Using the preceding information, prepare a complete Form 1120s (Links to an external site.) and Schedule K-1s for John Parsons and George Smith, both of whom live at 5607 20th Street, Cut and Shoot, TX 77303.

John Parsons (123-45-6871) 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, 2011, its date of incorporation. The following information was taken from the company’s 2018 income statement. Premium’s book income for the year was $704,574

Interest Income $100,000
Gross Sales Receipts 2,410,000
Beginning Inventory 9,607
Direct Labor (203,102)
Direct Materials purchased (278,143)
Direct other costs (249,356)
Ending Inventory 3,467
Salaries and wages (442,103)
Officers salaries (150,000)
Repairs (206,106)
Depreciation expenses (15,254)
Interest expenses (35,222)
Rent expenses (operating) (40,000)
Taxes (65,101)
Charitable contribution (Cash) (20,000)
Advertising expenses (20,000)
Payroll penalties (15,000)
Other deductions (59,899)
Book income $704,574

A 2018 comparative balance sheet appears below.

1-Jan 31-Dec
Cash $47,840 $ ?
Accounts Receivable 93,100 123,104
Inventories 9,607 3,467
Prepaid expenses 8,333 17,582
Building and equipment 138,203 185,348
Accumulated depreciation -84,235 (?)
Land 2,000 2,000
Total liabilities and capita 214,848 $844,422
Accounts payable 42,500 72,300
Notes Payable (Less than 1 year) 4,500 2,100
Notes payable (more than 1 year) 26,700 24,300
Capital stock 30,000 30,000
Retained earnings 111,148 ?
Total liabilities and capital 214,848 $844,422

Premium’s accounting firm provides the following additional information.

Cash distributions to shareholders $100,000

Beginning balance, accumulated adjusted account $111,148

Using the preceding information, prepare a complete Form 1120s (Links to an external site.) and Schedule K-1s for John Parsons and George Smith, both of whom live at 5607 20th Street, Cut and Shoot, TX 77303. Do not complete the Forms 1125-A (Links to an external site.), 1125-E (Links to an external site.), and 4562 (Links to an external site.). If any information is missing, make realistic assumptions.

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
Open chat
1
Hello. Can we help you?