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This is a tax return I need to have done or help with, PLEASE HELP! Homework Assignment - Tax Returns Accounting 406 Due at the
This is a tax return I need to have done or help with, PLEASE HELP!
Homework Assignment - Tax Returns Accounting 406 Due at the beginning of class - 4/18 Prepare a complete year 2015 federal corporate tax return for Acme Corporation. Balance Sheet Cash Investments Accounts Receivable Equipment - Lawnmower Accum. Depreciation Total Assets Accounts Payable Common Stock Retained Earnings Total Liab. And Equity Income Statement Sales Tax exempt interest Dividends Received on GM Stock Salaries and Wages Depreciation Supplies and materials Meals and Entertainment Charitable contributions Book Income 1/1/15 20,000 20,000 20,000 20,000 12/31/15 500,000 30,000 12,000 20,000 (2,000) 560,000 384,000 20,000 156,000 560,000 750,000 8,000 20,000 (480,000) (2,000) (80,000) (20,000) (40,000) 156,000 Other Information You are the sole shareholder of Acme Corporation. Please note that the financial statements have already been issued using the information above and will not be amended. You formed Acme by contributing $20,000 to the corporation in return for 1 share of stock on 1/01/15. You named yourself to the role of President and every other officer position. Your Acme salary for the year 2015 was $350,000. (This is included in the salary amount reported on the income statement.) Running Acme is your full time job. On 1/1/15, you contributed a lawnmower purchased by you for $12,000 on 1/1/12. Until January 1, 2015, the lawnmower was used only for your lawn. Accordingly, no depreciation was taken on it. The fair market value of the mower was $20,000 on January 1. On the Acme books, straight line depreciation was used. For tax purposes, you will accelerate depreciation by using MACRS depreciation for a 5 year asset. Acme also received a 2015 K-1 for a partnership it owned during the year. The K-1 showed ordinary income of $12,000 and interest income of $14,000. No partnership income was shown on the financial statements. Acme owns less than 1% of GM stock outstanding. Acme has no cost of goods sold. Please make up appropriate non-financial information that is not included above (e.g., address, etc.). IRS forms can be obtained at: http://www.irs.gov/formspubs/ Extra Credit - To potentially assist in improving one's grade to a \"C\" or \"D\" . Complete an entirely separate year 2015 tax return for Acme Corporation if an S election was made 1/1/15Step by Step Solution
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