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Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75...

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Accounting

Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent, respectively.

UpAHill Corporation (an S corporation)
Income Statement
December 31, Year 1 and Year 2
Year 1 Year 2
Sales revenue $ 175,000 $ 310,000
Cost of goods sold (60,000 ) (85,000 )
Salary to owners Jack and Jill (40,000 ) (50,000 )
Employee wages (15,000 ) (20,000 )
Depreciation expense (10,000 ) (15,000 )
Miscellaneous expenses (7,500 ) (9,000 )
Interest income (related to business) 2,000 2,500
Qualified dividend income 500 1,000
Overall net income $ 45,000 $ 134,500

b. Complete UpAHills Form 1120S, Schedule K, for year 1.

c.Complete Jills 1120S, Schedule K-1, for year 1.

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