1120 Problem. Ben Higgins (SSN: 315-78-5542) is the sol
Added on -2019-09-20
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1120 ProblemBen Higgins (SSN: 315-78-5542) is the sole shareholder of Southwest Distributing Co., Inc. Southwest Distributing sells traps and other items designed to lure and catch wild birds in the southwest. As the CEO (employee) of SWDC, Mr. Higgins receives a salary of $100,000. He also has 2 other employees. Southwest Distributing Co’s financial information for 2015 and selected from 2014 is as follows:20142015Cash 40,000 45,000 Inventory 30,000 25,000 Accounts receivable 120,000 128,710 Allowance for doubtful accounts (12,000) (11,000)Tax refund receivable06,290Investment in stock50,00050,000Tax exempt bonds 100,000 100,000 U.S. government bonds 100,000 100,000 Equipment and buildings 300,000 315,000 Accumulated depreciation (65,000) (95,000)Land 50,000 50,000 Patent 75,000 75,000 Accumulated amortization (75,000) (75,000)Total assets 713,000 714,000 Accounts payable 150,000 111,487 Accrued expenses 35,000 28,000 Notes payable in 2017 100,000 100,000 Capital stock 10,000 10,000 Additional paid in capital 90,000 90,000 Retained earnings 328,000 374,513 Total liabilities & stockholder's equity 713,000 714,000
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