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Tax Return #1, Corporate Return
Background
Jane Collier, James Taye, and Steve Allwine each own one-third of the common stock of Tasty Treats and Beverages. The corporation was incorporated on April 3, 2004. It has only one class of stock outstanding and operates as a C corporation for tax purposes. Tasty Treats and Beverages caters kid-friendly social events.
Additional Information
Tasty Treats and Beverages, Inc.
Income Statement
For year ended December 31, 2013
Revenue from sales
1,500,000
Sales returns and allowances
(25,000)
Cost of goods sold
(325,000)
Gross profit from operations
1,150,000
Other Income:
Capital loss
(7,500)
Dividend income
15,000
Interest income
12,000
Gross income
1,169,500
Expenses:
Compensation
(750,000)
Depreciation
(12,000)
Bad debt expense
(7,800)
Meals and entertainment
(3,000)
Maintenance
(2,500)
Property taxes
(10,000)
State income taxes
(30,000)
Other taxes
(11,000)
Rent
(28,000)
Interest
(7,300)
Advertising
(6,200)
Professional services
(5,000)
Employee benefits
(8,000)
Supplies
Other expenses
(1,750)
Total expenses
(885,050)
Income before taxes
284,450
Federal income tax expense
96,713
Net income after taxes
187,737
Balance Sheet
December 31, 2013
ASSETS
January 2013
December 2013
Cash
175,000
190,000
Accounts Receivable
63,000
54,000
Allowance for doubtful accounts
(7,000)
Inventory
225,000
275,000
US government bonds
30,000
25,000
State and local bonds
50,000
Investments in stock
325,000
335,000
Fixed assets
475,000
485,000
Accumulated depreciation
(198,000)
(215,000)
Other assets
11,000
Total assets
1,148,000
1,204,000
Liabilities and Stockholder's Equity
Accounts payable
200,000
Other current liabilities
135,000
55,000
Other liabilities
75,000
68,263
Capital stock
250,000
Retained earnings
463,000
630,737
Total liabilities and stockholder's equity
Tax Return #2, Partnership Return (Form 1065, only Page 1 and Schedule K required)
The Rowdy Fun is a limited partnership and was formed on June 1, 2005, by Thomas Kyle, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise. Rowdy Fun is an outdoor equipment retailer focused on selling outdoor activities gear. Thomas has a 33.33% profits and capital interest and the limited partners hold the remaining 66.66% of the profits and capital interests. Their profits and capital interests have remained unchanged since the partnership was formed. Thomas is actively involved in managing the business while the limited partners are simply investors.
Rowdy Fun
Sales
975,000
(300,000)
650,000
Interest from Money Market
3,500
Gain for sale of statue
668,500
Employee wages
(125,000)
Interest on accounts payable
(2,000)
Payroll and property taxes
(45,000)
(26,000)
Rent on retail building
(20,000)
Depreciation on furniture and fixtures
(15,400)
(4,000)
Guaranteed payments to Thomas Kyle
(40,000)
Utilities
(16,000)
Accounting and legal services
(500)
Charitable Contributions
(375)
Miscellaneous expense
(425)
(299,700)
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