Randall manufacturing company. EIN (46-7299870) Was organized on February
1, 1998. Randolph manufactures electronic components. Its business activity code is 3670
the offices of the company are located at 350 Mission Street, San Jose, CA 951074311
Randolphs financial statements are reproduced on the pages that follow
During the year Randolph made estimated federal income tax payments totaling $15,800
If there is any overpayment of taxes, the accounting department has requested that it be
applied towards next year’s estimated tax. Randolph paid a total of $46.600 of dividends to
shareholders during the year. Randolph preferred stock is held by 17 different shareholders
none of whom own more than 10% of the stock in the company. Randolph’s two officers
each own 50% of the company’s common stock. June Randolph-Rivers is President of the
company. Her compensation is $75,000. June’s husband, Travis Rivers is Vice-President. His
compensation is $66,350
During the year Randolph sold two investments. Orange County bonds purchased on July
6, 2004 were sold on November 16, 2018 for $3,215. Randolph’s adjusted basis in the bonds
was $3,740. Randolph sold 100 shares of National Acme common stock on March 14, 2018
for $26,300. The stock was purchased for $18,200 on May 9, 2000.
The bad debt expense reported on the income statement is based on the reserve method of
accounting. Actual bad debts written off during the year were $7.950. The difference between is needs to be reported on Schedule M-1 when net income (loss) per books
is reconciled with the amount reported on Form 1120.14
Prepare Randolph’s Form 1120 for the calendar
Randolph-Rivers signs the return on April 15, 2018. Assume Form 4562 has been correctly
filled out and that $6,068 of depreciation expense reported on the income statement is also
the amount of tax depreciation. Also assume Schedule D, Capital Gains and Losses, and Form 1125-E, Compensation of Officers, have been correctly prepared.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more