SYMBOL TECHNOLOGIES, INC. TAX RETURN PREPARATION ASSIGNMENT FOR YEAR ENDED DECEMBER 31, 2024

Use the posted tax work papers from Part 1 of this project to prepare the 2024 Symbol Technologies, Inc. federal tax return.

Symbol Technologies, Inc., an accrual basis taxpayer, has 100 shares of common stock outstanding. The two shareholders/officers each own 50 shares. The corporation was formed on March 2, 2012, when each of the shareholders contributed assets in a qualifying IRC 351 transaction. The contributed assets' total value was less than $1 million. Yolanda is the president, and Mary is the vice president and secretary. The company's financial statements are internally prepared without an audit.

Symbol Technologies, Inc. ("STI"), is a calendar year C corporation located at 4555 Basin Road, Los Angeles, California 90032. STI's federal identification number is 33-3398972. Inventories are maintained at cost. STI is an engineering firm providing systems consulting services and the related hardware. The business activity code is 334200. The rules of IRC 263A do not apply, and there was no change in determining quantities, cost, or valuations between opening and closing inventories. No uncertain tax positions have been taken by DTI. For any other questions on the tax forms, make reasonable assumptions!

Other information you will need: 1. All officer compensation for 2024 is reported in the general and administrative expenses. Officer compensation for 2024 is:

Name	SS#	% of Time Devoted to Business	Compensation
Yolanda Gracia	242-22-2442	100%	$490,000
Mary Chen	454-44-5454	100%	$490,000

2. Federal tax payments made during the year:

Balance Due with 2023 Form 1120	$5,540
Estimated Tax Payments for 2024	$82,016

3. STI requests that any overpayment of federal tax be applied to 2025.

4. STI has accumulated E&P of $3 million on December 31, 2024.

5. Use the Adjusted Books column from your work papers for the Form 1120, Page 6, End of Year Balance Sheet. Use the Part 1 instructions for the beginning balance sheet.

6. Do not prepare Form 4562 (depreciation), just enter the amount of depreciation on Form 1120, Line 20.

7. Some lines on the tax return ask for a statement to be attached - do this only for:

a. Form 1120, Page 1, Line 17, "Taxes and Licenses" b. Form 1120, Page 1, Line 26, "Other Deductions." c. Form 1120, Page 6, Line 6, "Other Current Assets" d. Form 1120, Page 6, Line 14, "Other Assets" e. Form 1120, Page 6, Line 18, "Other Current Liabilities" f. Form 1120, Page 6, Schedule M-1, Line 5.

Use the "TR Statement Forms" Tab in the Excel work papers for these statements. A couple of sample statements are set up there just to show you the proper form - modify as needed. 1. No need to enter anything in the signature block on Form 1120, Page 1 2. Be sure to answer all required questions! Note: Answer "no" to all Schedule K questions except 4.b., which is a "yes" and 15.b,. which should be blank. 3. Foot all pages of the tax return to avoid calculation errors.

(Using the information above to fill out Forms 1120, Form 1120-A, Form 1125-E, and Form 1120, Schedule G.)

