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ESTIMATED TAX PAYMENTS During 2019, Holloway And Bobur Faserprises, Inc. made the following estimated tax payments April 18, 2019 June 17, 2019 September 16, 2019 December 16, 2019 $20.000 $16.000 SI0.000 S10.000 REQUIRED Prepare the C (Regular) Corporation Tax Return for the Holloway And Forces Enterprises, Inc. for the tax year of 2019. The following Forms are needed to complete the Tax Returu: Form 1120, Form 1125-4, Form 1125-E, Schedule G (Form 1120Frm 4562 Visla Holloway and Renee Forrow are the sole equal shareholders in the corporation of Holloway And Fotow Enterprises, Inc. The corporation, which is a retail office supplies and stationery store began its operations on January 2, 1985 (ako date of incorporation For Federal Income Tax purposes, the corporation is a calendar year taxpayer and uses the Accrual Method of Accounting Viola Holloway is the president of the cooperation and its contact person for Federal Income Tax purposes and Rence Forrow is the secretary and treasurer of the corporation. Both are full-time employees of the corporativa devoting cendred percent (100%) of their time to the business and each has an amal salary of S75.000. Viola Holloway's social security number is 678-90-1234 Renee Bow has social security uber of 789-01-2345 and her address is 1606 Natalie Court Houston, Texas 72089.4637. FINANCIAL INFORMATION During the year of 2019. Holloway And Home Enterprises, Inc. reported the following income and Expenses including recessary accruals) for Financial Accounting purposes: Grass Receipts $1.482.000 Sales Reis And Allowances 109.000 Purchases 510,000 Dividends Received Emm Stock (Not Qualified Dividends) Investments Le Less Than twenty percent (2) Owned United Sutes (U.S.) Corporation SLOOD Taxcale Interest 18.000 Tax-Exempt Interest 7,200 Salaries: Officer 131.000 Other Employees 108.000 Repairs And Maintenance 19 300 Rent Experise - Office 84.000 Rent Experise Equipment 15.500 Payroll Taxes (Federal And State 19.000 Interest Expense 25.100 Advertising Expense 33.500 Charitable Contributives 48.000 Legal And Professional Fees 18.000 Depreciation Express SLO Utilities Experise 27.300 Employee's Health Insurance Premiums 14.200 Meaks Ear Clients 5.000 Officers' Life Insurance Premium 14.400 - - Based upce Straight-Line Depreciation, a useful life of five (5) years and no salvage value for all was see specific assets below. - Holloway And Farrow Enterprises Inc. Is the Designated Beneficiary The Holloway And For Enterprises, Inc. was the following depreciable assets. ASSET DESCRIPTION DATE ACQUIRED ORIGINAL COST Automobile - 2018 Lexus 460 April 1, 2018 S 50.000 (Five-year Property Automobile - 2018 Cadillac Seville April 1. 2018 50,000 (Five-year Property Funiture And Fixtures May 1, 2017 150,000 (Seven-year Property) Each automobile was used a total of 18.000 miles during the year of 2019 all which were business miles. The automobiles were not available for personal use during off-duty hours and were used solely by Viola Holloway and Renee Forrow, who both have another vehicle available for personal use. For Federal come Tax purposes, lpf these assets me depreciated using the Modified Accelerated Cost Recovery System (MACRS). Section 19 Deduction was not clected in regard any of these assets mee was Strugl-Line Depreciati ed. BALANCE SHEETS The Balance Sheets (Financial Accounting for the Holloway And Forrow Enterprises, Inc. at the beginning and ending of the year of 2019 are as follows: ASSETS January December 31 Cada SM 3 $4.000 Trade Notes And Accounts Receivable 96,000 90.000 InterValued At Cost 120,00 100.000 Marketable Securities. Le Term 120.00 170,000 Depreciable Assets (And Land) 10 200,000++ Less: Accumulated Depreciatica 165,000 (115.000) Other Assets (deposits) 12.00 12.000 TOTAL ASSETS S599.00 SOL.000 The 2018 Federal Income Tax liability for Holloway And Focrow Enterprises, Inc. was $52.800 and no overpayment of 2018 Federal come Tax is being applied to the 2019 Federal Income Tax