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Form 1120 TAX TRIAL BALANCE & ACCRUAL Elixir Seecorp Gross receipts Cost of goods sold Dividend income Interest income Capital loss Compensation

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Form 1120 TAX TRIAL BALANCE & ACCRUAL Elixir Seecorp Schedule M -1 Gross receipts $1,000,000 $1,000,000 Book Inc $104,000 Cost of goods sold (250,000) ($250,000) + F.I.T. Dividend income 50,000 $50,000 ± Cap. Losses Interest income 11,000 $11,000 Capital loss (35,000) ($35,000) ±Depreciation $776,000 $0 $776,000 -DPAD Compensation of officers (75,000) ($75,000) - Exempt Int. Inc. Salaries & wages (345,000) ($345,000) Tax Return Income Before Special Deductions $104,000 Rents (55,000) ($55,000) Property taxes (10,000) ($10,000) Depreciation (100,000) ($100,000) Utilities (20,000) ($20,000) State income tax (12,000) ($12,000) ($617,000) $0 ($617,000) 159,000 0 159,000 Equal Charitable contributions (20,000) ($20,000) 139,000 0 139,000 Domestic production activities 0 0 Provision for Federal Income Taxes (35,000) ($35,000) Net Income 104,000 0 104,000 0 0 Federal Taxable Income $104,000 $0 $104,000 Federal Income Tax Expense Inc. Bracket Rate Tax 15% $0 25% $0 34% $0 39% $0 Total Tax Due $0 $0 Estimated Taxes Paid Refund Due $0 Income per Books Sch. M Adjustments Income per Return ± Charitable Contribution Contributions, Taxes, & Special Deductions Income before Income Taxes & Special Deductions Received
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2 2015 Return Form Page Line Entry Form 1120 1 3 1 Form 1120 1 11 2 Form 1120 1 19 3 Form 1120 1 25 4 Form 1120 1 29c 5 Form 1120 1 32 6 Form 1120 1 34 7 Form 1120 1 35 8 Form 1120 2, Sch. C 1(c 9 Form 1120 2, Sch. C 2(c 10 Form 1120 3, Sch. J 7 11 Form 1120 5, Sch. L 15(b) 12 Form 1120 5, Sch. L 28(d) 13 Form 1120 5, Sch. M-1 6 14 Form 1120 5, Sch. M-1 9 15 Form 1120 5, Sch. M-2 4 16 Form 1120 5, Sch. M-2 7 17 Schedule D 1 7 18 Schedule D 1 15 19 Form 1125-A 1 2 20 - Check figure $ 3,720,000 Enter your answers from your tax return in the appropriate spaces in column D. Enter all as posiTve numbers rounded to the nearest dollar.
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ACCT 346 Tax Return Information- Part 1 (C Corporation) Summer 2016 1 Overview The case study consists of four parts, each with its own set of requirements. Each part builds on the information developed in the preceding parts: x Part 1 presents financial information for a C corporation that must be used to prepare a basic Form 1120. x Part 2 presents financial information for a partnership that is substantially identical to the information used by the C corporation. That information is used to prepare a basic Form 1065 and the related Schedule K-1s. x Part 3 presents financial information for an S corporation that is substantially identical to the information used by the partnership and the C corporation. That information is used to prepare a basic Form 1120S and the related Schedule K-1s. x Part 4 presents financial information for the individual taxpayer (Ms. Maine), including the information related to the C and S corporations and the partnership. That information is used to prepare a basic Form 1040. The objective of this case study’s approach is to have you focus on how the tax treatment of essentially the same income/expense item varies by the type of entity, not to have you become a tax return preparation expert. Therefore, revenue/deduction items that do not contribute to this learning objective have been deliberately omitted. Also, alternative minimum tax factors have not been considered. Background Cindy Maine (S.S.N. 001-02-0012) is a successful young executive. She is single with no dependents and has ownership interests in three businesses: x Elixir Seecorp, Inc. (E.I.N. 75-3284680), a cash basis, calendar year-end C corporation. It was incorporated January 1, 1988, in the State of New York and sells miracle cures that are non- traditional treatments for difficult-to-cure ailments. Ms. Maine is a 90% shareholder. The other 10% is owned by L. B. Anderson (S.S.N. 