Prepare form 1120 for Dogstein Computer Corporation.DOgstein Computer Corporations 1515 Pony Farm Lane, Richmond, VA 23261, was formed on January…
Prepare form 1120 for Dogstein Computer Corporation. DOgstein Computer Corporations 1515 Pony Farm Lane, Richmond, VA 23261, was formed on January 2, 2000. The Dog Corp is in the business of retailing computer equipment and accessories. The corporation’s business code is 342299 and its employer identification number 02-0806200. Stock ownership and officer compensation are as follows: B. Lamp #347-54-1212 100% $40,000. B. Lamp devotes 100 percent of his time to the business, and is employed as the company’s only officer. The corporation had the following items of income and expenses for the year. The corporation made cash distributions of $3500. TO its sole shareholder on March 1, 2011, and $3000 on April 13, 2011. The distributions were made in proportion to stockholdings. Estimated tax payment of $20,000. Each were made on April 12, June 13, and December 13. The tax payments were based on prior year’s tax liability of $59,520. The corporation had the following items of income and expenses for the current year: Sales $390,000 Sales Returns and Allowance 2,000 Inventory 1/1/11 12,000 Purchases 110,000 Inventory 12/31/11 14,000 Salaries and wages: Officers 40,000 Other 15,000 Rent Expenses 12,000 Dividend Income 3,000 Taxes 8,000 Contributions 1,400 Interest-City of Norfolk Bonds 700 Other interest 1000 Depreciation 10,000 Charitable contributions 7,900 Wages 30,000 Professional Fees Paid 2,000 Advertising expense 5,000 Premiums paid on key life insurance 4,500 Financial Balance Sheet 1/1/11 12/31/11 Cash 5,600 2,850 Accts. Rec 65,000 53,062 Inventories 12,000 14,000 Investments 5,000 5,000 Depreciable assets 75,000 80,000 Accum. Depreciation (10,000) (20,000) Accts. Payble 20,000 25,000 Capital Stock 50,000 50,000 Retained Earnings-Unappropriated 66,200 ?
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