Question: please fill out the same 1120 form and post a picture of it with the answer. thank you Problemi. Olive Corporation was formed and began

Problemi. Olive Corporation was formed and began operations on January 1, 2020. The corporation's income statement for the year and the balance sheet at year-end are presented below. $270,000 20,000 $290,000 (110,000) $180,000 The Olive Corporation Income Statement for the Year Ended December 31, 2020 Grosincome from operations Qualified dividends received from a 35 percent-owned domestic corporation Total gross income Cost of goods sold Total income Other expenses: Compensation of officers $77,000 Salaries and wages 30,000 Bad debts (direct charge-offs) 9,000 Repairs 3,000 Depreciation for book and tax purposes 10,000 Advertising 2,000 Payroll taxes 16,000 Total other expenses Net income (before federal income tax expense) The Olive Corporation Balance Sheet as of December 31, 2020 Assets: Cash $30,000 Accounts receivable 20,000 Inventory (at cost) 70,000 Equipment 90,000 Less: accumulated depreciation (10,000) Total assets Liabilities and owners' equity: Accounts payable $6,200 Note payable (due in 10 years) 85,000 Common stock 80,000 Retained earnings 28,800 Total liabilities and owners' equity (147,000) $33,000 $200,000 $200,000 (10,000) $200,000 Less: accumulated depreciation Total assets Liabilities and owners' equity: Accounts payable Note payable (due in 10 years) Common stock Retained earnings Total liabilities and owners' equity $ 6,200 85,000 80,000 28,800 $200,000 The corporation made estimated tax payments of $5,000 and the corporation's book federal Income tax expense is equal to the federal tax liability. Assume any overpayment is credited to the 2019 estimated tax Required: Prepare Form 1120 (Pages 1-6) 1. Enter all amounts as positive numbers, except for a "loss". If required, enter a "loss" as a negative number on the tax form. 2. If an amount box does not require an entry, or the answer is zero, enter "O
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