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Business, 10.06.2021 03:40 khikhi1705

Univex is a calendar year, accrual basis retail business. Univex hold less than 20% of IBM stock. Its financial statements provide the following information for the year: Revenues from sales of goods$783,200 Cost of goods sold (FIFO) (417,500) Gross profit$365,700 Interest income from certificates of deposit 1,300 Dividend income from IBM stock 6,720 Gain from sale of IBM stock purchased in 2000 8,615 Bad debt expense 3,900 Administrative salaries and wages 153,400 Business and employment taxes 31,000 Interest expense on debt incurred to buy inventory 5,100 Advertising 7,000 Meals 3,780 Property insurance premiums 4,300 Depreciation 10,800 Repairs and maintenance 18,700 Supplies 4,120 Utilities 21,000 Contributions to charity 5,000 Univex's records reveal the following facts: Bad debt expense equals the addition to an allowance for bad debts. Actual write-offs of uncollectible accounts totaled $2,000. MACRS depreciation for the year was $21,240. Univex made no dispositions of operating assets. The owners did not receive compensation or withdraw any funds from Univex. Univex is entitled to an $1,800 general business credit. Required: a. Assume Univex is a sole proprietorship. Complete Schedule C, Form 1040. b-1. Assume Univex is an LLC. Complete page 1, Form 1065. b-2. Assume Univex is an LLC. Complete Schedule K, Form 1065. c-1. Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Compute taxable income on page 1, Form 1120, calculate Univex's federal income tax, and complete page 1, 2019 Form 1120. c-2. Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Reconcile Income (Loss) as per Books With Income per Return. Complete Schedule M-1, page 6, Form 1120.

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Univex is a calendar year, accrual basis retail business. Univex hold less than 20% of IBM stock. It...
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