Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent,...
Jack and Jill are owners of UpAHill, an S corporation. They own
25 and 75 percent, respectively.
| UpAHill Corporation (an S corporation) | |||||||
| Income Statement | |||||||
| December 31, Year 1 and Year 2 | |||||||
| Year 1 | Year 2 | ||||||
| Sales revenue | $ | 175,000 | $ | 310,000 | |||
| Cost of goods sold | (60,000 | ) | (85,000 | ) | |||
| Salary to owners Jack and Jill | (40,000 | ) | (50,000 | ) | |||
| Employee wages | (15,000 | ) | (20,000 | ) | |||
| Depreciation expense | (10,000 | ) | (15,000 | ) | |||
| Miscellaneous expenses | (7,500 | ) | (9,000 | ) | |||
| Interest income (related to business) | 2,000 | 2,500 | |||||
| Qualified dividend income | 500 | 1,000 | |||||
| Overall net income | $ | 45,000 | $ | 134,500 | |||
b. Complete UpAHill’s Form 1120S, Schedule K, for year 1.
Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."
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Jack and Jill are owners of UpAHill, an S corporation. They own
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