Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Tax Return #1, Corporate Return
Background
Jane Collier, James Taye, and Steve Allwine each own one-third of the common stock of Tasty Treats and Beverages. The corporation was incorporated on April 3, 2004. It has only one class of stock outstanding and operates as a C corporation for tax purposes. Tasty Treats and Beverages caters kid-friendly social events.
Additional Information
Tasty Treats and Beverages, Inc.
Income Statement
For year ended December 31, 2013
Revenue from sales
1,500,000
Sales returns and allowances
(25,000)
Cost of goods sold
(325,000)
Gross profit from operations
1,150,000
Other Income:
Capital loss
(7,500)
Dividend income
15,000
Interest income
12,000
Gross income
1,169,500
Expenses:
Compensation
(750,000)
Depreciation
(12,000)
Bad debt expense
(7,800)
Meals and entertainment
(3,000)
Maintenance
(2,500)
Property taxes
(10,000)
State income taxes
(30,000)
Other taxes
(11,000)
Rent
(28,000)
Interest
(7,300)
Advertising
(6,200)
Professional services
(5,000)
Employee benefits
(8,000)
Supplies
Other expenses
(1,750)
Total expenses
(885,050)
Income before taxes
284,450
Federal income tax expense
96,713
Net income after taxes
187,737
Balance Sheet
December 31, 2013
ASSETS
January 2013
December 2013
Cash
175,000
190,000
Accounts Receivable
63,000
54,000
Allowance for doubtful accounts
(7,000)
Inventory
225,000
275,000
US government bonds
30,000
25,000
State and local bonds
50,000
Investments in stock
325,000
335,000
Fixed assets
475,000
485,000
Accumulated depreciation
(198,000)
(215,000)
Other assets
11,000
Total assets
1,148,000
1,204,000
Liabilities and Stockholder's Equity
Accounts payable
200,000
Other current liabilities
135,000
55,000
Other liabilities
75,000
68,263
Capital stock
250,000
Retained earnings
463,000
630,737
Total liabilities and stockholder's equity
Tax Return #2, Partnership Return (Form 1065, only Page 1 and Schedule K required)
The Rowdy Fun is a limited partnership and was formed on June 1, 2005, by Thomas Kyle, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise. Rowdy Fun is an outdoor equipment retailer focused on selling outdoor activities gear. Thomas has a 33.33% profits and capital interest and the limited partners hold the remaining 66.66% of the profits and capital interests. Their profits and capital interests have remained unchanged since the partnership was formed. Thomas is actively involved in managing the business while the limited partners are simply investors.
Rowdy Fun
Sales
975,000
(300,000)
650,000
Interest from Money Market
3,500
Gain for sale of statue
668,500
Employee wages
(125,000)
Interest on accounts payable
(2,000)
Payroll and property taxes
(45,000)
(26,000)
Rent on retail building
(20,000)
Depreciation on furniture and fixtures
(15,400)
(4,000)
Guaranteed payments to Thomas Kyle
(40,000)
Utilities
(16,000)
Accounting and legal services
(500)
Charitable Contributions
(375)
Miscellaneous expense
(425)
(299,700)
Calculate Johnson's expense deduction using the 2011 Form 2106 (Employee Business Expenses) based on actual automobile expenses and other employee business expenses.
Find what are fixed overhead price and production volume variances and evaluate the labor and variable overhead price and efficiency variances.
Prepare a memo outlining the tax effects of every alternative and recommend the strategy that may minimize their total tax liability.
question 1wedge corporation uses a discount rate of 14 and has a tax rate of 30. the subsequent cash flows occur in the
For each of the following independent situations, state which concept(s) is (are) responsible for the treatment and EXPLAIN how each concept is applied.
What are the U.S. tax consequences of liquidation for Winco and what is the maximum amount of income that Acme can allocate to its IC-DISC? (Assume combined taxable income equals the $400 of net income from qualifi ed export receipts.)
1 john purchases an office building march 15 2013 to us in his computer consulting business.nbsp the price of the
total 2008 gift of life insurance policy is 72000. annual exclusions are 24000 2 domes at 1200. present taxable gifts
qliquidation of subsidiary - tax consequences to subsidiary and parentat the time of its liquidation under 332 cardinal
the madison restaurant was formed a s corporation at the end of last year. bob buron owns 60 of the stock manages the
Determine whether each of the following transactions is taxable. If a transaction is not taxable, indicate what type of reorganization is affected, if any.
Yield To Maturity of 6.80 percent, and a current price of $1,045. The bonds make semiannual payments. What must the coupon rate be on these bonds?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd