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
Gross Sales Receipts
Direct Materials purchased
Direct other costs
Salaries and wages
Rent expenses (operating)
Charitable contribution (Cash)
A 2018 comparative balance sheet appears below.
Building and equipment
Total liabilities and capita
Notes Payable (Less than 1 year)
Notes payable (more than 1 year)
Total liabilities and capital
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, 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.
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