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Bottle-Up, Inc., was organized on January 8, 2003, and made its S election on January 24, 2003. The necessary consents to the election were filed in a timely manner. Its address is 1234 Hill Street City, ST 33333. Bottle-Up uses the calendar year as its tax year, the accrual method of accounting, and the first-in, first-out (FIFO) inventory method. Bottle-Up manufactures ornamental glass bottles. It made no changes to its inventory costing methods this year. It uses the specific identification method for bad debts for book and tax purposes. Herman Hiebert and Melvin Jones own 500 shares each. Both individuals materially participate in Bottle-Up's single activity. Herman Hiebert is the tax matters person. Financial statements for Bottle-Up for the current year are shown in Tables C: 11-2 through C: 11-4. Assume that Bottle-Up's business qualifies as a U.S. production activity and that its qualified production activities income is $90,000. The S corporation uses the small business simplified overall method for reporting these activities (see discussion for Line 12d of Schedules K and K-1 in the Form 1120S instructions). Prepare a 2012 S corporation tax return for Bottle-Up, showing yourself as the paid prepare.
Required tax forms: 1120S (pages 1-5)
1125A
4797
Schedule D
Schedule k-1 (1 for each shareholder)
Jessie, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total overhead for the year to be $7,500,000 and total direct labor hours to be 125,000 hours.
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Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit.
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