liability of Holloway And Forrow Enterprises, Inc. OTHER INFORLATION Both shareholders of Holloway And Foto Enterprises, Inc. are United States Citizens. Holloway And Fotow Enterprises Inc. does not own directly or indirectly fifty percent (50%) or more of the voting stock in any other domestic corporation and the corporation is not a subsadury in an affiliated grupar a parent-subsidiary controlled group. During the year of 2019, Holloway And Boron Enterprises, Inc. paid cash dividends of $280,000 (S140,000 to each sluceholder) and the corporativa did not pay dividends in excess of the corporations Cunet Earnings and Profits and Accumulated Earnings And Prodits. In addition, Holloway And Far Enterprises Inc. is not a shareholder in any foreign corporation has any interest in or a signature or other authority over any financial account in a foreign country. Purthermore, during the year of 2019, the corporation did not receive a distribution from nor was a grande of, or transfer to a foreign trust. Moreover, Holloway And Farow Enterprises, Inc. did not issue publicly offered debt instruments with original issue discount. Finally, the corporation had no Net Operating Losses (NOLS) carryover from prior tax years REQUIRED Prepare the c (Regular) Corporation Tax Return for the Holloway And Forrow Exterprises, Inc. for the text year of 2019. The following Forms are needed to complete the Tax Reture: Form 1120, Form 1125-4, Form 1125-E, Schedule G (Form 1120) Form 4562 S70.400 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable (Noa Berrusel S96.00 Federal Income Taxes Payable 8.660 Notes Payable - Short Term (Ransel 16.000 Notes Payable - Long Term Bewe 164,000 Comman Stock 10, Retained Earnings (Unappropriated) 304,400 TOTAL L.LABILITIES AND STOCKHOLDERS' EQUITY S59900 24.000 212.000 10.000 219.890 The Income Tax Resum is due on SEPTEMBER 19. 2020. (PLEASE REMEMBER TO PUT YOUR NAME ON THE PROJECT). S 601.000 The rules of Section 263 of the ternal Revenue Code do not apply to the corporate - Includes $1.000 allocated in Land ESTIMATED TAX PAYMENTS During 2019, Holloway And Bobur Faserprises, Inc. made the following estimated tax payments April 18, 2019 June 17, 2019 September 16, 2019 December 16, 2019 $20.000 $16.000 SI0.000 S10.000 REQUIRED Prepare the C (Regular) Corporation Tax Return for the Holloway And Forces Enterprises, Inc. for the tax year of 2019. The following Forms are needed to complete the Tax Returu: Form 1120, Form 1125-4, Form 1125-E, Schedule G (Form 1120Frm 4562 Visla Holloway and Renee Forrow are the sole equal shareholders in the corporation of Holloway And Fotow Enterprises, Inc. The corporation, which is a retail office supplies and stationery store began its operations on January 2, 1985 (ako date of incorporation For Federal Income Tax purposes, the corporation is a calendar year taxpayer and uses the Accrual Method of Accounting Viola Holloway is the president of the cooperation and its contact person for Federal Income Tax purposes and Rence Forrow is the secretary and treasurer of the corporation. Both are full-time employees of the corporativa devoting cendred percent (100%) of their time to the business and each has an amal salary of S75.000. Viola Holloway's social security number is 678-90-1234 Renee Bow has social security uber of 789-01-2345 and her address is 1606 Natalie Court Houston, Texas 72089.4637. FINANCIAL INFORMATION During the year of 2019. Holloway And Home Enterprises, Inc. reported the following income and Expenses including recessary accruals) for Financial Accounting purposes: Grass Receipts $1.482.000 Sales Reis And Allowances 109.000 Purchases 510,000 Dividends Received Emm Stock (Not Qualified Dividends) Investments Le Less Than twenty percent (2) Owned United Sutes (U.S.) Corporation SLOOD Taxcale Interest 18.000 Tax-Exempt Interest 7,200 Salaries: Officer 131.000 Other Employees 108.000 Repairs And Maintenance 19 300 Rent Experise - Office 84.000 Rent Experise Equipment 15.500 Payroll Taxes (Federal And State 19.000 Interest Expense 