Reference no: EM131206416
Aspen corporation was formed and began operations on january1,2015.aspen corporation is owned by janet nall, who is a 100 percent shareholder. Also assume that the corporation has a valid S corporation election in effect for 2015 and is not subject to any special taxes. Using the relevant information given, complete the form 1120 s for Aspen Corporation and schedule k1 for janet. Also k and l for Aspen Corporation, assuming there no cash distributions to janet during the year. gross income from operations 285000,qualified dividend 10 % 10000,total gross income 295000, cost of goods sold 80000,total income 215000, others expenses; compensation of officers 90000, salaried and wages 82000, repairs 8000, depreciation expense 5000,payroll taxes 11000, total other expenses 196000, net income (before federal income tax expense) 19000..."Assets" cash 35000, account receivable 10000, land 18000, building 125000,less accumulated depreciation 5000. Total assets 183000.liabilities and owners equity. Account payable 24000, common stock 140000, retained earnings 19000, total liabilities and owners equity 183000. Form 1120 s, k, k-1 and L
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: Aspen corporation was formed and began operations on january1,2015.aspen corporation is owned by janet nall, who is a 100 percent shareholder. Also assume that the corporation has a valid S corporation election in effect for 2015 and is not subject t..
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