AssignmentsUnit 5 Individual ProjectDue Date: May 10, 2017.
AssignmentsUnit 5 Individual ProjectDue Date: May 10, 2017 Max Points: 250Details:Key AssignmentThe owners of The Car Wash have asked you to prepare their tax return. Their financial statements are audited by a local certified public accounting (CPA) firm, and they have provided them to you as a reference. A copy of the Income Statement and Balance Sheet have been reproduced below. In your discussion, you obtained the following pieces of additional information to prepare the tax return:Name of business owner: Tim Smith, SSN:123-45-6789Tim Smith s address: 8765 Warner Street, Huntington Beach, CA 92605Name of business owner: Jack Dillard, SSN: 987-65-4321Jack Dillard s address: 4321 Courtyard Place, Huntington Beach, CA 92605Business name: The Car WashBusiness address: 1046 Broadway Street, Huntington Beach, CA 92605Business description: Self-Service Car WashEmployer identification number: 99-8877665Date the business started: January 1, 2008Business will file its return using the cash basis of accountingIncome StatementDecember 31, 20XXRevenue:Service revenue$254,603Expenses:Advertising2,520Depreciation31,250Insurance7,260Interest expense36,204Licenses and fees7,260Miscellaneous4,074Office expense8,911Salaries and wages67,460Payroll taxes9,444Employee benefits1,349Professional fees1,210Repairs and maintenance20,674Telephone900Travel1,500Utilities27,752Net income before taxes$26,835Balance SheetJanuary 1, 20XXDecember 31, 20XXAssetsCash$28,638$64,979Buildings and other depreciable assets555,000555,000Accumulated depreciation(62,500)(93,750)Total assets521,138526,229Liabilities and equityLoans183,757167,962Mortgage233,229227,280Equity investment160,000160,000Retained earnings(55,848)(29,013)Total liabilities and equity$521,138$526,229Part 1 Fill out form K-1 as Car Wash S corporation and car wash LLC. Part IIDeliverable Length: 800 1,100 wordsYour client has been informed that an S corporation is a popular business form and wants to know more about it. Please write a professional memo to your client responding to his inquiry. Be sure to at least discuss the following items:What is an S corporation?When is it advisable to be taxed as an S corporation?How does an organization become an S corporation?If The Car Wash is a corporation, can they be taxed as an S corporation?Why or why not?What criteria must be met?If The Car Wash is a LLC, can it be taxed as an S corporation?If so, what does it need to do to elect S corporation status?How would The Car Wash report and pay tax if it is an S corporation?Please submit your assignment.For assistance with your assignment, please use your text, Web resources, and all course materials.
AssignmentsUnit 5 Individual ProjectDue Date: May 10, 2017
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