univex is a calendar year accrual basis retail business its financial statements pro 4521559

Univex is a calendar year, accrual basis retail business. 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 and entertainment ………………………………. 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 any compensation or withdraw any funds from Univex. • Univex is entitled to an $1,800 general business credit. a. Assume Univex is a sole proprietorship. Compute net profit on Schedule C, Form 1040, and identify the items from Univex’s records that do not appear on Schedule c. Complete Schedule C, Form 1040. b. Assume Univex is an LLC. Compute ordinary income on page 1, Form 1065, and complete Schedule K, Form 1065. c. Assume Univex is a corporation operating in a state without a corporate in-come 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, Form 1120, and Schedule M-1, page 5, Form 1120.

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