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ACC - Janet Morton and Kim Wong formed Pet Kingdom, Inc.


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Question;On November 1, 2006, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows:*Pet Kingdom\'s business address is 1010 Northwest Parkway, Dallas, TX 75225, its telephone number is (214)555-2211, and its email address is*The employer identification number is 11-111111, and the principal business activity code is 453910.*Janet and Kim each own 50% of the common stock, Janet is president and Kim is vice president of the company. No other class of stock is authorized.*Both Janet and Kim are full-time employees of Pet Kingdom. Janet\'s Social Security number is 123-45-6789, and Kim\'s social security number is 987-65-4321.*Pet kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes.*During 2013, the corporation distributed cash dividends of $250,000.Pet Kingdom\'s financial statements for 2013 follow.Please find attached the full problem: During 2013, Pet Kingdom made estimated tax payments of $90,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2013.


Paper#38915 | Written in 07-Dec-2015

Price : $17