Using the Form 1120 Illustrated from Chapter 3 for inspiration, prepare and submit for grading a completed 2020 Form 1120 for Swift Corporation. Use the Corporate Tax Return_Student worksheet as your primary source of information. In case needed information is missing from the worksheet, you can rely on the Form 1120 Illustrated as a guide.

Tue General informatie Cupreme Doffman Betty Press Scarpe LI Ral Meet hufa. TX 75% Employer une Shurchider Peale Cup Sellery Serial with Nuncher Powen and Chapelle 20.00 Marta SEF way. . Secili un Aanur Air Budem word Dame Tweet Cubdivided Prand informatie Aca Chrie | Special Locorum Sighet C SO Sales tum in Machas Dedolioned from slack ( N1 Interest income - ilina Menummer 33 New Serien Tines and Rai Introduced am 10 IS. 120.000 . 14 700 22.00 Ohr dria No 1. les that US. EN Halance sheet informatie Assets 10300 14. 150,000 100.000 . 100,00 4. was Cortes e depos Sub Nepied deal Saskim Multing and others Am La Our Toulo 300,00 130,000 130 10 10,000 1 Alle her current M Cock Rende Jual and 30 00 100 150 TEN 150 M LIN, mated time 100 Taxable Corporation Return Assignment General information: Tax year 2020 Corporate name Swift Corporation Date of formation 1/10/85 Business activity Retail Product Men's clothing Business address 6210 Norman Street Buffalo, TX 75831 Employer identification number 11-1111111 Shareholder James Brown Percent of ownership 50% Corporate office President Salary 70,000 Social security number 123-45-6789 Shareholder Martha Swift Percent of ownership 50% Corporate office Secretary-Treasurer Salary 85,000 Social security number 987-65-4321 Accounting method Accrual Accounting period Calendar-year Bad debt method Specific chargeoff Inventory method Lower of cost or market Depreciation method: book Straight-line Depreciation method: tax Straight-line Cash dividends distributed 35,000 Debit Credit 1.120,000 60,000 480,000 50,000 6,000 8.000 Profit and loss information: Gross sales Sales retums and allowances Purchases Dividends received from stock (Note 1) Interest income - state bonds Interest income certificates of deposit Premiums on term life insurance (Note 2) Salaries - officers Salaries - clerical and sales Taxes (state, local, and payroll) Repairs Interest expense - loan to purchase state bonds Interest expense - other business loans Advertising Rental expense Depreciation Other deductions Note 1 - less-than-20% owned U.S. corporation Note 2-policies on Brown and Swift, corporation is beneficiary 10,000 155,000 120,000 60,000 38,000 2.400 14,000 7,000 22,000 19.800 24,000 Balance sheet information: Beginning of year End of year 240,000 104,200 200,000 150,000 100,000 Assets: Cash Trade notes and accounts receivable Inventories Certificates of deposit State bonds Prepaid federal tax Stock investment Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets Liabilities and Equity: Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity 177,450 142,300 256,000 150,000 100,000 4,068 400,000 120,000 -64,200 10,000 1,000 1,296,618 300,000 120,000 -44,400 10,000 1,800 1,181,600 150,000 40,150 105,000 250,000 636,450 1,181,600 0 48,000 125,000 36,300 100,000 250,000 785,318 1,296,618 0 Estimated tax payments made for 2020 Tue General informatie Cupreme Doffman Betty Press Scarpe LI Ral Meet hufa. TX 75% Employer une Shurchider Peale Cup Sellery Serial with Nuncher Powen and Chapelle 20.00 Marta SEF way. . Secili un Aanur Air Budem word Dame Tweet Cubdivided Prand informatie Aca Chrie | Special Locorum Sighet C SO Sales tum in Machas Dedolioned from slack ( N1 Interest income - ilina Menummer 33 New Serien Tines and Rai Introduced am 10 IS. 120.000 . 14 700 22.00 Ohr dria No 1. les that US. EN Halance sheet informatie Assets 10300 14. 150,000 100.000 . 100,00 4. was Cortes e depos Sub Nepied deal Saskim Multing and others Am La Our Toulo 300,00 130,000 130 10 10,000 1 Alle her current M Cock Rende Jual and 30 00 100 150 TEN 150 M LIN, mated time 100 Taxable Corporation Return Assignment General information: Tax year 2020 Corporate name Swift Corporation Date of formation 1/10/85 Business activity Retail Product Men's clothing Business address 6210 Norman Street Buffalo, TX 75831 Employer identification number 11-1111111 Shareholder James Brown Percent of ownership 50% Corporate office President Salary 70,000 Social security number 123-45-6789 Shareholder Martha Swift Percent of ownership 50% Corporate office Secretary-Treasurer Salary 85,000 Social security number 987-65-4321 Accounting method Accrual Accounting period Calendar-year Bad debt method Specific chargeoff Inventory method Lower of cost or market Depreciation method: book Straight-line Depreciation method: tax Straight-line Cash dividends distributed 35,000 Debit Credit 1.120,000 60,000 480,000 50,000 6,000 8.000 Profit and loss information: Gross sales Sales retums and allowances Purchases Dividends received from stock (Note 1) Interest income - state bonds Interest income certificates of deposit Premiums on term life insurance (Note 2) Salaries - officers Salaries - clerical and sales Taxes (state, local, and payroll) Repairs Interest expense - loan to purchase state bonds Interest expense - other business loans Advertising Rental expense Depreciation Other deductions Note 1 - less-than-20% owned U.S. corporation Note 2-policies on Brown and Swift, corporation is beneficiary 10,000 155,000 120,000 60,000 38,000 2.400 14,000 7,000 22,000 19.800 24,000 Balance sheet information: Beginning of year End of year 240,000 104,200 200,000 150,000 100,000 Assets: Cash Trade notes and accounts receivable Inventories Certificates of deposit State bonds Prepaid federal tax Stock investment Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets Liabilities and Equity: Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity 177,450 142,300 256,000 150,000 100,000 4,068 400,000 120,000 -64,200 10,000 1,000 1,296,618 300,000 120,000 -44,400 10,000 1,800 1,181,600 150,000 40,150 105,000 250,000 636,450 1,181,600 0 48,000 125,000 36,300 100,000 250,000 785,318 1,296,618 0 Estimated tax payments made for 2020