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Assets: Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax 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 Balance Sheet: January 1, 2021 $1,200,000 2,062,500 2,750,000 1,125,000 375,000 400,000 5,455,000 (606,000) 812,500 140,000 $13,714,000 January 1, 2021 $2,284,000 175,000 4,625,000 2,500,000 4,130,000 $13,714,000 December 31, 2021 $1,039,461 2,147,000 3,030,000 1,125,000 375,000 400,000 2,266 5,455,000 (712,000) 812,500 128,500 $13,802,727 December 31, 2021 $1,840,711 155,000 4,575,000 2,500,000 4,732,016 $13,802,727 During 2021, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare Pet Kingdom's corporate tax return for tax year 2021 using Form 1120 (and any other appropriate forms and schedules). Suggested software: ProConnect 

          Assets: 
Trade notes and accounts receivable 
Inventories 
Stock investment 
State bonds 
Certificates of deposit 
Prepaid Federal tax 
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 

Balance Sheet: 
January 1, 2021 
$1,200,000 
2,062,500 
2,750,000 
1,125,000 
375,000 
400,000 
5,455,000 
(606,000) 
812,500 
140,000 
$13,714,000 

January 1, 2021 
$2,284,000 
175,000 
4,625,000 
2,500,000 
4,130,000 
$13,714,000 

December 31, 2021 
$1,039,461 
2,147,000 
3,030,000 
1,125,000 
375,000 
400,000 
2,266 
5,455,000 
(712,000) 
812,500 
128,500 
$13,802,727 

December 31, 2021 
$1,840,711 
155,000 
4,575,000 
2,500,000 
4,732,016 
$13,802,727 

During 2021, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare Pet Kingdom's corporate tax return for tax year 2021 using Form 1120 (and any other appropriate forms and schedules). Suggested software: ProConnect
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Horngren’s Cost Accounting
Horngren’s Cost Accounting
Srikant M. Datar, Madhav V. Rajan 16th Edition
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Assets: Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax 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 Balance Sheet: January 1, 2021 $1,200,000 2,062,500 2,750,000 1,125,000 375,000 400,000 5,455,000 (606,000) 812,500 140,000 $13,714,000 January 1, 2021 $2,284,000 175,000 4,625,000 2,500,000 4,130,000 $13,714,000 December 31, 2021 $1,039,461 2,147,000 3,030,000 1,125,000 375,000 400,000 2,266 5,455,000 (712,000) 812,500 128,500 $13,802,727 December 31, 2021 $1,840,711 155,000 4,575,000 2,500,000 4,732,016 $13,802,727 During 2021, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare Pet Kingdom's corporate tax return for tax year 2021 using Form 1120 (and any other appropriate forms and schedules). Suggested software: ProConnect
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Transcript

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00:01 The solution for this question is, we will calculate the current assets and current liabilities.
00:21 The current assets, so the cash on hand it is $96 ,250.
00:34 Cash in bank it is $8 ,200.
00:47 And the investment queries, securities which is in trading it is $83 ,750.
01:05 And the note receivable $32 ,960.
01:17 And the accounts receivable $158 ,200.
01:32 And the interest receivable $27 ,000.
01:44 And the claim for income tax refund $4 ,000.
01:58 And the inventory is the $201 ,500.
02:08 And the prepaid insurance $3 ,900.
02:21 And the miscellaneous supplies inventory $92 ,400.
02:42 And the salaries and wages payable it is $15 ,700.
02:55 And the income tax payable is $18 ,000.
03:01 And the interest payable it is $5790.
03:11 And the employees income tax payable is $4 ,360...
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