ACCT 1201 Chapter 11: Coporations_ Organization Stock Transactions, Dividends and Retained Earnings
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Selected transactions completed by Primo Discount Corporationduring the current fiscal year are as follows:
Jan. | 9 | Split the common stock The stock outstanding when a corporation has issued only oneclass of stock. 3 for 1 and reduced the parA dollar amount assigned to each share of stock. from $75 to $25 per share. After the split, there were 1,201,500common shares outstanding. |
Feb. | 28 | Purchased 40,200 shares of the corporationâs own common stockat $27, recording the stock Shares of ownership of a corporation. at cost. |
May | 1 | Declared semiannual dividends Distribution of a corporationâs earnings to stockholders. of $0.70 on 70,500 shares of preferred stockA class of stock with preferential rights over common stock. and $0.14 on the common stock to stockholdersThe owners of a corporation. of record on June 1, payable on July 10. |
Jul. | 10 | Paid the cash dividends A cash distribution of earnings by a corporation to itsshareholders. . |
Sep. | 7 | Sold 31,600 shares of treasury stock Stock that a corporation has once issued and thenreacquires. at $33, receiving cash. |
Oct. | 1 | Declared semiannual dividends of $0.70 on the preferred stockand $0.14 on the common stock (before the stock dividend). Inaddition, a 2% common stock dividend A distribution of shares of stock to its stockholders. was declared on the common stock outstanding. The fair market valueof the common stock is estimated at $38. |
Dec. | 1 | Paid the cash dividends and issued the certificates for thecommon stock dividend. |
Journalize the transactions. If no entry is required, simplyskip to the next transaction. Refer to the Chart of Accounts forexact wording of account titles.
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Assignment Choice #1: Corporate Tax Returns
Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a corporate tax return and then analyzing this experience. Key Component: Use the financial data from the following file to complete form 1120.
Complete the following template that has the respective tax forms and schedules required to complete the return. Complete all of the parts of your respective business tax return for which there is information.
Show your income tax calculations Prepare a write-up on:
The purpose of questions on Form 1120 Schedule K with the exception of line 1. (You may select a sub-grouping of these questions to complete your milestone.)
Some challenges (identify three to five), both anticipated and unexpected, when completing the corporate tax return.
Solutions you can provide to those challenges.
Requirements: Submit 1) your tax return template and
2) Income tax calculations, and
3) your write-up about the tax return questions to the drop box identified for that submission.
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