Completing Form 1120S INSTRUCTIONS: Please use the information below to complete the Form 1120S and the Schedule K-1’s for Form 1120S.

Completing Form 1120SINSTRUCTIONS:GENERAL COMPANY INFORMATIONMargaret Brown and Joel Lee each own 50% of Designs Inc. with no other class of stock is authorized. On June 6, 2009, they formed to provide design services. Their business activity code is 541400.Designs Inc.’s business address is 2134 Merry Lane, Las Cruces, NM 08801. The telephone number is (575) 541-1122, and the e-mail address is .The Eemployer identification number is 11-1111111. Margaret is the president of the company, and Joel is the vice- president. Margaret and Joel are the only full-time designers employed by Designs, Inc., and they perform all of the design services of the corporation. Margaret’s Social Security number is 123-45-6789, and Joel’s Social Security number is 555-48-9898.Designs, Inc. is an accrual method, calendar- year taxpayer. Designs, Inc. uses the straight-line method of depreciation for both book and tax purposes. (You are not provided enough detailed data to complete a Form 4562 (depreciation). Enter the amount of depreciation on line 20 of Form 1120.) The corporation does not maintain any inventory.During the year, the corporation distributed cash dividends of $15,192.Designs, Inc. Income StatementIncome:Design fees

Looking for a Similar Assignment? Order now and Get a Discount!

"Looking for a Similar Assignment? Order now and Get a Discount!