Prepare a complete year 2016 federal corporate tax return for Acme Corporation.
Balance Sheet
Cash
Investments
Accounts Receivable
Equipment
Total Assets
Accounts Payable
Common Stock
Retained Earnings
Total Liab. And Equity
Income Statement
Sales
Tax exempt interest
Dividends Received on GM Stock
Salaries and Wages
Supplies and materials
Meals and Entertainment
Charitable contributions
Book Income 1/1/16
10,000 10,000
10,000
10,000 12/31/16
600,000
100,000
20,000
10,000
730,000
480,000
10,000
240,000
730,000 750,000
10,000
20,000
(450,000)
(50,000)
(10,000)
(30,000)
240,000 Other Information
You are the sole shareholder of Acme Corporation.
Please note that the financial statements have already been issued using the information above and will not be
amended.
You formed Acme by contributing $10,000 to the corporation in return for 1 share of stock on 1/01/16. You named
yourself to the role of President and every other officer position. Your Acme salary for the year 2016 was $400,000.
(This is included in the salary amount reported on the income statement.) Running Acme is your full time job.
Acme’s sole depreciable asset was equipment purchased on 1/01/16 for $10,000. On the Acme financial statements, no
depreciation was deducted in 2016. For tax purposes, you will use accelerated depreciation by using MACRS
depreciation for a 5 year asset.
Acme also received a 2016 K-1 for a partnership interest it owned during the year. The K-1 showed ordinary income of
$14,000 and interest income of $10,000. No partnership income was recorded on the financial statements.
Acme owns less than 1% of GM stock outstanding.
Acme has no cost of goods sold.
Please make up appropriate non-financial information that is not included above (e.g., address, etc.).
IRS forms can be obtained at: http://www.irs.gov/formspubs/
Extra Credit – To potentially assist in improving one’s grade to a “C” or “D” .
Complete an entirely separate year 2016 tax return for Acme Corporation if an S election was made 1/1/16..

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