Prepare a form 1120 for kingfisher for tax year 2012.

During 2012, Pet Kingdom made estimated tax payments of $107,000 each quarter to
the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2012. Suggested software:
H&R BLOCK At Home.
2. On February 12, 2002, Nancy Trout and Delores Lake formed Kingfisher Corporation to
sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows:
• Kingfisher’s business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is [email protected]
• The employer identification number is 11-1111111, and the principal business activity
code is 451110.
• Nancy owns 50% of the common stock and is president of the company, and Delores
owns 50% of the common stock and is vice president of the company. No other class
of stock is authorized.
• Both Nancy and Delores are full-time employees of Kingfisher. Nancy’s Social Security number is 123-45-6789, and Delores’s Social Security number is 987-65-4321.
• Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined
using FIFO and the lower of cost or market method. Kingfisher uses the straight-line
method of deprecation for book purposes and accelerated depreciation (MACRS)
for tax purposes.
• During 2012, the corporation distributed cash dividends of $64,000.
Kingfisher’s financial statements for 2012 are shown below.
Income Statement
Gross sales
Sales returns and allowances (64,000)
Net sales
Cost of goods sold
Gross profit
Dividends received from stock
investments in less-than-20%-owned
U.S. corporations
Interest income
State bonds
Certificates of deposit
Total income
Nancy Trout
Delores Lake
Salaries—clerical and sales
Taxes (state, local, and payroll)
Repairs and maintenance
Interest expense:

Don't use plagiarized sources. Get Your Custom Essay on
Prepare a form 1120 for kingfisher for tax year 2012.
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay




Business loans
Loan to purchase state bonds
Rental expense
Charitable contributions
Employee benefit programs
Premiums on term life insurance policies
on lives of Nancy Trout and Delores
Lake; Kingfisher is the designated
Legal and accounting services
Total expenses
Net income before taxes
$ 307,900
Federal income tax
Net income per books
$ 202,307
* You are not provided enough detailed information to complete a Form 4562 (depreciation). If
you solve
this problem using H&R BLOCK At Home, enter the amount of deprecation on line 20 of Form
Balance Sheet
January 1, 2012 December 31, 2012
Trade notes and accounts receivable 547,000
State bonds
Federal income tax refund
Certificates of deposit
Stock investments
Building and other depreciable assets 192,000
Accumulated depreciation
Other assets
Total assets
Liabilities and Equity
Accounts payable
Other current liabilities
Capital stock
Retained earnings
Total liabilities and equity

January 1, 2012 December 31, 2012

During 2012, Kingfisher made estimated tax payments of $27,000 each quarter to the
IRS. Prepare a Form 1120 for Kingfisher for tax year 2012. Suggested software: H&R

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Professor’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
  • 2-hour delivery
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
Getting into any engagement is not as simple as it sounds, especially when done remotely. Thus, you as our client need solid assurances that your expectations will be met and exceeded. Taking this into consideration, we are very serious when it comes to honoring our end of the bargain. On this page, we have clearly stipulated our assurances to clear any anxiety, doubts, or uncertainties that you may have. We are sure that after reading the below short guarantee highlights, you will be entirely confident that your needs will be exceeded!

Money-back guarantee

Our money-back guarantee assures you of the safety of your money. Several reasons may make you want to get a refund, and we have the best refund system since it works INSTANTLY! Yes, I said instantly! Many of our competitors place complex processes for you to get a refund. Some websites make you wait for 14 days! For what? We know that you obviously have other uses for the money; that is why we refund on the spot. Here at Employed Professors, we simply look into the issue and press a button, and your money is back. No waiting! No back and forth!

Zero-plagiarism guarantee

Being the worst academic offense that is severely punished by all institutions, plagiarism is a NO at Employed Professors! In fact, we are always ready with evidence that your paper is plagiarism-free.

Our elite algorithm for detecting plagiarism is updated regularly, as our developers work 24/7 to make sure that it captures even the slightest instance. We provide a plagiarism report FREE OF CHARGE so that you are confident when submitting your paper to that stickler professor or TA. This way, we ensure that you will never get expelled for this heinous act!

Free-revision policy

Sometimes, for absolutely no reason, your TA or professor might require you to make some changes to your paper. Other times, further customization can be needed as you deem fit; of course, you are the king, and you command, and we obey! As such, if you feel that a specific aspect has not been captured as you like, you can always send the paper back for revision, and this is also FREE OF CHARGE! All you need to clearly state are the new guidelines that you want our professor to use to accomplish your desired objective in the way that you want it.

Privacy policy

Our clients' confidentiality is our priority; this is a fact that is undeniable in our company. We CANNOT give out the data/information that we request from you even at GUNPOINT! This is how far we can go to protect your identity. Furthermore, our databases are regularly services and secured with an impenetrable security system. Over the years that we have been in this essential industry, we have never had a data breach, thanks to our top-notch technical department that ensure the confidentiality of your information. A detailed summary of our privacy policy is as below:

24/7 and on-the-spot-response system

Unlike our competitors who will make you wait even 30 minutes to respond to your inquiries, order messages, and support help, we have developed a seamless communication system that notifies our always-standby support personnel to respond to you. Furthermore, we have given our professors access to this high-tech system so that they can respond promptly to ensure that no time is wasted. Remember, this business' most valuable element is time, and delays are usually catastrophic. The last thing we would imagine is you having to lose points for lateness. Thus, we ensure that prompt communication is ever-present, without failure!

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages