Univex is a calendar year, accrual basis retail business Its financial statements provide the following information for the year Revenues from sales of goods$783,200 Cost of goods sold (FIFO)(417,500) Gross profit$365,700 Interest income from certificates of deposit1,300 Dividend income from IBM stock6,720 Gain from sale of IBM stock purchased in 20008,615 Bad debt expense3,900Administrative salaries and wages153,400 Business and employment taxes31,000 Interest expense on debt incurred to buy inventory5,100 Advertising7,000 Meals3,780 Property insurance premiums4,300 Depreciation10,800 Repairs and maintenance18,700 Supplies4,120 Utilities21,000 Contributions to charity5,000 Univex's records reveal the following facts Bad debt expense equals the addition to an allowance for bad debts Actual write offs of uncollectible accounts totaled $2,000 MACRS depreciation for the year was $21,240 Univex made no dispositions of operating assets The owners did not receive compensation or withdraw any funds from Univex Univex is entitled to an $1,800 general business credit a Assume Univex is a sole proprietorship Complete Schedule C, Form 1040 b 1 Assume Univex is an LLC Complete page 1, Form 1065 b 2 Assume Univex is an LLC Complete Schedule K, Form 1065 c 1 Assume Univex is a corporation operating in a state without a corporate income tax Univex made estimated federal tax payments totaling $23,500 Compute taxable income on page 1, Form 1120, calculate Univex's federal income tax, and complete page 1, Form 1120 c 2 Assume Univex is a corporation operating in a state without a corporate income tax Univex made estimated federal tax payments totaling $23,500 Reconcile Income (Loss) as per Books With Income per Return Complete Schedule M 1, page 5, Form 1120

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 27, 2024

Univex is a calendar year, accrual basis retail business. Its financial statements provide the following information for the year:

Revenues from sales of goods$783,200

Cost of goods sold (FIFO)(417,500)

Gross profit$365,700

Interest income from certificates of deposit1,300

Dividend income from IBM stock6,720

Gain from sale of IBM stock purchased in 20008,615

Bad debt expense3,900Administrative salaries and wages153,400

Business and employment taxes31,000

Interest expense on debt incurred to buy inventory5,100

Advertising7,000

Meals3,780

Property insurance premiums4,300

Depreciation10,800

Repairs and maintenance18,700

Supplies4,120

Utilities21,000

Contributions to charity5,000

Univex's records reveal the following facts:

Bad debt expense equals the addition to an allowance for bad debts. Actual write-offs of uncollectible accounts totaled $2,000.
MACRS depreciation for the year was $21,240.
Univex made no dispositions of operating assets.
The owners did not receive compensation or withdraw any funds from Univex.
Univex is entitled to an $1,800 general business credit.

a.Assume Univex is a sole proprietorship. Complete Schedule C, Form 1040.
b-1.Assume Univex is an LLC. Complete page 1, Form 1065.
b-2.Assume Univex is an LLC. Complete Schedule K, Form 1065.
c-1.Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Compute taxable income on page 1, Form 1120, calculate Univex's federal income tax, and complete page 1, Form 1120.
c-2.Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Reconcile Income (Loss) as per Books With Income per Return. Complete Schedule M-1, page 5, Form 1120.