Question
- SR & Associates Inc was established in Texas in 10/1/2006 as a C- Corporation by George Schwabs (owns 50% and Ty Cheng: 50%). The
- SR & Associates Inc was established in Texas in 10/1/2006 as a C- Corporation by George Schwabs (owns 50% and Ty Cheng: 50%). The main activity is trading (wholesales) engineering materials
- Business address: 9999 Bellaire Blvd, Houston, TX 77036
- Employer Identification Number: 76-1234567
- George and Ty each own 50% of common stock. There are no other class of stocks authorized. George is President & Secretary and Ty is Vice President and Treasury. Both of them are fulltime employees. George (SSN: 123-11-3245) earned $180,000 in 2017 and Ty SSN: 123-11-3344) earned $170,000 in 2017.
- George and Ty use their office address as their own mailing address
- SR & Associates Inc uses the accrual accounting method and inventory is determined by the lower of cost or market methods. Depreciation is used as Straight-line methods for book and tax purposes.
- SR & Associates Inc follows the calendar year ended December 31.
- The financial datas for the year ended December 31, 2017 are presented in the attached spreadsheets.
- See Attached Spreadsheets for additional information on Financial Statements. Required
- Prepare the forms 1120, including schedule L, Schedule M-1 indicating the differences between financial income and tax income, schedule M-2, Schedule G, Form 1125-A, Form 1125-E, etc.... The other supporting forms and schedule should be attached to form 1120
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