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Question Details John Martin (social security num...

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Question Details John Martin (social security number 123-45-6783) and Stan Mitchell (social security number 123-45-6784) are 55% and 45% owners of Ram, Inc. (12-3456785), a small textile manufacturing company located at 1011 Wright Avenue, Kannapolis, NC 28083) The company's first S election was made January 1, 1982. The following information was taken from the income statement for 2008. Other income (active) 380 Interest Income (taxable) 267 Gross sales 1,376,214 Beginning inventory 7,607 Direct labor 303,102 Direct materials purchased 278,143 Direct other costs 149,356 Ending inventory 13,467 Taxes 39,235 Contribution to United fund 445 Contribution to Senator Browns Campaign 5,000 Fines on illegal activities 34 Life insurance premiums (the Corporation is beneficiary) 98 Compensation to shareholder Officers (proportionate to Ownership) 34,934 Salaries and wages 62,103 Interest expenses 17,222 Repairs 16,106 Depreciation 16,154 Advertising 3,246 Pension plan contributors 6,000 Employee benefit programs 2,875 Other deductions 63,784 Jan 1,2008 Dec 31, 2008 Cash 47,840 ? AR 93,100 153,136 Inventories 7,607 13,467 Prepaid expenses 10,333 7,582 Loans to shareholders 313 727 Buildings and trucks 138,203 244,348 Accumulated depreciation (84,235) ? Land 1,809 16,513 Life insurance 11,566 18,344 Total assets 226,536 414,970 Jan 1,2008 Dec 31,2008 AP 52,404 82,963 Notes payable (less than 1 year) 5,122 8,989 Loans from shareholders 155,751 191,967 Notes payable (more than 1 year) 21,821 33,835 Loan on life insurance 5,312 16,206 Capital stock 1,003 1,003 Paid-in capital 9,559 9,559 Retained earnings (8,314) ? Accumulated adjustments account 0 ? Other adjustments account 0 ? Treasury stock (16,122) (16,122) Total liabilities and capital 226,536 414,970 Ram's accounting firm provides the following additional information. Distributions to shareholders 290,000 AMT depreciation adjustment (1,075) AMT preference, interest on private activity bonds 11,070 Using the above information, prepare a complete form 1120S and a Schedule K-1 for John Martin (596 Lane Street, Kannapolis, NC 28083) If any information is missing, make realistic assumptions and list them. find the missing number in the comparative balance sheet . Using H&R Block TaxCut Book federal taxation 2010page E- 13 and 14,The professor gave us check figures your answers match his except he gave us a check figure for Schedule M-1 Line 4 of $390,016. Nothing was recorded on your calculations.,The lastest is Wednesday 10/12/2011

 

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