Assignment
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.