25.100 Advertising Expense 33.500 Charitable Contributives 48.000 Legal And Professional Fees 18.000 Depreciation Express SLO Utilities Experise 27.300 Employee's Health Insurance Premiums 14.200 Meaks Ear Clients 5.000 Officers' Life Insurance Premium 14.400 - - Based upce Straight-Line Depreciation, a useful life of five (5) years and no salvage value for all was see specific assets below. - Holloway And Farrow Enterprises Inc. Is the Designated Beneficiary The Holloway And For Enterprises, Inc. was the following depreciable assets. ASSET DESCRIPTION DATE ACQUIRED ORIGINAL COST Automobile - 2018 Lexus 460 April 1, 2018 S 50.000 (Five-year Property Automobile - 2018 Cadillac Seville April 1. 2018 50,000 (Five-year Property Funiture And Fixtures May 1, 2017 150,000 (Seven-year Property) Each automobile was used a total of 18.000 miles during the year of 2019 all which were business miles. The automobiles were not available for personal use during off-duty hours and were used solely by Viola Holloway and Renee Forrow, who both have another vehicle available for personal use. For Federal come Tax purposes, lpf these assets me depreciated using the Modified Accelerated Cost Recovery System (MACRS). Section 19 Deduction was not clected in regard any of these assets mee was Strugl-Line Depreciati ed. BALANCE SHEETS The Balance Sheets (Financial Accounting for the Holloway And Forrow Enterprises, Inc. at the beginning and ending of the year of 2019 are as follows: ASSETS January December 31 Cada SM 3 $4.000 Trade Notes And Accounts Receivable 96,000 90.000 InterValued At Cost 120,00 100.000 Marketable Securities. Le Term 120.00 170,000 Depreciable Assets (And Land) 10 200,000++ Less: Accumulated Depreciatica 165,000 (115.000) Other Assets (deposits) 12.00 12.000 TOTAL ASSETS S599.00 SOL.000 The 2018 Federal Income Tax liability for Holloway And Focrow Enterprises, Inc. was $52.800 and no overpayment of 2018 Federal come Tax is being applied to the 2019 Federal Income Tax liability of Holloway And Forrow Enterprises, Inc. OTHER INFORLATION Both shareholders of Holloway And Foto Enterprises, Inc. are United States Citizens. Holloway And Fotow Enterprises Inc. does not own directly or indirectly fifty percent (50%) or more of the voting stock in any other domestic corporation and the corporation is not a subsadury in an affiliated grupar a parent-subsidiary controlled group. During the year of 2019, Holloway And Boron Enterprises, Inc. paid cash dividends of $280,000 (S140,000 to each sluceholder) and the corporativa did not pay dividends in excess of the corporations Cunet Earnings and Profits and Accumulated Earnings And Prodits. In addition, Holloway And Far Enterprises Inc. is not a shareholder in any foreign corporation has any interest in or a signature or other authority over any financial account in a foreign country. Purthermore, during the year of 2019, the corporation did not receive a distribution from nor was a grande of, or transfer to a foreign trust. Moreover, Holloway And Farow Enterprises, Inc. did not issue publicly offered debt instruments with original issue discount. Finally, the corporation had no Net Operating Losses (NOLS) carryover from prior tax years REQUIRED Prepare the c (Regular) Corporation Tax Return for the Holloway And Forrow Exterprises, Inc. for the text year of 2019. The following Forms are needed to complete the Tax Reture: Form 1120, Form 1125-4, Form 1125-E, Schedule G (Form 1120) Form 4562 S70.400 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable (Noa Berrusel S96.00 Federal Income Taxes Payable 8.660 Notes Payable - Short Term (Ransel 16.000 Notes Payable - Long Term Bewe 164,000 Comman Stock 10, Retained Earnings (Unappropriated) 304,400 TOTAL L.LABILITIES AND STOCKHOLDERS' EQUITY S59900 24.000 212.000 10.000 219.890 The Income Tax Resum is due on SEPTEMBER 19. 2020. (PLEASE REMEMBER TO PUT YOUR NAME ON THE PROJECT). S 601.000 The rules of Section 263 of the ternal Revenue Code do not apply to the corporate - Includes $1.000 allocated in Land
