Instructions
Note: This problem is for the tax year.
On November Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows:
Pet Kingdom's business address is Northwest Parkway, Dallas, TX ; its telephone number is ; and its email address is
The employer identification number if and the principal business activity code is
Janet and Kim each own of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized.
Both Janet and Kim are fulltime employees of Pet Kingdom. Janet's Social Security number is and Kim's Social Security number is
Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straightline method of depreciation for book purposes and accelerated depreciation MACRS for tax purposes.
During the corporation distributed cash dividends of $
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