Tax Return Problem ( 1020 S ) chapter 12 Interest income $100000 Gross sales receipts 2410000 Beginning inventory 9607 Direct labor (203102) Direct materials purchased (278143) Direct other costs (249356) Ending inventory 3467 Salaries and wages (442103) Officers’ salaries ($75000 each to Parsons and Smith) (150000) Repairs (206106) Depreciation expense tax and book (15254) Interest expense (35222) Rent expense (operating) (40000) Taxes (65101) Charitable contributions (cash) (20000) Advertising expenses (20000) Payroll penalties (15000) Other deductions (59899) Book income 704574 A comparative balance sheet appears below. January 12015 December 312015 Cash $47840 $ ? Account receivable 93100 123104 Inventories 9607 3467 Prepaid expenses 8333 17582 Building and equipment 138203 185348 Accumulated depreciation (84235) (?) Land 2000 2000 Total asset $214848 $844422 Account payable $42500 $ 72300 Notes payable (less than 1 year) 4500 2100 Notes payable (more than 1 year) 26700 24300 Capital stock 30000 30000 Retained earnings 111148 ? Total liabilities and capital $214848 $844422 Premium’s accounting firm provides the following additional information. Distributions to shareholders $100000 Beginning balance Accumulated adjustments account $111148 Using the preceding information prepare a complete Form 1120S and Schedule K1s 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.
Tax Return Problem ( 1020 S ) chapter 12 Interest income $
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