investment in common stock-Pioneer Corp Land Building Machinery and Equpment Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity: Bank Loans Accounts Payable Accrued Expenses Bonds Payable Preferred Stock Common Stock Additional paid in capital Retained Earnings Total Liabilities and Stockholders' Equity $ $ $ $ 2014 40,320 40,400 245,790 (9,400) $ $ $ $ 2015 63,600 32,680 217,270 (8,580) $ 46,980 $ 108,756 $ 27,900 $ 45,000 $ 98,700 $ 182,432 $ 207,450 $ (89,988) $ 944,340 $ 77,616 $ 140,625 $ 24,160 $ 49,005 $ 98,700 $ 206,379 $ 207,450 $ (128,045) $ 980,860 2014 $ 67,500 $ 187,646 $ 11,054 $ 200,000 $ 160,000 $ 180,000 $ 54,000 $ 84,140 $ 944,340 $ $ $ $ $ $ $ $ $ 2015 56,250 164,882 12,894 200,000 160,000 200,000 83,000 103,834 980,860 Oscar Myer Wiener Dog Corp. Income Statement For the Year Ended December 31st 2015 Sales less: Sales Returns Net Sales less: COGS Gross Profit Operating Expenses: Officers' Salaries Salaries and Wages Expense Repairs $ 1,928,255 $ (224,054) $ 1,704,201 $ (1,351,371) $ 352,830 $ 141,350 $ 29,583 $ 2,214 Property Taxes Payroll Taxes Depreciation of Buildings Bad debts expense Advertising Travel Expenses (includes $2000 for meals) Administrative Expenses Net Operating Income Other Income: Dividends from domestic corp (15% ownership) Interest Income ($950 from muni bonds) Gain on sale of Pioneer Stock Other Deductions: Loss on sale of Orange County Bonds Interest Expense Contributions to qualified charities Legal Fees Net Income before federal taxes Less: Estimated federal taxes Net Income Cost of Goods Schedule: Inventories at beginning of year Materials purchased Salaries and Wages Other Costs Total goods available for sale Less: inventories at year end Cost of Goods Sold $ $ $ $ $ $ $ 4,200 11,398 6,068 7,130 29,033 20,180 10,300 $ $ $ 3,600 3,033 8,100 $ 525 $ 11,588 $ 11,000 $ 900 $ (261,456) $ 91,374 $ $ 14,733 106,107 $ $ $ $ (24,013) 82,094 (15,800) 66,294 $ $ $ $ $ $ $ 155,736 1,224,000 112,860 77,016 1,569,612 (218,241) 1,351,371 Corporate Tax Return Instructions Spring 2017 Oscar Myer Wiener Corporation was organized on January 31, 1998. Oscar manufactures television components. Oscar's offices are located at 2622 Winnie Street, Orlando, FL 32818. Oscar's financial statements are on the attached pdf files. Oscar's 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 year's estimated tax. Oscar paid a total of $46,600 of dividends to its shareholders this year. Oscar's preferred stock is held by 17 different shareholders, none of whom own more than 10% of the stock in the company. Oscar's two officers, Fritz and Winnie Myer, each own 50% of the common stock. Fritz's SSN is: 199-99-1234 and Winnie's 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. Oscar's 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. Oscar's 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 Oscar's 1120 for the calendar year ended December 31, 2015. Complete all required schedules and forms that accompany the 1120Step by Step Solution
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