John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111),

Question:

John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. Premium's S election was made on January 15, 2009, its date of incorporation. The following information was taken from the company's 2015 income statement.

Interest income Gross sales receipts Beginning inventory Direct labor Direct materials purchased Direct other

A comparative balance sheet appears below.

Cash Accounts receivable Inventories Prepaid expenses Building and equipment Accumulated depreciation Land

Premium’s accounting firm provides the following additional information.

Using the preceding information, prepare a complete Form 1120S and Schedule K–1s for John Parsons and George Smith, 5607 20th Street, Cut and Shoot, TX 77303. Do not complete the Form 4562. If any information is missing, make realistic assumptions.

Fantastic news! We've Found the answer you've been seeking!