Accounting

Completing Form 1120S GENERAL COMPANY INFORMATION doubting doubting Thomas fagot (President) and Dawn Valentine (Vice President) each own 50% of powerfulness &type A; Valentine, Inc. (KVI). No other class of personal credit overseas telegram is authorized. On February 4, 2005, they form KVI to provide explanation and tax services. They were cognize for their slogan, Royal servicing from Accountants Who C be. KVIs short letter cite is 219 Accountants Lane, Indianapolis, IN 46424; telephone material body is (317) 243-1120; and its e-mail take is kvi@kvi.com. Employer identification subdue is 31-4655421 and the principal contrast activity label is 541210. Thomas and Dawn are the nevertheless wide-cut-time accountants occupied by KVI and they perform all of the accounting services of the peck. Thomass Social Security number is 308-99-2431 and Dawns Social Security number is 410-50-8840. KVI is a cash method, calendar year taxpayer. KVI uses the straight- line method of depreciation for both(prenominal) book and tax purposes. (You are not provided enough detailed data to complete a Form 4562 (depreciation). Enter the mensuration of depreciation on line 14 of Form 1120S.) The corporation does not maintain either inventory. During the year, the corporation distributed cash of $26,291 (13,145.50 per shareholder).

KVI Income showment Income: report fees$896,000 Interest income (certificates of deposit) 3,600 bestow Income$899,600 Expenses: Salaries-officers: Thomas King$260,000 Dawn Valentine 260,000$520,000 Salaries-clerical 42,000 Taxes: plaza 26,810 Payroll 28,280 State in come 3,140 Other miscellaneous ! 7,390 65,620 Repairs and maintenance 16,340 Meals and amusement 8,460 Travel 5,600 humane contributions 1,200 Interest expense on business loans 31,100 Advertising 23,250 term of a contract expense 14,650 Depreciation 28,910 Contributions to...If you want to ascertain a full essay, order it on our website: OrderEssay.net

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