Statement Returns

 
Complete the following for this assignment:

Prepare a 1120 U.S. Corporation Income Tax Return as Jim’s Auto Body, Inc.
Complete the appropriate schedules in the 1120 and Statement 1 – Other Deductions.
Prepare a 1065 U.S. Return of Partnership as Jim’s Auto Body, LLC.
Complete the appropriate schedules in the 1065, Statement 1 – Other Deductions and the 1065 Schedule K1 for Jim.

Note: This project is to be completed without the use of tax preparation software. Use of tax preparation software is considered cheating and is grounds for a failing grade.
Additional Information
Jim’s Auto Body (Inc., or LLC)
1122 Sesame Street
New York, NY, 10002
EIN 90-1234567
Dated incorporated January 1st, 2010
Jim Jameson
8701 Electric Avenue
New York, NY, 10002SSN: 123-45-6789

Jim Jameson took on Fred as a partner for the LLC. Fred owns 50% of all profits, losses, and capital. You do not have to complete Part 2 K, L, or M on the 1065 Schedule K1 (there is not enough information provided).
$4,500 salary expense is officer’s compensation for the corporation and guaranteed payment to partners for the LLC.
$55,000 equipment is 7-year property in its 5th year of service and was placed into service in the middle of the year, thus using the half-year convention. Use the correct table from the IRS—Publication 946: How to Depreciate Property—to determine the tax deductible depreciation. Form 4562 is not required.
Jim made four quarterly estimated tax payments of $800 each over the course of the year.
In accordance with IRS instructions: “Corporations with total receipts and total assets at the end of the tax year less than $250,000 are not required to complete Schedules L, M-1, and M-2” (Internal Revenue Service, n.d.). This also applies to the LLC.
For the 1065 Schedule K1, you will not have enough information to fill out Part 2 K, L, and M.

Jim’s Auto Body Revenues: Service Revenue
28,000
Total Revenue
28,000
Expenses:Salary Expense
4,500
Rent Expense
1,200
Utility Expense
300
Depreciation Expense
500
Insurance Expense
100
Supply Expense
400
7,000
Net Income
21,000
Jim’s Auto Body
Balance Sheet
As of April 30, 2015
AssetsCash
101,800
Acct Rec’able  20,000PP In
1,100
Equipment  55,000Accu. Dep.
500
Supplies
2,600
Total Assets
180,000
______________________________________________
______________________________________________
Liabilities and Stockholders’ Equity Liabilities :Accounts Payable
8,000
Salary Payable
3,000
Total Liabilities
11000.00
Stockholders’ Equity:Common Stock            150,000 Retained Earnings
19000
______________________________________________
______________________________________________
Total Stockholders’ Equity
169000.00
Total Liabilities and Stockholders’ Equity
180,000
______________________________________________
______________________________________________
Reference
Internal Revenue Service. (2015). Instructions for form 1120. Retrieved from https://www.irs.gov/pub/irs-pdf/i1120.pdf

Place your order
(550 words)

Approximate price: $22

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