Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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!

image text in transcribed 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 1/1/15

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S Warren, James M Reeve, Jonathan Duchac

24th Edition

0538475005, 9780538475006

More Books

Students also viewed these Accounting questions

Question

Differentiate among the types of clinical interviews.

Answered: 1 week ago