Question: I need help filling the last two boxes for additional information schedule k-1 code v and w the boxes are printed as the last box
I need help filling the last two boxes for additional information schedule k-1 code v and w the boxes are printed as the last box with question marks in bold.
Note: This problem is for the 2019 tax year.
John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111120), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. Premium's S election was made on January 15, 2012, its date of incorporation. The following information was taken from the company's 2019 income statement.
| Interest income | $ 100,000 |
| Gross sales receipts | 2,410,000 |
| Beginning inventory | 9,607 |
| Direct labor | (203,102) |
| Direct materials purchased | (278,143) |
| Direct other costs | (249,356) |
| Ending inventory | 3,467 |
| Salaries and wages | (442,103) |
| Officers' salaries ($75,000 each to Parsons and Smith) | (150,000) |
| Repairs | (206,106) |
| Depreciation expense, tax and book | (15,254) |
| Interest expense | (35,222) |
| Rent expense (operating) | (40,000) |
| Taxes | (65,101) |
| Charitable contributions (cash) | (20,000) |
| Advertising expenses | (20,000) |
| Payroll penalties | (15,000) |
| Other deductions | (59,899) |
| Book income | 704,574 |
A comparative balance sheet appears below
| | January 1, 2019 | | December 31, 2019 |
| Cash | $ 47,840 | $ ? |
| Accounts receivable | 93,100 | 123,104 |
| Inventories | 9,607 | 3,467 |
| Prepaid expenses | 8,333 | 17,582 |
| Building and equipment | 138,203 | 185,348 |
| Accumulated depreciation | (84,235) | (?) |
| Land | 2,000 | 2,000 |
| Total assets | $214,848 | $844,422 |
| Accounts payable | $ 42,500 | $ 72,300 |
| Notes payable (less than 1 year) | 4,500 | 2,100 |
| Notes payable (more than 1 year) | 26,700 | 24,300 |
| Capital stock | 30,000 | 30,000 |
| Retained earnings | $111,148 | ? |
| Total liabilities and capital | $214,848 | $844,422 |
| | | | |
Premium's accounting firm provides the following additional information.
| Distributions to shareholders (not reported on Form 1099-DIV and made based on percentage of ownership): | $100,000 |
| Beginning balance, Accumulated adjustments account: | 111,148 |
| Schedule K | Shareholders' Pro Rata Share Items | Total amount | | | 1 | Ordinary business income (loss) (page 1, line 21) | 1 | 639574 | | 4 | Interest income | 4 | 100000 | | | 11 | Section 179 deduction (attach Form 4562) | 11 | | | 12a | Charitable contributions | 12a | 20000 | | | | | | | | | | | | | | | | | | | | | | |
| Form 1120-S (2019) | Premium, Inc. | 11-1111120 | Page 4 | | Schedule K | Shareholders' Pro Rata Share Items (continued) | Total amount | | | 16a | Tax-exempt interest income | 16a | | | b | Other tax-exempt income | 16b | | | c | Nondeductible expenses | 16c | 15000 | | d | Distributions (attach stmt if required) (see instrs) | 16d | 100000 | | e | Repayment of loans from shareholders | 16e | | | | 17a | Investment income | 17a | 100000 | | b | Investment expenses | 17b | | | c | Dividend distributions paid from accumulated earnings and profits | 17c | | | d | Other items and amounts (attach statement) | | | | | 18 | Income (loss) reconciliation. Combine the amounts on lines 1 through 10 in the far right column. From the result, subtract the sum of the amounts on lines 11 through 12d and 14p . . . . . | 18 | 719574 | |
I need help filling this part out for additional information. I do not know code v and w
| Schedule K-1 Information |
| Code | Description | Amount |
| V | Section 199A income | ?????????????? |
| W | Section 199A W-2 wages | ?????????????? |
Study Help