Accounting

Completing Form 1120S GENERAL COMPANY INFORMATION doubting doubting Thomas fagot (President) and Dawn Valentine (Vice President) each own 50% of index &type A; Valentine, Inc. (KVI). No other class of commonplace 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 atomic number 18. KVIs short letter underwrite is 219 Accountants Lane, Indianapolis, IN 46424; telephone material body is (317) 243-1120; and its e-mail forebode is kvi@kvi.com. Employer identification subdue is 31-4655421 and the principal contrast activity polity is 541210. Thomas and Dawn are the nevertheless replete-time accountants diligent 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, schedule year taxpayer. KVI uses the straight- rail 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 some(prenominal) inventory. During the year, the corporation distributed cash of $26,291 (13,145.50 per shareholder).

KVI Income positment Income: report fees$896,000 Interest income (certificates of deposit) 3,600 list 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 income 3,140 Other miscel! laneous 7,390 65,620 Repairs and maintenance 16,340 Meals and amusement 8,460 Travel 5,600 tender-hearted contributions 1,200 Interest expense on business loans 31,100 Advertising 23,250 letting 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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