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I am working on my homework, Tax form 1120.

My teacher gave me the problem (Please see the attached file), but I have been struggling to solve (fill out the form) the problem.

Could you help me to solve this problems?


ACNT 1347

 

Form 1120 Practice Tax Return

 

Facts in 2015:

 

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ABC Inc. 123 Oak Dr Houston TX 77002

 

EIN-74-111111

 

Date Incorporated 1/1/2000

 

Total Assets $5,000,000

 

ABC Inc.?s Net Income per books is $440,000

 

Gross Receipts $1,000,000

 

Cost of Goods Sold $400,000 (assume no beginning and ending inventory and

 

purchases are $400,000)

 

ABC Inc. uses the lower of cost or market method for valuing inventory and also

 

uses the FIFO method for determining the cost of goods sold. Cash method of

 

accounting is used for all other expenses other than inventory.

 

Business Activity Code is 99999 and business activity is retail sales of clothing.

 

Compensation paid to sole shareholder, John Doe. SSN-222-22-2222 was

 

$200,000

 

Salaries and wages paid to employees were $50,000

 

Office Rent paid for corporate headquarters was $10,000

 

ABC Inc. contributed a computer used in its business since 1/1/2008 with a basis

 

of $20,000 and a fair market value of $60,000 to the Salvation Army to be used in

 

their business office.

 

Television advertising to promote the company products were $40,000

 

ABC Inc. elected to carry over $1,250 of overpaid taxes from 2014 to 2015

 

ABC Inc. paid $20,000 each of 4 quarters for estimated tax payments in 2015

 

ABC Inc. owns 10% of Better Inc., a domestic corporation, and received

 

dividends in the amount of $100,000 in 2015

 

ABC Inc. owns 40% of Best Inc., a domestic corporation, and received dividends

 

in the amount of $100,000 in 2015

 

ABC Inc. is a calendar year taxpayer and not affiliated with any other entity.

 


 

John Doe has engaged you to prepare the 2015 Form 1120 (pages 1, 2, 3 and Page 5 (M1 only) for the ABC Inc. You will not be preparing Form 1125-A, Cost of Goods Sold;

 

Form 1125-E, Compensation of Officers; or Form 1120 Schedule G, Information on

 

Certain Persons Owning the Corporation's Voting Stock . Disregard any estimated

 

tax penalties. Be sure to sign the return as the preparer. Do not put your SSN # on the

 

Form 1120.

 


 

 


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