this is a tax return problem form 1120 with following schedules

from the given information including the financial statements, fill out an 1120 for the corporation and include schedules. it's a tax return question for a coorporation. this is the complete problem that is in the text.

the question is at the end of page two. prepare form 1120

h y the tay retained you as a tax consultant and have askou you w should consider urn Problems sodom, Inc., to set om is summarized 1. On November 1, 2008, Janet Morton and Kim Wong formed Pet Kinade pets and pet supplies. Pertinent information regarding Pet Kingdom is su as follows: Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225 telephone number is (210) 555-2211; and its e-mail address is petkingdompkin The employer identification number is 11-1111112, and the principal busin activity code is 453910. Janet and Kim each own 50% of the common stock; Janet is president and Kim vice president of the company. No other class of stock is authorized Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787 Pet Kingdom is an accrual method, calendar year taxpayer. Inveniories are deter mined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated deprecia tion (MACRS) for tax purposes. . During 2018, the corporation distributed cash dividends of $250,000 Pet Kingdom's financial statements for 2018 are shown below. Income Statement Income $ 5.750.000 (200,000 55.550.000 12.300.000 $3,250,000 Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock Investments in less-than-20% owned US. corporations Interest income: State bonds Certificates of deposit Total income 43.750 $ 15,000 20,000 35,000 $ 3,328,750 continue CHAPTER 3 Expenses Corporations introduction and Operating Rules -- $262,500 262.500 $525.000 725,000 238.000 140,000 $9.000 207.000 Salaries-officers: Janet Morton Kim Worg Salaries-clerical and sales Taxes (state, local and payroll) Repairs and maintenance Interest expenses Loan to purchase state bonds Other business loans Advertising Rental expense Depreciation Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Janet Morton and Kim Wong: Pet Kingdom is the designated beneficiary Total expenses Net Income before taxes Federal income tax Net Income per books 216.000 58.000 109,000 106,000 38,000 60,000 40,000 12,255,000 $ 1,073.750 1221,734 852,016 $ Depreciation for tax purposes is $135.000. You are not provided enough detailed data to complete a Form 4562 depreciation. If you solve this problem using Intuit ProConnect enter the amount of depreciation on line 20 of Form 1120 Balance Sheet Assets January 1, 2018 $ 1,200,000 2,062,500 2,750,000 1,125,000 375.000 400,000 Cash Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets December 31, 2018 $ 1.039,461 2,147,000 3,030,000 1,125,000 375,000 400,000 2.266 5,455,000 1712,000) 812,500 128.500 $13.802727 5455,000 1606,000 812.500 140.000 $13.714.000 Liabilities and Equity January 1, 2018 December 31, 2018 Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity $ 2.284,000 175,000 4,625,000 2,500,000 4,130,000 $13.714,000 $ 1,840,711 155.000 4,575,000 2,500,000 4,732,016 $13.802.727 During 2018, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS Prepare a Form 1120 for Pet Kingdom for tax year 2018. Suggested software: ProConnect Tax Online. Tax Forms to Turn In Corporation Form 1120 Schedule C, J, K, L, M-2, M-3 Form 1125A Schedule G