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How to fill pages one-five out on form 1120

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Reference no: EM131782838

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Acme, Inc., 12345 Coyote Avenue, Denver Colorado, is a corporation (EIN 00-1234567) formed on January 1, 2010. It uses tax/cash basis accounting, did not pay dividends in excess of earnings and profits, has no foreign shareholders, is not publicly traded, and has no NOL carrybacks.

John Doe (SSN 123-45-6789), 5555 Red Street, Boise Idaho, is a 60% shareholder. Jane Smart (SSN 246-81-0121), 2468 Condo Lane, Los Angeles, CA, is a 40% shareholder. John received a dividend of $65,000, and Jane received a dividend of $45,000, which are in addition to their salaries.

                                                      Balance Sheet
                                                             12/31/2014               12/31/2015
Assets
Cash                                                        38,702                       47,609
Investments                                              254,568                     164,772
Office equipment                                        228,500                     312,456
Accumulated Depreciation (Equipment)         158,500                     (167,822)
Building                                                     497,400                     497,400
Accumulated Depreciation (Building)             36,411                       (47,344)
Total Assets                                              824,259                     807,011
Liabilities and equity
Notes payable                                            357,692                     341,247
Common stock                                           12,000                      12,000
Retained Earnings                                       454,567                    453,764
Total liabilities and equity                             824,259                    801,338

Income Statement
Revenue
Consulting Income                              862,458
Interest Income                                  4,467
Rental Income                                    8,000
Dividend income (Qualified)                  8,748
Long term capital losses                      (8,450)
Total revenue                                     875,223
Expenses
Salaries and Wages (employees)          253,000
Officers' salaries
Doe                                                  228,000
Smart                                               155,000
Depreciation                                      22,701
Interest Expense                               22,455
Taxes and licenses                             26,443
Utilities                                             16,400
Travel                                               12,400
Meals and Entertainment (100%)         12,709
Auto                                                 19,200
Insurance (health)                              8,000 
Accounting and legal                          6,780
Repairs                                             3,875
Charitable Contributions                     12,800
Payroll penalties                                 810
Total Expenses                                  800,573
Net income                                        74,650

Complete a Form 1120, and it will be based on a similar situation to the attached document. How to fill pages 1-5 out on Form 1120, so I'm hoping someone can show me how to complete it based on the attached document, which will help me do it on my own when I need to.

Reference no: EM131782838

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