Using forms 1120 and 1125A in completion: 1. Prepare the 2018 Corporate Tax Return for Barbie's Closet

2. Barbara " Barbie" Robert's started a personal shopping company, Barbie's Closet. It operates on a calendar year end. It began business on 1/1/18.

What is not visible..I can see it clearly...everytime I ask Chegg a question, you wait 3-4 days to say something is not visble and then refund it:( straight rip-offs!!!!

Barbie's Closet, Inc. O Fed ID# 57-5555555 O Address: 1000 Mattel Blvd Charleston, SC 29406 o o O Cash basis of accounting is used The business is personal service corporation Barbara contributed $30,000 to the corporation at formation and took a distribution of $10,000 on December 31st. O Barbie's Closet did not make any estimated tax payments for the 2018 tax year. ACC 224 Course Project - Corporation Barbie's Closet Assets Cash Supplies Investments Property Plant and Equipment Accumulated Depreciation Total Assets Balance Sheet December 31, 2018 Liabilities and Equity 13,100 Federal Tax Liability 200 Long Term Liabilities 10,000 Capital Stock 100,000 Retained Earnings -20,000 Total Liabilities and Equity 103,300 4,820 55,000 30,000 13,480 103,300 Barbie's Closet Income Statement For the year ended December 31, 2018 250,000 1,000 200 100 251,300 Income Service Revenue Dividend Income Interest Income Tax Exempt interest Total Income Expenses: Advertising Expense Charitable Contributions Compensation - Barbie Depreciation Expense Interest Expense Insurance Expense Office Expense Professional Services Meals Supplies Expense Payroll Taxes - Barbara Payroll Taxes - Other Rent Expense Salaries and Wages Utilities Total Expenses Income before Income Tax Income Tax Expense Net Income 2,500 500 90,000 20,000 1,500 2,500 500 500 500 4,000 7,500 5,000 24,000 60,000 4,000 223,000 28,300 4,820 23,480 Dividends were received from a less than 20% owned corporation ** Depreciation for tax purposes is 25,000. Form 4562 not required. Distributions from Barbie's Closet = 10,000 Page 2 of 4 OSNO 16-0110 T CORRECTED (if checked PAYSamstar.clytown or pronos country 2 1 Total ordinary o pondera Mattel, Inc. s 1,000 333 Continental Boulevard El segundo, CA 90245-5012 Dividends and Distributions F 1099-DIV Copy B For Recipient 57-1234567 57-5555555 ondondations The import stion and is Foreign sax paid Toron country . Barbie's Closet So sindang at.no 1000 Mattel Blvd. G o r ros Gorry, and ZIP Charleston, SC 29406 their ovu So if you required to maneno penalty of may imposed on yoult Foron dosta Dode Cash on distribu t ion FATCA SI 10 Episode 11 Socod p band osetity vidends datamines that it has nord 12 S3 14 SIR Woo rom 1099-DIV keep for your records) www.sgowomo Department of Internal and Sovic CMB No 1545-0112 CORRECTED lif checked) PAYER'Sa stro address, city or tow state or province, country ZIP Payer's ATN optional ortor on postal code and to lephone na Malibu Investments, Inc. 123 Rodeo Drive Los Angelas, CA 99999 200 Interest Income Form 1099-INT Copy B PAVER TorontonumHECENT Sication numbers 3 interest on US. Savings Bondsrec 57-6666666 57-5555555 hos For Recipient Barbie's Closet - This is important tave I information and is being furnished to the amal Havac Service you are required to C 1000 Mattel Blvd. a te or prono costry, and Portoro postal code Charleston, SC 29406 FATCA cenuity or other sanction may be posed on you than table and the RS 10 Mascot not been reported OINT Barbie's Closet, Inc. O Fed ID# 57-5555555 O Address: 1000 Mattel Blvd Charleston, SC 29406 o o O Cash basis of accounting is used The business is personal service corporation Barbara contributed $30,000 to the corporation at formation and took a distribution of $10,000 on December 31st. O Barbie's Closet did not make any estimated tax payments for the 2018 tax year. ACC 224 Course Project - Corporation Barbie's Closet Assets Cash Supplies Investments Property Plant and Equipment Accumulated Depreciation Total Assets Balance Sheet December 31, 2018 Liabilities and Equity 13,100 Federal Tax Liability 200 Long Term Liabilities 10,000 Capital Stock 100,000 Retained Earnings -20,000 Total Liabilities and Equity 103,300 4,820 55,000 30,000 13,480 103,300 Barbie's Closet Income Statement For the year ended December 31, 2018 250,000 1,000 200 100 251,300 Income Service Revenue Dividend Income Interest Income Tax Exempt interest Total Income Expenses: Advertising Expense Charitable Contributions Compensation - Barbie Depreciation Expense Interest Expense Insurance Expense Office Expense Professional Services Meals Supplies Expense Payroll Taxes - Barbara Payroll Taxes - Other Rent Expense Salaries and Wages Utilities Total Expenses Income before Income Tax Income Tax Expense Net Income 2,500 500 90,000 20,000 1,500 2,500 500 500 500 4,000 7,500 5,000 24,000 60,000 4,000 223,000 28,300 4,820 23,480 Dividends were received from a less than 20% owned corporation ** Depreciation for tax purposes is 25,000. Form 4562 not required. Distributions from Barbie's Closet = 10,000 Page 2 of 4 OSNO 16-0110 T CORRECTED (if checked PAYSamstar.clytown or pronos country 2 1 Total ordinary o pondera Mattel, Inc. s 1,000 333 Continental Boulevard El segundo, CA 90245-5012 Dividends and Distributions F 1099-DIV Copy B For Recipient 57-1234567 57-5555555 ondondations The import stion and is Foreign sax paid Toron country . Barbie's Closet So sindang at.no 1000 Mattel Blvd. G o r ros Gorry, and ZIP Charleston, SC 29406 their ovu So if you required to maneno penalty of may imposed on yoult Foron dosta Dode Cash on distribu t ion FATCA SI 10 Episode 11 Socod p band osetity vidends datamines that it has nord 12 S3 14 SIR Woo rom 1099-DIV keep for your records) www.sgowomo Department of Internal and Sovic CMB No 1545-0112 CORRECTED lif checked) PAYER'Sa stro address, city or tow state or province, country ZIP Payer's ATN optional ortor on postal code and to lephone na Malibu Investments, Inc. 123 Rodeo Drive Los Angelas, CA 99999 200 Interest Income Form 1099-INT Copy B PAVER TorontonumHECENT Sication numbers 3 interest on US. Savings Bondsrec 57-6666666 57-5555555 hos For Recipient Barbie's Closet - This is important tave I information and is being furnished to the amal Havac Service you are required to C 1000 Mattel Blvd. a te or prono costry, and Portoro postal code Charleston, SC 29406 FATCA cenuity or other sanction may be posed on you than table and the RS 10 Mascot not been reported OINT