011-22-3012). x Research Associates (E.I.N. 75-3348679), a cash basis, calendar year-end general partnership. Ms. Maine has a 90 percent interest in the entity’s equity, profits, and losses; the remaining 10 percent is owned by Dr. Kanga Rue (S.S.N. 210-02-0100). This New York partnership was formed January 1, 1989, for the purpose of testing the efficacy of miracle medical cures. x Esscorp Embalming, Inc. (E.I.N. 75-3284791), a cash basis, calendar year-end S corporation. Ms. Maine has a 90 percent ownership interest; the remaining 10 percent is owned by Dr. I. R. Badr (S.S.N. 120-02-0200). This corporation has had a valid S corporation election in effect since it was formed June 1, 1988. It “cleans up” messe s made by the testing and use of miracle cures. As a matter of convenience, Ms. Maine and the businesses all use the same mailing address, 512 S. Crouse, Podunk Center, Iowa, 50169.
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ACCT 346 Tax Return Information- Part 1 (C Corporation) Summer 2016 2 Taxpayer Information Part 1 -- Form 1120 During the year ended 12/31/2015, Elixir Seecorp: x Paid dividends of $198,000 to Ms. Maine, and $22,000 to L.B. Anderson. x Paid officer's compensation of $75,000, of which $50,000 was paid to Ms. Maine (who was actively involved in the business). x Made four equal and timely estimated tax payments ($8,750 each to the federal government; $3,000 each to the state government). x Received exempt municipal interest income of $5,000. x Received dividend income of $30,000 from Miracle Cure, Inc., (in which Elixir has a 30% ownership interest) and $20,000 from corporations in which Elixir has a 20% ownership interest. All dividends are qualified dividends. x Paid no salaries/wages attributable to inventories. The corporation’s balance sheets and income statement are presented in Exhibits 1 and 2, respectively. Exhibit 1 Elixir Seecorp, Inc. Balance Sheet Years ended December 31, 2014 and 2015 Balances as of ASSETS 12/31/2014 12/31/2015 Cash $25,000 $36,000 Inventory $150,000 $100,000 Depreciable assets (net) $300,000 $200,000 TOTAL ASSETS $475,000 $336,000 LIABILITIES & RETAINED EARNINGS Accounts payable (inventory) $10,000 $12,000 Notes payable $25,000 $0 Common stock $25,000 $25,000 Unappropriated retained earnings $415,000 $299,000 TOTAL LIABILITIES & RETAINED EARNINGS $475,000 $336,000 ACCT 346 Tax Return Information- Part 1 (C Corporation) Summer 2016 2 Taxpayer Information Part 1 -- Form 1120 During the year ended 12/31/2015, Elixir Seecorp: x Paid dividends of $198,000 to Ms. Maine, and $22,000 to L.B. Anderson. x Paid officer's compensation of $75,000, of which $50,000 was paid to Ms. Maine (who was actively involved in the business). x Made four equal and timely estimated tax payments ($8,750 each to the federal government; $3,000 each to the state government). x Received exempt municipal interest income of $5,000. x Received dividend income of $30,000 from Miracle Cure, Inc., (in which Elixir has a 30% ownership interest) and $20,000 from corporations in which Elixir has a 20% ownership interest. All dividends are qualified dividends. x Paid no salaries/wages attributable to inventories. The corporation’s balance sheets and income statement are presented in Exhibits 1 and 2, respectively. Exhibit 1 Elixir Seecorp, Inc. Balance Sheet Years ended December 31, 2014 and 2015 Balances as of ASSETS 12/31/2014 12/31/2015 Cash $25,000 $36,000 Inventory $150,000 $100,000 Depreciable assets (net) $300,000 $200,000 TOTAL ASSETS $475,000 $336,000 LIABILITIES & RETAINED EARNINGS Accounts payable (inventory) $10,000 $12,000 Notes payable $25,000 $0 Common stock $25,000 $25,000 Unappropriated retained earnings $415,000 $299,000 TOTAL LIABILITIES & RETAINED EARNINGS $475,000 $336,000
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346 Return 2013 part 01 excel spreadsheet answer.xls

Form 1120 TAX TRIAL BALANCE
Elixir Seecorp
Gross receipts
Cost of goods sold
Dividend income
Interest income
Capital loss
Compensation of officers
Salaries & wages
Rents
Property taxes...

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