SYMBOL TECHNOLOGIES, INC. BALANCE SHEET Unadjusted Adjusted per Books per Books 12/31/2024 AJEE 12/31/2024 VWP DR/ (CR) DR (CR) DR / (CR) ASSETS Arar 6-1 184 590 184 590 Accounts Receivable 1,429.080 (22,452) 1,406 628 Inventories 637.998 27.602 715.600 Short Term Investments 477 432 477 432 Prepald Expenses 51 445 51.445 Fixed Assets 4,001,839 4,001.839 (1,277,917) (1,277.917) Investment - Tech City, Inc. 855,022 855 022 TOTAL ASSETS 6,409 489 27 602 (22,452) 6,414.639 LIABILITIES Accounts Payable (1,028 528) (1,028 523) Accrued Expenses (119 508) (119.508) Payroll Tax Payable (43.865) (43.865) Line of Credit (650.944) (650.944) Profit Sharing Plan Payable (158.834) (27,007) (185 891) TOTAL LIABILITIES (2 001,730) (27,007) (2 028 737) EQUITY Capita Stock (1,248 685) (1,248 683) End R.E. Retained Exmings - Beg (2.954.331) (2.954.331) Distributione 160.000 160.000 (3,137 219) Current Year (Income)/LOBS [zavlad from PAL) (364 745) 49 459 (27,602) (342 863) TOTAL S/H EQUITY (4,407 759) 49 459 (27,602) (4,385 902) TOTAL LIABILITIES & EQUITY (6,409 459) 49,459 (54,609) (6,414,639)SYMBOL TECHNOLOGIES, INC. BOOK/TAX INCOME STATEMENT 12/31/24 UNADJ ADI BAL AJEs BAL SCH M-1 FED FOICA CA 2131/24 2/31/24 ADJ 2131/24 DIFF 12131/24 Dr / (Cr) Dr (CR) Or / (Cr) Or (CRI Dr / (Cr) Dr / (Cr Dr /(Cr) (ref 6-1 27 ) (ref ) Revenue (18,566,798) (18,566,798) (18,506,798) (18,566,798) Less: Returns Net Sales (18,506,798) (18,566,798) (18,806,798) (18,506,798) Cost of Sales: Beginning Inventory 687 994 647,998 687 998 647,908 Purchases 5,680,902 5,660,902 5,660 902 5,660,902 Labor 6,590,890 $ 690,890 6,590,890 6,590,890 Other Costs 471,332 471,332 471,332 471,132 Less Ending Inventory (CR) 687 994) (27,602) (715,600) (715 600) (715,600) Cost of Goods Sold 12,723,124 12.695,622 12,696.622 12,695,622 GROSS PROFIT (5,843.674) (27,602) (5,871,276) (5.871,276) (5,871 276) Tax Exempt Interest Income (22 455) 22,465) 22,456 Dividends Received (42 620) 42,620) 142 620 (42,620) TOTAL INCOME (5,908 749) (27.602) (5.936,351) 22,458 (5,913,896) (5,913.896) EXPENSES: Officers Compensation 980.000 980,000 980.000 980.000 Salaries & Wages 1,786 808 1.756,806 1,786 846 1,756,806 Repairs & Maint Bad Debts 22.452 22,462 22 452 22,452 Rents 904 250 954,250 184 250 154,250 Taxes & Licenses Payroll Taxes 185,667 183 667 Property 34,870 34,870 34 870 34,870 Fed Tax Cal Tax 14.855 $4,856 (64,805) Interest Expense 48 764 48. 768 48 768 40. 761 Charitable Contributions Depreciation 101 408 101,408 20.214 181,622 (25.972) 156,650 Advertising 124,120 124,120 124 120 124,120 Profit Sharing Plan 168.495 27,007 195,802 196.502 196.802 Employee Benefits 286 485 255,485 286 485 256,485 Other Deductions Business Entertainment 20 805 20,685 (20.685) Consulting 108 500 108,800 108 500 108,800 Contract Labor Dues & Subscriptions 9.840 9.840 9.840 9.840 Equipment Renta Freight & Delivery Insurance 480.020 180,020 180 020 180,020 Officer's Life Insurance 42 460 42,460 (42,460) License & Fees 18 990 18 990 18,990 Meals & Entertainment Misc Expense 4 080 4, BOO 4 840 Office Supplies 16.88 Payroll Processing Penalties 1.850 1,850 (1,850) Postage & Printing 24 000 24.000 24 000 24,00 Professional Services 46 770 45,770 45 7 70 45,770 Subcontractors Trave 7,869 7.869 7,869 Total Other Ded 781 644 781.644 (64,895) 716,749 716,749 TOTAL EXPENSES 5,544,004 49,459 5,593,463 80,214 (152,451) 5,521,226 (90,827) 5,430,299 TAX (INC)LOSS PRE-DRD (364 745) 49,459 (27,602) (342.808) 102 669 (162.451) (392 670) (90,827) (483,497) Out of Balance by. DIVIDENDS RECEIVED DEDUCTION 21.310 TAX INCVLOSS (371,360)SYMBOL TECHNOLOGIES, INC. Book (Income) / Loss Federal Tax Expense Taxable income not on Books: Deferred Revenue Other Book Expenses not on Return: Business Entertainment Officer Life Insurance Penalties Book > Tax Depreciation State Tax - Current Year SUBTOTAL Book Income not on Retum: Tax Exempt Interest Tax Deductions not on Books: Tax > Book Depreciation SUBTOTAL Taxable Income before Special Deductions SCHEDULE M-1 12r34/24 wr (242.853) (242,883) (87.558) (87,558) (20,585) (20,585) (42.460) (42,460) (1.950) (1,250) (84,855) (405,339) (580,194) 22,455 22,455 0,214 54,242 102,669 76,097 (382.670) (483,487) ai Zero