Form 1120 for kingfisher for tax year 2012

During 2012, Pet Kingdom made estimated tax payments of $107,000 each quarter to

the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2012. Suggested software:

H&R BLOCK At Home.

2.  On February 12, 2002, Nancy Trout and Delores Lake formed Kingfisher Corporation to

sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows:

•  Kingfisher’s business address is 1717 Main Street, Ely, MN 55731; its telephone num-

ber is (218) 555-2211; and its e-mail address is [email protected]

•  The employer identification number is 11-1111111, and the principal business activity

code is 451110.

•  Nancy owns 50% of the common stock and is president of the company, and Delores

owns 50% of the common stock and is vice president of the company. No other class

of stock is authorized.

•  Both Nancy and Delores are full-time employees of Kingfisher. Nancy’s Social Secu-

rity number is 123-45-6789, and Delores’s Social Security number is 987-65-4321.

•  Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined

using FIFO and the lower of cost or market method. Kingfisher uses the straight-line

method of deprecation for book purposes and accelerated depreciation (MACRS)

for tax purposes.

•  During 2012, the corporation distributed cash dividends of $64,000.

Kingfisher’s financial statements for 2012 are shown below.


Income Statement


Gross sales         $1,884,000

Sales returns and allowances      (64,000)

Net sales             $1,820,000

Cost of goods sold           (736,000)



Gross profit                                                                                                                                                       $1,084,000

Dividends received from stock

investments in less-than-20%-owned

U.S. corporations                                                                                                                                            9,000

Interest income

State bonds                                                        $2,500

Certificates of deposit                                    4,000                                                                            6,500

Total income                                                                                                                                                    $1,099,500




Nancy Trout                                                      $150,000

Delores Lake                                                     150,000 $300,000

Salaries—clerical and sales                                                            232,000

Taxes (state, local, and payroll)                                                     68,000

Repairs and maintenance                                                                45,000

Interest expense:

Business loans                                                  $10,000

Loan to purchase state bonds                        1,800                    11,800

Advertising                                                                                              5,000

Rental expense                                                                                                    38,000

Depreciation*                                                                                32,000

Charitable contributions                                                               12,000

Employee benefit programs                                                           19,000

Premiums on term life insurance policies

on lives of Nancy Trout and Delores

Lake; Kingfisher is the designated

beneficiary                                                                                             12,800

Legal and accounting services                                                          16,000

Total expenses                                                                                                                                            (791,600)

Net income before taxes                                                                                                                    $  307,900

Federal income tax                                                                                                                                   (105,593)

Net income per books                                                                                                                           $  202,307

* You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve

this problem using H&R BLOCK At Home, enter the amount of deprecation on line 20 of Form 1120.


Balance Sheet

Assets                                                                  January 1, 2012  December 31, 2012

Cash                                                                     $384,000              $287,780

Trade notes and accounts receivable      547,000                668,000

Inventories                                                         480,000                569,600

State bonds                                                       60,000                  60,000

Federal income tax refund                          –0–                      2,407

Certificates of deposit                                  80,000                 80,000

Stock investments                                          100,000 100,000

Building and other depreciable assets    192,000                192,000

Accumulated depreciation                           (71,040)               (103,040)

Land                                                                     116,000 116,000

Other assets                                                      2,880                    1,600

Total assets                                                       $1,890,840           $1,974,347


Liabilities and Equity                                     January 1, 2012  December 31, 2012

Accounts payable                                           $240,000              $220,440

Other current liabilities                                 64,240                   32,000

Mortgages                                                         168,000 165,000

Capital stock                                                       400,000                400,000

Retained earnings                                          1,018,600             1,156,907

Total liabilities and equity                          $1,890,840          $1,974,347


During 2012, Kingfisher made estimated tax payments of $27,000 each quarter to the

IRS. Prepare a Form 1120 for Kingfisher for tax year 2012. Suggested software: H&R


BLOCK At Home.

Semester Papers
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.


Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.


Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.


Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.