Question Clarification: Prepare a Form 1120 for Kingfisher for tax year 2012. Suggested software: H&R BLOCK At Home. Dear tutor, this is my assignment attachment. Please have a look. I am in a hurr
Question Clarification: Prepare a Form 1120 for Kingfisher for tax year 2012. Suggested software: H&R BLOCK At Home.
Dear tutor, this is my assignment attachment. Please have a look. I am in a hurry because I need to hand over this tomorrow morning.
Please prepare a Form 1120 in a word document. I then will have to pdf that and submit it.
During 2012, Pet Kingdom made esTmated tax payments of $107,000 each quarter to
the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2012. Suggested so±ware:
H&R BLOCK At Home.
On February 12, 2002, Nancy ²rout and Delores Lake formed King³sher CorporaTon to
sell ³shing tackle. PerTnent informaTon regarding King³sher is summarized as follows:
King³sher’s business address is 1717 Main Street, Ely, MN 55731; its telephone num-
ber is (218) 555-2211; and its e-mail address is king³sher@kf.com.
²he employer idenT³caTon number is 11-1111111, and the principal business acTvity
code is 451110.
Nancy owns 50% of the common stock and is president of the company, and Delores
owns 50% of the common stock and is vice president of the company. No other class
of stock is authorized.
Both Nancy and Delores are full-Tme employees of King³sher. Nancy’s Social Secu-
rity number is 123-45-6789, and Delores’s Social Security number is 987-65-4321.
King³sher is an accrual method, calendar year taxpayer. Inventories are determined
using FIFO and the lower of cost or market method. King³sher uses the straight-line
method of deprecaTon for book purposes and accelerated depreciaTon (MACRS)
for tax purposes.
During 2012, the corporaTon distributed cash dividends of $64,000.
King³sher’s ³nancial statements for 2012 are shown below.
Sales returns and allowances
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Cost of goods sold
Dividends received from stock
investments in less-than-20%-owned
CerTFcates of deposit
Salaries—clerical and sales
²axes (state, local, and payroll)
Repairs and maintenance
Loan to purchase state bonds
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