Complete the following for this assignment:
Note: This project is to be completed without the use of tax preparation software. Use of tax preparation software is considered cheating and is grounds for a failing grade.
Additional Information
Jim’s Auto Body (Inc., or LLC)
1122 Sesame Street
New York, NY, 10002
EIN 90-1234567
Dated incorporated January 1st, 2010
Jim Jameson
8701 Electric Avenue
New York, NY, 10002SSN: 123-45-6789
Jim’s Auto Body Revenues: Service Revenue
28,000
Total Revenue
28,000
Expenses:Salary Expense
4,500
Rent Expense
1,200
Utility Expense
300
Depreciation Expense
500
Insurance Expense
100
Supply Expense
400
7,000
Net Income
21,000
Jim’s Auto Body
Balance Sheet
As of April 30, 2015
AssetsCash
101,800
Acct Rec’able 20,000PP In
1,100
Equipment 55,000Accu. Dep.
500
Supplies
2,600
Total Assets
180,000
______________________________________________
______________________________________________
Liabilities and Stockholders’ Equity Liabilities :Accounts Payable
8,000
Salary Payable
3,000
Total Liabilities
11000.00
Stockholders’ Equity:Common Stock 150,000 Retained Earnings
19000
______________________________________________
______________________________________________
Total Stockholders’ Equity
169000.00
Total Liabilities and Stockholders’ Equity
180,000
______________________________________________
______________________________________________
Reference
Internal Revenue Service. (2015). Instructions for form 1120. Retrieved from https://www.irs.gov/pub/irs-pdf/i1120.pdf
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